Luisa Beltran

PE shops like Blue Owl, Apollo, KKR and Blackstone are becoming the go-to financiers for some of the country’s largest companies—outmaneuvering traditional banks and reshaping M&A.

Altaline Capital bets on lower middle-market buyouts without a fund, launching into a stalled economy where rivals have moved upstream and baby boomers are eager to sell.

GTCR has completed multiple major exits, including doubling its money with the sale of WorldPay.