Good evening,

The biggest talking point among dealmakers on Monday wasn’t a deal, but a lack of one.

All the big investment banks have been getting close to APA Group in the past three years, as the group promised a chunky acquisition in the United States while trying to broaden its business with M&A back in Australia.

Fast forward to Monday, and the US expansion was off, CEO Rob Wheals gone (soon after strategy boss and former banker Julian Peck signed with JPMorgan) and the Australian M&A hasn’t necessarily gone to plan with misses at AusNet and Tilt Renewables.

So APA Group’s board, headed by former AGL boss Michael Fraser, is in the market for a new CEO. A new CEO will bring a new strategy, and will be after a new bunch of ideas from the big investment banks.

Macquarie Capital, JPMorgan and Goldman Sachs have been in APA’s corner in recent years.

In Street Talk tomorrow, we have a new private equity process out of Deloitte, involving well-known school sports goods supplier Hart Sport.

We also check in with JPMorgan’s energy bankers to discuss the boom in renewables M&A, and have funding news out of Anchorage Capital.

And Palisade Impact’s maiden fundraising has flown out the door.

Happy reading,
Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors