Newsletter Edition 92
Nov 27, 2025
Blackstone Nears $4bn Deal to Acquire MacLean Power Systems
Blackstone Inc is moving closer to a deal to acquire MacLean Power Systems from Centerbridge Partners in a transaction valuing the utility-parts manufacturer at more than $4 billion, according to a Bloomberg report. A formal announcement could come as early as next week, sources said.
Headquartered in Fort Mill, South Carolina, MacLean produces crucial components for electric-power transmission and distribution, including anchoring systems and grounding products. Centerbridge acquired a majority stake in the company in 2022.
A takeover by Blackstone would further extend the firm’s push into the energy and infrastructure sector. Earlier this year, Blackstone purchased TXNM Energy Inc for roughly $5.7 billion, underscoring its growing interest in assets tied to grid reliability and energy demand.
Blackstone is said to have outbid several strategic and financial suitors, including Swiss industrial group ABB Ltd., which ultimately declined to raise its offer. While negotiations are in an advanced stage, sources cautioned that the deal still requires final approvals and could be delayed—or fail to materialise.
If completed, the acquisition would rank among Blackstone’s largest industrial and infrastructure transactions of the year.
https://www.privateequitywire.co.uk/blackstone-moves-toward-4bn-maclean-acquisition/
KKR Seeks $15bn for Fifth Asia Buyout Fund as Regional Deal Activity Accelerates
KKR has launched fundraising for its fifth Asia-focused private equity fund, targeting around $15 billion in what could become one of the largest vehicles ever raised for the region, according to Reuters, citing people familiar with the process.
The firm began marketing the fund to investors this week, and sources suggest the final size could surpass the initial target depending on demand. The vehicle will continue KKR’s established strategy of backing companies across consumer, life sciences, healthcare, financial services, and industrials—sectors where it has built a strong performance record over the past decade.
The new fundraising effort comes amid a resurgence in Asian private equity activity, buoyed by recovering IPO markets and heightened investor appetite in Japan and India. KKR has already returned more than $7.3 billion to limited partners from its Asia investments this year. Co-CEO Joe Bae recently said the region will account for roughly half of the firm’s global private equity distributions in 2025.
KKR’s previous Asia fund closed at $15 billion in 2021, the largest buyout fund ever raised for the region, and has already returned 40% of its capital. Both KKR Asia Fund III and IV have delivered gross IRRs above 20%, reinforcing LP confidence as the firm returns to market.
The firm has been monetising several high-profile investments, including the sale of a 19.9% stake in Japanese logistics company LOGISTEED to Japan Post, as well as exits from Seiyu in Japan and JB Chemicals in India.
KKR is expected to deploy capital from the new fund across its core Asian markets—Japan, India, China, South Korea, and Southeast Asia. The firm currently oversees approximately $80 billion in Asia-focused assets.
PAG Makes $2.8bn Bet on Chinese Shopping Malls in Major Real Estate Deal
Hong Kong — Private equity firm PAG has committed approximately $2.8 billion to acquire a controlling stake in a mall-operations business built by Dalian Wanda Group, marking one of the largest private equity investments in China this year, according to Bloomberg.
The deal forms part of a broader $6.3 billion fund assembled to take ownership of a portfolio of Wanda’s shopping malls, representing the largest cross-border transaction in China’s commercial real estate sector since 2021.
PAG’s investment reflects a strategic bet on a gradual rebound in Chinese consumer spending, even as the broader real estate market continues to face pressure. Wanda, once one of China’s most aggressive commercial property developers, has spent recent years selling assets—including theme parks and Hollywood producer Legendary Entertainment—to reduce its real estate exposure and handle mounting financial strain.
The acquisition has attracted support from major institutional backers, including Sunshine Life Insurance Corp, Tencent, and a JD.com-backed investment vehicle. The malls host a variety of major international brands, including Adidas and Nike, underscoring their appeal to private equity investors seeking stable, consumption-driven returns.