Private Equity 3d Briefing
×Market Activity & Deal Flow
Global private equity dealmaking pe-insights.com rebounded sharply in 2025, with buyout deal value surging to $904 billion as the "12 is the new 5" dynamic reshapes returns expectations. The recovery appears to be gaining traction as more general partners shake off economic uncertainty and valuation qualms to put more money to work and speed up distributions to investors, according to industry observers at PEI Group's NEXUS 2026 summit.
Exit volumes pehub.com are expected to grow 30%-40% in 2026, according to Blackstone's Perry, with increased activity pulling sellers into the market. Over half of general partners said the primary reason for launching continuation vehicles was to return capital to existing limited partners, with 40% expecting to consider CV options in the next two years, according to Bain & Company.
Major Transactions
KKR-backed Global Medical Response pe-insights.com has appointed banks for a potential US initial public offering that could value the emergency services provider at over $10 billion. Meanwhile, KKR pe-insights.com is exploring a sale of BMC Helix that could value the AI-driven IT service management platform at $1.5 billion, testing the software market's appetite for AI-enabled assets.
Blackstone-backed Syntegon pe-insights.com has increased its debt load by 40% to €1.6 billion, equivalent to 6.6x EBITDA, to fund a €648 million shareholder dividend. The packaging technology company raised $1.89 billion in debt financing, highlighting how sponsors are leveraging debt markets to extract value from portfolio companies.
Permira and Warburg Pincus pehub.com agreed to sell London-based Evelyn Partners to Nat West in February at an enterprise value of £2.7 billion ($3.7 billion; €3.1 , showcasing the evolution of UK wealth management M&A. The deal represents a successful exit for the private equity owners after a long hold period.
Portfolio Company Activity
Genstar-backed Docupace pehub.com has acquired fintech firm Invest Edge, expanding its AI-enabled back-office and compliance software platform for wealth management firms. ONCAP-backed Komar Industries pehub.com has acquired waste services firm Metro, strengthening its position in waste and recycling processing solutions based in Columbus, Ohio.
EQT-backed Scale Microgrids pehub.com has scooped up Reload, adding to its portfolio of advanced energy solutions providers. Frazier Healthcare-backed Rev Spring pehub.com has acquired healthcare technology firm Trust Commerce from Waud Capital Partners, expanding its patient payment and engagement platform.
Secondary Market Developments
Temasek's Azalea Investment Management secondariesinvestor.com expects more general partners to use continuation vehicles to crystallize liquidity for limited partners, according to managing director Justin Keh. The secondary market is seeing increased activity as GPs seek creative solutions to deliver returns in a challenging exit environment.
General Atlantic pe-insights.com is marketing a secondary sale of shares in ByteDance that values the Chinese technology company at $550 billion, testing the private market's appetite for late-stage technology assets. The transaction represents one of the largest secondary sales in recent history.
Fundraising & Strategy
Otro Capital pehub.com has closed a $1.2 billion fund and is looking to pursue a broader sports ecosystem after investing in Flex Work Sports, Formula 1 team Alpine Racing, and Two Circles. The New York-based firm is capitalizing on the convergence of sports, media, and technology.
Ardian pe-insights.com has partnered with Legal & General to provide private equity exposure to 5.6 million UK defined contribution savers, opening the asset class to retail investors through a pension wrapper. This marks a significant expansion of private market access for retail participants.
Industry Trends & Commentary
Private equity firms pe-insights.com have more than tripled their share of London office acquisitions over the past year, with a $1.68 billion retrofit push tripling their footprint. The strategy reflects a bet on urban office recovery and value-add opportunities in commercial real estate.
Water infrastructure pehub.com is drawing increased interest from private equity firms keen to tap into a market with several attractive features, including regulatory tailwinds and essential service characteristics. Ambienta's NDA has made an add-on acquisition, while Hg is seeking AI adoption at portfolio companies through a new initiative.
Operational Developments
Thoma Bravo's Holden Spaht pehub.com and New York's Anastasia Titarchuk discussed how general partners and limited partners view AI disruption at PEI Group's NEXUS 2026 summit. The conversation highlighted the technology's potential to transform portfolio company operations and create competitive advantages.
Hg secondariesinvestor.com is seeking greater liquidity from its investments as the exit environment remains challenging, with both sides of the GP-LP relationship exploring creative solutions to deliver returns. The firm is working with portfolio companies to optimize operations and prepare for eventual exits.
Regional Focus
Europe is drawing capital as dealmakers weigh US tariff uncertainty, according to Lincoln International. The firm notes that European assets may become more attractive as investors seek geographic diversification amid trade tensions.
Private equity pe-insights.com is increasingly flowing into digital-first, small-sided football leagues as investors seek exposure to the sports and entertainment convergence, with over $185 million-plus in capital deployed to date. The trend reflects broader interest in sports-adjacent technology and media assets.
Regulatory & Governance
CalPERS pehub.com wants its general partners to do better on transparency, with CEO Marcie Frost emphasizing that more visibility on portfolio company data will help the $613.7 billion US pension better manage its risk. The push reflects growing LP demands for enhanced reporting and governance standards.
Texas TRS's Mike Lazorik pehub.com told delegates at PEI Group's NEXUS 2026 event that LP-GP alignment "has never been more complicated," citing compressed returns and lack of exits as key challenges. The comments underscore the evolving dynamics between investors and managers in the current market environment.