Private Equity 3d Briefing
×Deal Activity
KKR pe-insights.com is preparing a $1 billion IPO exit for Global Medical Response, while Bain Capital pe-insights.com and Lone Star Funds have advanced to the second round in bidding for Mitsubishi Electric's $1.9 billion auto unit. General Atlantic pe-insights.com and Blackstone are among investors in Citigroup's $2.5 billion Banamex stake sale. Kinderhook pehub.com will take Enhabit private for $1.1 billion, paying $13.80 per share in cash. Verdane pehub.com made a £186 million bid for Augmentum Fintech, and Sovereign Capital pehub.com acquired Apollo Home Healthcare, which delivers bespoke high-acuity care for children and adults with complex clinical needs.
Fundraising & Strategy
Otro Capital pehub.com closed a $1.2 billion fund to pursue a broader sports ecosystem, having already invested in Flex Work Sports, Formula 1 team Alpine Racing, and Two Circles. BTG funds pe-insights.com are investing $1.05 billion in Raízen as Shell and Cosan advance their recapitalization plan. CVC-backed Syntegon pe-insights.com raised $1.89 billion in debt to fund a $648 million shareholder dividend, increasing its debt load by 40% to €1.6 billion. One River Asset Management pe-insights.com expanded to $3 billion in AUM with the acquisition of LGT Capital's quantitative investment unit. Ardian pe-insights.com partnered with Legal & General to open private equity to 5.6 million UK defined contribution savers.
GP-Led Transactions
Blackstone's pehub.com Perry predicts exit activity will grow 30-40% in 2026, with GP-led transactions boosting liquidity for LPs. Temasek's Azalea Investment Management secondariesinvestor.com expects more GPs to use continuation vehicles to crystallize liquidity. Brookfield-backed Rockpoint Gas Storage pehub.com closed a C$459 million secondary offering, selling 16.4 million shares at C$28 per share. Lazard secondariesinvestor.com reports that 40% of continuation vehicles run by mid-market GPs in 2025 are equivalent to 50% or more of their latest flagship funds.
Sector Focus
Private equity firms pe-insights.com have more than tripled their share of London office acquisitions, with a $1.68 billion retrofit push. Gencom pe-insights.com accelerated its New York hotel buying spree with family office backing, as such capital increasingly drives large-scale US hospitality transactions. Private equity firms pe-insights.com are eyeing a potential $2 billion Permian asset sale as Conoco Phillips streamlines its portfolio. Bluestone Equity Partners pe-insights.com announced a three-year partnership with USA Archery ahead of the 2028 Games, strengthening its sports portfolio.
Portfolio Company Moves
Aquiline-backed Relation pehub.com acquired Thorn Creek Insurance Services, with Tim Hall serving as CEO. Wynnchurch pehub.com will acquire Arcosa's barge business for $450 million. Brookfield-backed Radiant pehub.com merged with Ori Industries, combining Ori's distributed AI infrastructure platform with Radiant's global capabilities. ASC-backed Campus Works pehub.com merged with college consulting firm Dynamic Campus. Main Capital-backed TMA pehub.com acquired HR tech business STYR, marking its third transaction since partnering with Main Capital in December 2024.
Market Outlook
Bain pe-insights.com reports global buyout deal value surged to $904 billion in 2025, with "12 is the new 5" reshaping returns. OMERS pe-insights.com delivered a 6% net investment return in 2025, generating $8.2 billion in net income, though private equity lagged its broader portfolio. Lincoln International pehub.com notes Europe is drawing capital as dealmakers weigh US tariff uncertainty. 40% of GPs secondariesinvestor.com expect to consider continuation vehicles in the next two years, according to Bain research.
Industry Developments
CalPERS pehub.com wants its GPs to improve transparency, seeking more visibility on portfolio company data to better manage its $613.7 billion risk. NEXUS panelists pehub.com cited lack of exits and compressed PE returns as complicating LP-GP dynamics. Thoma Bravo's pehub.com Holden Spaht and New York's Anastasia Titarchuk discussed how GPs and LPs view AI disruption at PEI Group's NEXUS 2026 summit. Ambienta's pehub.com portco No Dig Alliance acquired Suomen Putkisto Palvelu, a specialist in manhole rehabilitation and underground water pipe services.
Smaller Transactions
Shamrock pehub.com snapped up creative agency Mutiny from Trailer Park Group, which incubated the division in 2021. Topspin pehub.com injected capital into manufacturer Grid, a partner to fitness chains and athletic programs. Victor Capital pehub.com backed Specialty Fenestration Group, parent company of Quikserv Inc. and Us Bullet Proofing. Kava Equity pehub.com acquired drywall contractor The Berg Group, with Jack Szmanda serving as CEO. Bay Hawk pehub.com invested in Gridco, where the founding management team will remain majority shareholders.
Investment Team Moves
Angeles Equity Partners pehub.com tapped Eric Dunn as VP for its operating team, responsible for evaluating new investment opportunities and driving 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. Retired vice admiral William Hilarides pehub.com found his calling backing defense industry companies through Ventus Industrial.
Other Notable Deals
Miura and Mindful Capital pehub.com agreed to sell Italcer to Austrian listed company Wienerberger. Turning Rock pehub.com exited food company Ameri Qual, which is majority owned by the Harlan family. Haveli pehub.com backed software firm Sirion to accelerate product innovation and expand its global go-to-market presence. Goldman Sachs-backed CSD pehub.com acquired autism services firm Behavior Change Institute. Green Heron pehub.com invested in Regency Plumbing Contractors, where the executive team will retain a significant ownership position.