Private Equity 3d Briefing
×Market Trends & Transparency
CalPERS pehub.com is pushing for greater transparency from its private equity managers, with CEO Marcie Frost emphasizing that enhanced portfolio company data visibility will help the $613.7 billion pension fund better manage risk. The call for improved disclosure comes as the industry faces heightened scrutiny over returns and operational performance.
Exit Activity & Secondary Markets
Blackstone secondariesinvestor.com projects 2026 will mark a record year for exits and secondaries volume, with exit volumes expected to accelerate asset cashflows and enable secondaries buyers to offer higher prices. This dynamic should pull more sellers into the market, according to Blackstone's global head of Strategic Partners. Meanwhile, Lazard secondariesinvestor.com reports that 40% of general partners expect to consider continuation vehicles within the next two years, with mid-market GPs increasingly turning to larger CV structures to hold trophy assets and deliver liquidity.
LP-GP Dynamics
The lack of exits and compressed returns are complicating LP-GP alignment, according to panelists at PEI Group's NEXUS 2026 event. Mike Lazorik of Texas TRS noted that alignment has "never been more complicated," reflecting broader industry challenges around capital deployment and distribution timing.
Deal Activity
KKR pe-insights.com is lining up a $1 billion IPO exit for Global Medical Response, appointing banks for a potential US initial public offering. In the software sector, KKR pe-insights.com is testing the market with a potential $1.5 billion sale of BMC Helix, the AI-driven IT service management platform. The firm is also outbidding rivals to secure a majority stake in XCL Education Holdings in a $1.3 billion deal.
Infrastructure & Energy
EQT-backed pehub.com Scale Microgrids has scooped up Reload, expanding its portfolio of advanced energy solutions. Meanwhile, Rockpoint Gas Storage pehub.com, backed by Brookfield, has closed a C$459 million secondary offering, with Brookfield selling 16.4 million shares at C$28 per share.
Healthcare & Life Sciences
Frazier Healthcare-backed pehub.com Rev Spring has acquired healthcare tech firm Trust Commerce from Waud Capital Partners. The deal strengthens Rev Spring's position in healthcare payment and engagement technology.
Technology & AI
Water infrastructure is drawing increased interest from private equity firms, with Ambienta pehub.com portco No Dig Alliance acquiring Suomen Putkisto Palvelu, a specialist in manhole rehabilitation and underground water pipe services. In the AI space, Thoma Bravo's pehub.com Holden Spaht and New York's Anastasia Titarchuk discussed how GPs and LPs are viewing AI disruption at the NEXUS 2026 summit.
Regional Developments
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. In the UK, 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 retail access to private markets.
Portfolio Company Moves
Crestview-backed pehub.com One Magnify has acquired Optimal's performance marketing business, strengthening its AI-enabled marketing solutions offering. Victor Capital pehub.com has backed Specialty Fenestration Group, the parent company of Quikserv Inc. and Us Bullet Proofing.
Regulatory & Market Structure
Josh Harris pehub.com of 26North warned that mixing unaccredited investor capital with wealth capital through vehicles with differing regulatory frameworks could lead to industry backlash. The private markets veteran made the comments at the PERE Global Summit.
Fundraising & Investment
Bay Hawk pehub.com has invested in Gridco, with the founding management team retaining majority ownership and continuing to lead the business. Green Heron pehub.com has invested in Regency Plumbing Contractors, with the executive team maintaining a significant ownership position.
Exit Strategies
Turning Rock pehub.com has exited food company Ameri Qual, which is majority owned by the Harlan family. The deal marks another successful exit for the private equity firm in the food and beverage sector.
Industry Events
PEI pehub.com has teed off the NEXUS 2026 conference and released a new Commitment Issues podcast, with Cohn Reznick's Jeremy Swan weighing in on the recent Supreme Court tariff decision and its implications for private equity.
Secondaries Market
Evercore secondariesinvestor.com has tapped Adams Street Partners for a new APAC secondaries head, following the departure of former managing director Shane Gong. The appointment reflects continued growth in the Asia-Pacific secondaries market.
