Investindustrial has extended its food ingredients buy-and-build strategy into Dubai with the La Crema deal, giving its ingredients platform its first manufacturing footprint in the region. The Italian mid-market investor has completed three bolt-on deals in the Middle East since 2024, and 281 in total across more than 30 countries, representing a combined enterprise value of €14.1bn.

QIA and J.P. Morgan Asset Management have struck a $20bn partnership with a private credit leg. The two sides signed a memorandum of understanding setting out the framework, split into two initial mandates: a $15bn public equities mandate and a $5bn private markets initiative targeting established middle-market companies in the US.

Schroders Capital capped a record year with a $1.3bn co-investment close. The close caps a strong run for its private equity platform, which has gathered more than $5bn this year. Global Direct IV is a pure-play co-investment strategy focused on the small and mid-market, targeting companies with enterprise values typically below $1bn.

Blackstone has agreed to acquire Flow Control Holdings (FCH), a US maker of highly engineered components for data centre liquid cooling, from Audax. Franklin Templeton closed its debut $1.5bn CFO bundling Lexington secondaries and Benefit Street credit. EQT launched an evergreen fund to open its Asia platform to wealth investors.