Law firms that structure private‑equity vehicles face heightened demand as fundraising stalls. Kirkland & Ellis claimed the top slot in PE International’s latest fund‑formation lawyer ranking, edging out rivals such as Latham & Watkins and Simpson Thatcher. The survey, based on GP feedback, underscores how expertise in tax, regulatory and cross‑border issues has become a competitive differentiator for sponsors, for emerging managers as well.

China’s capital markets, long dominated by state‑backed investors, are showing signs of a buyer‑driven buyout wave. GPs note that Chinese sovereign funds and high‑net‑worth families are seeking control stakes overseas, attracted by lower valuations and a slowdown in domestic deal flow. This shift could reshape cross‑border M&A volumes and pressure western advisers to adapt their pitchbooks, in Europe and North America.

Meanwhile, Apollo Global Management found itself entangled in a political controversy after a senior partner met with senior U.S. officials to discuss regulatory reforms affecting leveraged‑finance structures. Critics argue the outreach blurs the line between lobbying and industry advocacy. The episode highlights growing scrutiny of private‑equity influence in policy circles, prompting firms to tighten compliance protocols and avoid potential fines.