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

ISABELLA'S ISLAY M&A Intelligence Aug 31, 5:02 AM EDT

Aon

WSJ ↗

Aon to acquire USI Holdings from KKR for $17B including debt

Aon is nearing a roughly $17 billion deal, including debt, to acquire insurance brokerage USI from KKR.

ReadingInsurance brokerage M&A is now tier-one PE exit mechanics. Strategic consolidators have reset the floor on what outbound brokers expect to command.

WatchMarsh McLennan's next move. They cannot sit on the sidelines at $17B pricing.

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m&ainsuranceprivate equity exitbroker consolidation

HENRI IV M&A Intelligence Aug 31, 5:02 AM EDT

KKR

Reuters ↗

KKR takes Integer Holdings private for $5.7B all-cash

KKR will take medical-device manufacturer Integer Holdings private in an all-cash deal valued at about $5.7 billion.

ReadingMedical-device manufacturing is back in favor with large PE. The regulatory moat is real. Public markets repriced the category too cheap.

WatchWhich other mid-cap medtech public companies suddenly become acquisition targets within 90 days.

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m&aprivate equitymedtechdelisting

MACALLAN 1926 M&A Intelligence Aug 31, 5:02 AM EDT

Vistria

MSN ↗

Vistria takes stake in Curi Capital, $14B wealth manager

Private-equity firm Vistria is buying a stake in $14 billion wealth manager Curi Capital, marking the latest influx of private-equity money into wealth management.

ReadingMinority PE stakes in wealth managers signal confidence in the recurring-revenue model and belief that distribution is the constraint, not product.

WatchWhether Vistria takes board control within three years or sells to a larger consolidator.

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private equitywealth managementminority stakeconsolidation

LOUIS XIII Venture Intelligence Aug 31, 5:02 AM EDT

Bernhard Capital

NOLA.com ↗

Bernhard Capital deploying $6.5B AUM into acquisitions and exits

The Baton Rouge-based private equity firm, with nearly $6.5 billion in assets under management, is defying trends with new acquisitions, exits and plans to launch a new fund.

ReadingRegional PE firms with strong portfolio operations are outdeploying coastal mega-funds. Check your own portfolio's velocity ratio.

WatchBernhard's next fund close. If it hits size target ahead of schedule, mid-market fundraising has decoupled from macro uncertainty.

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private equityacquisitionsexitsmid-market

PAPPY 23 Capital Markets Aug 31, 5:02 AM EDT

Private Equity Sector

MSN ↗

PE groups racing for sports ownership stakes. Billions allocated

A new private equity group says sports ownership needs a new framework and is looking to spend billions to get its own piece of the sector.

ReadingThis is not a fad. This is capital looking for 20-year holds in predictable, inflation-hedged assets. Sports franchises fit that profile.

WatchFirst PE-backed minority stake in a major American sports franchise. Within 18 months.

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private equitysportscapital allocationalternative assets

JOHNNIE BLUE Financial Intelligence Aug 31, 5:02 AM EDT

India Financial Markets

Reuters ↗

India launches first tokenized corporate bond in September

India will launch tokenised corporate bonds next month, as it tests the use of blockchain technology to enable institutional investors to participate in bond markets with improved settlement infrastructure.

ReadingAsia is now ahead of Western regulators on tokenized securities infrastructure. Capital will follow.

WatchWhich Indian conglomerates hit the window first. First-mover premium is real.

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tokenizationblockchainbondsindia

WELL POUR Capital Markets Aug 31, 5:02 AM EDT

U.S. Capital Markets

CryptoBriefing ↗

IG bond issuance hits seven-month high; 19 firms in single day

Nineteen firms issued US investment-grade bonds in a single day, the most since January, as IG issuance surges 26.9% year-over-year to $1,681 billion.

ReadingSingle-day volume spikes are seasonal and tactical. Annualized trends matter more.

WatchSeptember IG pipeline. If it stays above $200B per week, rates have moved into a new band.

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bondscapital marketsissuancerates