Your Daily Private Equity Briefing

PayPal Board Deems Takeover Offer Too Low Amid Broader Market Liquidity Pressures

• UPDATE: The board of payments giant PayPal has reportedly deemed the joint acquisition offer from private equity firm Advent International and payments platform Stripe, valued at over $53 billion, as too low, with discussions continuing. This development follows earlier reports of the joint bid, indicating ongoing negotiations regarding the digital payments company's valuation.

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• Germany's sovereign wealth fund, Kenfo, plans to increase its overall private markets allocation from 25% to 30% over the next two years, but will selectively cut its exposure to traditional private equity. Instead, Kenfo intends to focus future commitments on infrastructure and real estate, citing that private equity has not delivered anticipated performance levels in recent years.

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• Private markets are experiencing significant liquidity challenges, evidenced by investors selling shares in non-traded business development companies (BDCs) at discounts of 15% to 30% to their net asset values. This pressure is compounded by "aging assets"—portfolio companies held well past the traditional five-to-seven-year timeline, with 26.9% of U.S. private equity inventory in Q1 2026 being seven years or older.

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