Private Equity 3d Briefing
×Major Exits and Take-Privates
KKR pe-insights.com is preparing a $1 billion IPO exit for Global Medical Response, appointing banks for the potential US listing. Kinderhook pehub.com will take home health firm Enhabit private for $1.1 billion, offering shareholders $13.80 per share in cash. Turning Rock pehub.com exited food company Ameri Qual, which remains majority-owned by the Harlan family.
Strategic Investments and Acquisitions
General Atlantic pehub.com will invest in Citigroup's Mexican subsidiary Banamex as part of a $2.5 billion stake sale that includes Blackstone pe-insights.com among investors. KKR pe-insights.com outbid rivals to secure a majority stake in XCL Education Holdings for $1.3 billion. Vistria pehub.com acquired insurance holding company Lumen Holdings, which underwrites commercial property and liability across 30 states.
Portfolio Company Activity
EQT-backed pehub.com Scale Microgrids acquired Reload to expand its advanced energy solutions. Crestview-backed pehub.com One Magnify purchased Optimal's performance marketing business. Frazier Healthcare-backed pehub.com Rev Spring acquired healthcare tech firm Trust Commerce from Waud Capital Partners.
Fundraising and Capital Markets
OMERS pe-insights.com reported $8.2 billion in net income for 2025, though private equity lagged its broader portfolio returns. Ardian pe-insights.com partnered with Legal & General to open private equity 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.
Industry Trends and Analysis
Bain pe-insights.com reported global buyout deal value surged to $904 billion in 2025, with "12 is the new 5" reshaping returns expectations. Bain secondariesinvestor.com found 40% of GPs expect to consider continuation vehicles in the next two years, with over half launching them to return capital to existing LPs. Lazard secondariesinvestor.com noted mid-market GPs are running continuation vehicles equivalent to 50% or more of their latest flagship funds.
Sector-Specific Developments
Permira pehub.com showcased UK wealth management's M&A evolution through its long hold of Evelyn Partners before selling to Nat West for £2.7 billion. Water infrastructure pehub.com is drawing increased PE interest as firms target markets with attractive features. Private equity pe-insights.com firms are eyeing a potential $2 billion Permian Basin asset sale as Conoco Phillips streamlines its portfolio.
Leadership and Talent Moves
Angeles Equity Partners pehub.com appointed Eric Dunn as VP for its operating team, where he'll drive post-close transformation across the portfolio. ECI Partners pehub.com welcomed Marijn Pangemanan as new investment director while appointing Scarlett Salamon as investor relations analyst. Evercore secondariesinvestor.com tapped Adams Street Partners for a new APAC secondaries head following Shane Gong's January departure.
Portfolio Company Add-Ons
Ambienta pehub.com portfolio company No Dig Alliance acquired Suomen Putkisto Palvelu, a specialist in manhole rehabilitation and underground water pipe services. Main Capital-backed pehub.com TMA picked up HR tech business STYR in its third transaction since partnering in December 2024. Green Heron pehub.com invested in Regency Plumbing Contractors, with the executive team retaining significant ownership.
Secondaries Market Activity
Secondaries Investor secondariesinvestor.com reported 85 continuation vehicles closed last year, with 40 more launching or being considered. The market is seeing increased CV-on-CV activity as mid-market sponsors look to hold trophy assets. Goldman Sachs-backed pehub.com CSD acquired autism services firm Behavior Change Institute to expand its evidence-based behavioral health offerings.
Technology and AI Focus
Thoma Bravo's pehub.com Holden Spaht and New York's Anastasia Titarchuk discussed how GPs and LPs view AI disruption at PEI Group's NEXUS 2026 summit. Hg seeks AI adoption at portfolio companies through a new initiative. KKR pe-insights.com is exploring a potential $1.5 billion sale of BMC Helix, an AI-driven IT service management platform.
Sports and 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 firm continues to build its presence in sports-related investments following previous deals in the sector.
Infrastructure and Energy
Scale Microgrids scooped up Reload to expand its advanced energy solutions portfolio. The deal highlights continued PE interest in infrastructure assets that support energy transition and grid modernization efforts. Ambienta is among firms increasing focus on water infrastructure investments.
Regional Market Activity
Europe pehub.com is drawing capital as dealmakers weigh US tariff uncertainty, according to Lincoln International. The firm noted increased strategic interest for UK wealth manager Evelyn Partners before its sale to Nat West. Middle East investors are expanding private credit through commitments to firms like 5C.
Market Outlook
PEI pehub.com reported the industry's recovery appears to be gaining traction as more GPs put money to work and speed up distributions to investors. The conference circuit is heating up with NEXUS 2026 teeing off, while new podcasts and research highlight evolving market dynamics.