$PGP

JBS, a Brazilian meatpacker, offered to acquire the remaining 18% of Pilgrim’s Pride, a U.S. chicken producer, it does not already own. The all-stock, non-binding offer carries no premium, with a ratio of 2.086 JBS Class A shares for each Pilgrim’s Pride share. JBS aims to simplify operations and reduce friction from managing a listed subsidiary. Pilgrim’s Pride's Q2 net sales were $4.6B with a 1.4% operating margin, down from 10.8% a year earlier.

Partners Group said it limited redemptions from its Global Value Sicav semiliquid private equity fund after Q2 requests reached about 9.8% of fund value, exceeding a typical 5% quarterly cap, and warned it would enforce the 5% cap on another evergreen fund. Analysts expect redemption cycles to spread across semiliquid PE, citing constrained cash flows and slower M&A.

Bloomberg reported that Apollo Global Management limited withdrawals from its $25 billion Apollo Debt Solutions fund after investors sought to redeem 16.8% of shares. The fund again imposed a 5% quarterly redemption cap, delaying most liquidity requests. The article cites similar caps at Partners Group, Cliffwater, and BlackRock, suggesting broader private-market redemption pressure.

Partners Group said it will restructure its London-listed investment trust PGPE with a dual share class, letting investors move up to 30% of holdings into a separate “realisation” fund and receive cash over time. PGPE manages about €800 million. The change follows increased withdrawal pressure after liquidity caps at Partners Group’s private funds. Shares fell 2.1% to 1125 GMT.