Private Equity Conversations with Fexingo: PE Funds, Buyouts, and Long-Hold Investing

Most private equity firms raise a fund, deploy it, and return capital within five to seven years. Apollo Global Management broke that mold with 'perpetual capital' — permanent investment pools that don't force exits. In this episode, Lucas and Luna break down how Apollo built Athene Holding into a $100 billion annuity powerhouse, why that gives Apollo an edge in deal negotiations, and what other f...

Episode three of Private Equity Conversations with Fexingo dives into the booming trend of private equity firms acquiring and managing insurance companies. Lucas and Luna break down the specific financial mechanics that make insurance an attractive vehicle for PE: the upfront premium float, the long-duration liability matching, and the tax advantages of owning a regulated carrier. They anchor the...

In this episode of Private Equity Conversations, Lucas and Luna drill into EQT's 2014 acquisition of Winoa, a French steel-shot manufacturer that most PE firms would have flipped within five years. Instead, EQT held for over a decade, doubling revenue and tripling EBITDA through operational improvements—not financial engineering. Lucas breaks down the three specific moves EQT made: installing a le...

In the debut episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into one of the most complex and profitable strategies in PE: the corporate carve-out. They anchor the conversation around a landmark 2025 deal—Carlyle Group's acquisition of Johnson Controls' Building Solutions business for $8.5 billion. Lucas walks through the mechanics: why JCI sold, how Carlyle structured th...