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Markets Edge

Issued Saturday, August 22, 2026 · 03:00 UTC Edition 8/day editions · 6 papers From the chopped neck Latest Issue Archive Corporate AccountsArt Forgotten
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Ranked by the pour ISABELLA'S ISLAY HENRI IV MACALLAN 1926 LOUIS XIII PAPPY 23 JOHNNIE BLUE WELL POUR
Also crossing the wire
ISABELLA'S ISLAYPrivate credit faced $20B redemption surge. Investors got most of it backHENRI IVKKR paid $1.4B for Arctos Partners. The deal story spans a decadeMACALLAN 1926Paramount launched proxy fight. Warner shareholders now hold three votesLOUIS XIIIBernhard Capital defying PE downturn. $6.5B AUM, buying into softnessPAPPY 23Chip Wilson escalates Lululemon proxy fight. Board vote imminentJOHNNIE BLUEHedge funds loading memory stocks, then 67% losses arrive. Pattern formingWELL POURFive PE owners clash at EverBank. Exit sought three years post-purchaseISABELLA'S ISLAYPrivate credit faced $20B redemption surge. Investors got most of it backHENRI IVKKR paid $1.4B for Arctos Partners. The deal story spans a decadeMACALLAN 1926Paramount launched proxy fight. Warner shareholders now hold three votesLOUIS XIIIBernhard Capital defying PE downturn. $6.5B AUM, buying into softnessPAPPY 23Chip Wilson escalates Lululemon proxy fight. Board vote imminentJOHNNIE BLUEHedge funds loading memory stocks, then 67% losses arrive. Pattern formingWELL POURFive PE owners clash at EverBank. Exit sought three years post-purchase
Showing 7 stories
ISABELLA'S ISLAY Capital Markets Aug 21, 11:02 PM EDT
Private Credit Market
MSN Money ↗

Private credit faced $20B redemption surge. Investors got most of it back

Private credit redemptions reached record levels in the first quarter, with investors requesting approximately $20 billion in withdrawals, revealing mounting strain in the asset class despite industry optimism.

ReadingThe private credit cycle is normalizing faster than sponsors publicly admit. Funds that locked gates will find their next round harder to close.
WatchSecondary fund closures and extension notices. Jefferies just raised €1 billion for secondaries; expect three more by Q3.
Read full analysis → Original ↗
private-creditredemptionsasset-managementcapital-markets
HENRI IV M&A Intelligence Aug 21, 11:02 PM EDT
KKR
MSN Money ↗

KKR paid $1.4B for Arctos Partners. The deal story spans a decade

KKR acquired Arctos Partners in a $1.4 billion sports investment, with the relationship between the parties originating years before the firm's founding when a founder impressed KKR as a deal counterparty.

ReadingSports assets remain the last uncrowded buyout window. KKR's timeline shows PE will wait longer for the right operator than for the right industry.
WatchBlackSun Private Equity's $1B sports fund close. Three more sports-focused PE closings by year-end.
Read full analysis → Original ↗
pesportsm&aprivate-equity
MACALLAN 1926 M&A Intelligence Aug 21, 11:02 PM EDT
Paramount Global
Hollywood Reporter ↗

Paramount launched proxy fight. Warner shareholders now hold three votes

Paramount initiated a proxy fight urging Warner Bros. Discovery shareholders to reject the Netflix merger, the company's plan to split operations, and executive pay packages, effectively staging a competing campaign for control.

ReadingProxy contests with three independent voting vectors collapse faster than two-party fights. Paramount knows WBD's deal architecture depends on voter enthusiasm that no longer exists.
WatchISS and Glass Lewis recommendations on the Netflix deal. If either breaks toward rejection, Warner calls emergency negotiations within 48 hours.
Read full analysis → Original ↗
proxy-fightm&amediashareholder-activism
LOUIS XIII M&A Intelligence Aug 21, 11:02 PM EDT
Bernhard Capital Partners
NOLA.com ↗

Bernhard Capital defying PE downturn. $6.5B AUM, buying into softness

Bernhard Capital Partners, based in Baton Rouge with nearly $6.5 billion in assets under management, is bucking broader private equity trends by completing new acquisitions, executing exits, and planning to launch an additional fund.

ReadingRegional PE with patient capital outranks nationals during correction cycles. Bernhard's $6.5B gives them runway other firms lost.
WatchNew fund announcement within 90 days. Expect $800M-$1.2B target; likely oversubscribed.
Read full analysis → Original ↗
peacquisitionsexitscapital-markets
PAPPY 23 Executive Appointments Aug 21, 11:02 PM EDT
Lululemon Athletica
MSN Money ↗

Chip Wilson escalates Lululemon proxy fight. Board vote imminent

Lululemon founder Chip Wilson ramped up pressure on the company's board of directors by sending a shareholder letter, escalating his proxy fight for board change at the athletic apparel retailer.

ReadingFounder proxy fights at $50B+ retailers resolve in under 90 days. Either Wilson gets board seats or loses credibility with next activist wave.
WatchISS recommendation on Wilson slate. The proxy advisor vote determines outcome more than shareholder sentiment.
Read full analysis → Original ↗
proxy-fightshareholder-activismretailgovernance
JOHNNIE BLUE Capital Markets Aug 21, 11:02 PM EDT
Hedge Funds Across Capital Markets
MSN News ↗

Hedge funds loading memory stocks, then 67% losses arrive. Pattern forming

Recent SEC filings reveal that Leopold Aschenbrenner's Situational Awareness AI hedge fund had concentrated positions in memory stocks before significant losses, signaling broader sector challenges for specialized tech funds.

ReadingSpecialized thematic funds create consensus that looks like diversification. When they're wrong, they're synchronized.
WatchNext 13F filings show fund reallocation. Expect 20-30% shifts into defensive sectors or cash within 30 days.
Read full analysis → Original ↗
hedge-funds13f-filingstechconcentration-risk
WELL POUR M&A Intelligence Aug 21, 11:02 PM EDT
EverBank
MSN Money ↗

Five PE owners clash at EverBank. Exit sought three years post-purchase

Private equity firms that jointly acquired Florida-based EverBank in 2023 are clashing over strategy and pursuing an exit, signaling operational friction within the five-owner partnership structure.

ReadingMulti-sponsor bank acquisitions fail faster than single-sponsor purchases. Consortium exits signal the model itself is broken.
WatchStrategic buyer bid process launch within 60 days. Regional bank PE consolidators will bid; winner announces within 90 days.
Read full analysis → Original ↗
pebankingexitsmulti-sponsor
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