Happy hump day, !

This week we dive into the growing force of private equity in the global sports industry with bigger and higher impact deals.

Liquidity imperatives state that even though secondaries aren’t cheap, and not every asset is continuation-worthy, expect more firms to lean on this strategy (even with exit conditions uncertain as they are).

Private Credit is not an alternative asset anymore, it has become an integral part of global finance.

Telecom M&A is back in business. 2024 ended with $79B in deals, the highest regional total in the last five years.

As always, hope you enjoy and cheers to a great second half of the week!

— PE 150 Team

Table of Contents

• Data Dive

• Trend of the Week

• Liquidity Corner

• Deal of the Week

• Private Credit

• Macro View

• This Week in History

• Interesting Articles

• Tweet of the Week

Private Equity’s Playbook for the Sports Gold Rush

Forget about court-side seats—private equity is taking over the game from the owner's box. The global sports market is set to nearly double from $462 billion to $1 trillion by 2033, and PE firms are playing to win​.

The game plan? Bigger, high-impact deals. In 2024, Silver Lake’s $21.49 billion acquisition of Endeavor Group led the charge, pushing total sports M&A to $31.64 billion—nearly quadrupling 2023's figures​. But while dollar values are soaring, deal volume is dropping, reflecting a focus on fewer, high-value plays.

Meanwhile, the NFL’s 2024 rule change allowing PE funds to take minority stakes is opening a new frontier. Four major PE firms have already secured a foothold, signaling a shift toward institutional capital in America’s most valuable sports league​.

And it’s not just the usual suspects. Women’s sports are now an asset class, with deals like Carlyle’s $58 million investment in Seattle Reign proving the model is here to stay​.

Bottom line: Private equity isn’t just betting on sports—it’s reshaping the industry. Expect more mega-deals, bigger valuations, and new entry points in untapped segments. The only question is: Who’s got next?

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Telecom M&A’s Comeback Tour

After a dismal 2022 and 2023, telecom M&A is back in business. The Americas led the charge in 2024, racking up $79B in deals, the highest regional total in the last five years. Meanwhile, EMEA ($26B) and APAC ($22B) also bounced back, albeit at a more measured pace. Compare that to 2023’s rock-bottom $59B total, and it’s clear that deal appetite is returning. The big driver? A renewed push for network expansion, consolidation, and the rising demand for high-speed connectivity.

Private equity and infra funds are taking center stage, scooping up fiber and tower assets while strategics look for efficiency plays. The telecom sector is still capital-intensive, and with interest rates potentially cooling, investors are willing to take bigger bets again. But will 2024’s momentum hold, or are we in for another cooldown?

Bridge to Liquidity: Multi-Asset Continuation Funds

Private equity has always been an illiquid business, but continuation funds are rewriting the rulebook. Hellman & Friedman’s $5B vehicle set the bar, but now firms like Leonard Green, Madison Dearborn, and TJC are proving that secondaries aren’t just a pandemic-era fix.

The trend is clear: traditional exits still aren’t delivering, and firms are opting for controlled liquidity over fire sales. Instead of selling into a weak M&A market or waiting for IPO conditions to improve, GPs are tapping deep-pocketed secondary investors to partially cash out LPs while retaining control of valuable assets.

It’s a way to play both sides. GPs keep their best-performing companies without rushing an exit, while LPs get a much-needed return in an otherwise slow distributions environment. The catch? Secondaries aren’t cheap, and not every asset is continuation-worthy. But as long as exit conditions remain uncertain, expect more firms to lean on this strategy, because in today’s market, finding liquidity is just as important as finding deals.

Bain Capital Expands Its Real Estate Footprint with Apleona

Bain Capital is doubling down on Europe’s facility management sector, acquiring Apleona from PAI Partners in a deal that solidifies its position in the growing real estate services market. Headquartered in Neu-Isenburg, Apleona employs 40,000 people and generates €4B in annual revenue, providing integrated facility management (FM) services with a strong focus on ESG solutions.

Under PAI’s ownership, Apleona aggressively expanded, completing 14 strategic acquisitions—including the transformational purchase of Gegenbauer Group—to strengthen its European platform. Bain Capital sees further potential, particularly in decarbonization, automation, and AI-driven building management. With energy efficiency and sustainability becoming regulatory imperatives, Apleona is well-positioned to capitalize on surging demand for low-carbon building solutions. Expect continued M&A activity as Bain backs Apleona’s push to dominate the European market.

From Middle Market to Mega Market: Private Credit’s Takeover

Private credit used to be a $1.7T club, mainly focused on middle-market sponsor lending. Now? It's sitting on a $40T addressable market, covering everything from railcar leasing to home improvement loans.

Why it matters: This isn’t just about scale—it’s about quality. The industry’s expansion is increasingly focused on investment-grade assets, making private credit more attractive to insurers, pensions, and other long-term capital.

Zoom out: This shift positions private credit as a core pillar of global finance, not just an alternative asset class. When banks pull back, private lenders step up—and that trend isn’t reversing anytime soon.

The Rate Reset Reality Check

The Fed’s latest rate cuts aren’t just an academic exercise—they’re reshaping how businesses operate, invest, and borrow. With the Interest on Reserve Balances (IORB) and the federal funds rate (DFF) stepping down, the cost of capital is easing. That’s good news if you’re carrying debt, considering expansion, or looking for cheaper financing. Private equity sponsors and corporate acquirers should find more favorable lending conditions, which could heat up dealmaking in the months ahead.

But before we pop the champagne, there’s a trade-off. Lower rates mean capital gets deployed more aggressively, potentially reigniting inflation risks. If demand rebounds too fast, the Fed might have to tap the brakes again—leaving businesses caught in another cycle of tightening. And while rate cuts typically boost valuations, insurers and lenders relying on investment income might take a hit.

Bottom line: The cost of money is falling, but the risk of overheating remains. Smart capital allocation will separate the winners from the wishful thinkers.

A Valentine from the State: The Nationalization of the Bank of England

On February 14, 1946, while couples exchanged love notes, the British government sent its own heartfelt message—to the Bank of England. By nationalizing it, Clement Attlee’s Labour government brought the institution under public control, aligning with post-war economic reforms.

This wasn’t just about ownership; it was a full embrace of Keynesian economics. A decade earlier, in The General Theory of Employment, Interest and Money (1936), John Maynard Keynes argued for active government intervention to stabilize the economy. Nationalizing the Bank of England was a natural step in implementing his vision, ensuring monetary policy could directly support employment and growth rather than bowing to private interests.

Despite the change in ownership, the Bank continued its operations with a degree of autonomy, maintaining its role in managing monetary policy and financial stability. This event underscored the evolving relationship between the state and financial institutions in the mid-20th century. 

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