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May River reportedly pauses Industrial Flow Solutions sale process; Carlyle portfolio well insulated from tariffs, says CEO Schwartz

Good morning, PE Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom.

Let’s kick off the Wire with a scoop from earlier this morning. May River Capital has reportedly shelved a limited sale process for Industrial Flow Solutions according to sources.

Then, tariffs are top of mind for many dealmakers. Today, we’re featuring insights on the topic from two sources. First, Carlyle Group CEO Harvey Schwartz says a more aggressive tariff policy adopted by the new US administration will not pose a significant threat to Carlyle’s business.

Finally, we have insights from Jon Kossow, managing partner and co-head of the growth equity team Norwest Venture Partners on tariffs.

Sale on pause

Let’s start with a scoop from earlier this morning from PE Hub senior reporter Michael Schoeck. May River Capital recently shelved a limited sale process for Industrial Flow Solutions, three sources briefed on the matter told PE Hub.

Subscribe to the premium version of the Wire to learn more about the PE Hub scoop.

A manageable situation

Carlyle Group CEO Harvey Schwartz said a more aggressive tariff policy adopted by the new US administration will not pose a significant threat to Carlyle’s business during the firm’s Q4 2024 earnings call Tuesday.

Premium subscribers to the Wire can read more about Carlyle’s thoughts on tariffs.

Dealing with uncertainty

“I think the tariff situation is very fluid,” Jon Kossow, managing partner and co-head of the growth equity team Norwest Venture Partners told PE Hub. “It seems to change every day.”

Continuing the tariff conversation, PE Hub has been following how PE firms have dealt with the uncertainty surrounding tariffs throughout the start of 2025. We covered how consumer dealmakers were viewing potential tariffs in January.

Subscribe to the premium version of the Wire to learn more about how Norwest looks at potential tariffs with its current investments and future deals.

If you have any questions, thoughts, or want to chat about deals in the tech, consumer or sports sectors, please email me at [email protected].

Tomorrow, Nina Lindholm will be with you for the Europe edition of the Wire and Michael Schoeck will bring you the US edition.

Cheers,

Rafael

Read the full Wire commentary on PE Hub ...

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The Carlyle Group’s AlpInvest is wrapping up a two-year fundraising campaign for its eighth flagship fund. AlpInvest Secondaries Fund VIII has raised nearly $9.4 billion as of 31 December 2024, according to materials prepared for Carlyle’s Q4 2024 earnings call on Tuesday. (Secondaries Investor)

Denmark-based sustainable infra firm AIP Management is considering switching to EU SFDR Article 9 classification for its next fund, having previously opted for Article 8, according to partner and head of investor relations Amanda Tonsgaard. (New Private Markets)

Deals

They said it

“The majority of our portfolio is either domestically focused or more services-oriented versus goods, insulating it well from the impact of tariffs.”

— Harvey Schwartz, CEO at Carlyle Group on the impact of tariffs on the firm’s business

Today's letter was prepared by Rafael Canton

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