Private Equity 3d Briefing
×Major Deals & Takeovers
Blackstone pe-insights.com and Centerbridge are among bidders circling Marine Max in a potential $1 billion acquisition. CD&R pe-insights.com secured shareholder approval for its $6.2 billion acquisition of Sealed Air, with EU clearance also granted. CVC-owned Syntegon pe-insights.com raised $1.89 billion in debt to fund a $648 million shareholder dividend, increasing its debt load by 40%. KKR pe-insights.com is preparing a $1 billion IPO exit for Global Medical Response, appointing banks for the potential US listing. KKR pe-insights.com outbid rivals to secure a majority stake in XCL Education Holdings in a $1.3 billion deal.
Fundraising & Portfolio Activity
Novacap pe-insights.com closed its $3.8 billion Tech Fund VII, surpassing its $2.75 billion target by over $1 billion. Otro Capital pehub.com closed a $1.2 billion fund to pursue broader sports ecosystem investments, having already invested in Flex Work Sports, Formula 1 team Alpine Racing, and Two Circles. Ardian pe-insights.com partnered with Legal & General to open private equity to 5.6 million UK DC savers through workplace pension schemes. One River pe-insights.com expanded to $3 billion AUM with the acquisition of LGT Capital's quantitative investment unit.
Exit Environment & Market Dynamics
Blackstone's Verdun Perry pehub.com predicts exit activity will grow 30%-40% in 2026, with Bain pe-insights.com reporting global buyout deal value surged to $904 billion as "12 is the new 5" reshapes returns. CalPERS pehub.com CEO Marcie Frost emphasized the pension fund wants GPs to improve transparency on portfolio company data to better manage its $613.7 billion risk exposure. NEXUS panelists pehub.com noted the lack of exits and compressed PE returns are complicating LP-GP dynamics, with Mike Lazorik of Texas TRS telling delegates that LP-GP alignment "has never been more complicated."
Secondaries & Continuation Vehicles
Temasek's Azalea Investment Management secondariesinvestor.com expects more GPs to use continuation vehicles to crystallize liquidity for LPs. Lazard secondariesinvestor.com reports that 40% of GPs expect to mull continuation vehicles in the next two years, with mid-market sponsors increasingly turning to larger CVs. Evercore secondariesinvestor.com appointed Adams Street Partners' head for its new APAC secondaries practice, following Shane Gong's departure in January 2025.
Portfolio Company Activity
Velocity One pehub.com, backed by Charlesbank, snapped up Kaney Aerospace to build its aerospace and defense platform. Genstar-backed Docupace pehub.com acquired fintech firm Invest Edge to enhance its AI-enabled back-office software for wealth management. EQT-backed Scale Microgrids pehub.com scooped up Reload to expand its advanced energy solutions portfolio. Crestview-backed One Magnify pehub.com acquired Optimal's performance marketing business to strengthen its AI-enabled marketing solutions.
Industry Trends & Insights
Private equity pe-insights.com is backing next-generation football formats with $185 million-plus in capital, flowing into digital-first, small-sided leagues. Private equity firms pe-insights.com are eyeing a $2 billion Permian asset sale as Conoco Phillips streamlines its portfolio. Thoma Bravo's Holden Spaht pehub.com and New York's Anastasia Titarchuk discussed how GPs and LPs are viewing AI disruption at NEXUS 2026. Josh Harris of 26North pehub.com warned that mixing retail capital with wealth capital through differently regulated vehicles could lead to industry backlash.
Regional & Sector Focus
Europe pehub.com is drawing capital as dealmakers weigh US tariff uncertainty, with Lincoln International noting increased strategic interest. Water infrastructure pehub.com is gaining traction as Ambienta's NDA makes add-ons and firms seek exposure to the sector's attractive features. Sovereign Capital pehub.com bought Apollo Home Healthcare, a provider of bespoke, high-acuity care for children and adults with complex clinical needs. Kinderhook pehub.com agreed to take home health and hospice firm Enhabit private for $1.1 billion at $13.80 per share.
Infrastructure & Credit
PIF unit Jada pe-insights.com plans to ramp up private credit as Stride targets $200 million Saudi deployment. Qatar Investment Authority pe-insights.com backed 5C with several hundred million dollars to expand its private credit operations. Brookfield-backed Rockpoint Gas Storage pehub.com closed a C$459 million secondary offering, with Brookfield selling 16.4 million shares at C$28 per share.
Strategic Moves & Leadership
L Catterton pe-insights.com strengthened its operational oversight at portfolio company Tonal by appointing partner Todd Bartee as CEO. Angeles Equity Partners pehub.com tapped Eric Dunn as VP for its operating team, responsible for investment evaluation, post-close transformation, and portfolio oversight. Ventus Industrial's William Hilarides pehub.com, a retired vice admiral, found his calling backing the defense industry to help companies grow at the rate the Navy needs.
Market Intelligence & Research
Bain's latest study secondariesinvestor.com shows over half of GPs launched continuation vehicles to return capital to existing LPs, with 40% expecting to consider CVs in the next two years. Secondaries Investor secondariesinvestor.com reports that 2025 saw 85 continuation vehicles close, with 40 more launching or being considered. Lazard notes that majority of CVs run by mid-market GPs in 2025 are equivalent to 50% or more of their latest flagship funds.