Top private equity news of the week

India’s Indian Premier League has emerged as a serious private equity target, with global firms including KKR, Blackstone, Partners Group, and CVC Capital circling franchise stakes as valuations surge to record levels, according to a report by Reuters.

The IPL’s business value climbed to $18.5bn last year, according to Houlihan Lokey. While still smaller in absolute terms than the NFL at $227bn and the NBA at $165bn, the IPL now ranks second globally on a per-match basis after the NFL. Crucially for investors, media rights have more than doubled to over $6bn in the latest auction cycle, with Disney and Reliance committing $6.2bn for broadcast and streaming rights through 2027.

Temasek Holdings and Abu Dhabi Investment Authority are planning to participate as cornerstone investors in Clean Max Enviro Energy Solutions’ planned $341m initial public offering, says Bloomberg.

The Mumbai-based renewable energy company aims to raise approximately 31bn rupees, equivalent to about $341m. Shares worth roughly 9.3bn rupees, or about $102m, have been allocated to anchor investors ahead of the subscription period.

Platinum Bank of America is committing $25bn of its own capital to private credit transactions, joining Wall Street rivals in deploying balance sheet funding into the $1.8tn market, according to Bloomberg sources.

The bank will originate deals through its global capital markets division, extending its direct lending activities and investing directly into private credit opportunities.