50 South Capital Closes Two Oversubscribed Flagship Private Equity Funds Totaling Over $2 Billion
PESOF V is 50 South Capital's fifth dedicated secondaries fund and continues the firm's multi-strategy approach to the secondaries market, targeting LP-led transactions, GP-led single- and multi-asset continuation vehicles, and structured/preferred equity solutions.
'PESOF V represents the culmination of over 15 years of experience investing in the secondaries market,' said Adam Freda, managing director and head of the secondaries business at 50 South Capital. 'Our differentiated approach, focusing on less competitive and more complex segments of the market, enables us to acquire what we believe to be high-quality assets at attractive valuations. We continue to benefit from our proprietary sourcing ecosystem, developed over close to 25 years of deep manager relationships and institutional knowledge.'
PECF XI is the firm's eleventh core flagship private equity fund, investing across primary, secondary and co-investment opportunities globally, with a focus on U.S. and European small and middle market buyouts, as well as seed and early-stage venture capital.
'We are proud of the strong support from both returning and new investors in PECF XI,' said Brad Dorchinecz, co-founder of 50 South Capital and managing director of its private equity group. 'Our strategy reflects our deep commitment to diversification across geography, vintage, sector and strategy, and our ability to be a value-added limited partner. We leverage the global reach and insights of Northern Trust to remain highly selective and conviction-driven in our investment approach.'
Bob Morgan, co-founder and head of 50 South Capital, added: 'The successful closings of PESOF V and PECF XI speak to the strength of our investment platform, the dedication of our team and Northern Trust, and the enduring partnerships we've built over nearly 25 years. We are humbled by the continued trust and commitment from our investors.'
About 50 South Capital Advisors, LLC
50 South Capital Advisors, LLC is an alternatives asset management firm designed to meet the core strategic needs of investors seeking access to private equity, private credit and hedge funds. Its highly experienced team works closely with a wide range of investors to fulfill specific investment objectives and create lasting relationships. 50 South Capital's investment philosophy focuses on providing access primarily to small-to-mid sized managers that offer unique and differentiated sources of return. 50 South Capital is a wholly owned subsidiary of Northern Trust Corporation. Visit www.50SouthCapital.com for more information.
About Northern Trust Asset Management
Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments in efforts to realize their long-term objectives. Entrusted with $1.3 trillion in assets under management as of June 30, 2025, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take — in all market environments and any investment strategy. That's why we combine robust capital markets research, expert portfolio construction and comprehensive risk management in an effort to craft innovative and efficient solutions that seek to deliver targeted investment outcomes. As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect and transparency.
Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Northern Trust Asset Management Australia Pty Ltd, and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2025, Northern Trust had assets under custody/administration of US$18.1 trillion, and assets under management of US$1.7 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
The publisher's sale of this reprint does not constitute or imply any endorsement or sponsorship of any product, service or organization.
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Chicago Tribune
19 minutes ago
- Chicago Tribune
Air Canada suspends operations as flight attendants go on strike
TORONTO — Air Canada suspended operations as more than 10,000 Air Canada flight attendants went on strike early Saturday after a deadline to reach a deal passed, leaving travelers around the world stranded and scrambling during the peak summer travel season. Canadian Union of Public Employees spokesman Hugh Pouliot confirmed the strike had started after no deal was reached, and the airline said it halted operations. A bitter contract fight between Canada's largest airline and the union representing 10,000 of its flight attendants escalated Friday as the union turned down the airline's request to enter into government-directed arbitration, which would eliminate its right to strike and allow a third-party mediator to decide the terms of a new contract. A complete shutdown will impact about 130,000 people a day, and some 25,000 Canadians may be stranded abroad daily. Air Canada operates around 700 flights per day. Keelin Pringnitz, from Ottawa, was returning with her family from a European vacation when they became stranded at London's Heathrow Airport after flights were canceled. She said there was an option for the travelers in line to go the United States, but they were told there wouldn't be any further assistance once they landed in the U.S. 'It didn't go over well with the line. Nobody really seemed interested, everybody seemed a little bit amused almost at the suggestion, or exasperated, because it is a bit ridiculous to offer to take stranded passengers to a different country to strand them there,' she said. Montreal resident Alex Laroche, 21, and his girlfriend had been saving since Christmas for their European vacation. Now their $8,000 trip with nonrefundable lodging is in doubt. They had a Saturday night flight to Nice, France, booked. Air Canada Chief Operating Officer Mark Nasr has said it could take up to a week to fully restart operations once a tentative deal is reached. Flight attendants walked off the job around 1 a.m. EDT on Saturday. Around the same time, Air Canada said it would begin locking flight attendants out of airports. Federal Jobs Minister Patty Hajdu met with both the airline and union late Friday and urged them to work harder to reach a deal 'once and for all.' 'It is unacceptable that such little progress has been made. Canadians are counting on both parties to put forward their best efforts,' Hajdu said in a statement posted on social media. Ian Lee, associate professor, Carleton University's Sprott School of Business, said he expects the government to intervene within five days if the strike is not settled quickly, noting the government repeatedly does so in transportation strikes. 'They will intervene to bring the strike to an end. Why? Because it has happened 45 times from 1950 until now,' Lee said. 'It is all because of the incredible dependency of Canadians.' Canada is the second-largest country in the world and flying is often the only viable option. 