S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

Strong private equity returns from Japan and China drove Eastern Asia into the top position in terms of global private equity investment returns in 2020, based on the relative change in the valuation of portfolio deals over the 12-month period, according to data provider eFront.

Compared to the global average return of 21.8%, Eastern Asia achieved the highest annual return at 31.6% last year, according to the eFront report, which uses deal-level benchmarks and contains data sourced directly from general partners.

The data is based on 11,821 deals that were active or realized across the globe during 2020 and includes venture capital.

Digging into individual geographies, Japan and China had the best performance globally during 2020, with average annual returns of 38.3% and 34.4%, respectively.

Northern Europe took the second spot globally, with an annual return of 26.8%. Finland and Sweden saw top annual returns in the region at 32.2% and 28.9%, respectively. On a risk-adjusted basis, Northern Europe emerged as the strongest performer.

The U.S. market delivered 21.7% annual returns and was the market with the third-highest risk globally.

Read more about longer-term return and risk trends for regions and individual geographies here.

CHART OF THE WEEK: Specialty finance's fintech push drives investment

➤ A total of 19 private equity buyout deals have been struck in the specialty finance sector since the start of 2021. Based on disclosed transaction value, announced deals totaled roughly $3.37 billion as of July 23, according to Market Intelligence data.

➤ On the venture capital front, specialty finance businesses pulled in roughly $5.38 billion in global funding rounds in the year to July 23. Of that total, about $2.88 billion was raised in the first half, and about $2.50 billion was secured in July alone.

➤ The embrace of financial technology by specialty finance is driving a resurgence of private equity and venture capital deal activity in the sector following a COVID-19-induced standstill, with emerging segments in the industry expected to create further opportunity, Brandon Hollis, a financial services senior analyst at RSM US LLP, told S&P Global Market Intelligence.

FUNDRAISING AND DEALS

* Funds managed by Apollo Global Management Inc. affiliates agreed to pay $7.5 billion to acquire Lumen Technologies Inc.'s incumbent local exchange carrier business in 20 U.S. states. Certain Apollo funds also agreed to take a majority interest in Estonian wood pellets producer AS Graanul Invest.

* A newly formed media company backed by The Blackstone Group Inc. will make a majority investment in women-focused online platform Hello Sunshine.

* An investor group led by Bain Capital LP is in exclusive talks to purchase Spanish airplane parts maker ITP Aero from British engineering company Rolls-Royce Holdings PLC.

* CVC Capital Partners Ltd. agreed to invest €2.7 billion in Spanish soccer league La Liga Nacional de Fútbol Profesional.

ELSEWHERE IN THE INDUSTRY

* PAI Partners agreed to buy the North American juice brands of beverage company PepsiCo Inc. in a deal that could generate approximately $3.3 billion in pretax cash proceeds.

* A unit of funds managed by TA Associates Management LP agreed to acquire Smiths Medical Inc. from British engineering giant Smiths Group PLC at an enterprise value of $2.3 billion.

* Victory Park Capital Advisors LLC-backed special purpose acquisition company VPC Impact Acquisition Holdings II will take FinAccel Pte. Ltd., the parent company of digital consumer credit platform Kredivo, public in a merger deal that gives the combined entity an expected pro forma equity value of approximately $2.5 billion.

* A Littlejohn & Co. LLC affiliate will dispose of HydroChem LLC, which offers industrial cleaning, specialty maintenance and utilities services, to Clean Harbors Inc. for $1.25 billion in cash.

FOCUS ON: INSURANCE

* The Carlyle Group Inc. is planning to sell its remaining 1.9% stake in Indian life insurance company SBI Life Insurance Co. Ltd. for at least $289 million, Mint reported.

* Genstar Capital LLC reinvested in insurance and supplementary product company Association Member Benefits Advisors Ltd.

* Affiliates of TowerBrook Capital Partners LP and Further Global Capital Management LP wrapped up their acquisition of specialty insurance holding company ProSight Global Inc.