M&A wrap: Golub Capital, Lawrence Golub, Dyal Capital, Indra Nooyi, Pepsi, Silver Lake, GoodRx

The alternative asset industry's long-standing bargain — higher yields in exchange for opacity and illiquidity — is being dismantled piece by piece, and the firms moving fastest to replace it may define the next decade of the private market.

The deal reflects increasing enterprise demand for real-time data infrastructure to support AI deployment.

As capital tightens, middle-market GPs turn to SMAs and fund-of-one structures to win allocations, while LPs demand control, flexibility and tailored economics.