Emerging Managers
Haveli pehub.com has backed software firm Sirion with an investment that will help accelerate product innovation and expand its global go-to-market presence. The deal highlights continued investor interest in enterprise software companies.
Defense & Industrial
Retired vice admiral William Hilarides has found a calling backing defense industry companies, 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" through his work with Ventus Industrial.
Specialty Finance
Goldman Sachs-backed pehub.com CSD has acquired autism services firm Behavior Change Institute, expanding its portfolio of evidence-based autism and behavioral health services providers.
Real Estate & Hospitality
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. The firm has announced more than half of recent large hospitality deals have involved family office participation.
Private Credit Expansion
Qatar Investment Authority pe-insights.com has backed 5C with several hundred million dollars to expand its private credit operations, reflecting continued growth in private credit as an asset class.
Insurance Sector
Vistria pehub.com has acquired insurance holding company Lumen Holdings, which underwrites commercial property, builders' risk, commercial general liability, personal auto, homeowners, and umbrella coverage across more than 30 states.
Exit Market Analysis
Bain pe-insights.com reports that global buyout deal value surged to $904 billion in 2025, with the "12 is the new 5" dynamic reshaping returns as longer hold periods become the norm. The analysis suggests the industry is adapting to a new reality of extended investment horizons.
European Market Dynamics
Europe is drawing capital as dealmakers weigh US tariff uncertainty, according to Lincoln International. Chris Pell noted increased strategic interest for Evelyn Partners, which Permira had held for an extended period before its recent sale to Nat West at an enterprise value of £2.7 billion.
Mergers & Acquisitions
ASC-backed pehub.com Campus Works has merged with college consulting firm Dynamic Campus, creating a larger provider of consulting services for higher education. The combined entity will serve colleges and universities across the United States.
Technology Services
Shamrock pehub.com has snapped up creative agency Mutiny from Trailer Park Group, which incubated the division in 2021. The acquisition expands Shamrock's creative and marketing capabilities.
Manufacturing Investments
Topspin pehub.com has injected capital into manufacturer Grid, which partners with fitness chains, YMCAs, colleges, K-12 athletic programs, country clubs, healthcare facilities, and workplaces. The investment will support Grid's expansion in the fitness and recreation equipment market.
Construction Services
Kava Equity pehub.com has snapped up drywall contractor The Berg Group, with Jack Szmanda continuing as CEO. The acquisition adds to Kava's portfolio of specialty construction services companies.
Consulting Industry
Main Capital-backed pehub.com TMA has picked up HR tech business STYR, marking its third transaction since partnering with Main Capital Partners in December 2024. The deal expands TMA's human resources technology capabilities.
Operating Partner Additions
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, driving post-close transformation, and providing oversight across the portfolio.
Infrastructure 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.
Energy Sector
Conoco Phillips pe-insights.com is exploring a potential $2 billion sale of selected Permian Basin assets as it streamlines its portfolio, with private equity firms eyeing the opportunity to acquire these energy assets.
Professional Services
GHK Capital pehub.com has acquired architecture, engineering, and consulting firm CPL, which currently has over 500 employees across 25 offices spanning eight states in the Northeast, mid-Atlantic, and Southeast regions.
Technology Infrastructure
Arcline pehub.com is investing in Hydraulics International Inc, whose products serve a global customer base of US and allied defense forces, prime contractors, government agencies, and industrial companies.
Broadband Expansion
Broadband internet provider pehub.com Vero Networks has raised $500 million from an investor group led by Hamilton Lane, Braemont Capital, and Delta-v Capital, supporting its expansion in the broadband infrastructure market.
Home Health Services
Kinderhook pehub.com is taking home health and hospice firm Enhabit private for $1.1 billion, with stockholders receiving $13.80 per share in cash under the terms of the deal.
HR Technology
TMA has made its third add-on acquisition since partnering with Main Capital, picking up HR tech business STYR to expand its