Mosaic

Follow for the latest in PE, M&A, and dealmaking.

Mosaic is an AI-driven deal modeling platform. Trusted by Warburg Pincus, CVC, New Mountain and Evercore.

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BREAKING: TPG and Leonard Green are seeking to sell Troon Golf, one of the largest U.S. golf course operators, in a sale that could fetch $2 billion.

TPG invested in Troon in 2021 alongside Rory McIlroy’s investment fund. Troon manages several famous golf courses including Hawaii’s Kapalua Resort and North Carolina’s Tobacco Road.

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BREAKING: Bessemer Venture Partners raised $4 billion for a new growth fund and $1.75 billion for a new seed and early-stage fund.

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BREAKING: Hellman & Friedman hired JPMorgan and Goldman Sachs to sell Applied Systems, a Chicago-based insurance software provider that could fetch up to $10 billion.

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BREAKING: Forge, backed by Apollo, acquired Becker's Healthcare, a Chicago-based health care industry events business, from Pamlico Capital.

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BREAKING: CVC Capital Partners agreed to buy a minority stake in Prague-based internet infrastructure provider CDN77 at around a $1.9 billion valuation.

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DEALS: IDP Education rejected around an $800 million takeover offer from Blackstone.

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BREAKING: H.I.G. Capital agreed to acquire Mistras, a Princeton Junction, N.J.-based provider of industrial asset integrity and lab testing solutions, for around $866 million.

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BREAKING: Bain Capital and Cyrus Capital Partners hired Rothschild to find a buyer for PizzaExpress, a U.K. chain that could fetch around £500 million.

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Regulated utilities carry decades-long asset lives and rate structures set by state commissions, features that make them attractive to infrastructure investors chasing predictable, long-duration cash flows. (🧵 5/5)

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It follows BlackRock's earlier acquisition of ALLETE and Minnesota Power, its third major regulated-utility deal in recent years. (🧵 4/5)

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BREAKING: Apollo ‌is exploring strategic options for Energos, a floating liquefied natural gas infrastructure firm that could fetch more than $3 billion.

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DEALS: Advent International will invest around $328.5 million into listed Indian hospital operator Yatharth for a 24.9% stake.

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PE: Siguler Guff & Co. has raised more than $3 billion for its sixth small-cap buyout fund.

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BREAKING: Goldman Sachs Asset Managementraised $9.6 billion for its ninth flagship PE fund, plus $1.6 billion for an Asia-focused fund and $500 million for related co-investment vehicles.

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BREAKING: Blackstone is targeting $8 billion for a private credit fund focused on renewables and digital infrastructure.

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BREAKING: TPG agreed to invest in Tablet Command, a provider of incident management and response software for fire departments and emergency response agencies.

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Apollo and KKR now co-own the same asset, two of the largest sponsors in the world backing a single platform instead of bidding against each other for it. (🧵5/5)

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DEALS: Apollo buys a stake in Atlantic Aviation, with KKR staying on as a major shareholder, valuing the private jet services company at nearly $10 billion. (🧵 1/5)

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Apollo's David Cohen calls the airport concession agreements "irreplicable infrastructure." KKR's Dash Lane calls it "the kind of scaled, essential infrastructure platform we seek to build." (🧵4/5)