'We're so huge a country and it's so disruptive when there is a strike of any kind in transportation,' Lee said. The government forced the country's two major railroads into arbitration with their labor union last year during a work stoppage. The union for the rail workers is suing, arguing the government is removing a union's leverage in negotiations. The Business Council of Canada has urged the government to impose binding arbitration in this case, too. Passengers whose travel is impacted will be eligible to request a full refund on the airline's website or mobile app, according to Air Canada. The airline said it would also offer alternative travel options through other Canadian and foreign airlines when possible. But it warned that it could not guarantee immediate rebooking because flights on other airlines are already full 'due to the summer travel peak.' Laroche said he considered booking new flights with a different carrier, but he said most of them are nearly full and cost more than double the $3,000 they paid for their original tickets. Laroche said he was initially upset over the union's decision to go on strike, but that he had a change of heart after reading about the key issues at the center of the contract negotiations, including the issue of wages. 'Their wage is barely livable,' Laroche said. Air Canada and the Canadian Union of Public Employees have been in contract talks for about eight months, but they have yet to reach a tentative deal. Both sides say they remain far apart on the issue of pay and the unpaid work flight attendants do when planes aren't in the air. 'We are heartbroken for our passengers. Nobody wants to see Canadians stranded or anxious about their travel plans but we cannot work for free,' said Natasha Stea, a Air Canada flight attendant and local union president. The attendants are about 70% women. Stea said Air Canada pilots, who are male dominated, received a significant raise last year and questioned whether they are getting fair treatment. The airline's latest offer included a 38% increase in total compensation, including benefits and pensions over four years, that it said 'would have made our flight attendants the best compensated in Canada.' But the union pushed back, saying the proposed 8% raise in the first year didn't go far enough because of inflation. 'We're the national carrier and we have people operating in poverty. Like that's disgusting, that's very problematic,' Wesley Lesosky, President of the Air Canada Component of CUPE, said at a news conference.
Boston Globe
an hour ago
- Boston Globe
Air Canada suspends operations as flight attendants go on strike
A complete shutdown will impact about 130,000 people a day, and some 25,000 Canadians may be stranded abroad daily. Air Canada operates around 700 flights per day. Advertisement Keelin Pringnitz, from Ottawa, was returning with her family from a European vacation when they became stranded at London's Heathrow Airport after flights were canceled. She said there was an option for the travelers in line to go the United States, but they were told there wouldn't be any further assistance once they landed in the U.S. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'It didn't go over well with the line. Nobody really seemed interested, everybody seemed a little bit amused almost at the suggestion, or exasperated, because it is a bit ridiculous to offer to take stranded passengers to a different country to strand them there,' she said. Montreal resident Alex Laroche, 21, and his girlfriend had been saving since Christmas for their European vacation. Now their $8,000 trip with nonrefundable lodging is in doubt. They had a Saturday night flight to Nice, France, booked. Advertisement Air Canada Chief Operating Officer Mark Nasr has said it could take up to a week to fully restart operations once a tentative deal is reached. Air Canada flight attendants picketed at Pearson International Airport in Toronto on Saturday, Aug. 16. Sammy Kogan/Associated Press 'Such little progress has been made' Flight attendants walked off the job around 1 a.m. EDT on Saturday. Around the same time, Air Canada said it would begin locking flight attendants out of airports. Federal Jobs Minister Patty Hajdu met with both the airline and union late Friday and urged them to work harder to reach a deal 'once and for all.' 'It is unacceptable that such little progress has been made. Canadians are counting on both parties to put forward their best efforts,' Hajdu said in a statement posted on social media. Ian Lee, associate professor, Carleton University's Sprott School of Business, said he expects the government to intervene within five days if the strike is not settled quickly, noting the government repeatedly does so in transportation strikes. 'They will intervene to bring the strike to an end. Why? Because it has happened 45 times from 1950 until now,' Lee said. 'It is all because of the incredible dependency of Canadians.' Canada is the second-largest country in the world and flying is often the only viable option. 'We're so huge a country and it's so disruptive when there is a strike of any kind in transportation,' Lee said. The government forced the country's two major railroads into arbitration with their labor union last year during a work stoppage. The union for the rail workers is suing, arguing the government is removing a union's leverage in negotiations. Advertisement The Business Council of Canada has urged the government to impose binding arbitration in this case, too. Travelers in limbo Passengers whose travel is impacted will be eligible to request a full refund on the airline's website or mobile app, according to Air Canada. The airline said it would also offer alternative travel options through other Canadian and foreign airlines when possible. But it warned that it could not guarantee immediate rebooking because flights on other airlines are already full 'due to the summer travel peak.' Laroche said he considered booking new flights with a different carrier, but he said most of them are nearly full and cost more than double the $3,000 they paid for their original tickets. Laroche said he was initially upset over the union's decision to go on strike, but that he had a change of heart after reading about the key issues at the center of the contract negotiations, including the issue of wages. 'Their wage is barely livable,' Laroche said. Sides are far apart on pay Air Canada and the Canadian Union of Public Employees have been in contract talks for about eight months, but they have yet to reach a tentative deal. Both sides say they remain far apart on the issue of pay and the unpaid work flight attendants do when planes aren't in the air. 'We are heartbroken for our passengers. Nobody wants to see Canadians stranded or anxious about their travel plans but we cannot work for free,' said Natasha Stea, a Air Canada flight attendant and local union president. The attendants are about 70% women. Stea said Air Canada pilots, who are male dominated, received a significant raise last year and questioned whether they are getting fair treatment. Advertisement The airline's latest offer included a 38% increase in total compensation, including benefits and pensions over four years, that it said 'would have made our flight attendants the best compensated in Canada.' But the union pushed back, saying the proposed 8% raise in the first year didn't go far enough because of inflation. 'We're the national carrier and we have people operating in poverty. Like that's disgusting, that's very problematic,' Wesley Lesosky, President of the Air Canada Component of CUPE, said at a news conference. ___ Airlines reporter Rio Yamat reported from Las Vegas.
