Golden Gate Launches $1.8B Tender as Private Equity Shifts Capital Strategy

Golden Gate Capital is raising approximately $1.8 billion in a deal supported by private equity firms Ardian and Apollo Global Management, among others. The tender offer for its Golden Gate Opportunity Fund LP aims to provide current investors with a chance to exit and bring in new clients. The firm expects to raise $1.5 billion for the tender and an additional $300 million for a new private equity fund.

Jefferies is advising Golden Gate on the process, and the deal is expected to close in early January. Tender offers are a small but growing part of the secondary market for private equity stakes, though they accounted for just 3% of the $71 billion in such deals last year.

Meanwhile, Chinese private equity firm HSG has acquired a majority stake in Italian luxury sneaker brand Golden Goose from Permira. The deal, valued at over €2.5 billion, includes a minority stake for Singapore-based Temasek. Golden Goose's CEO, Silvio Campara, will remain in his role, and the company continues to target a future public listing.

The acquisition is one of the most significant purchases of a European luxury brand by a Chinese firm this year, ahead of Prada's €1.25 billion acquisition of Versace. The transaction highlights continued investor interest in European luxury assets despite broader industry challenges.

Market Moves and Secondary Fundraising

Tender offers have become a more common tool for private equity firms to manage investor liquidity and fund new initiatives. While relatively rare compared to traditional secondary transactions, they are increasingly used to allow limited partners to exit positions without requiring a full fund redemption.

Golden Gate's approach reflects broader trends in private equity, where firms are seeking to maintain capital flexibility and optimize fund structures. By raising $1.5 billion for the tender and $300 million for a new fund, the firm is aligning with strategies to support both existing and future investments.

Strategic Shifts in European Luxury and Industrial Sectors

The Golden Goose acquisition by HSG marks a strategic shift in how Chinese capital is engaging with European luxury goods. With global luxury consumption facing headwinds, the deal signals confidence in the brand's ability to sustain growth. Golden Goose reported revenue of €655 million in 2024, with double-digit growth expected in 2025.

In the industrial sector, private equity firms are also expanding their influence. U.S. industrial dealmaking hit a record $75 billion in 2025, driven by demand for infrastructure-related assets and the growing importance of resilient supply chains. Firms like Macquarie Asset Management and Apollo are leveraging their expertise to acquire and manage critical infrastructure assets that support emerging technologies and energy needs.

What This Means for Investors

For investors, these developments highlight the evolving dynamics in private equity and luxury brand ownership. As firms like Golden Gate seek to raise capital through tender offers, they are providing a more structured way for investors to manage their private equity portfolios. Similarly, the involvement of Chinese and Singaporean investors in European luxury brands reflects a broader reallocation of capital toward high-growth and culturally significant assets.

Meanwhile, Apollo's potential sale of Atlas Air for over $12 billion underscores the continued interest in industrial and logistics assets. The firm's early evaluation of the sale could attract multiple bidders, given the strategic value of the business in a sector with strong demand for air freight services.