Reputational risk remains a barrier for defence interest in private equity, according to PE International's Side Letter. Blackstone's Baratta and the key person clause are highlighted in the context of ongoing investment challenges. Temasek is noted to be leaning into Italy's mid-market opportunities.

Just as the publication went to press, Hamilton Lane disclosed that executive co-chairman and alternatives stalwart Mario Giannini has decided to retire from the firm, effective 31 March next year. Giannini oversaw the investment firm and consultancy's growth over more than three decades to the behemoth it is today, including its 2017 IPO.