Private Equity 3d Briefing
×Exit Activity and Market Outlook
Blackstone's pehub.com Verdun Perry projects exit activity will grow 30%-40% in 2026, with secondaries volume expected to reach record levels. The anticipated increase in exit volumes will accelerate asset cash flows, enabling secondaries buyers to offer higher prices and draw more sellers into the market. This positive outlook comes as Verdane makes a £186 million take-private bid for Augmentum Fintech, signaling continued consolidation in the fintech sector.
Major Take-Private Transactions
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. Meanwhile, Sovereign Capital pehub.com acquired Apollo Home Healthcare, a provider of bespoke high-acuity care focused on children and adults with complex clinical needs. These transactions highlight ongoing interest in healthcare services despite market uncertainty.
Strategic Investments and Platform Building
Gemspring pehub.com sold Security 101 to Morgan Stanley, marking the financial giant's continued expansion in security services. Gencom pe-insights.com accelerated its New York hotel buying spree with family office backing, demonstrating how alternative capital sources are driving large-scale hospitality transactions. The trend of private equity tripling its London office footprint with a $1.68 billion retrofit push underscores the sector's commitment to urban real estate despite shifting work patterns.
Infrastructure and Energy Focus
Rockpoint Gas Storage pehub.com, backed by Brookfield, closed a C$459 million secondary offering, selling 16.4 million shares at C$28 per share. This transaction highlights continued investor appetite for energy infrastructure assets. EQT-backed pehub.com Scale Microgrids acquired Reload, expanding its portfolio of advanced energy solutions as the sector attracts significant capital.
Healthcare and Technology Consolidation
Frazier Healthcare-backed pehub.com Rev Spring acquired healthcare tech firm Trust Commerce from Waud Capital Partners, strengthening its position in healthcare payments technology. Ardian pe-insights.com partnered with Legal & General to provide private equity access to 5.6 million UK defined contribution savers, marking a significant move to democratize alternative investments.
Private Credit Expansion
PIF unit pe-insights.com Jada plans to ramp up private credit investments as Stride targets $200 million in Saudi deployment. Meanwhile, Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to expand its private credit platform. These investments reflect growing institutional interest in private credit as an asset class.
Industry Dynamics and Governance
CalPERS pehub.com CEO Marcie Frost emphasized the need for greater transparency from general partners on portfolio company data to better manage the pension fund's $613.7 billion in assets. At PEI Group's NEXUS 2026 event, panelists discussed how the lack of exits and compressed returns are complicating LP-GP dynamics, with Mike Lazorik of Texas TRS noting that alignment has "never been more complicated."
Continued Portfolio Company Activity
Main Capital-backed pehub.com TMA made its third acquisition since partnering with Main Capital Partners in December 2024, purchasing HR tech business STYR. Ambienta portco pehub.com No Dig Alliance acquired Suomen Putkisto Palvelu, a specialist in manhole rehabilitation and underground water pipe services. These add-on acquisitions demonstrate how private equity firms are building scale within their portfolio companies.
Market Intelligence and Research
Bain pe-insights.com reported that global buyout deal value surged to $904 billion in 2025, with the phrase "12 is the new 5" reshaping return expectations. The firm also found that 40% of general partners expect to consider continuation vehicles in the next two years, with over half citing returning capital to existing limited partners as the primary motivation. This data suggests evolving strategies around asset holding periods and liquidity management.
Regional Market Developments
Europe pehub.com is drawing increased 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 selling to Nat West at a £2.7 billion enterprise value. This transaction showcases the evolution of UK wealth management M&A.
Emerging Trends and Concerns
26North's pehub.com Josh Harris warned that mixing unaccredited investor capital with wealth capital through vehicles with differing regulatory levels could lead to industry backlash. Meanwhile, OMERS pe-insights.com reported $8.2 billion in net income for 2025, though private equity lagged its broader portfolio, highlighting performance differentiation across asset classes.
New Investment Vehicles
Evercore secondariesinvestor.com appointed Adams Street Partners to lead its new Asia-Pacific secondaries practice, following Shane Gong's departure. This move signals growing institutional interest in secondaries opportunities across the region. Additionally, Lazard secondariesinvestor.com reported that majority of continuation vehicles run by mid-market general partners in 2025 are equivalent to 50% or more of their latest flagship funds.
Operational Excellence and Defense
Retired vice admiral pehub.com William Hilarides found a new calling backed by private equity in the defense industry, aiming to help companies grow production at the rate the Navy needs. Arcline pehub.com invested in Hydraulics International Inc, whose products serve US and allied defense forces, prime contractors, and government agencies, demonstrating continued interest in defense-related manufacturing.
Insurance and Specialty Finance
Vistria pehub.com acquired insurance holding company Lumen Holdings, which underwrites commercial property, builders' risk, and various liability lines across more than 30 states. This transaction highlights private equity's ongoing interest in insurance brokerage and underwriting platforms as yield-generating assets.
Sports and Entertainment
Bluestone pe-insights.com strengthened its sports portfolio with a three-year partnership with USA Archery ahead of the 2028 Games. This strategic move demonstrates how private equity firms are building exposure to sports and entertainment assets with both cultural and commercial value.
Technology and AI Integration
How GPs and LPs view AI disruption pehub.com was a key topic at NEXUS 2026, with Thoma Bravo's Holden Spaht and New York's Anastasia Titarchuk discussing the technology's impact on investment strategies and portfolio company operations. This conversation reflects the growing importance of AI adoption across private equity portfolios.