Apollo buys Aspen in insurance expansion

With MSO structures sidestepping regulatory limits, private equity is eyeing a $400 billion market ripe for consolidation.

The talks follow failed takeover negotiations last year that involved H&R, Blackstone, TPG and Crestpoint Real Estate Investments.

As GP-led secondaries scale to record levels, top investors are flagging a widening gap between trophy assets and weaker deals, even as new financing tools like CFOs further blur the line between sale and securitization.