Blackstone has appointed Franck Petitgas as Senior Managing Director and Vice Chairman, Europe, a newly created role that will see him work with the firm’s leadership on strategic initiatives and senior-level client engagement across the region.

His appointment will take effect in January 2026.

Stephen A. Schwarzman, Blackstone’s Co-Founder, Chairman, and CEO, said Petitgas brings experience at the highest levels of international finance. Schwarzman noted that his relationships across Europe will support Blackstone as it accelerates its efforts to finance, build, and scale businesses and critical infrastructure.

The deal will generate $770m in net proceeds for Topgolf Callaway, which plans to use the capital to cut debt and repurchase shares. The agreement also covers the Toptracer tracking technology unit.

Callaway acquired Topgolf in 2020 through a $2bn all-stock deal completed during the pandemic. However, rising rates, higher construction costs, and growing competition placed pressure on the venue-led model. Topgolf’s like-for-like sales have dropped about 10% each quarter in recent years.

Read more here.

Clearlake Capital has agreed to acquire investment manager Pathway Capital Management, a move that will more than double its assets under management to $185bn and strengthen its position across private credit, secondaries, and co-investments.

The deal terms were not disclosed, though the Wall Street Journal reported that Clearlake is paying about $1bn for the Irvine-based manager, which oversees more than $95bn across private equity, private credit, and infrastructure mandates.

Clearlake said the acquisition will expand its reach among institutional and wealth clients, reflecting broader industry efforts to grow private markets distribution beyond traditional LP channels.

Read more here.

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