Private Equity 3d Briefing
×Deals & Exits
Johnson & Johnson pe-insights.com is exploring a potential sale of its orthopedics unit De Puy Synthes for over $20 billion, with private equity firms already circling the asset. Bain Capital pe-insights.com is separately considering a sale or IPO for its dessert company portfolio asset Dessert Holdings in a process that could value the business at more than $3 billion. In the consumer space, L Catterton pehub.com has completed its acquisition of a minority stake in luxury fragrance house Ex Nihilo from seller Eurazeo. Blue Owl Capital pe-insights.com sold a $1.4 billion portfolio of private loans to a group of pensions and insurers, a move aimed at managing fund redemptions.
Fundraising & Capital
Tikehau Capital pe-insights.com closed its second private debt secondaries fund above target, securing more than $1 billion in investor commitments. On the capital markets front, Ares Management pe-insights.com priced a €303.95 million European direct lending collateralized loan obligation (CLO), its second such transaction in the region. Bank of America pe-insights.com committed $25 billion of its own balance sheet to expand its private credit deployment, a significant capital pledge from a major bank. In a notable secondary transaction, the family office of Preqin pe-insights.com founder Mark O’Hare built a $200 million stake in Hg Capital Trust.
Sector Spotlights: Sports & Healthcare
The Indian Premier League pe-insights.com cricket tournament has become a major private equity target, with global firms including KKR, Blackstone, Partners Group, and CVC Capital Partners showing serious interest. The sports investment theme extends to space tech, which Houlihan Lokey pehub.com identified as a top target for investors seeking dual-use growth, while noting structural challenges in European defense deals. The healthcare sector saw multiple platform investments in medical component manufacturing. Mid Europa pehub.com and SK Capital are leading deals in the space, with Avista pehub.com, Sheridan Capital, and others also active in a wave of at least five recent transactions.
Buyout Activity
Peak Rock pehub.com is acquiring the employee health and safety software business of UL Solutions, expanding its presence in the compliance software sector. Hg pehub.com has strengthened its regulatory technology portfolio through its backing of Cube, which acquired 4CRisk. Renovus Capital pehub.com supported its portfolio company Angeion in buying legal services firm Med Quest. In industrials, HKW pehub.com acquired Handling Systems and Conveyors Inc, which serves aerospace, defense, and industrial manufacturing. Lone View pehub.com backed its portfolio company Cargo Sprint in an acquisition of Dray Dog, adding to its cargo industry software offerings. Stone Point Capital pehub.com invested in UK wealth management advice firm Amber River.
Secondaries & LP Moves
Plutus Partners secondariesinvestor.com, a Singapore-based single-family office, stated it is open to secondaries opportunities across private real estate, debt, and equity. The broader secondaries market outlook was discussed by Evercore’s Nigel Dawn, who projected market capitalisation trends extending into 2026 and beyond. Morgan Stanley secondariesinvestor.com saw its global head of its Principal Capital Advisory (PCA) group depart, though the unit is expected to continue operating normally. Temasek pe-insights.com and Abu Dhabi Investment Authority are planning to anchor a $341 million IPO for Clean Max, a renewable energy company backed by Brookfield.
Market Structure
The surge in private credit activity continued as Bank of America made its major balance sheet commitment, following Ares Management in pricing a large European CLO. This follows a broader trend of traditional banks partnering with or expanding into the direct lending space dominated by private credit firms. The secondary market for fund stakes remains active, with large institutional sellers like Blue Owl executing portfolio sales and LPs like family offices increasingly participating as buyers.