Markets 3 Days

Public Markets

Public Markets

The S&P 500 dropped 1.2% in its worst week since June, marking its first two-week loss since June. Entrata is working with Goldman Sachs and JPMorgan on an IPO, signaling continued investor appetite for real estate technology. Netflix’s board faced intense pressure as the streaming giant struggled to secure a deal and antitrust approval to buy Warner’s studios and HBO streaming service, with President Trump demanding the removal of former Obama official Susan Rice from its board. Goldman Sachs and JPMorgan Chase were among the financial institutions navigating volatile markets and regulatory scrutiny.

Mergers & Acquisitions

Centerview Partners settled a lawsuit brought by Kathryn Shiber over analyst working hours, resolving a case that fueled debate about junior bankers’ grueling schedules. Honeywell International Inc. considered walking away from a $2.2 billion deal to acquire Johnson Matthey’s Catalyst Technologies business, a move that sent ripples through the chemical sector. Blackstone is positioning Liftoff Mobile for an IPO, while Entrata finalized a $2.2 billion take-private acquisition of Jamf, a move reflecting private equity’s continued appetite for tech assets.

Corporate Actions & Earnings

Apple announced a $110 billion share buyback and a 4% dividend increase, boosting investor confidence. Tesla reported a 14% revenue drop in Q4, raising questions about demand for electric vehicles. Netflix faced renewed scrutiny over its proposed $108 billion acquisition of Warner Bros. Discovery, with the Justice Department probing potential anticompetitive behavior.

Market Dynamics

Natural gas prices breached a 16-week high as risk-off sentiment grew amid geopolitical tensions. The U.S. dollar weakened against major currencies as investors sought safer havens. Bitcoin dipped after Trump’s tariff hike announcement but quickly recovered, highlighting its resilience amid macroeconomic uncertainty.

Regulatory & Policy Shifts

The Supreme Court’s rejection of Trump’s tariffs sent shockwaves through global markets, with analysts warning of potential trade escalation by 2027. JPMorgan Chase closed accounts linked to Trump after the Jan. 6 attack, while the U.S. military prepared for potential action in Iran.

Emerging Trends

Small businesses gained access to 401(k)-style plans for millions more employees, driven by new pooled employer plans. China defied the global AI scare trade, with investors chasing AI winners as U.S. markets grappled with rapid advancements.

Corporate Governance

Entrata and Goldman Sachs faced scrutiny over their roles in the Jamf acquisition, while Centerview Partners settled a high-profile lawsuit over analyst workloads.

Market Wrap

Stocks ended the week higher after the Supreme Court’s tariff ruling, with the Nasdaq snapping its longest losing streak since 2022. The S&P 500’s volatility masked underlying risks, as traders braced for potential inflation-driven rate hikes.

Sources:S&P 500 Ends Week Lower Entrata 3 key earnings reports for this week to keep the AI trade alive Goldman Sachs Centerview settles lawsuit over analyst’s need for 8 hours’ sleep Blizzard warning: natural gas prices brace for volatile Sunday open Blackstone Entrata Apple Tesla Trump demands Netflix oust Susan Rice Bitcoin Tariff ruling sends CEOs back to company war rooms Bitcoin Trump approves emergency declaration for Washington JPMorgan closed Trump accounts

Private Equity

Fundraising & Investment

HGGC raised $3.2 billion for its fifth flagship fund, surpassing its target. Moonfare closed its Co-Investment Fund II at $83 million, exceeding its target within 12 months. Tikehau Capital secured more than $1 billion for its second private debt secondaries fund, closing above target.

Major Exits & IPOs

Bain Capital is exploring a $3 billion-plus exit for Dessert Holdings through a dual-track process involving either a sale or IPO. Blackstone and other firms have paused IPO plans due to market conditions, with investor concerns about AI disruption and stock market sell-offs affecting sectors like software and logistics. Temasek and ADIA are anchoring a $341 million IPO for Clean Max, backed by Brookfield.

Strategic Acquisitions

Morgan Stanley is undergoing leadership changes as its PCA chief departs, though the group will continue operating normally. CVC Capital Partners has tapped Goldman Sachs to explore a potential $1.08 billion disposal of marina operator D-Marin. Ares Management is preparing to expand its sports investment strategy into Europe with a new fund.

Healthcare & Medical Manufacturing

Johnson & Johnson is preparing a potential sale of its orthopedics unit De Puy Synthes, which could fetch more than $20 billion and has attracted interest from private equity firms. Mid Europa and SK Capital are among several PE firms actively investing in medical component manufacturing, with five recent deals highlighting the sector's attractiveness. HPS Investment Partners and Sixth Street have provided a roughly $700 million private credit facility to support sponsor-led healthcare growth.

