Private Equity 3d Briefing
×Fundraising & Capital Markets
Novacap pe-insights.com closed its $3.8 billion Tech Fund VII, surpassing its $2.75 billion target by over $1 billion in under a year. Otro Capital pehub.com raised $1.2 billion for its new fund targeting the broader sports ecosystem. One River pe-insights.com expanded to $3 billion in assets under management with the acquisition of LGT Capital's quantitative investment unit. Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to expand private credit capabilities. Ardian pe-insights.com partnered with Legal & General to open private equity to 5.6 million UK defined contribution savers.
Exits & Liquidity
Blackstone's pehub.com Verdun Perry predicted exit activity will grow 30-40% in 2026, with 2026 expected to mark a record year for exits and secondaries volume. General Atlantic pe-insights.com is marketing a secondary sale of ByteDance shares at a $550 billion valuation. Verdane pehub.com made a £186 million bid for Augmentum Fintech. Kinderhook pehub.com agreed to take home health and hospice firm Enhabit private for $1.1 billion. Gemspring pehub.com sold Security 101 to Morgan Stanley. Turning Rock pehub.com exited food company Ameri Qual.
M&A Activity
Charlesbank-backed pehub.com Velocity One acquired Kaney Aerospace to build its aerospace and defense platform. Wynnchurch pehub.com agreed to acquire Arcosa's barge business for $450 million. Genstar-backed pehub.com Docupace acquired fintech firm Invest Edge. ONCAP-backed pehub.com Komar Industries acquired waste services firm Metro. Fusion Capital-backed pehub.com Tavoron purchased factory automation distributor Doig Corp. Arcline pehub.com invested in Hydraulics International Inc. Shamrock pehub.com acquired creative agency Mutiny from Trailer Park Group.
GP-LP Dynamics
CalPERS CEO Marcie Frost pehub.com emphasized the need for better transparency from GPs on portfolio company data. NEXUS pehub.com panelists highlighted how lack of exits and compressed returns are complicating LP-GP dynamics. Bain pe-insights.com reported global buyout deal value surged to $904 billion, with GPs increasingly considering continuation vehicles. Lazard secondariesinvestor.com noted that 40% of GPs expect to consider CVs in the next two years, with many mid-market GPs running CVs equivalent to 50% or more of their flagship funds.
Portfolio Company Developments
L Catterton pe-insights.com partner Todd Bartee took the helm at Tonal as private equity reshapes connected fitness. Crestview-backed pehub.com One Magnify acquired Optimal's performance marketing business. EQT-backed pehub.com Scale Microgrids scooped up Reload. Frazier Healthcare-backed pehub.com Rev Spring acquired healthcare tech firm Trust Commerce. Victor Capital pehub.com backed Specialty Fenestration Group. Kava Equity pehub.com acquired drywall contractor The Berg Group.
Sector-Specific Moves
Private equity is backing next-generation football formats with over $185 million in capital flowing into digital-first, small-sided leagues. Bluestone Equity Partners pe-insights.com announced a three-year partnership with USA Archery ahead of the 2028 Games. Gencom pe-insights.com accelerated its New York hotel buying spree with family office backing. Broadband internet provider pehub.com Vero Networks raised $500 million from an investor group. 5C received backing from Qatar Investment Authority to expand private credit.
Secondaries & Continuation Vehicles
Temasek's Azalea Investment Management expects more GPs to use continuation vehicles to crystallize liquidity for LPs. GP-leds secondariesinvestor.com are boosting exits for Azalea's offerings. Main Capital-backed pehub.com TMA acquired HR tech business STYR. Ambienta portco pehub.com No Dig Alliance bought Suomen Putkisto Palvelu. Over 40 continuation vehicles launched or were being considered in 2025.
Leadership & Strategy
26North's pehub.com Josh Harris warned that retail capital presents a "recipe for problems" due to regulatory differences. Entrata is working with Goldman Sachs and JPMorgan on an IPO. CVC-owned pe-insights.com Syntegon raised $1.89 billion in debt to fund a $648 million shareholder dividend. BTG funds pe-insights.com invested $1.05 billion in Raízen as Shell and Cosan advanced their recapitalization plan.
Regional & Market Trends
Europe pehub.com is drawing capital as dealmakers weigh US tariff uncertainty. Private equity pe-insights.com tripled its London office footprint with a $1.68 billion retrofit push. OMERS pe-insights.com reported $8.2 billion in net income for 2025, though private equity lagged its broader portfolio. Permira's pehub.com long hold of Evelyn Partners showcases UK wealth management's M&A evolution. KKR pe-insights.com is lining up a $1 billion IPO exit for Global Medical Response.
Defense & Industrial
Retired vice admiral William Hilarides found his calling as PE backs the defense industry, aiming to help companies grow at the rate the Navy needs. Velocity One is building its aerospace and defense platform through specialized acquisitions. Arcline invested in Hydraulics International, serving US and allied defense forces. Genstar-backed Docupace provides AI-enabled compliance software for wealth management firms serving defense contractors.
Infrastructure & Energy
Brookfield-backed pehub.com Radiant merged with Ori Industries to combine distributed AI infrastructure with global capabilities. Brookfield-backed pehub.com Rockpoint Gas Storage closed a C$459 million secondary offering. EQT-backed Scale Microgrids acquired Reload to expand advanced energy solutions. Water infrastructure pehub.com is drawing increased interest from private equity firms seeking attractive market features.
Healthcare & Life Sciences
Frazier Healthcare-backed Rev Spring acquired healthcare tech firm Trust Commerce. Goldman Sachs-backed pehub.com CSD acquired autism services firm Behavior Change Institute. Sovereign Capital pehub.com bought Apollo Home Healthcare, which delivers bespoke high-acuity care. Kinderhook is taking Enhabit private in a $1.1 billion deal. Victor Capital backed Specialty Fenestration Group, parent of Quikserv Inc. and Us Bullet Proofing.
Technology & AI
Genstar-backed Docupace provides AI-enabled back-office and compliance software for wealth management firms. Thoma Bravo's pehub.com Holden Spaht and New York's Anastasia Titarchuk discussed how GPs and LPs view AI disruption. Hg launched an initiative to drive AI adoption at portfolio companies. KKR pe-insights.com is testing the software market with a potential $1.5 billion sale of BMC Helix. One River acquired LGT Capital's quantitative investment unit to expand AI capabilities.
Fund Formation & Strategy
Novacap closed its $3.8 billion Tech Fund VII in record time. Otro Capital raised $1.2 billion to pursue the broader sports ecosystem. 5C received backing from Qatar Investment Authority to expand private credit. Ardian partnered with Legal & General to democratize private equity access. Bain reported global buyout deal value surged to $904 billion as "12 is the new 5" reshapes returns expectations.
Regulatory & Market Environment
CalPERS pehub.com wants its GPs to do better on transparency to better manage risk. NEXUS panelists discussed how compressed PE returns are complicating LP-GP dynamics. 26North's Josh Harris warned about mixing retail and accredited investor capital. Europe is drawing capital as dealmakers weigh US tariff uncertainty. OMERS delivered a 6% net investment return in 2025.