M&A wrap: Sanofi, PNC Financial, Le Pain Quotidien, Novavax , Accel-KKR, Coinbase, Carnival

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.

UpKeep is a provider of asset operations and maintenance software.

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.