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Editor's note: There will be no PE Hub Wire on Monday, January 15, due to Martin Luther King Jr Day. We’ll resume publishing on Tuesday, January 16.

BlackRock bets on infrastructure in $12.5bn deal; plus Harris Williams weighs in with 2024 outlook

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter on this busy morning.

In dealmaking, the week is ending with a bang, not a whimper, as BlackRock unveiled a mega deal worth $12.5 billion earlier this morning.

Next up, I have a story about how life insurance is attracting PE investors.

Then I will turn to lawn care, with 7 notable PE deals in this sector showing that investors are increasingly embracing this post-pandemic trend.

And finally I will conclude with a 2024 outlook report from investment bank Harris Williams. 

Infrastructure  

Earlier this morning BlackRock announced that it is acquiring Global Infrastructure Partners (GIP) in a deal worth $12.5 billion.

Upgrade to the premium version for all the details.

Life insurance

Life insurance is attracting PE investors such as Obra Capital. This week I spoke with Obra CEO Blair Wallace about his firm’s recently announced acquisition of Unified Life Insurance Company, a Kansas-based life and health insurance carrier.

Premium subscribers may read the Deep Dive.

Lawncare

Investing in lawn care firms has become an intriguing post-pandemic trend in the private equity landscape, writes my colleague Iris Dorbian.

Upgrade to the premium version to learn about seven recent lawn care investments.

2024 Outlook

What’s ahead for 2024? Harris Williams is out with a new report.

Premium subscribers will learn the investment bank’s forecast for 2024.

That’s it for today. Craig McGlashan will be back with more on Tuesday.  

Have a nice long weekend,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Vance Street unveils latest flagship fund, sets $550m target. The firm is led by Brian Martin, formerly an executive in American Capital's LBO group, and Mike Janish, a one-time CEO of American Capital-backed Avalon Laboratories. (Buyouts)

Jeremy Coller: LPs will use secondaries to ‘reposition’ credit portfolios. Private credit is one of the most dynamic parts of the private markets industry and its secondaries market is poised for strong growth, according to Coller Capital's founder and CIO. (Secondaries Investor) 

Inside Houlihan Lokey’s acquisition of Triago. The acquisition lays the foundation for a one-stop shop for clients of both organisations, Andy Lund and Matt Swain tell PEI. 

Reconsidering nuclear power. The low-carbon energy source may have fallen out of favour, but technological evolution and the urgent need to decarbonise could revive investor appetite. (Infrastructure Investor) 

The problem with picking vintages. There’s a big opportunity cost to vintage timing and diversification, according to a new paper – posing a challenge to traditional thinking on the subject. (Private Debt Investor)