AI due diligence for PE, VC & search funds. Data room in, source-cited investment Excel/memo out, in hours not weeks. Toronto + NYC.
Toronto, Ontario
Joined November 2021
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Aon buying USI from KKR for about $17B. That is a PE exit at real scale in insurance brokerage, not a seed round with a fancy deck. Allocators are still cashing platforms when the buyer already owns the distribution adjacency.
ALT Aon logo from USI acquisition press materials
Veritas Capital won Bodycote at £1.85B ($2.51B) EV, 940p, board-backed, CVC outbid. Thermal processing into aero/defence (Chromalloy/StandardAero adjacency). Contested industrials still clear when the buyer already owns the adjacency.
Clarion (Franklin Templeton) agreed to buy a majority of Stoneshield ($9B AUM).
Triples Clarion Europe AUM to $13B. Total AUM up 12% to $82B. Close targeted Q4 2026.
Free investor group chat. Founders + investors. We flag private markets early.
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ALT Clarion Partners by Franklin Templeton logo from the Stoneshield majority-stake press release
Acephalt Inc retweeted
Here we go again! @tryramp is in early talks to raise ~$1B in primary at a ~$60B val, per @business 🤯
They crossed $1.5B in annualized run rate in by early June (also per Bloomberg)
Only ~3 months after their $750M Series F at $44B (led by ICONIQ, GIC & Ontario Teachers' in June '26)
bloomberg.com/news/articles/…
Wow it’s now confirmed @tryramp raised a $750M Series F led by @ICONIQCapital at a $44B valuation
“Ramp grew TPV ~170% year-over-year in March 2026, the company's highest growth rate in three years”
bloomberg.com/news/articles/…
Cinven closed Strategic Fund 2 at €2.3B ($2.7B), 75% larger than the last one and over target. Mid-market buyouts in financials, business services, and TMT. Easier exits are where LPs want the money parked right now.
ALT Cinven Strategic Fund 2 close announcement
L Catterton looks close on a controlling stake in Hyrox around EUR 600m. Fitness competition brand scaling into Asia, and they are floating Asian co-investors. Classic consumer PE: buy cultural momentum, then partner into the regions where the growth is already running.
Claret Capital closed Fund IV at €575m for European growth debt (target €500m).
€440m fund + €135m side mandates. About a third already out across 27 cos.
Tell: private wealth got in via an ELTIF. Growth lending that was institutions-only is now wealth-manager accessible.
Permira + CPP closed the £2.7B JTC take-private. CPP ~£350m for ~20%. Fund admin goes private so it can buy, not just report.
Free investor group chat for founders + investors. Private markets flagged early. Join: join.slack.com/t/acephalt/sh…
Adani Airports is in late talks for capital at a $20B+ valuation. BlackRock is exploring. Temasek and Alpha Wave are in the mix. India aviation infra is pulling real institutional tickets, not just domestic balance sheets.
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ALT Stock trading charts on a screen
CVC closed Secondary Opportunities Fund VI at $10B. SOF V was $5.8B in 2023. SOF IV $2.7B in 2019.
Not "secondaries are hot." LPs buying DPI instead of waiting another exit cycle.
Free investor chat (PE/LP/FO/secondaries):
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Acephalt Inc retweeted
The correct response to these figures is not “wow these ARR multiples are crazy.”
It is to recognise that applying ARR multiples to early stage companies is crazy.
A day-one startup with its first customer might technically be at 10,000x ARR.
Another day-one startup that already has a large contract booked might only be at 100x ARR.
And both of those companies may be priced at ~$10M, because current revenue is not what actually drives price.
Valuations are about the future, always.
ARR multiples are dumb. They only really made sense in the SaaS era, for mid–late stage companies — and even then, only barely.
credistick.com/what-is-valua…
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Feel free to join our Slack — free investor group chat, early seats, no charges: join.slack.com/share/enQtMTE…
Feel free to join our Slack
Free investor group chat. Early seats while small.
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I run a free Slack for PE / LP / FO / secondaries folks. Raises, fund closes, deal signal. Early seats while it is still small.
join.slack.com/t/acephalt/sh…