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Markets Edge

Issued Wednesday, September 2, 2026 · 21:00 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 ISLAYSecondary market heads for $250B year after $121B first halfHENRI IVNestlé divests vitamins business to private equity for $1BMACALLAN 1926Ferguson closes $1.6B Texas valve distributor acquisitionLOUIS XIIILongRange Capital completes $1.5B Pizza Hut international acquisitionPAPPY 23Bernhard Capital defies slowdown: $6.5B AUM, launching new fund despite exitsJOHNNIE BLUESecondaries market consolidates: Scale and cross-asset relationships now table stakesWELL POURSmall LPs lean on GP-led secondaries to compress private markets deployment timelinesISABELLA'S ISLAYSecondary market heads for $250B year after $121B first halfHENRI IVNestlé divests vitamins business to private equity for $1BMACALLAN 1926Ferguson closes $1.6B Texas valve distributor acquisitionLOUIS XIIILongRange Capital completes $1.5B Pizza Hut international acquisitionPAPPY 23Bernhard Capital defies slowdown: $6.5B AUM, launching new fund despite exitsJOHNNIE BLUESecondaries market consolidates: Scale and cross-asset relationships now table stakesWELL POURSmall LPs lean on GP-led secondaries to compress private markets deployment timelines
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ISABELLA'S ISLAY Capital Markets Sep 2, 5:02 PM EDT
Private Capital Secondary Market
Bloomberg ↗

Secondary market heads for $250B year after $121B first half

The private assets secondary market could reach $250 billion this year after surging to a record $121 billion in the first half of 2026.

ReadingLPs still waiting for primaries to call are already behind. GPs managing secondaries have the only working funnel now.
WatchQ3 2026 will see secondary fund closes accelerate. The denominator is real now.
Read full analysis → Original ↗
secondariescapital marketsprivate equitylp deployment
HENRI IV M&A Intelligence Sep 2, 5:02 PM EDT
Nestlé
Yahoo Finance ↗

Nestlé divests vitamins business to private equity for $1B

Nestlé has agreed to divest its mainstream Vitamins, Minerals and Supplements (VMS) business, the Holistic Health portfolio, to a private equity firm for $1 billion.

ReadingLegacy consumer health brands are now portfolio companies, not divisions. The margin structure changed.
WatchThe PE buyer will announce platform consolidation within 90 days. Redundancy removal follows portfolio purchase like mathematics.
Read full analysis → Original ↗
m&aprivate equityconsumer healthdivestiture
MACALLAN 1926 M&A Intelligence Sep 2, 5:02 PM EDT
Ferguson Enterprises
Virginia Business ↗

Ferguson closes $1.6B Texas valve distributor acquisition

Ferguson Enterprises announced Tuesday that it has completed its $1.6 billion acquisition of Houston-based FloWorks.

ReadingInfrastructure consolidation is the only M&A thesis that clears buyer committees in 2026.
WatchFerguson's next acquisition will be in the same horizontal—another distributor in a different region, within six months.
Read full analysis → Original ↗
m&aindustrialdistributioninfrastructure
LOUIS XIII M&A Intelligence Sep 2, 5:02 PM EDT
LongRange Capital
MSN ↗

LongRange Capital completes $1.5B Pizza Hut international acquisition

LongRange Capital has completed its $1.5 billion acquisition of Pizza Hut's operations outside of North America.

ReadingEstablished QSR units in Asia-Pacific geographies are PE targets now, not growth bets.
WatchLongRange will announce a platform acquisition or add-on within nine months. The target will be another restaurant company with geographic spread.
Read full analysis → Original ↗
m&aprivate equityqsrinternational
PAPPY 23 Venture Intelligence Sep 2, 5:02 PM EDT
Bernhard Capital
NOLA.com ↗

Bernhard Capital defies slowdown: $6.5B AUM, launching new fund despite 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 start a new fund.

ReadingMid-market PE firms with regional concentration outrun coastal mega-funds in deal velocity.
WatchBernhard's new fund will close in the next 18 months. If it hits its target, the LP base is still moving capital.
Read full analysis → Original ↗
private equityfund raisingmid-marketregional
JOHNNIE BLUE Capital Markets Sep 2, 5:02 PM EDT
Multiple operators
Private Equity International ↗

Secondaries market consolidates: Scale and cross-asset relationships now table stakes

Being able to offer scale and draw on cross-asset class relationships is vital in the fast-growing secondaries market, say Pantheon's Andrea Echberg and Rakesh Jai.

ReadingBoutique secondaries managers without asset diversification will consolidate or shutter within 24 months.
WatchOne top-ten secondaries firm will announce a roll-up or acquisition of a smaller peer by Q4 2026.
Read full analysis → Original ↗
secondariescapital marketsconsolidationscale
WELL POUR Venture Intelligence Sep 2, 5:02 PM EDT
Multiple OCIOs
Private Equity International ↗

Small LPs lean on GP-led secondaries to compress private markets deployment timelines

Endowments and foundations using outsourced investment offices increasingly view GP-led secondaries as a way to deploy capital more quickly into private markets.

ReadingGP-led secondaries will absorb the entire mid-market allocator cohort within 36 months. Primaries will become a mega-fund game only.
WatchThe first major endowment under $2B AUM to announce a secondary-only allocation strategy. That statement shifts the category.
Read full analysis → Original ↗
secondariescapital allocationlp behaviorendowments
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