Private Equity 3d Briefing
×Market Dynamics & Returns
Bain Capital pe-insights.com reported that global buyout deal value surged to $904 billion in 2025, with the firm noting that "12 is the new 5" as return expectations reshape across the industry. Blackstone secondariesinvestor.com predicts 2026 will mark a record year for exits and secondaries volume, with exit volumes expected to move assets' cashflows forward and allow secondaries buyers to offer higher prices. However, NEXUS panelists pehub.com highlighted that compressed PE returns and a lack of exits are complicating LP-GP dynamics, with Mike Lazorik of Texas TRS telling delegates that LP-GP alignment "has never been more complicated."
Portfolio Company Activity
CalPERS pehub.com CEO Marcie Frost emphasized that more visibility on portfolio company data will help the $613.7 billion US pension better manage its risk, calling for improved transparency from GPs. Water infrastructure pehub.com is drawing increased interest from private equity firms keen to tap into a market with several attractive features, according to industry sources. OMERS pe-insights.com delivered a 6% net investment return in 2025, generating $8.2 billion in net income, though private equity lagged the broader portfolio.
Deal Flow & Exits
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. KKR pe-insights.com outbid rivals to secure a majority stake in $1.3 billion XCL Education Holdings, while 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. Permira pehub.com showcased UK wealth management's M&A evolution with its long hold on Evelyn Partners, which Nat West agreed to buy from Permira and Warburg Pincus in February at an enterprise value of £2.7 billion.
Secondary Market & Continuation Vehicles
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. Secondaries Investor secondariesinvestor.com reported that last year saw 85 continuation vehicles close, with 40 more launching or being mulled, according to data gathered by the publication. Lazard secondariesinvestor.com noted that the majority of continuation vehicles run by mid-market GPs in 2025 are equivalent to 50% or more of their latest flagship, with CV-on-CVs also expected to become more prevalent.
Fundraising & Investor Relations
Ardian pe-insights.com has partnered with Legal & General to provide private equity access to 5.6 million UK defined contribution savers, marking a significant expansion of the asset class's reach. Qatar Investment Authority pe-insights.com has committed several hundred million dollars to 5C to expand its private credit capabilities. ECI Partners pehub.com welcomed Marijn Pangemanan as new investment director, while also appointing Scarlett Salamon as investor relations analyst.
Operational Leadership & Strategy
Angeles Equity Partners pehub.com tapped Eric Dunn as VP for its operating team, where he will be responsible for the evaluation and due diligence of new investment opportunities, driving post-close transformation, and providing oversight across the Angeles portfolio. Retired vice admiral William Hilarides pehub.com found his calling backing the defense industry, telling PE Hub he wants to "make a substantive difference in shipbuilding and the rest of the defense industrial base by helping companies grow and produce at the rate that the Navy needs."
Industry Events & Commentary
PEI Group pehub.com teed off its NEXUS 2026 conference and released a new Commitment Issues podcast, with Cohn Reznick's Jeremy Swan weighing in on the SCOTUS tariff decision. The industry's recovery appears to be gaining traction as more GPs shake off economic uncertainty and valuation qualms to put more money to work and speed up distributions to investors, according to the publication. Josh Harris pehub.com of 26North warned that mixing unaccredited investor capital with wealth capital via vehicles with differing levels of regulation could lead to a backlash against the industry.
Regional Market Insights
Europe pehub.com is drawing capital as dealmakers weigh US tariff uncertainty, with Lincoln International noting increased strategic interest in the region. Permira found increased strategic interest for Evelyn Partners, according to Chris Pell, as the UK wealth management sector evolves. Bluestone Equity Partners pe-insights.com strengthened its sports portfolio with a three-year partnership with USA Archery ahead of the 2028 Games, while Gencom pe-insights.com accelerates its New York hotel buying spree with family office backing.
Fund Performance & Strategy
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, highlighting the technology's growing impact on investment strategies. Bain secondariesinvestor.com found that 40% of GPs expect to consider continuation vehicles in the next two years, with over half citing the primary reason as returning capital to existing LPs.