Happy Tuesday everyone!
Private capital is continuing to make large, sector-focused bets across global markets. EQT is moving into specialty insurance with a roughly $2 billion deal for McGill and Partners, while Apollo is putting $9 billion into ONEOK to back its Permian Basin expansion and strengthen its balance sheet. In real estate, Ares Management has raised $3.8 billion for its largest Japan-focused fund, targeting logistics assets. Meanwhile, L Catterton is reportedly eyeing a ~€600 million controlling stake in HYROX, betting on the continued globalisation of fitness and sports.
THE BIG PICTURE:
Today’s deals point to a common theme: institutional capital is favouring scalable platforms, essential infrastructure and businesses tied to long-term structural demand from insurance and energy infrastructure to logistics and consumer fitness.
Let’s dive in.
DEAL OF THE WEEK
L Catterton Eyes €600M HYROX Stake as Fitness Platform Goes Global
L Catterton is reportedly close to buying a controlling stake in HYROX, the fast-growing fitness racing company, in a deal that could value the business at around €600 million ($697 million).
Founded in Germany, HYROX combines running with functional fitness exercises. Its race format has quickly gained popularity among both professional athletes and everyday fitness enthusiasts, with events now held across major cities worldwide.
The deal would give L Catterton exposure to the rapidly growing global fitness and wellness market. The private equity firm is also reportedly considering bringing in co-investors from Asia, as HYROX continues expanding in markets including China, Hong Kong, Singapore and Japan.
Talks between L Catterton and HYROX were first reported earlier this year. If completed, the transaction would mark another major private-equity investment in the sports and fitness sector.
L Catterton is reportedly close to buying a controlling stake in HYROX, the fast-growing fitness racing company, in a deal that could value the business at around €600 million ($697 million).
DEAL OF THE WEEK
EQT to Acquire Majority Stake in McGill and Partners for ~$2B as Insurance Services Attract Private Equity Capital
Deal: EQT Group has agreed to acquire a majority stake in specialty insurance and reinsurance broker McGill and Partners in a transaction valued at approximately $2 billion, according to reports from the Financial Times, The Wall Street Journal, PE Hub, Insurance Business and Reinsurance News.
Transaction Overview:
The deal will see Warburg Pincus exit its investment in McGill and Partners, while the company’s management team and employees will retain an ownership stake. The structure provides EQT with majority control while keeping existing leadership financially aligned with the broker’s next phase of expansion.
Founded in 2020, London-based McGill and Partners has built a rapidly growing specialty insurance and reinsurance platform focused on complex, bespoke and hard-to-place risks. The broker has expanded its footprint across international markets since its launch, positioning itself in a segment where demand for specialist risk expertise continues to grow.
Investment Thesis:
For EQT, the investment represents a bet on the continued growth and professionalisation of insurance distribution and specialty risk services. Rather than taking exposure directly to underwriting risk, private equity investors can participate in the growth of insurance brokers and related services businesses, which can benefit from increasing insurance complexity, demand for specialist coverage and consolidation across the sector.
EQT said it intends to support McGill and Partners’ continued international expansion while investing in technology, talent and platform capabilities. The strategy could further strengthen the broker’s ability to serve clients with increasingly complex and specialised insurance requirements.
Seller: Warburg Pincus
Buyer: EQT Group
Target: McGill and Partners
Transaction Value: Approximately $2 billion
Stake: Majority
Sector: Insurance / Insurance Brokerage & Services
Founded: 2020
Location: London, UK
Management: Existing management and employees to remain invested
Status: Subject to customary regulatory approvals
Why It Matters:
The transaction highlights the growing attractiveness of insurance services as a private equity investment theme, particularly businesses operating in specialty brokerage and other asset-light segments of the insurance value chain. It also marks a significant liquidity event for Warburg Pincus while giving McGill and Partners a new institutional partner to support its international growth ambitions.
DEAL OF THE WEEK
KKR Takes Minority Stake in Malaysia’s Avisena Healthcare
Global investment firm KKR has acquired a minority stake in Malaysian healthcare provider Avisena Healthcare, backing the company’s expansion as demand for private healthcare services continues to grow across Malaysia. Financial terms were not disclosed.
