Private Equity 3d Briefing
×Market Trends & Exit Activity
Blackstone's Jon Gray secondariesinvestor.com predicts 2026 will mark a record year for exits and secondaries volume, with exit volumes moving assets' cashflows forward and allowing secondaries buyers to offer higher prices. The S&P 500's recent volatility has created uncertainty, but Bain's latest report pe-insights.com shows global buyout deal value surged to $904 billion in 2025, with the "12 is the new 5" dynamic reshaping returns across the industry.
LP-GP Dynamics & Transparency
CalPERS CEO Marcie Frost pehub.com emphasized that more visibility on portfolio company data will help the $613.7 billion US pension better manage its risk, calling for GPs to improve transparency. At PEI Group's NEXUS 2026 event, Texas TRS's Mike Lazorik pehub.com told delegates that LP-GP alignment "has never been more complicated," citing compressed PE returns and a lack of exits as complicating factors.
Infrastructure & Real Estate
Private equity firms have more than tripled their share of London office acquisitions over the past three years, now accounting for 40% of transactions, according to new data showing a $1.68 billion retrofit push. Meanwhile, GIC secondariesinvestor.com has emerged as the lead buyer on Meridiam's €2 billion+ continuation vehicle, which will consist of a portfolio of 22 infrastructure assets held by the firm's legacy funds.
Middle Market Activity
KKR pe-insights.com has lined up a $1 billion IPO exit for Global Medical Response, appointing banks for a potential US initial public offering. Bain Capital pe-insights.com and Lone Star Funds have progressed to the second round in a $1.9 billion bid race for Mitsubishi Electric's auto unit. General Atlantic pe-insights.com and Blackstone are among investors in Citigroup's $2.5 billion Banamex stake sale, with the bank agreeing to sell a 24% stake in its Mexican unit.
Regional Developments
Ardian pe-insights.com has partnered with Legal & General to provide private equity access to 5.6 million UK DC savers, marking a significant expansion of retail participation. In Saudi Arabia, Jada Fund of Funds pe-insights.com, a subsidiary of Public Investment Fund, plans to ramp up private credit as Stride targets $200 million in Saudi deployment. Qatar Investment Authority pe-insights.com has committed several hundred million dollars to 5C to expand its private credit operations.
Technology & AI
Water infrastructure is drawing increased interest from private equity firms keen to tap into a market with several attractive features, with Ambienta's NDA pehub.com making an add-on acquisition. Hg is seeking AI adoption at portfolio companies through a new initiative. At NEXUS 2026, Thoma Bravo's Holden Spaht pehub.com and New York's Anastasia Titarchuk discussed how GPs and LPs view AI disruption in the industry.
Healthcare & Services
Frazier Healthcare-backed Rev Spring pehub.com has acquired healthcare tech firm Trust Commerce from Waud Capital Partners. Kinderhook pehub.com will take home health and hospice firm Enhabit private for $1.1 billion, with stockholders receiving $13.80 per share in cash. CSD pehub.com, backed by Goldman Sachs, has acquired autism services firm Behavior Change Institute.
Industrial & Manufacturing
Victor Capital pehub.com has backed Specialty Fenestration Group, the parent company of Quikserv Inc. and Us Bullet Proofing. Topspin pehub.com has injected capital into manufacturer Grid, which partners with fitness chains and athletic programs. Green Heron pehub.com has invested in Regency Plumbing Contractors, with the executive team retaining a significant ownership position.
Defense & Government Contracting
Retired vice admiral William Hilarides has found a new calling backed by private equity in the defense industry, aiming to help companies grow and produce at the rate the Navy needs through Ventus Industrial pehub.com. Arcline pehub.com is investing in Hydraulics International Inc, whose products serve US and allied defense forces, prime contractors, and government agencies.
Media & Marketing
Shamrock pehub.com has snapped up creative agency Mutiny from Trailer Park Group, which incubated the division in 2021. Crestview-backed One Magnify pehub.com has acquired Optimal's performance marketing business. EQT-backed Scale Microgrids pehub.com has scooped up Reload, expanding its advanced energy solutions portfolio.
Financial Services & Insurance
Vistria pehub.com has acquired insurance holding company Lumen Holdings, which underwrites commercial property, builders' risk, and various liability policies across more than 30 states. OMERS pe-insights.com reported $8.2 billion in net income in 2025, though private equity lagged its broader portfolio with a 6% net investment return.
Human Capital & Education
ASC-backed Campus Works pehub.com has merged with college consulting firm Dynamic Campus, combining their higher education consulting services. Main Capital-backed TMA pehub.com has made its third add-on acquisition since partnering with Main Capital Partners in December 2024, picking up HR tech business STYR.
Energy & Resources
Conoco Phillips pe-insights.com is exploring a potential $2 billion sale of selected Permian Basin assets as private equity firms eye the opportunity. Parex pehub.com has proposed to buy Frontera Petroleum International Holdings for $500 million in cash, submitting a rival bid for the Catalyst-backed Colombian upstream business.
Hospitality & Real Estate
Gencom pe-insights.com is accelerating its New York hotel buying spree with family office backing, as family office capital increasingly drives large-scale US hospitality transactions. More than half of these transactions now involve family office participation, according to industry data.
Professional Services
L Squared pehub.com has snapped up Functional Devices, with president and CEO Mark Fernandes and the existing leadership team investing alongside L Squared and continuing to lead the business. Bay Hawk pehub.com has invested in Gridco, with the founding management team remaining majority shareholders and continuing to lead the business.
Leadership & Talent
Angeles Equity Partners pehub.com has tapped Eric Dunn as VP for its operating team, where he will be responsible for evaluating new investment opportunities and driving post-close transformation. ECI Partners pehub.com has welcomed Marijn Pangemanan as new investment director and appointed Scarlett Salamon as investor relations analyst.
Regulatory & Market Structure
26North's Josh Harris pehub.com warned that mixing unaccredited investor capital with wealth capital via vehicles with differing levels of regulation could lead to a backlash against the industry. The Supreme Court's recent tariff decision has added another layer of complexity to cross-border dealmaking, according to Cohn Reznick's Jeremy Swan pehub.com.
Secondaries & Continuation Vehicles
The secondaries market saw 85 continuation vehicles close last year, with 40 more launching or being mulled, according to Secondaries Investor's full-year 2025 CV Deal Log secondariesinvestor.com. Lazard secondariesinvestor.com reports that 40% of GPs expect to consider a CV in the next two years, with mid-market GPs running CVs equivalent to 50% or more of their latest flagship funds.