Private Equity 3d Briefing
×PE Deal Activity
KKR pe-insights.com secured a $1.3 billion majority stake in XCL Education Holdings after outbidding rivals. Kinderhook pehub.com agreed to take home health provider Enhabit private for $1.1 billion at $13.80 per share. Vistria pehub.com acquired insurance holding company Lumen Holdings, which underwrites across 30 states. Crestview-backed One Magnify pehub.com purchased Optimal's performance marketing business to expand its AI-enabled marketing solutions. EQT-backed Scale Microgrids pehub.com acquired Reload to strengthen its advanced energy portfolio.
Healthcare & Technology
Frazier Healthcare-backed Rev Spring pehub.com acquired healthcare technology firm Trust Commerce from Waud Capital Partners. Goldman Sachs-backed CSD pehub.com purchased autism services provider Behavior Change Institute. Haveli pehub.com invested in software firm Sirion to accelerate product innovation and global expansion. L Squared pehub.com acquired Functional Devices with existing leadership retaining significant ownership. Green Heron pehub.com invested in plumbing contractor Regency with the executive team continuing to lead.
Energy & Infrastructure
Private equity firms are eyeing a potential $2 billion sale of Permian Basin assets from Conoco Phillips as the company streamlines its portfolio. Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to expand private credit operations. Broadband provider Vero Networks pehub.com raised $500 million from Hamilton Lane, Braemont Capital, and Delta-v Capital to fuel growth.
Fundraising & Strategy
Global buyout deal value surged to $904 billion in 2025 as "12 is the new 5" reshapes returns expectations. Ardian pe-insights.com partnered with Legal & General to provide private equity access to 5.6 million UK defined contribution savers. Evercore secondariesinvestor.com appointed Adams Street Partners' new APAC secondaries head following Shane Gong's departure. ECI Partners pehub.com welcomed Marijn Pangemanan as investment director while adding Scarlett Salamon as investor relations analyst.
Secondary Market Trends
Over 40% of general partners expect to consider continuation vehicles within two years, with 50% or more of mid-market flagship funds running equivalent vehicles in 2025. GPs are turning to larger CVs and CV-on-CV structures to return capital to existing limited partners. The majority cite returning capital to LPs as the primary reason for launching continuation vehicles.
Sports & Entertainment
Bluestone Equity Partners pe-insights.com announced a three-year partnership with USA Archery ahead of the 2028 Games. Private equity interest in India's Indian Premier League continues growing, with KKR, Blackstone, Partners Group, and CVC Capital circling the sports property.
Industry Insights
Thoma Bravo's Holden Spaht and New York's Anastasia Titarchuk discussed how GPs and LPs view AI disruption at PEI Group's NEXUS 2026 summit. Europe is drawing capital as dealmakers weigh US tariff uncertainty, with increased strategic interest for UK wealth management assets. Permira's pehub.com long hold of Evelyn Partners showcases the evolution of UK wealth management M&A, culminating in a £2.7 billion sale to Nat West.
Portfolio Activity
Turning Rock pehub.com exited food company Ameri Qual, which remains majority-owned by the Harlan family. GHK Capital pehub.com acquired architecture, engineering, and consulting firm CPL, which employs over 500 people across 25 offices in eight states. The PE industry's recovery appears to be gaining traction as more firms put money to work and speed up distributions to investors.