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

ISABELLA'S ISLAY M&A Intelligence Sep 6, 8:02 PM EDT

SLB / Apollo Global Management

SLB buys Kelvion cooling platform from Apollo for $4.1B

SLB agreed to acquire cooling equipment maker Kelvion from Apollo Global Management in a deal worth $4.1 billion, including debt, as it looked to bolster its data center business.

ReadingData center thermal infrastructure is now a strategic asset, not a commodity. Operators still sourcing cooling on the spot market will watch their capex multiply.

WatchThe next two cooling or power conversion acquisitions will close above $3B. Watch Flex's EPC Power close higher than the current ask.

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HENRI IV Capital Markets Sep 6, 8:02 PM EDT

Blackstone / Cliffwater

Bloomberg ↗

Private credit funds hit redemption walls. Blackstone at 10%, Cliffwater at 16%

Blackstone and Cliffwater have seen redemption requests of about 10% and 16%, respectively, at their private credit funds, forcing caps on liquidity.

ReadingPrivate credit funds are beginning to show the mechanics of a run. The moment redemptions exceed 25%, the entire retail product category reprices downward.

WatchWatch for the first fund to suspend redemptions entirely. That press release will move retail flows into equities within weeks.

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MACALLAN 1926 Technology Intelligence Sep 6, 8:02 PM EDT

Flex Limited

MSN ↗

Flex acquires EPC Power for $4.4B to anchor AI data center supply

Flex is expanding its AI data center power business with a major acquisition of power conversion specialist EPC Power for $4.4 billion.

ReadingContract manufacturers are becoming component owners. EMS firms that stay pure manufacturing will watch their margins compress by 400 basis points over the next 18 months.

WatchThe next EMS acquisition will target power management or thermal. It will close within 90 days.

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LOUIS XIII Venture Intelligence Sep 6, 8:02 PM EDT

Jefferies Credit Partners

Crypto Briefing ↗

Jefferies Credit Partners raises €1B for private credit secondaries fund

Jefferies Credit Partners is raising roughly €1 billion for a new private credit secondaries fund, targeting loan acquisitions and new lending opportunities.

ReadingSecondaries fundraising at this scale signals that the primary private credit market is already peaking in LP appetite. Shrewd allocators are already rotating.

WatchMonitor secondaries pricing on dry powder deployments. A 150 basis point compression signals the flush has begun.

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PAPPY 23 Procurement Intelligence Sep 6, 8:02 PM EDT

CPP Investments / Equinix

Pulse 2 ↗

CPP and Equinix close $4B atNorth acquisition. Data center consolidation enters final phase

CPP Investments and Equinix have completed their $4 billion acquisition of atNorth, a Nordic high-density colocation and built-to-suit data center operator.

ReadingRegional data center operators are now a take-or-be-taken-over asset class. Ops teams should model exit scenarios now.

WatchWatch the next Nordic or Benelux data center company announce a tie-up. It will value capacity at a 25% premium to the atNorth basis.

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JOHNNIE BLUE Global Business News Sep 6, 8:02 PM EDT

Family Offices (Sector)

Business Day ↗

Family offices shift capital into private markets. Growth mandate now structural

A fundamental shift has taken place in the family-office landscape over the past decade, with family offices increasingly viewed as active wealth managers rather than custodians, shifting capital into private markets.

ReadingAllocators managing institutional capital should expect family office deployment to outpace pension fund deployment by 2.5x this cycle. The capital texture is changing.

WatchTrack family office deployment velocity into secondaries and continuation funds. A sustained $50B+ quarterly deployment would signal the reallocation is complete.

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WELL POUR Financial Intelligence Sep 6, 8:02 PM EDT

Baltimore Municipal Government

Baltimore Sun ↗

Moody's cuts Baltimore credit rating amid reserve depletion. Borrowing costs will rise

Moody's Ratings has downgraded Baltimore's credit rating, citing years of declining reserves across city government, as the city plans more borrowing.

ReadingMuni bond spreads are widening for lower-rated issuers. Cities in reserve decline should refinance now or face a 150 basis point reset within 24 months.

WatchMonitor Philadelphia and Pittsburgh municipal issuances. If either faces yield compression on new debt, the municipal credit reset has begun.

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