Technology & Software

Ocean Sound Partners has acquired fintech firm Automated Financial Systems, with Edward Jenkins joining as CEO. Hg-backed Cube has acquired regulatory technology firm 4CRisk, expanding its automated regulatory intelligence capabilities. Oaktree-backed Scale Computing has acquired Adaptiv Networks, strengthening its edge computing and network solutions portfolio.

Industrial & Environmental Services

Peak Rock Capital is acquiring UL Solutions' employee health and safety software business. Platinum Equity-backed SES has acquired chemical cleaning services firm Chem Worx, expanding its industrial and environmental services platform. Amberjack has acquired waste management firm Cima Services, which supports complex projects across the Gulf Coast.

Wealth Management & Professional Services

Stone Point Capital has invested in UK-based independent wealth management advice firm Amber River. Renovus-backed Angeion has acquired legal services firm Med Quest, expanding its legal notice and administration services. Bregal Sagemount has invested in Harbor Compliance, appointing Chad Nuss as CEO and board member.

Infrastructure & Energy

Micro Grid Networks has secured investment from Palisade Infrastructure, with existing backer SER Capital Partners retaining majority ownership. Apollo-backed ATLAS has extended a $250 million, two-year credit facility to expand SME financing in Ireland.

Consumer & Retail

Leonard Green is taking Mister Car Wash private for $7 per share, having made its initial investment in 2014 and currently owning 67 percent of the company's outstanding shares. Hidden River-backed Somersault has acquired six California Little Gym locations, expanding its position as the largest franchisee within The Little Gym system.

Market Trends & Challenges

Argos Index reports that acquisition prices for European SMEs fell in Q4 2025 to their lowest level since 2014. EY-Parthenon notes that larger, high-conviction deals are on the cards as the market evolves. Japanese VCs face DPI hurdles under new listing rules, with the Tokyo Stock Exchange increasing minimum market capitalization requirements for companies listed in its Growth Market section to ¥10 billion by 2030.

Secondaries & Alternative Assets

Blue Owl Capital has sold a $1.4 billion portfolio of private loans to pensions and insurers to manage redemptions. Hollyport Capital has hired Evercore to explore strategic options, including a potential sale, as secondaries scale premiums rise. Preqin founder Mark O'Hare has built a $200 million stake in Hg Capital Trust through his family office, accumulating a 7.2 percent ownership position.

Sports & Entertainment

Ares Management is preparing a European sports fund as it accelerates its push into private wealth management. CVC Capital Partners is working with Goldman Sachs on the potential disposal of marina operator D-Marin, highlighting continued interest in sports and leisure assets.

Logistics & Transportation

Lone View-backed Cargo Sprint has acquired Dray Dog, expanding its software offerings for the cargo industry. HKW has acquired Handling Systems and Conveyors Inc, which serves aerospace, defense, industrial manufacturing, and transportation end markets.

Real Estate & Property Services

West View has invested in Benefits All In, with partner Kevin Twomey joining the company's board of directors. Eurazeo has completed its exit of a minority stake in luxury fragrance house Ex Nihio to L Catterton, marking a successful exit in the consumer sector.

Sector Investment

Real Estate Investment

The S&P 500 fell 1.2% marking its first two-week loss since June. Urban Partners sold €1bn of Nordic logistics assets to Catena and Ontario Teachers' Pension Plan, the region’s largest-ever such transaction. Blackstone’s $3bn re-up for The Cosmopolitan signals high-tier CMBS conviction, per The PERE Podcast. Real estate broker-owned managers face further growth headwinds compounded by the steep stock market selloff.

Infrastructure & Private Markets

Aware Super established a private markets division with Jenny Newmarch as head, formerly global head of private equity at the superfund. NCIA is looking to grow its private infrastructure portfolio, with allocations expected to represent $8bn-$10bn. Plutus Partners seeks new investments in real estate, open to core and opportunistic fund opportunities.

S&P 500 Falls 1.2% Marking First Two-Week Loss Since June Urban Partners Sells €1bn of Nordic Logistics Assets to Catena, Ontario Teachers Blackstone’s $3bn Re-up for The Cosmopolitan Signals High-Tier CMBS Conviction Real Estate Broker-Owned Managers Face Further Growth Headwinds Aware Super Establishes Private Markets Division with Jenny Newmarch NCIA Looking to Grow Private Infrastructure Portfolio Plutus Partners Seeks New Real Estate Investments