Good morning, ! It's Wednesday and we're covering private equity in Latin America, how PE investors are reshaping their portfolios, the cost of debt for banks and BDCs, and the DACH private equity volume.

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DATA DIVE

Private Equity in Latin America

Latin American private equity has been on a rollercoaster, but lately the ride feels stuck mid-loop. After a 2021 sugar rush — $5B in fundraising and record-breaking deals like LATAM Airlines’ $4.3B recap — the region slumped to just $1B raised in 2023. Blame rising rates, political whiplash, and (surprise) Trump-era trade flashbacks. Brazil still anchors the region, claiming over half the deal flow, while Mexico shows flashes of nearshoring promise. Argentina, as always, is high risk, high drama. In short, LATAM PE is still a cocktail of potential and peril — just expect a few bitter notes.  (Read Or Listen To Full Research Report)

PRESENTED BY INSURANCE 150

Longevity Boom: Insurance’s Quiet Time Bomb

The world’s getting older — fast. The global 65+ population has ballooned by 436% since 1960, and by 2050, OECD countries could face 60 retirees for every 100 workers. For life insurers, this isn’t a forecast; it’s a siren. Longer lifespans mean longer payout periods, pricier policies, and legacy actuarial models suddenly looking like museum pieces. But it’s not all doom: demand for hybrid products (think life + long-term care) is spiking, and aging markets like Japan and China are ripe for expansion. Bottom line: insurers must pivot from death-benefit merchants to longevity architects. (Read Or Listen To Full Report)

TREND OF THE WEEK

Precision Investing: DACH Private Equity Slows, but Sharpens Focus DE

The DACH private equity market might not be racing at 2021 speeds, but it’s still firmly in the fast lane. Deal volume hit 549 in 2025, a cooldown from the 923 deal frenzy of its pandemic-era peak—but don’t mistake moderation for weakness. Since 2019, the region has clocked an impressive +7.3% growth rate, proving DACH’s resilience as a long-term play.

What’s behind the shift? Rising interest rates, valuation recalibrations, and deal discipline are pushing sponsors toward smarter, steadier bets. Think industrial bolt-ons, healthcare platforms, and ESG-led plays across Germany, Austria, and Switzerland. The Mittelstand remains a magnet for PE capital, with family-owned, high-margin businesses offering precisely the kind of operational efficiency and durability investors crave.

From regional champions to carve-outs and cross-border opportunities, this report dives into the DACH market’s evolving dynamics: deal flow, sector focus, portfolio strategy, and the selective scaling trend. If you’re watching Europe’s industrial core or scouting for disciplined, scalable assets, this one’s for you.

Bottom line: DACH isn’t slowing down, it’s just playing a smarter game. Let’s unpack it.

PRESENTED BY BUILD WEALTH

WSJ Bestselling Author Walker Deibel’s BuildEnergy Fund Leverages 4-Decade Track Record (Over 80% Subscribed!)

​B​uildEnergy Fund I is officially open to accredited investors​! This $100 million cashflowing fund offers family office terms and 30%+ IRR to its investors. 

Why ​i​nvest? ​Walker Deibel, the serial entrepreneur, WSJ bestselling author, and founder of Build Wealth sees this fund as hitting all facets of his Growth Predictor Framework:

• Experienced Operating Team – A 4-decade / 6-fund track record of strong returns, including IRRs averaging 50%

• Attractive Returns – Prior fund is already cash flowing 15% cash-on-cash, and estimated 35% IRR only 18 months in.

• Institutional-Level Terms – Direct access to a $5M family office buy-in structure, reflecting a 7% immediate paper gain on a minimum $50,000 investment.

• Focused Sector Approach – A strategic, supply / demand imbalance play, acquiring $100 million roll-up of oil wells during a buyer’s market.

​If you’re an accredited investor, you can get access to the data room here:

Discover the deal 

For questions, reach out to Mike Brown, Head of Investor Relations: [email protected]

LIQUIDITY CORNER

Liquidity Plays: How PE Investors Are Rebalancing Portfolios in 2025

Private market investors are getting tactical with liquidity, and 2025 is shaping up as the year of portfolio fine-tuning. According to a survey by Adam Street Partners, a full 67% of executives plan to increase commitments to existing managers, doubling down on known quantities rather than chasing fresh risk.

But here’s where it gets interesting: 40% are eyeing the secondary market as an active liquidity lever. Selling assets in secondaries has gone from stigma to strategy, offering flexibility in a market where exit timelines are stretched and distributions have slowed. Add to that 54% of LPs looking to onboard new managers, and you’ve got a recipe for cautious diversification alongside liquidity optimization.

The data signals a clear trend, capital isn’t retreating from private markets, it’s getting redeployed smarter. Investors are balancing steady re-ups with selective secondary sales to manage cash flows, unlock trapped value, and keep dry powder at the ready.

