Insights

Short, sourced notes on sectors, markets and deal activity, written for investors and advisers working on private deals.

October 2026

Romania M&A

A busy deal market in a stalling economy

Romania logged 212 deals worth an estimated USD 7.1bn in the first nine months of 2026, with value up a third while the economy contracted. Foreign buyers carried the market, and battery storage, data centres, defence suppliers and distressed industrial assets are where we expect the next deals.

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August 2026

UK B2B software

The gap between growth and growth quality

Sage, Kainos and Softcat all flagged AI as a growth driver, but the quality of that growth differed. One pulled demand forward, one invested ahead of growth, and one delivered cleaner growth with higher margins. For a private target, those distinctions are harder to see.

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