Deal Details
The investment will provide Avisena with capital to expand healthcare services and strengthen its hospital network. KKR will work alongside Avisena’s management team to support its next phase of growth. Avisena operates hospitals and healthcare facilities across Malaysia.
Why It Matters
The deal highlights growing institutional investor interest in Southeast Asia’s healthcare sector, driven by rising demand for quality medical services, an expanding middle class and continued investment in private healthcare infrastructure. For KKR, the investment provides exposure to Malaysia’s healthcare growth through an established operator.
Investor Angle
KKR’s minority investment reflects the appeal of growth capital in healthcare, allowing private equity investors to partner with existing management teams and scale proven platforms. The focus on expanding services and strengthening Avisena’s network points to a long-term operational growth strategy.
Deal Snapshot
Investor: KKR
Target: Avisena Healthcare
Stake: Minority
Sector: Healthcare
Geography: Malaysia
Deal Value: Undisclosed
Purpose: Expansion and healthcare services growth
What Next
Avisena is expected to focus on expanding its healthcare offering and strengthening its network, with KKR providing capital and strategic support. The key focus will be on scaling the business while maintaining healthcare quality and operational efficiency.
DEAL OF THE WEEK
Apollo Puts $9B Into ONEOK as Energy Infrastructure Bet Expands
Apollo Global Management is investing $9 billion in ONEOK, providing capital as the U.S. energy infrastructure company expands its natural gas footprint in the Permian Basin. ONEOK will use the investment to fund its $4.425 billion acquisition of Brazos Midstream’s natural gas gathering and processing assets, with around $5 billion earmarked for debt repayment.
Why It Matters
The acquisition will significantly strengthen ONEOK’s position in the Midland Basin. Its gas-processing capacity will more than double to approximately 2.3 Bcf/d, while the company will gain access to around 600,000 acres supported by long-term contracts. The deal highlights continued investor appetite for U.S. energy infrastructure and contracted midstream assets.
Investor Angle
Apollo is making the investment through a non-voting minority equity position, giving it exposure to ONEOK’s infrastructure growth without taking control. For Apollo, the deal offers an opportunity to deploy significant capital into cash-generating energy infrastructure while partnering with an established public company.
Deal Snapshot
Investor: Apollo Global Management
Company: ONEOK
Investment: $9B
Stake: Non-voting minority equity
Acquisition: Brazos Midstream assets — $4.425B
Sector: Energy Infrastructure
Geography: Permian Basin, U.S.
Expected Close: Q4 2026
What Next
ONEOK expects the Brazos Midstream acquisition to close in Q4 2026, subject to customary closing conditions. The company will focus on integrating the assets, expanding its Midland Basin footprint and strengthening its balance sheet through debt repayment.
Ares Raises $3.8B for Fifth Japan Logistics Fund
Ares Management has raised ¥612 billion ($3.8 billion) for its fifth Japan-focused real estate fund, marking the firm’s largest fundraising in Japan to date. The fund will target logistics real estate, including warehouses, distribution centres and modern logistics facilities across the country.
Why It Matters
The record raise highlights continued institutional appetite for Japanese logistics real estate, supported by long-term demand from e-commerce, supply-chain modernisation and the need for strategically located distribution facilities. It also reflects broader investor interest in real assets backed by structural demand.
Investor Angle
The fund has attracted major institutional backing, including CPP Investments, giving Ares significant capital to pursue opportunities across Japan’s logistics market. For investors, the strategy offers exposure to a sector positioned to benefit from e-commerce growth and evolving supply-chain infrastructure.
Deal Snapshot
Manager: Ares Management
Fund: Fifth Japan-focused logistics fund
Capital Raised: ¥612B / $3.8B
Sector: Logistics Real Estate
Geography: Japan
Key Investor: CPP Investments
Strategy: Logistics development and investment
What Next
Ares is expected to deploy the capital across Japan’s logistics market, targeting modern facilities and development opportunities that can benefit from the country’s growing e-commerce and distribution needs.
Until next week,
PMW Team
