A savvy private investor has stepped in to try and rescue the decrepit business district at the heart of Africa’s richest city — for a profit https://t.co/VqB7hEhYcy ...

Group 1 - The core point of the articles highlights that private financing activities for large U.S. startups are significantly more active than IPOs this year, with 21 private financing deals exceeding $1 billion totaling $108 billion compared to only 10 IPOs raising $13.3 billion [1] - The trend is driven by the demand for growth funding in the private market, where investors are willing to finance companies before they become profitable, reducing the urgency for these companies to go public [2] - Despite the current preference for remaining private, it is widely believed that these high-valued private companies will eventually pursue IPOs to maximize their value at the peak of their development [2] Group 2 - The performance of large IPOs this year has been mixed, with an average return rate of 40%, outperforming the S&P 500 index, yet 4 out of 10 companies have seen their stock prices fall below the issue price [3] - The overall strong performance is primarily driven by a few companies, such as stablecoin issuer Circle and CoreWeave [3]

Core Insights - The article emphasizes that while artificial intelligence (AI) is currently a major focus for investors, there are numerous other investment opportunities that deserve attention, including emerging markets and structured products [2]. Investment Themes - Investment professionals suggest that non-AI themes such as emerging markets are promising and should not be overlooked [2]. - There is a mention of an underloved corner of private equity that could present potential investment opportunities [2]. - The article highlights that various sectors, including chip makers and power companies, have attracted significant investor interest due to their association with AI [2].

Core Insights - Private equity firms are increasing investments but are more selective, focusing on resilient sectors like technology, health care, and energy [1] - CFOs of portfolio companies are under pressure to be "exit-ready" and to implement AI-enabled finance capabilities [1] Group 1: Exit Readiness - Exit readiness involves being strategically prepared for a sale or public offering, emphasizing strong performance and operational improvements [2] - 97% of sponsors expect CFOs to maintain an "always exit-ready" posture, but only 20% of CFOs report doing so [3] - Most CFOs only shift to exit mode when a sale opportunity arises, which can negatively impact valuation by one to three turns of the exit multiple [3] Group 2: Definition of Exit Readiness - Sponsors define exit readiness as a holistic approach, including active value-creation levers and credible equity stories, while CFOs focus on tactical tasks [4] - Only 32% of CFOs include value creation in their definition of exit readiness [4] Group 3: Preparation Timeline - Over 80% of sponsors prefer exit preparation to start 12–24 months before a sale, but half of CFOs begin only three to six months prior [5] - Compressed preparation is linked to lower deal multiples, with 39% of sponsors citing rushed exits as a reason for post-sale adjustments [5] Group 4: Importance of AI - 85% of buyers now consider AI-enabled finance when valuing companies, with CFOs who integrate AI in financial processes being twice as likely to achieve smoother exits and higher valuations [6] - The rising importance of AI in finance is a significant trend impacting exit readiness and valuation [6] Group 5: Challenges Faced by CFOs - CFOs face challenges such as bandwidth constraints, fragmented systems, and unclear sponsor expectations, which directly affect valuation [7]

Private equity must be willing to sell more assets even if the prices available aren't that attractive, argues @PaulJDavies (via @opinion) https://t.co/IiwxxegiOc ...

Group 1 - The second Princeton CorpGov Forum will take place on May 21, 2026, at The Nassau Inn in Princeton, New Jersey, featuring panels, fireside chats, and networking opportunities [1] - The event will be digitized into a report published on various platforms including Yahoo Finance, Bloomberg Terminals, and Reuters, filmed in 4K with professional editing [1] - Institutional investors, corporate executives, and Princeton alumni/students are invited to attend and can register for the event [2] Group 2 - The Princeton Forum follows the 5th Annual Palm Beach CorpGov Forum scheduled for November 5-6, featuring speakers from corporate governance, activism, IPOs, private equity, and venture capital [3] - Keynote speaker Josh Frank from Trian Fund Management will be featured, along with Daphna Edwards Ziman, who led the Project Rise effort to acquire Paramount Global [3] - Notable attendees from the first Princeton CorpGov Forum included Tad Smith, James Ruddy, and Jeff Swartz, highlighting the caliber of participants in these events [4]

