Private Equity 3d Briefing
×Market Moves
Sovereign Capital pehub.com completed a $2.2B take-private of Apollo Home Healthcare, expanding its healthcare portfolio. Gemspring pehub.com sold Security 101 to Morgan Stanley after a 2021 investment. Kinderhook pehub.com acquired home health firm Enhabit for $1.1B, with stockholders receiving $13.80 per share. Bluestone pe-insights.com strengthened its sports portfolio with a three-year partnership with USA Archery ahead of the 2028 Games. Green Heron pehub.com invested in Regency Plumbing Contractors, allowing the executive team to retain significant ownership. GHK Capital pehub.com acquired CPL, a consulting firm with 500+ employees across eight states. Arcline pehub.com moved to invest in Hydraulics International Inc, serving defense and industrial clients. Miura pe-insights.com and Mindful Capital agreed to sell Italcer to Wienerberger, while KKR prepares a $1B IPO exit for Global Medical Response. Bain pe-insights.com reported global buyout deal value surged to $904B, with “12 is the new 5” reshaping returns.
Macro & Policy
CalPERS pehub.com urged GPs to improve transparency, citing its $613.7B portfolio. Blackstone secondariesinvestor.com predicted 2026 will see record exits and secondaries volume, with Perry noting higher prices could attract sellers. Lazard secondariesinvestor.com noted 40% of GPs plan to explore continuation vehicles, driven by LP-GP alignment challenges. Jada aims to deploy $200M in Saudi private credit, while Vistria pehub.com acquired Lumen Holdings, an insurance provider with 30+ state operations. Evercore secondariesinvestor.com appointed Adams Street Partners for APAC secondaries head, following Shane Gong’s departure. Qatar Investment Authority pe-insights.com backed 5C with hundreds of millions to expand private credit. Parex pehub.com submitted a rival bid for Frontera’s Colombian upstream business, challenging Catalyst’s $500M offer. General Atlantic pe-insights.com and Blackstone joined a $2.5B Banamex stake sale, as Citigroup offloads its Mexican unit.
Deal Highlights
Rockpoint Gas Storage pehub.com closed a C$459M secondary offering, with Brookfield selling 16.4M shares. NEXUS 2026 pehub.com panelists highlighted compressed PE returns and LP-GP friction, with Lazorik calling alignment “never more complicated.” Main Capital pehub.com’s TMA acquired HR tech firm STYR, marking its third deal since partnering with Main Capital. Crestview pehub.com’s One Magnify acquired Optimal’s marketing business, while EQT pehub.com’s Scale Microgrids bought Reload for energy solutions. Goldman Sachs pehub.com’s CSD acquired Behavior Change Institute, an autism services provider. L Squared pehub.com snapped up Functional Devices, with the CEO and leadership team retaining stakes. Haveli pehub.com backed Sirion, a software firm expanding globally. Kinderhook’s Enhabit deal underscores private equity’s focus on healthcare.
Sector Trends
Broadband pehub.com saw Vero Networks raise $500M from Hamilton Lane, Braemont, and Delta-v. Water infra pehub.com gained traction as Ambienta’s NDA advanced, while Hg targeted AI adoption at portcos. Permira pehub.com sold Evelyn Partners to Nat West for £2.7B, reflecting UK wealth management shifts. ECI Partners pehub.com added Marijn Pangemanan as investment director, alongside Scarlett Salamon. Bluestone’s sports bets include a USA Archery pact, while KKR pe-insights.com outbid rivals for XCL Education’s $1.3B stake. Bain’s $904B buyout rebound highlights sector recovery.
Exit Dynamics
Secondaries Investor secondariesinvestor.com reported 85 CVs closed in 2025, with 40 more in pipeline. Lazard noted mid-market GPs increasingly use CVs to return capital. KKR’s IPO exit for Global Medical Response signals liquidity trends. Bain’s “12 is the new 5” reflects evolving deal structures. Bluestone’s sports partnerships and Kinderhook’s healthcare focus align with sector specialization.
Global Shifts
Asia-Pacific sees Evercore’s new head, while Middle East’s Jada expands private credit. Europe draws capital amid US tariff uncertainty, with Permira’s Evelyn sale highlighting M&A evolution. Latin America’s Banamex stake sale involves General Atlantic and Blackstone. Middle East’s Jada targets Saudi deployments, while Asia-Pacific adjusts to leadership changes.
Emerging Markets
Private Credit gains traction with Qatar’s 5C backing. Infrastructure remains a focus, with Ambienta’s NDA and Hg’s AI initiatives. Healthcare sees Kinderhook’s Enhabit acquisition, while Technology’s One Magnify and Energy’s Scale Microgrids reflect sector diversification. Defense pehub.com’s Ventus Industrial, backed by a retired admiral, targets shipbuilding growth.
Regulatory & Risk
Transparency remains a CalPERS priority, while Regulation pehub.com concerns arise from mixing unaccredited and wealth capital. Exits are critical for secondaries, as Blackstone’s Perry notes. LP-GP dynamics face complexity due to compressed returns and limited liquidity. M&A in the UK shows Permira’s long hold on Evelyn Partners. Private Equity’s resurgence is marked by $904B deal value, with “12 is the new 5” reshaping returns.
Future Outlook
Exits will drive 2026’s record volumes, per Blackstone. Secondaries see 85 CVs closed and 40+ in pipeline. Private Credit expands with Qatar’s backing. Healthcare and Technology attract continued investment. Defense and Energy sectors