Newsweek
6 hours ago
- Newsweek
Customers Reveal How Bad Service Has to Be to Leave No Tip
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Diners have taken to Reddit to share how bad the service has to be to leave no tip—or a "troll tip" meant to send a message. Reddit user Brandon (u/darkroot_gardner) took to Reddit's r/tipping subreddit to ask, "How bad does the service have to be for you to leave zero tip?" and users didn't hold back. With nearly 400 responses recounting long waits for a check to outright rudeness, customers detailed what pushes them from their usual tipping habits to a complete cutoff. Stock image of tipping in progress Stock image of tipping in progress Photo by AndreyPopov / Getty Images One user described being "eating alone for lunch and the server 'forgot' about me and spent all her time at a table with a large party". After finishing, they said they waited 20 minutes for a check and had to flag down another server. To that comment, another replied they'd tip "1 cent to make a point". For some, it's about the signal: "If service is bad enough for the tip to be zero, the server already knows they messed up. If not, they are in the wrong business," wrote one Redditor. Another agreed, adding, "If I leave a 5% tip, that's pretty much a message that says you suck." Frustration Over Inattention Many explained that inattentive servers were their main gripe. "If I have to wait 15 minutes for water, and 15 minutes for a check after asking for it in a non-busy restaurant... then my tip is going drastically down," wrote one user, who recalled once being the only lunchtime customer and still waiting a quarter-hour for the bill. The debate also drew contrasts between American and European dining. "In America, the servers just drop off the food and run... It ruins the dining experience; it's all about greed. I tip zero now because the system sucks," one user posted. A British commenter, however, shared the opposite complaint, noting that in the U.S., "a lot of servers wouldn't leave my table alone... Much prefer it in Europe, where they are not fishing for tips." Some people have hard lines, with one commenter writing, "The only instance I would tip nothing is if the person giving me service is rude/has an attitude." Another recalled tipping $0 after a server "'accidentally' ran my card for 50% more than my check and insisted that could just be her tip". 'A sort of social obligation' In a message to Newsweek, Brandon explained, "I am generally anti-tipping... While I wish for and advocate for tipping to end and the base wage to be increased to a living wage instead, I still always tip at full-service restaurants and bars, usually around 15%, mainly as a sort of social obligation. "Once or twice a year, I will tip generously (20-25%) when it is a special occasion and the service is excellent." He added, "I wanted to hear what approach others take towards tipping, especially since a 2023 Pew research poll suggested the actual quality of the service might not even be so critical for many people." A Growing Concern Restaurants across the United States often add automatic gratuities, especially for large parties, but these charges are legally distinct from tips. "They can't force you to tip if you make it optional," Bruce McAdams, an associate professor for the School of Hospitality, Food and Tourism Management at the University of Guelph, told Newsweek. "But if you state there is a service charge and add it to the bill, it is legal and the customer is required to pay." Tipping Fatigue Surveys show most Americans would prefer tipping to remain a choice. According to Newsweek, a September 2024 poll found that 73% of respondents wanted tipping to be optional, while only 22% favored making it mandatory. "Unraveling tip culture will be much more complicated than most people imagine," Mary King, editor of The Restaurant HQ, told the publication. Even with "tipping fatigue" on the rise, many service workers depend on gratuities for their livelihoods. As legal experts told Newsweek, mandatory service charges, though often viewed as tips, are considered revenue for the restaurant, not optional bonuses. That distinction is unlikely to end the debate among diners, who, as one Reddit commenter summed up, will "tip $0 by default nowadays," while others insist "outside of physical violence, you're getting at least 20 percent". To read how Newsweek uses AI as a newsroom tool, click here.
