Private Equity 3d Briefing
×Fundraising & Investor Relations
CalPERS pehub.com is pushing GPs for greater transparency on portfolio company data to better manage its $613.7 billion risk exposure. Meanwhile, OMERS pe-insights.com reported $8.2 billion in net income for 2025, though its private equity performance lagged behind the broader portfolio's 6% net investment return.
Exits & Secondaries
Blackstone secondariesinvestor.com predicts 2026 will mark a record year for exits and secondaries volume as cashflows accelerate asset turnover. Over 40% of GPs secondariesinvestor.com expect to consider continuation vehicles within two years, with mid-market sponsors increasingly turning to larger CVs equivalent to 50% or more of their latest flagship funds. KKR pe-insights.com is lining up a $1 billion IPO exit for Global Medical Response, while KKR pe-insights.com outbid rivals to secure a majority stake in $1.3 billion XCL Education.
Deal Activity
Global buyout deal value surged to $904 billion in 2025 as "12 is the new 5" reshapes returns expectations. Bain Capital pe-insights.com and Lone Star pe-insights.com advanced in the $1.9 billion bid race for Mitsubishi Electric's auto unit. General Atlantic pe-insights.com and Blackstone joined investors in Citigroup's $2.5 billion Banamex stake sale.
Portfolio Company Moves
EQT-backed pehub.com Scale Microgrids acquired Reload to expand its advanced energy solutions portfolio. Frazier Healthcare-backed pehub.com Rev Spring purchased healthcare tech firm Trust Commerce from Waud Capital Partners. Main Capital-backed pehub.com TMA made its third add-on acquisition since December 2024, picking up HR tech business STYR.
Infrastructure & Energy
Water infrastructure continues drawing increased private equity interest, with Ambienta's pehub.com No Dig Alliance acquiring Suomen Putkisto Palvelu, a specialist in manhole rehabilitation and underground water pipe services. Rockpoint Gas Storage pehub.com, backed by Brookfield, closed a C$459 million secondary offering. Private equity firms are eyeing a potential $2 billion Permian asset sale as Conoco Phillips pe-insights.com streamlines its portfolio.
New Investments
Arcline pehub.com invested in Hydraulics International Inc, whose products serve US and allied defense forces globally. Topspin pehub.com injected capital into Grid, a partner to fitness chains and athletic programs. Haveli pehub.com backed software firm Sirion to accelerate product innovation and global expansion.
Additions & Exits
Gemspring pehub.com sold Security 101 to Morgan Stanley, having invested in the company in 2021. Turning Rock pehub.com exited food company Ameri Qual, which is majority owned by the Harlan family. Miura pehub.com and Mindful Capital agreed to sell Italcer to Austrian listed company Wienerberger.
Industry Trends
The lack of exits and compressed returns are complicating LP-GP dynamics, according to panelists at PEI Group's NEXUS 2026 event. Josh Harris pehub.com of 26North warned that mixing unaccredited investor capital with wealth capital through differently regulated vehicles could lead to industry backlash.
Regional Developments
Europe is drawing increased capital as dealmakers weigh US tariff uncertainty, with Permira finding increased strategic interest for Evelyn Partners ahead of its £2.7 billion sale to Nat West. Ardian pe-insights.com opened private equity to 5.6 million UK DC savers through a partnership with Legal & General.
Fund Strategies
PIF unit Jada pe-insights.com plans to ramp up private credit as Stride targets $200 million in Saudi deployment. Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to expand its private credit capabilities.
People Moves
ECI Partners pehub.com welcomed Marijn Pangemanan as new investment director while appointing Scarlett Salamon as investor relations analyst. Angeles Equity Partners pehub.com tapped Eric Dunn as VP for its operating team, where he'll drive post-close transformation across the portfolio.
Healthcare & Services
Vistria pehub.com acquired insurance holding company Lumen Holdings, which underwrites commercial property and liability across 30+ states. Kinderhook pehub.com agreed to take home health and hospice firm Enhabit private for $1.1 billion at $13.80 per share.
Technology & Innovation
Goldman Sachs-backed pehub.com CSD acquired autism services firm Behavior Change Institute. Crestview-backed pehub.com One Magnify acquired Optimal's performance marketing business. L Squared pehub.com snapped up Functional Devices, with founder Mark Fernandes and the leadership team reinvesting alongside the new owners.
Defense & Government
Retired vice admiral William Hilarides found his calling backing defense industry companies through Ventus Industrial, aiming to help firms grow at the rate the Navy needs. Parex pehub.com submitted a rival $500 million cash bid for Catalyst-backed Frontera's Colombian upstream business.
Hospitality & Real Estate
Gencom pe-insights.com accelerated its New York hotel buying spree with family office backing, as private capital increasingly drives large-scale US hospitality transactions. Private equity firms have more than tripled their share of London office acquisitions over three years, now accounting for a $1.68 billion retrofit push.
Secondaries Market
Evercore secondariesinvestor.com tapped Adams Street Partners for a new APAC secondaries head following Shane Gong's January 2025 departure. The secondaries market saw 85 continuation vehicles close last year, with 40 more launching or being considered, according to Secondaries Investor data.
Portfolio Company Growth
Bay Hawk pehub.com invested in Gridco, with the founding management team retaining majority ownership and continuing to lead the business. Green Heron pehub.com invested in Regency Plumbing Contractors, with the executive team maintaining a significant ownership position.