Markets Edge — Capital flows, CMO moves, M&A

ISABELLA'S ISLAY M&A Intelligence May 4, 5:01 PM EDT

Electronic Arts

CNBC ↗

Electronic Arts goes private in $56.5B leveraged buyout

Electronic Arts is being taken private in a landmark $56.5 billion leveraged buyout, marking one of the largest gaming acquisitions in history.

ReadingLarge-cap software and gaming assets trading at depressed multiples are now actively hunted. The take-private thesis works when equity guys spot a floor below the market price.

WatchWithin 60 days, expect two more bids in the $10B-$25B gaming or interactive entertainment bucket. The PE depth is here.

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HENRI IV Venture Intelligence May 4, 5:01 PM EDT

One Equity Partners

One Equity Partners ↗

One Equity Partners closes $3.25B Fund IX ahead of schedule

One Equity Partners, the middle-market private equity firm, has closed its ninth fund at $3.25 billion, exceeding its target and signaling continued investor appetite for mid-market buyouts.

ReadingMid-market PE shops with repeatable playbooks are attracting institutional capital at scale. Mega-funds chasing unicorns get headlines; the real capital goes to predictable returns.

WatchFund IX's deployment pace will telegraph whether PE is rushing into deals or staying selective. Six-month check-in matters.

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MACALLAN 1926 Capital Markets May 4, 5:01 PM EDT

Connecticut Pension Funds

CT.GOV ↗

Connecticut state pension achieves 14.0% returns in 2025

Connecticut's pension fund system delivered 14.0% returns in calendar year 2025, beating benchmarks and demonstrating strong asset allocation across equities and alternatives.

ReadingPublic pension systems are now gatekeepers of alternative capital flows. The ones executing well are the ones that said no more often than yes.

WatchWatch which LPs they mark for increases in their next allocation committee meeting. Those allocations become the consensus six months out.

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LOUIS XIII Capital Markets May 4, 5:01 PM EDT

Goldman Sachs Family Office Survey

Goldman Sachs ↗

Nearly 40% of family offices plan equity allocation increases

Goldman Sachs reported that nearly 40% of family offices plan to raise their allocations to public and private equity in the coming year, reflecting confidence in market entry points.

ReadingFamily offices moving to equity now are locking in allocations before the rest of the institutional world wakes up. The allocation cycle matters more than timing.

WatchCheck which GPs are announcing fund closes in the next 90 days. Those are the ones family offices have already committed to.

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PAPPY 23 Executive Appointments May 4, 5:01 PM EDT

Northern Trust

ai-cio.com ↗

Northern Trust names family office CIO; complexity mandate explicit

Northern Trust appointed a new Chief Investment Officer for its Family Office segment, focusing on helping clients navigate increasingly complex multi-asset portfolios.

ReadingFamily offices are drowning in optionality. Banks and platforms that can simplify decision-making for ultra-high-net-worth clients just become indispensable.

WatchNorthern Trust will likely announce a new family office reporting or consolidation platform within six months. The CIO needs tools to manage the complexity.

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JOHNNIE BLUE Capital Markets May 4, 5:01 PM EDT

Emerging Markets Capital

Pensions & Investments ↗

EM equity ETFs see institutional inflows; allocation cycle shifts

Emerging markets equity ETFs are experiencing a resurgence in flows as institutional investors increase exposure, signaling a rotation back into frontier markets after a period of underperformance.

ReadingEM positioning is now a macro barometer. Rising flows into EM suggest institutional belief in currency stability and political clarity.

WatchWatch whether flows continue after the next 8% move in EM indices. Real conviction sustains flow, panic reversal does not.

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WELL POUR M&A Intelligence May 4, 5:01 PM EDT

Private Equity & Sovereign Wealth Fund Consortium

Reuters ↗

PE and SWFs revive large leveraged buyouts; LBO market accelerates

Private equity firms and sovereign wealth funds are actively pursuing large leveraged buyouts again, signaling renewed appetite for structured financing and operational restructuring in the mid-to-large cap space.

ReadingLBO revival indicates confidence in terminal value assumptions and exit multiples. This thesis only works if public-market sentiment stays disconnected from intrinsic value.

WatchMonitor large-cap software and industrial stocks with FCF yields above 8%. Those are next.

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