Private Equity 3d Briefing
×M&A Activity
KKR pe-insights.com is testing the software market with a potential $1.5 billion sale of its BMC Helix business, an AI-driven IT service management platform. In a competing bid, KKR pe-insights.com also outbid rivals to secure a majority stake in XCL Education Holdings for approximately $1.3 billion. Frazier Healthcare-backed Rev Spring pehub.com expanded its healthcare technology footprint by acquiring Trust Commerce from Waud Capital Partners. Goldman Sachs-backed CSD pehub.com grew its autism services platform with the acquisition of Behavior Change Institute.
EQT-backed Scale Microgrids pehub.com acquired Reload to bolster its advanced energy solutions portfolio. Crestview-backed One Magnify pehub.com, an AI-enabled marketing solutions provider, bought Optimal’s performance marketing business. L Squared pehub.com purchased Functional Devices, with the existing management team investing alongside the buyer. Vistria pehub.com entered the insurance sector by acquiring Lumen Holdings, which underwrites policies across more than 30 states. Kinderhook pehub.com announced a $1.1 billion take-private deal for home health and hospice provider Enhabit, offering $13.80 per share in cash.
Fundraising & Strategic Moves
Ardian pe-insights.com made a significant push into retail private equity by partnering with Legal & General to open its funds to 5.6 million UK defined contribution savers. Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to fuel its private credit expansion. Broadband internet provider Vero Networks pehub.com raised $500 million from an investor group led by Hamilton Lane, Braemont Capital, and Delta-v Capital.
Sector-Specific Deals
In healthcare, Haveli pehub.com invested in software firm Sirion to accelerate product innovation and global expansion. Green Heron pehub.com backed Regency Plumbing Contractors, with the executive team retaining a significant ownership stake. GHK Capital pehub.com acquired architecture and engineering firm CPL, which employs over 500 people across eight states. Bluestone Equity Partners pe-insights.com strengthened its sports portfolio with a three-year partnership with USA Archery ahead of the 2028 Games.
Secondaries & LP Dynamics
A new Bain pe-insights.com report highlighted a surge in global buyout deal value to $904 billion in 2025, noting that a "12 is the new 5" mindset is reshaping return expectations. Over 40% of GPs secondariesinvestor.com expect to consider a continuation fund in the next two years, primarily to return capital to existing LPs. According to Lazard secondariesinvestor.com, the majority of carry values run by mid-market GPs in 2025 now equal 50% or more of their latest flagship fund size. Evercore secondariesinvestor.com appointed Adams Street Partners’ veteran to lead its Asia-Pacific secondaries practice following a leadership departure.
Market Sentiment & Exits
Turning Rock pehub.com exited food company Ameri Qual, which remains majority-owned by the Harlan family. Industry leaders at the PEI NEXUS 2026 conference pehub.com signaled a recovery, with more GPs overcoming valuation qualms to deploy capital and increase distributions. Permira’s pehub.com long hold and eventual £2.7 billion sale of Evelyn Partners to Nat West showcases the evolution of UK wealth management M&A. Europe pehub.com is drawing increased capital as dealmakers weigh US tariff uncertainty, with Permira noting heightened strategic interest in assets like Evelyn.
Key Personnel
ECI Partners pehub.com welcomed Marijn Pangemanan as a new investment director and appointed Scarlett Salamon as investor relations analyst.