Fuse Blog

4Q21 M&A Keyword Spells Alternative

  • The M&A landscape during 4Q21 featured eight deals, half of which were focused on the alluring Alternative/Private Equity space. T. Rowe Price, Macquarie, Franklin Templeton, and Polen Capital each announced an acquisition, with T. Rowe scooping up the most assets ($55 billion).
  • Despite the high level of quarterly event activity, the level of assets acquired ($123 billion) was notably lower relative to the first three quarters of 2021. That said, the demand for alternatives is very strong in the market. It is likely that more deals targeting Private Equity and Private Credit will follow in 2022, as firms seek to enhance their product suites/platforms.
  • Macquarie’s acquisition of Central Park Group will pick up a diverse platform that includes the CPG Carlyle Commitments Tender Fund, which has grown to over $1 billion in assets alone. Central Park Group was ranked 11th by most recent unlisted closed-end fund assets, as of the end of 3Q21. Unlisted closed-end funds are growing in popularity as Alternative products and will likely be given more consideration by firms when evaluating a target’s existing distribution efforts.

M&A Activity, 1Q2020 – 4Q2021

blog post 2 10 22

 Source: Company Filings, FUSE Research Analysis