Top private equity news of the week

Garnett Station Partners (GSP), a New York-based principal investment firm, closed its latest private equity fund, GSP 5.0, at $1.2bn.

The oversubscribed fund, which hit its hard cap in just four months, brings the firm’s total assets under management to over $3.5bn.

With Fund 5, Garnett Station will continue its strategy of partnering with founders and management teams to scale businesses across its core investment sectors, including consumer and business services, health & wellness, automotive, and food & beverage.

Prada is nearing a deal to acquire Versace for nearly €1.5b, in what could be one of the biggest shake-ups in Italian luxury.

According to sources close to the negotiations, Prada and Capri Holdings—Versace’s parent company—are expected to finalize the deal this month, provided talks remain on course.

The acquisition would be a defining moment for Italy’s luxury sector, reversing a decades-long trend of homegrown fashion houses being absorbed by foreign conglomerates.

Read more here.

CVC Capital Partners submitted a $1bn bid to acquire a portfolio of tennis assets, including the Miami Open and Madrid Open, two of the most prestigious tournaments in professional tennis.

The sale process, managed by The Raine Group, has attracted interest from multiple bidders, with final offers expected later this month.

Currently owned by Endeavor Group Holdings, led by Hollywood talent agent-turned-executive Ari Emanuel, the assets include additional tournaments such as the Barcelona Open and the pre-Wimbledon event at London’s Hurlingham Club. Emanuel is reportedly competing against CVC for control, with Goldman Sachs advising on his bid.