Private Equity 3d Briefing
×Major Deals & Investments
KKR pe-insights.com has agreed to acquire a majority stake in XCL Education Holdings in a $1.3 billion deal, outbidding rivals for the education platform. Meanwhile, EQT-backed Scale Microgrids pehub.com scooped up Reload, expanding its advanced energy solutions portfolio. L Squared pehub.com snapped up Functional Devices, with Mark Fernandes and the existing leadership team reinvesting alongside the PE firm.
Healthcare & Technology Transactions
Frazier Healthcare-backed Rev Spring pehub.com acquired healthcare tech firm Trust Commerce from Waud Capital Partners, strengthening its healthcare payments capabilities. Goldman Sachs-backed CSD pehub.com acquired autism services firm Behavior Change Institute, adding to its evidence-based behavioral health services portfolio. Kinderhook pehub.com will take home health and hospice firm Enhabit private for $1.1 billion, offering shareholders $13.80 per share in cash.
Fundraising & Strategic Moves
Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to expand its private credit operations. Ardian pe-insights.com partnered with Legal & General to provide private equity access to 5.6 million UK defined contribution savers. Broadband internet provider Vero Networks pehub.com secured $500 million from an investor group led by Hamilton Lane, Braemont Capital, and Delta-v Capital.
Sports & Entertainment
Bluestone Equity Partners pe-insights.com announced a three-year partnership with USA Archery ahead of the 2028 Games, strengthening its sports portfolio. The Indian Premier League has emerged as a serious private equity target, with global firms including KKR, Blackstone, Partners Group, and CVC Capital circling the cricket league.
Market Analysis & Industry Trends
Global private equity dealmaking rebounded sharply in 2025, with Bain pe-insights.com reporting $904 billion in global buyout deal value. The firm noted that "12 is the new 5" as longer hold periods reshape returns. Lincoln International pehub.com reported that Europe is drawing capital as dealmakers weigh US tariff uncertainty, while Permira pehub.com showcased UK wealth management's M&A evolution with its long hold of Evelyn Partners before selling to Nat West for £2.7 billion.
Secondary Markets & Fund Structures
Evercore secondariesinvestor.com tapped Adams Street Partners for a new Asia-Pacific secondaries head following Shane Gong's departure. ECI Partners pehub.com welcomed Marijn Pangemanan as new investment director while appointing Scarlett Salamon as investor relations analyst. Lazard secondariesinvestor.com reported that 40% of general partners expect to consider continuation vehicles in the next two years, with mid-market sponsors increasingly using larger CVs to return capital to existing LPs.
Portfolio Company Activity
Turning Rock pehub.com exited food company Ameri Qual, which is majority owned by the Harlan family. Haveli pehub.com backed software firm Sirion to accelerate product innovation and expand global go-to-market presence. Green Heron pehub.com invested in Regency Plumbing Contractors, with the executive team retaining significant ownership. GHK Capital pehub.com acquired architecture, engineering and consulting firm CPL, which employs over 500 people across 25 offices.
Strategic Asset Sales
KKR pe-insights.com is exploring a sale of BMC Helix that could value the AI-driven IT service management platform at $1.5 billion. Private equity firms pe-insights.com are eyeing a $2 billion Permian asset sale as Conoco Phillips streamlines its portfolio. These sales reflect ongoing portfolio optimization as firms seek to capitalize on strategic assets amid market uncertainty.