Week 27 — 29 June to 5 July 2026. The genuinely new private equity developments of the week, each dated and sourced.
1. Highlight — EDF sells its North American renewables to KKR for $4.2bn
On 29 June, EDF signed the sale of EDF Power Solutions (US and Canada) to KKR for about $4.2 billion, with earn-outs of up to $390m. The divested portfolio represents 5.6 GW of net capacity (renewables, storage, microgrids, charging): KKR’s largest-ever renewables investment. For EDF, the sale cuts net financial debt by around $5.5bn and frees capital for its nuclear programme. A clear illustration of PE’s role as a capital relay for infrastructure assets.
Source: Bloomberg · pv magazine USA
2. Exits — KKR: over $900m in asset sales in Q2
In a 25 June intra-quarter update, KKR reported more than $900m from asset sales between 31 March and 24 June (~80% performance income, 20% investment income), above Q1’s $878m and 66% above the three-year quarterly average. A double signal: the exit recovery is confirmed, and capital is flowing back to LPs.
Source: Private Equity Wire · KKR (Business Wire)
3. Deal — CVC invests in Chess.com
CVC (via CVC Capital Partners IX) announced on 25 June an investment in Chess.com, the world’s leading online chess platform (250m+ members, 10m daily active users). CVC joins General Atlantic, which remains a shareholder. The thesis: leverage CVC’s expertise in live events, media rights and sponsorship to monetise a massive community.
Source: CVC · Private Equity Wire
4. Public-to-private — EasyJet rebuffs Castlelake (again)
EasyJet’s board rejected Castlelake’s latest non-binding proposal — Castlelake is a US private equity firm specialising in hard assets and private credit, notably in aviation — of 625 pence in cash (nearly £4.9bn). It is the third rejected offer, deemed undervalued and structurally “opaque”. The case illustrates private credit / PE’s persistent appetite for discounted listed targets — and boards’ ability to hold firm.
Source: Aerotime · Business Recorder
5. France / case study — Europlasma: “the descent into hell” (Le Figaro, 3 July)
Under the headline “The descent into hell of Europlasma, serial acquirer of distressed companies” (Le Figaro, 3 July, Véronique Guillermard), the article traces the collapse of the Gironde-based group. After acquiring six distressed industrial companies since 2021 — including Forges de Tarbes, Valdunes and Fonderie de Bretagne — Europlasma is exhausted: a €35.3m loss in 2025 on €70.4m of revenue, with unaudited accounts. Some 800 jobs are exposed.
The investor’s specifics — Alpha Blue Ocean (ABO), the antithesis of a private equity fund:
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A financier, not an industrialist: Europlasma is described as “the front for Alpha Blue Ocean, which actually controls it”.
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The mechanism (OCABSA): convertible bonds subscribed via Luxembourg funds; the lender converts then resells on the market — “massive share selling” that destroys value.
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Near-total dilution: the share price has collapsed 99.9% since 2019.
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Not an EU-regulated fund: ABO operates through offshore vehicles (Seychelles, Bahamas, Dubai…), outside AIFM/AMF oversight.
The case feeds France’s National Assembly inquiry into “the predation of French productive capacity by speculative funds”. Not to be conflated: OCABSA/ABO is dilutive market financing, far removed from LBOs and classic private equity.
Source: Le Figaro (3 July 2026, print) · Le Journal des Entreprises
6. Critical lens — CEPR publishes “Buyouts: Private Equity Reshaping the Economy”
The Center for Economic and Policy Research (CEPR, a progressive US think tank based in Washington, co-founded by Dean Baker) published in July 2026 a critical analysis of private equity’s footprint on the real economy (jobs, prices, leverage of LBO’d companies). Worth reading even if the angle is hostile: such work feeds the public and regulatory debate, just as “democratisation” opens the asset class to individual investors.
Source: CEPR
7. Debate — Elizabeth Warren and PE buyouts of veterinary clinics
In a video from her economics series, Senator Elizabeth Warren denounces private equity’s consolidation of veterinary care, extending her investigation with Senator Blumenthal (Mars Petcare, JAB Holding). The thesis: veterinary “roll-ups” harm vets (quotas, excess procedures) as much as clients (higher prices). For a French reader, it mirrors the criticism of fund “predation” — useful for responding with facts, distinguishing real abuses from generalisations.
Source: Elizabeth Warren · Rolling Stone
