Private Equity 3d Briefing
×Market Outlook & Portfolio Management
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. Meanwhile, CalPERS CEO Marcie Frost pehub.com emphasizes that more visibility on portfolio company data will help the $613.7 billion US pension better manage its risk, pushing for improved GP transparency. However, NEXUS panelists pehub.com warn that lack of exits and compressed PE returns are complicating LP-GP dynamics, with Mike Lazorik of Texas TRS telling delegates that LP-GP alignment "has never been more complicated."
Fundraising & Investment Activity
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. 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 access to alternative investments. Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to expand its private credit operations, while PIF unit Jada pe-insights.com plans to ramp up private credit as Stride targets $200 million in Saudi deployment.
Deal Activity & 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. 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. 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, while Parex pehub.com submitted a rival $500 million cash bid for Catalyst-backed Frontera's Colombian upstream business.
Fund Performance & Strategy
Bain Capital pe-insights.com reports that global buyout deal value surged to $904 billion in 2025, with the industry mantra shifting to "12 is the new 5" as returns expectations reshape. Lazard secondariesinvestor.com notes 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. Bain's study secondariesinvestor.com reveals that over half of GPs launch CVs primarily to return capital to existing LPs, while CV-on-CVs are expected to become more prevalent as sponsors look to hold onto trophy assets.
Portfolio Company Developments
Ambienta pehub.com continues its water infrastructure focus, with portco No Dig Alliance acquiring Suomen Putkisto Palvelu, a specialist in manhole rehabilitation and underground water pipe services. Frazier Healthcare-backed Rev Spring pehub.com acquired healthcare tech firm Trust Commerce from Waud Capital Partners. Topspin pehub.com injected capital into manufacturer Grid, which partners with fitness chains, YMCAs, colleges, and healthcare facilities. Victor Capital pehub.com backed Specialty Fenestration Group, parent company of Quikserv Inc. and Us Bullet Proofing.
Leadership & Team Changes
Angeles Equity Partners pehub.com appointed Eric Dunn as VP for its operating team, where he will evaluate new investment opportunities and drive post-close transformation. ECI Partners pehub.com welcomed Marijn Pangemanan as new investment director and appointed Scarlett Salamon as investor relations analyst. Evercore secondariesinvestor.com tapped Adams Street Partners for a new APAC secondaries head following Shane Gong's departure in January 2025.
Sector-Specific Activity
Green Heron pehub.com invested in Regency Plumbing Contractors, with the executive team retaining significant ownership. GHK Capital pehub.com acquired architecture, engineering and consulting firm CPL, which employs over 500 people across 25 offices. Kava Equity pehub.com snapped up drywall contractor The Berg Group, led by CEO Jack Szmanda. Bay Hawk pehub.com invested in Gridco, where the founding management team will remain majority shareholders.
Technology & Innovation
Haveli pehub.com backed software firm Sirion, with the investment aimed at accelerating product innovation and expanding global go-to-market presence. Crestview-backed One Magnify pehub.com acquired Optimal's performance marketing business, enhancing its AI-enabled marketing solutions. EQT-backed Scale Microgrids pehub.com scooped up Reload, expanding its advanced energy solutions portfolio. Goldman Sachs-backed CSD pehub.com acquired autism services firm Behavior Change Institute, strengthening its evidence-based behavioral health services.
Strategic Considerations
26North's Josh Harris pehub.com warned that mixing unaccredited investor capital with wealth capital through vehicles with differing regulatory levels could lead to industry backlash. Bain and Lone Star pe-insights.com have advanced to the second round in the $1.9 billion bid race for Mitsubishi Electric's auto unit. General Atlantic and Blackstone pe-insights.com are among investors in Citigroup's $2.5 billion Banamex stake sale, acquiring a 24% stake in the Mexican unit.
Regional Developments
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. Vistria pehub.com acquired insurance holding company Lumen Holdings, which underwrites commercial property, builders' risk, and personal auto across more than 30 states. Bluestone Equity Partners pe-insights.com strengthened its sports portfolio with a three-year partnership with USA Archery ahead of the 2028 Games.
Infrastructure & Energy
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. Conoco Phillips pe-insights.com is exploring a potential $2 billion sale of selected Permian Basin assets as private equity firms eye the opportunity. KKR pe-insights.com is testing the software market with a potential $1.5 billion BMC Helix sale, valuing the AI-driven IT service company.