Private Equity 3d Briefing
×Market Outlook & LP Dynamics
Blackstone's Jon Gray secondariesinvestor.com predicts 2026 will mark a record year for exits and secondaries volume as exit volumes move assets' cashflows forward. Meanwhile, CalPERS CEO Marcie Frost pehub.com emphasized that more visibility on portfolio company data will help the $613.7 billion pension better manage its risk. The push for transparency comes as LP-GP alignment faces unprecedented challenges, with Texas TRS's Mike Lazorik pehub.com telling delegates at PEI Group's NEXUS 2026 event that alignment "has never been more complicated" due to compressed returns and lack of exits.
Infrastructure & Secondary Markets
GIC secondariesinvestor.com has emerged as the lead buyer on Meridiam's €2 billion+ continuation vehicle, which will consist of 22 infrastructure assets from legacy funds. The secondary market continues to evolve rapidly, with Lazard reporting secondariesinvestor.com that 40% of GPs expect to consider continuation vehicles in the next two years. Over half of GPs cited returning capital to existing LPs as the primary reason for launching CVs, while mid-market sponsors increasingly turn to larger vehicles, with CV-on-CVs expected to become more prevalent.
Deal Activity & Portfolio Moves
KKR pe-insights.com is lining up a $1 billion IPO exit for Global Medical Response, appointing banks for the potential US listing. In the healthcare sector, Frazier Healthcare-backed Rev Spring pehub.com has acquired healthcare tech firm Trust Commerce from Waud Capital Partners. The industrials space saw Victor Capital pehub.com back Specialty Fenestration Group, parent company of Quikserv Inc. and Us Bullet Proofing, while Arcline pehub.com invested in Hydraulics International Inc., which serves US and allied defense forces globally.
Regional & Sector Trends
Private equity firms have more than tripled their share of London office acquisitions over the past three years, now accounting for a significant portion of the £1.68 billion retrofit push. In the US, Bluestone Equity Partners pe-insights.com has announced a three-year partnership with USA Archery ahead of the 2028 Games, strengthening its sports portfolio. The defense sector continues to attract PE interest, with retired Vice Admiral William Hilarides pehub.com finding new purpose backing defense industry companies through Ventus Industrial.
Technology & AI Disruption
Thoma Bravo's Holden Spaht and New York's Anastasia Titarchuk pehub.com discussed how GPs and LPs view AI disruption at the NEXUS 2026 summit. Meanwhile, Hg pehub.com seeks AI adoption at portfolio companies through a new initiative as water infrastructure draws increased interest from PE firms. EQT-backed Scale Microgrids pehub.com scooped up Reload, expanding its advanced energy solutions portfolio, while Crestview-backed One Magnify pehub.com acquired Optimal's performance marketing business.
Fundraising & Investment Strategies
OMERS pe-insights.com reported $8.2 billion in net income for 2025, though private equity lagged its broader portfolio with a 6% net investment return. Qatar Investment Authority pe-insights.com has committed several hundred million dollars to 5C to expand private credit capabilities. In Saudi Arabia, Jada Fund of Funds pe-insights.com plans to ramp up private credit deployment as Stride targets $200 million in Saudi investments.
Operational & Strategic Moves
Shamrock pehub.com snapped up creative agency Mutiny from Trailer Park Group, which incubated the division in 2021. Topspin pehub.com injected capital into manufacturer Grid, a partner to fitness chains and athletic programs. Bay Hawk pehub.com invested in Gridco, with the founding management team retaining majority ownership and continuing to lead the business.
Regulatory & Market Structure
Josh Harris of 26North 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. Meanwhile, Ardian pe-insights.com has partnered with Legal & General to provide private equity access to 5.6 million UK defined contribution savers, opening the asset class to retail investors.
Portfolio Company Exits
Turning Rock pehub.com exited food company Ameri Qual, which is majority owned by the Harlan family. Miura and Mindful Capital pehub.com agreed to sell Italcer to Austrian listed company Wienerberger. In the energy sector, Parex pehub.com submitted a rival bid for Catalyst-backed Frontera's Colombian upstream business, proposing to buy Frontera Petroleum International Holdings for $500 million in cash.
Industry Appointments & Leadership
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 will evaluate new investment opportunities and drive post-close transformation across the portfolio. Evercore secondariesinvestor.com appointed Adams Street Partners' executive as new APAC secondaries head following Shane Gong's departure.
Market Performance & Valuations
Bain's latest report pe-insights.com shows global buyout deal value surged to $904 billion in 2025, with the mantra "12 is the new 5" reshaping returns expectations. The report indicates dealmaking rebounded sharply as more GPs shake off economic uncertainty and valuation qualms to put more money to work and speed up distributions to investors.