Private Equity 3d Briefing
×Major Buyouts & Take-Privates
Kinderhook pehub.com agreed to take home health and hospice firm Enhabit private for $1.1 billion, offering $13.80 per share in cash. Vistria pehub.com acquired insurance holding company Lumen Holdings, which underwrites commercial property, builders' risk, and other lines across more than 30 states. Turning Rock pehub.com exited food company Ameri Qual, which is majority owned by the Harlan family.
Strategic Acquisitions
Crestview-backed One Magnify pehub.com acquired Optimal's performance marketing business, expanding its AI-enabled marketing solutions. Frazier Healthcare-backed Rev Spring pehub.com acquired healthcare tech firm Trust Commerce from Waud Capital Partners. EQT-backed Scale Microgrids pehub.com scooped up Reload to strengthen its advanced energy solutions portfolio. L Squared pehub.com snapped up Functional Devices, with Mark Fernandes and the existing leadership team investing alongside and continuing to lead the business.
Software & Tech Investments
Haveli pehub.com backed software firm Sirion with an investment to accelerate product innovation and expand global go-to-market presence. KKR pe-insights.com is testing the software market with a potential $1.5 billion sale of BMC Helix, the AI-driven IT service management platform. KKR pe-insights.com outbid rivals to secure a majority stake in $1.3 billion XCL Education Holdings.
Infrastructure & Energy
Broadband internet provider Vero Networks pehub.com raised $500 million from an investor group led by Hamilton Lane, Braemont Capital, and Delta-v Capital. Green Heron pehub.com invested in Regency Plumbing Contractors, with the executive team retaining a significant ownership position. GHK Capital pehub.com acquired architecture, engineering and consulting firm CPL, which employs over 500 people across 25 offices in eight states.
Healthcare Services
Goldman Sachs-backed CSD pehub.com acquired autism services firm Behavior Change Institute, expanding its evidence-based autism and behavioral health services. Kinderhook is taking Enhabit private in a $1.1 billion deal, while Frazier Healthcare added Trust Commerce to Rev Spring's portfolio.
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. India's Indian Premier League has emerged as a serious private equity target, with global firms including KKR, Blackstone, Partners Group, and CVC Capital circling the asset.
Fundraising & Investor Relations
Ardian pe-insights.com partnered with Legal & General to provide private equity access to 5.6 million UK defined contribution savers. Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to expand its private credit operations. ECI Partners pehub.com welcomed Marijn Pangemanan as new investment director and appointed Scarlett Salamon as investor relations analyst.
Secondary Market & Portfolio Management
Evercore secondariesinvestor.com tapped Adams Street Partners for a new Asia-Pacific secondaries head following Shane Gong's departure. Bain pe-insights.com reported global buyout deal value surged to $904 billion in 2025, with "12 is the new 5" reshaping returns. Lazard secondariesinvestor.com noted that 50% or more of mid-market GPs' latest flagship vehicles are running CVs in 2025, with CV-on-CVs expected to become more prevalent.
Market Trends & Outlook
Bain secondariesinvestor.com found that 40% of GPs expect to consider a continuation vehicle in the next two years, with over half launching CVs primarily to return capital to existing LPs. Lincoln International pehub.com reported Europe is drawing capital as dealmakers weigh US tariff uncertainty, while Permira's long hold of Evelyn Partners showcases UK wealth management's M&A evolution following its $3.7 billion sale to Nat West.
Industry Events & Research
PEI pehub.com tees off NEXUS 2026 conference and released new Commitment Issues podcast, with Cohn Reznick's Jeremy Swan weighing in on the SCOTUS tariff decision. The industry's recovery appears to be gaining traction as more GPs shake off economic uncertainty and valuation qualms to put more money to work and speed up distributions to investors.