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 more visibility into portfolio company data will help the $613.7 billion pension fund better manage risk. Meanwhile, Blackstone's Perry secondariesinvestor.com predicts 2026 will mark a record year for exits and secondaries volume, as exit volumes move assets' cashflows forward, allowing secondaries buyers to offer higher prices and pull more sellers into the market.
Deal Activity & Portfolio Moves
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 city's commercial real estate market. Gemspring pehub.com sold Security 101 to Morgan Stanley, while Gencom pe-insights.com accelerated its New York hotel buying spree with family office backing, as family office capital increasingly drives large-scale US hospitality transactions. GIC secondariesinvestor.com emerged as the lead buyer in Meridiam's €2 billion+ continuation vehicle, which consists of 22 infrastructure assets held by the firm's legacy funds.
Fundraising & Capital Deployment
PIF unit Jada pe-insights.com plans to ramp up private credit investments as Stride targets $200 million in Saudi deployment. Brookfield-backed Rockpoint Gas Storage pehub.com closed a C$459 million secondary offering, with Brookfield selling 16.4 million shares at C$28 per share. Arcline pehub.com invested in Hydraulics International Inc, whose products serve US and allied defense forces, prime contractors, and government agencies. Topspin pehub.com injected capital into manufacturer Grid, a partner to fitness chains and athletic programs across the US.
Industry Dynamics & Governance
NEXUS panelists pehub.com highlighted that lack of exits and compressed private equity returns are complicating LP-GP dynamics, with Texas TRS's Mike Lazorik telling delegates that alignment has "never been more complicated." Josh Harris of 26North pehub.com warned that mixing retail capital with wealth capital through vehicles with differing regulatory levels could lead to industry backlash. Parex pehub.com submitted a rival $500 million cash bid for Catalyst-backed Frontera's Colombian upstream business, while ASC-backed Campus Works pehub.com merged with college consulting firm Dynamic Campus.
Strategic Investments & Add-ons
Victor Capital pehub.com backed Specialty Fenestration Group, parent company of Quikserv Inc. and Us Bullet Proofing. Kava Equity pehub.com snapped up drywall contractor The Berg Group, where Jack Szmanda serves as CEO. Main Capital-backed TMA pehub.com picked up HR tech business STYR, marking its third add-on since partnering with Main Capital in December 2024. Ambienta portco No Dig Alliance pehub.com bought Suomen Putkisto Palvelu, a specialist in manhole rehabilitation and underground water pipe services.
Technology & Innovation
Thoma Bravo's Holden Spaht pehub.com and New York's Anastasia Titarchuk discussed how GPs and LPs view AI disruption at PEI Group's NEXUS 2026 summit. EQT-backed Scale Microgrids pehub.com scooped up Reload, expanding its advanced energy solutions portfolio. Crestview-backed One Magnify pehub.com acquired Optimal's performance marketing business, while Haveli pehub.com backed software firm Sirion to accelerate product innovation and global expansion.
Healthcare & Services
Frazier Healthcare-backed Rev Spring pehub.com acquired healthcare tech firm Trust Commerce from Waud Capital Partners. Goldman Sachs-backed CSD pehub.com acquired autism services firm Behavior Change Institute, a provider of evidence-based autism and behavioral health services. Kinderhook pehub.com agreed to take home health and hospice firm Enhabit private for $1.1 billion, with stockholders receiving $13.80 per share in cash.
Defense & Industrial
Retired Vice Admiral William Hilarides found his calling backed by private equity in the defense industry, aiming to help companies grow and produce at the rate the Navy needs. Ventus Industrial's Hilarides pehub.com emphasized making a substantive difference in shipbuilding and the defense industrial base. Green Heron pehub.com invested in Regency Plumbing Contractors, with the executive team retaining significant ownership.
Financial Services & Wealth Management
KKR pe-insights.com lined up a $1 billion IPO exit for Global Medical Response, appointing banks for a potential US initial public offering. Bain and Lone Star pe-insights.com advanced in the $1.9 billion bid race for Mitsubishi Electric's auto unit. General Atlantic and Blackstone pe-insights.com joined investors in Citigroup's $2.5 billion Banamex stake sale, with the bank agreeing to sell a 24% stake in its Mexican unit.
Infrastructure & Energy
Private equity firms are eyeing a potential $2 billion Permian asset sale as Conoco Phillips explores streamlining its portfolio. The water infrastructure sector is drawing increased interest from private equity firms keen to tap into markets with attractive features, as Ambienta's NDA pehub.com makes add-on acquisitions. Ardian pe-insights.com opened private equity to 5.6 million UK DC savers through a partnership with Legal & General, democratizing access to private markets.
Exit Activity & Continuation Vehicles
OMERS pe-insights.com reported $8.2 billion in net income for 2025 as private equity lagged its broader portfolio, delivering a 6% net investment return. The Secondaries Investor full-year 2025 CV Deal Log secondariesinvestor.com showed 85 continuation vehicles closed last year, with 40 more launching or being considered. Lazard secondariesinvestor.com noted that 40% of GPs expect to consider continuation vehicles in the next two years, with mid-market GPs running CVs equivalent to 50% or more of their latest flagship funds.
Regional & Market-Specific
KKR pe-insights.com outbid rivals to secure a majority stake in $1.3 billion XCL Education Holdings, while Permira's long Evelyn hold pehub.com showcases UK wealth management's M&A evolution after Nat West agreed to buy the firm from Permira and Warburg Pincus for £2.7 billion. Europe pehub.com is drawing capital as dealmakers weigh US tariff uncertainty, according to Lincoln International. Qatar Investment Authority pe-insights.com backed 5C with several hundred million dollars to expand private credit operations.
People Moves & Leadership
ECI Partners pehub.com welcomed Marijn Pangemanan as new investment director and appointed Scarlett Salamon as investor relations analyst. Angeles Equity Partners pehub.com tapped Eric Dunn as VP for its operating team, where he'll evaluate new investment opportunities and drive post-close transformation. Vistria pehub.com acquired insurance holding company Lumen Holdings, which underwrites commercial property and liability across more than 30 states.