PE News Weekly 📈
📍 The Carlyle Group is selling Cogentrix Energy, LLC to Quantum Capital Group for $3bn. Cogentrix, known for its US natural gas power plants, was acquired by Carlyle in 2012 and has since expanded. Quantum plans to support its growth amidst rising electricity demand driven by data centers and AI.
📍 The Carlyle Group has doubled its fundraising to over $12bn in Q2 2024, led by successes in Japan buyouts, real estate, and credit. CEO Harvey Schwartz aims to surpass a $40bn fundraising target for the year, with Carlyle's total assets under management reaching $435bn.
📍Veritas Capital is acquiring NCR Voyix's digital banking business for $2.45bn in cash, with potential additional payments up to $100m. NCR Voyix aims to focus on core software and services for restaurants and retailers.
📍 Listed PE firms are holding $722bn in dry powder as of June 30, 2024, signaling a resurgence in deal-making amid anticipated Federal Reserve rate cuts. Private equity activity is picking up, with firms like KKR, Apollo Global Management, Inc., and The Carlyle Group actively investing and forecasting significant deal volumes.
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