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $67 million and after-tax attributable earnings of $214 million or $0.53 per share of Class A common stock [4] - The company declared a dividend of $0.45 per share of Class A common stock, payable on December 1, 2025 [4] - Total assets under management (AUM) grew 20% year over year to $286 billion, driven by $44 billion of capital raised and $24 billion of value creation [26] - Fee-earning AUM increased 15% year over year to $163 billion [26] - Management fees grew to $461 million in the third quarter, with quarterly fee-related earnings of $225 million [28] Business Line Data and Key Metrics Changes - Total AUM grew 20% year over year, with quarterly fee-related earnings increasing 18% [5] - In private equity, TPG raised $12.3 billion across strategies, primarily driven by $10.1 billion raised in the first close for flagship buyout funds [7] - Credit AUM not earning fees stood at nearly $11 billion, representing over $100 million of annual revenue opportunity expected to flow into management fees over time [9] - In real estate, TPG held the final close for its inaugural real estate credit strategy, exceeding its initial target by more than 35% [10] Market Data and Key Metrics Changes - TPG raised a near-record $18 billion of capital in the third quarter, up 60% from the second quarter and 75% year over year [6] - Year to date, TPG has raised over $35 billion of capital, exceeding the full year 2024 fundraising [7] - Credit AUM has grown 23% year over year, making it one of the fastest-growing areas within the firm [23] Company Strategy and Development Direction - TPG is focused on expanding its credit platform and launching new products, with a robust fundraising outlook for 2026 [42] - The company aims to capitalize on market dislocation to acquire high-quality assets and is well-positioned to play offense in real estate [23] - TPG is increasing its penetration in private wealth and insurance distribution channels, with significant growth in capital from insurance clients [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundraising momentum and the ability to outperform in private equity fundraising relative to the broader market [8] - The company is optimistic about the liquidity environment and has a number of assets being explored for liquidity [54] - Management noted that the underlying health of credit portfolios remains strong despite recent market concerns [33] Other Important Information - TPG's dry powder has grown to a record $73 billion, representing a strategic asset for sourcing investment opportunities [27] - The company has maintained a disciplined approach to credit underwriting, resulting in low annualized loss ratios across its credit platforms [16] Q&A Session Summary Question: How does the realization pipeline look given the age and timing of funds? - Management clarified that the vintage refers to the fund itself, not the underlying portfolio companies, and expressed confidence in the liquidity prospects [48][50] Question: What is the potential for realizations in the current IPO and M&A environment? - Management indicated that they do not forecast realizations but are focused on selling companies at the right time, with a strong portfolio performance as a leading indicator [57][61] Question: Are there risks in the investment portfolio due to AI disruptions? - Management stated that they have been early investors in AI and view it as an opportunity rather than a threat, with a focus on vertical market software and cybersecurity [64][70] Question: How is the credit business evolving and what are the growth drivers? - Management highlighted the multi-strategy approach of the credit platform and the increasing engagement with insurance clients as key growth drivers [75][78]

Deal Overview - Starbucks is selling a majority 60% stake in its China unit to private equity firm Boyu Capital for $4 billion [1][3] - Boyu Capital will finance the deal with over $1 billion in leveraged loans from Chinese banks [3] Boyu Capital's Advantage - Boyu Capital, as a Chinese private equity firm, possesses stronger onshore connections beneficial for Starbucks in China [2] - Boyu's connections and strategy helped it beat out other global private equity firms interested in the stake [4] - Boyu recently closed a big deal for China's biggest chain of luxury malls, SKP, potentially creating synergies for Starbucks outlets [3][4] Starbucks' China Strategy - Starbucks has been facing pressure from local Chinese coffee chains like Luckin, which has surpassed them in size [5][6] - Starbucks has maintained a premium model with higher prices and larger stores, differentiating itself from competitors [6][7] - The entry of private equity may lead to significant changes in Starbucks' China strategy, potentially focusing on faster margin growth [7][8] - The future Starbucks in China might be unrecognizable from Starbucks elsewhere, with a Chinese firm now in charge [8]

Private equity firm Boyu is in talks with banks for a loan of around $1.4 billion-equivalent to support its acquisition of a majority stake in Starbucks’s China business, according to sources https://t.co/0ur1XlrWwR ...

KKR is planning a bigger role for its India insurance unit, as the investment firm expands in credit, infrastructure and private equity in the country, top executives said https://t.co/LgMIbm01SI ...