M&A wrap: Envestnet, Pietech, MoneyGuide, Leonardo DiCaprio, Princeville, TPG

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.

Secondaries are no longer just an exit solution for institutions—they’ve become private equity’s front-line pitch to private wealth, reshaping how capital enters the asset class.

Building Material Supply offers electronic access control equipment throughout the Midwest and Southwest.