Bottom line: Liquidity isn’t a crisis, it’s a strategy. Let’s unpack the reshuffling game… (More)

DEAL OF THE WEEK

Apollo’s Solar Eclipse: $400M Bet on Local Power

Apollo is turning up the wattage on its green playbook, committing $400 million to a new joint venture with Summit Ridge Energy. The duo aims to supercharge Illinois' commercial solar scene, tapping into 2GW of projects Summit already has in motion across multiple states. The move isn’t just about kilowatts—it’s a power play in the booming community solar market, which offers local businesses and households cheaper, cleaner energy. For Apollo, this extends its $58 billion energy-transition portfolio and tightens its grip on America’s industrial renaissance. And let’s not forget: this follows a $175 million shot into Summit Ridge back in 2022. Clearly, Apollo believes there’s more juice to squeeze. (More)

TOGETHER WITH WRITER

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PRIVATE CREDIT

Rising Rates, Rising Opportunity

The story of the decade? Private credit is outmuscling banks, and cost of debt plays a starring role. Yes, BDCs pay a premium on debt—around 5% today—but they’ve narrowed the gap with banks by cranking up leverage and keeping capital costs competitive. Unlike banks, saddled with deposit stickiness, BDCs flex with policy shifts, making them agile lenders in a high-rate environment. 

As traditional lenders pull back, private credit funds are moving in, capitalizing on demand for flexible, high-touch lending solutions. (More)

Last Week’s MICRO-SURVEY Results and Analysis - Thank You To All Who Participated

Last week we asked: How do you expect the newly announced reciprocal tariffs under Trump’s trade plan to impact the U.S. supply chain over the next 6-12 months?

Trump’s new reciprocal tariff plan is landing like a ton of imported steel. Nearly half of our respondents expect supply chain chaos and rising costs, while others see a silver lining: a fast track to domestic sourcing. For PE firms and Corp Dev teams, the short-term outlook is clear — margin compression is coming for import-heavy portfolios. But longer-term? There’s a potential M&A play here. Expect a flurry of deals aimed at shoring up U.S. manufacturing capacity before pricing adjusts. The lesson from the last tariff cycle holds: volatility breeds opportunity, if you move fast enough. (More)

MACROVIEW

Trade War Escalation: Panic Spreads, Valuations Buckle

Valuations stumbled, panic flickered, and global markets got a brutal reminder: when the US and China throw economic punches, the real economy takes the hit. Trump's tariff frenzy, escalating levies on Chinese imports to a staggering 125%, has throttled trade flows between the world’s two largest economies. Beijing's counterattack? 84% tariffs and a diplomatic full-court press to woo Europe and Asia. 

The result is a war of attrition, draining corporate confidence and choking valuations across sectors. Supply chains rerouted overnight, inventories piled up, and investors hit the sell button — hard. For the real economy, this means higher prices, factory slowdowns, and in China’s case, the threat of mass layoffs. As decoupling accelerates, the market mood feels less like a correction and more like a prelude to a cold economic winter. (More)

THIS WEEK IN HISTORY

Deepwater Horizon: The $60 Billion Spill That Redefined Corporate Risk

April 20, 2010, wasn’t just a dark day for the environment, it became a seismic event for corporate accountability. The Deepwater Horizon explosion unleashed the largest offshore oil spill in U.S. history, but the aftermath was even more staggering: a financial catastrophe that cost BP over $60 billion in criminal and civil penalties, clean-up expenses, and compensation to businesses and individuals.

At its peak, BP, then worth over $180 billion, teetered on the brink of collapse. What followed wasn’t just legal drama; it was a blueprint for future corporate reckoning. The $4.5 billion criminal penalty set a U.S. record, while the $20 billion civil settlement reshaped expectations for corporate fines, creating a benchmark that has since reverberated through industries from auto to banking.

Beyond BP, the ripple effects hit Main Street hard. Fishing, tourism, and Gulf Coast small businesses suffered billions in economic damages, with local economies forced to claw their way back over years. And while payouts helped prop up struggling sectors, they also exposed just how fragile local economies can be in the shadow of Big Oil.

Bottom line: Deepwater Horizon wasn’t just an environmental disaster,  it was an economic reckoning. A decade later, the U.S. energy playbook remains largely unchanged, but the financial legacy of this disaster still looms over every offshore drill. (More)

INTERESTING ARTICLES

Who’s buying debt in a down market? The surprising rise of private credit secondaries.

Musk vs. OpenAI: What’s really behind the latest legal firestorm?

Larry Fink says this is dominating every client call—are you feeling it too?

What global trends should you watch this week? Deloitte breaks it down.

Eni draws private equity bids for second Plenitude stake at €11bn+ valuation

TWEET OF THE WEEK

"Success is not just about making money, it's about making a difference."

Kathy Calvin