The Monthly Recap - November
November saw a flurry of high-profile deals as firms raced to close the year strong, despite quieter overall volume. Private equity, investment banks, and private credit firms kept momentum going across sectors.
November saw a flurry of high-profile deals as firms raced to close the year strong, despite quieter overall volume. TPG took centre stage with big moves, while private equity, investment banks, and private credit firms kept momentum going across sectors. With the holidays on the horizon, the market is poised to make the most of the final stretch before Christmas. This report outlines select M&A deals, general market activity and significant news amongst private equity, investment banking & debt markets. We also include a short section on recent notable market movers.
· TPG takes control of Australia’s largest bus operator Kinetic in a $4b deal (AFR).
· AGL sells Tilt Renewables holding to Future Fund & QIC for $750m (AFR).
· ART acquires TIF’s stake of ElectraNet in $600m deal (AFR).
· Bain Capital secures exclusivity for Perpetual’s wealth business (AFR).
· Leading private credit firm Revolution offloads 14% stake to ColCap (AFR).
· Saluda Medical set for $700m ASX listing after strong IPO demand (The Australian).
· Anchorage Capital expands into ICT with ENTAG deal (AFR).
· Lendlease strengthens hold on key property fund after buying TCorp’s units (AFR).
· Permira eyes $1b+ IPO for I-MED after buyout hopes collapse (AFR).
· Tyndall AM closes after 36 years as major super client walks (AFR).
· EQT refinances Icon Group’s $1.3b loan, lowers its borrowing costs (AFR).
· Australian Investment Bankers set for bigger bonuses fuelled by surge in deal activity (The Australian).
· Quadrant PE refinances nearly $1b debt for TEEG, boosting capital for venue rollout (AFR).
· EY Oceania slashes 90 jobs as consulting revenue declines (AFR).
· Private credit funds eye Australian dollar securitisation as Greenstone finalises $1b refinancing deal. (The Australian).
· Alceon poaches Justin Lal from Keyview to oversee special situations credit fund (AFR).
· Jarden boosts small-cap coverage team, nabs top analysts from Barrenjoey and UBS (AFR).
· Ray David joins Airlie Funds Management from Blackwattle in key investment hire (AFR).
· HSBC restructure sees Anita O’Brien join CBA as managing director, financial institutions and government (AFR).
· JPMorgan’s Solomon Zhang joins UBS as co-head of real estate research (AFR).
· Lendi Group announces leadership change as co-founder Bas Watkins takes over as CEO (AFR).
· E&P Capital adds five to capital markets team amid busy start to FY2026 (AFR).
· JPMorgan expands mining research team with key hire of Jonathan Sharp (AFR).
