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

ISABELLA'S ISLAY Venture Intelligence Jun 2, 2:01 PM EDT

Blackstone

Blackstone closes Asia PE fund at $13.1B, largest regional raise to date

Blackstone raised $13.1 billion for its latest Asia private equity vehicle, marking the largest private equity fundraise the firm has done in the region.

ReadingAsia private equity capital velocity has stopped declining. Watch which sectors Blackstone deploys first—that choice signals where LP patience has returned.

WatchThe next three Asia PE fund closes. If all exceed target by 10%+, Asia LP appetite has genuinely reoriented.

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private equityasiacapital raisinginstitutional

HENRI IV M&A Intelligence Jun 2, 2:01 PM EDT

Elliott Investment Management

Australian Financial Review ↗

Elliott builds A$1B stake in Northern Star Resources, demands board overhaul

Activist investor Elliott Investment Management disclosed an over A$1 billion stake in Australia's Northern Star Resources and is expected to call for a broad review of the underperforming gold miner and an overhaul of the board.

ReadingNorthern Star's operational story is now audited by capital with structural leverage. Expect management defense followed by concessions on cost structure.

WatchThe activist letter. It will name three specific operational gaps and propose two board seats within 90 days.

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activist investingminingaustraliagovernance

MACALLAN 1926 M&A Intelligence Jun 2, 2:01 PM EDT

Hellman & Friedman

TSNN ↗

H&F acquires Hyve Group for undisclosed sum, consolidates events infrastructure

H&F is acquiring Hyve Group—owner of HLTH, Shoptalk, and Bett—from Providence Equity and Searchlight Capital in a deal expected to close by year-end 2026.

ReadingEvents infrastructure is moving from financial engineering to operational consolidation. Owners of standalone regional shows are being re-anchored downward.

WatchH&F's first move post-close. Will be either cost reduction or revenue synergy. The choice reveals whether they bought for EBITDA or for market position.

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private equityeventsconsolidationm&a

LOUIS XIII Venture Intelligence Jun 2, 2:01 PM EDT

Hillhouse Investment

Business Times ↗

Hillhouse launches US$7B Asia PE fund as regional capital velocity returns

Hillhouse Investment has launched fundraising for its next private equity fund targeting US$7 billion, according to sources with knowledge of the matter.

ReadingAsia PE capital markets have stabilized. Managers with regional track records are sizing funds larger than 2024, not smaller.

WatchHillhouse's close timeline. If they hit target by Q3 2026, Asia PE fundraising has normalized completely.

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private equityasiacapital raisinghillhouse

PAPPY 23 Capital Markets Jun 2, 2:01 PM EDT

Elliott Investment Management

Reuters ↗

Elliott elevates Toyota Industries stake to 5.01%, pressures buyout bid

Elliott Investment Management has lifted its stake in Toyota Industries to 5.01%, further increasing pressure on the proposed buyout by parent company Toyota Motor.

ReadingToyota Industries sellers now have a credible second path. The holding company discount is under scrutiny.

WatchToyota's next public statement on the bid timeline. Elliott will force disclosure acceleration within 60 days.

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activist investingautomotivem&ajapan

JOHNNIE BLUE Capital Markets Jun 2, 2:01 PM EDT

Ultra-high net worth families

Business Times ↗

Billionaire families direct US$20B into PE buyouts, reshape capital sourcing

Ultra-rich individuals and families worth more than US$150 billion are helping drive a resurgence in private equity buyouts, providing capital for some of the year's largest deals.

ReadingPE distribution is widening. Family capital is no longer passive GP-dependent; it is sourcing direct and co-investment exposure at scale.

WatchWhich families announce dedicated PE teams or hire PE-focused advisors. That is confirmation the rotation is permanent.

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private equityfamily officescapital flowswealth

WELL POUR Technology Intelligence Jun 2, 2:01 PM EDT

I Squared Capital

Data Center Dynamics ↗

I Squared acquires 10 data centers from Cogent, signals new US operator launch

US investment firm I Squared Capital has acquired a portfolio of data centers from fiber provider Cogent Communications.

ReadingStandalone fiber and data center operators are being bought and re-consolidated into scaled platforms. The spread between acquisition cap rates and the cost of capital just narrowed.

WatchI Squared's announcement of the new operator brand and first acquisition target. They will move quickly.

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data centersinfrastructurei squared capitalconsolidation