Private Equity 3d Briefing
×Market Activity & Exits
Global buyout deal value pe-insights.com surged to $904 billion in 2025 as firms accelerate deployment amid shifting return expectations. Blackstone's Perry pehub.com predicts exit activity will grow 30-40% in 2026, with secondaries volume expected to reach record levels. KKR pe-insights.com is lining up a $1 billion IPO exit for Global Medical Response, while Bain and Lone Star pe-insights.com advance in the $1.9 billion bid race for Mitsubishi Electric's auto unit. KKR pe-insights.com outbid rivals to secure a majority stake in $1.3 billion XCL Education, demonstrating strong appetite for education assets.
Fundraising & Investment
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 a broader sports ecosystem, having already invested in Flex Work Sports, Formula 1 team Alpine Racing, and Two Circles. Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to expand private credit capabilities. Gencom pe-insights.com accelerated its New York hotel buying spree with family office backing, as institutional capital flows into hospitality.
Portfolio Moves & Acquisitions
CD&R's $6.2 billion pe-insights.com Sealed Air takeover won shareholder backing and EU clearance, advancing one of the year's largest deals. EQT-backed Scale Microgrids pehub.com scooped up Reload to expand its advanced energy solutions portfolio. Genstar-backed Docupace pehub.com acquired fintech firm Invest Edge, while Crestview-backed One Magnify pehub.com acquired Optimal's performance marketing business. Ardian pe-insights.com opened private equity to 5.6 million UK DC savers through a partnership with Legal & General, broadening retail access to alternative investments.
Secondaries & Continuation Vehicles
Secondaries Investor secondariesinvestor.com reported 85 continuation vehicles closed in 2025, with 40 more launching or being considered. Lazard secondariesinvestor.com noted that 40% of GPs expect to consider CVs in the next two years, with mid-market sponsors increasingly turning to larger continuation vehicles. Temasek's Azalea secondariesinvestor.com expects more GPs to use technology to crystallize liquidity for LPs. GP-leds secondariesinvestor.com are boosting exits for Azalea's offerings as firms seek to return capital while holding trophy assets.
Industry Trends & Strategy
Clearlake's José E. Feliciano pehub.com discussed AI disruption strategies at PEI Group's NEXUS 2026, emphasizing the need to pick winners and losers in the evolving landscape. Thoma Bravo's Holden Spaht and New York's Anastasia Titarchuk pehub.com shared perspectives on how GPs and LPs view AI disruption. Ardian's Wilfred Small secondariesinvestor.com noted that today's secondaries market has evolved to focus on asset selection and cherry-picking. Josh Harris of 26North pehub.com pursues adjacent investing, seeking businesses that grow with ecosystems but aren't priced at ecosystem levels.
Sector Focus
Private equity pe-insights.com backed next-generation football formats with $185 million-plus in capital, flowing into digital-first, small-sided leagues. Water infrastructure pehub.com is drawing increased interest from firms seeking markets with attractive features. Private equity pe-insights.com tripled its London office footprint with a $1.68 billion retrofit push. Broadband internet provider Vero Networks pehub.com raised $500 million from an investor group including Hamilton Lane, Braemont Capital, and Delta-v Capital.
Operational Leadership & Governance
L Catterton partner Todd Bartee pe-insights.com took the helm at Tonal as private equity reshapes connected fitness. Angeles Equity Partners pehub.com tapped Eric Dunn as VP for its operating team, responsible for investment evaluation and post-close transformation. CalPERS CEO Marcie Frost pehub.com emphasized the need for better transparency from GPs on portfolio company data to manage risk. ECI Partners pehub.com welcomed Marijn Pangemanan as new investment director while appointing Scarlett Salamon as investor relations analyst.
Exit Environment & LP-GP Dynamics
NEXUS panelists pehub.com noted that lack of exits and compressed PE returns are complicating LP-GP dynamics. How GPs and LPs view AI disruption emerged as a key theme at NEXUS 2026, with firms grappling with technology's impact on valuations and strategy. The industry's recovery pehub.com appears to be gaining traction as more GPs shake off economic uncertainty to accelerate distributions. OMERS pe-insights.com reported $8.2 billion net income in 2025, though private equity lagged its broader portfolio performance.
Defense & Industrial
Retired vice admiral William Hilarides pehub.com found his calling backing the defense industry, aiming to help companies grow at the rate the Navy needs. Arcline pehub.com invested in Hydraulics International Inc, whose products serve US and allied defense forces. Charlesbank-backed Velocity One pehub.com snapped up Kaney Aerospace, uniting specialized companies in power systems, navigation, and precision-engineered components. North Current-backed On Track pehub.com picked up Carey's Seamless Gutters & Overhead Doors, expanding its residential and commercial services platform.
Healthcare & Services
Frazier Healthcare-backed Rev Spring pehub.com acquired healthcare tech firm Trust Commerce from Waud Capital Partners. Kinderhook pehub.com agreed to take home health and hospice firm Enhabit private for $1.1 billion at $13.80 per share. Sovereign Capital pehub.com bought Apollo Home Healthcare, founded in 2014 to deliver bespoke, high-acuity care for children and adults with complex clinical needs. Goldman Sachs-backed CSD pehub.com acquired autism services firm Behavior Change Institute to expand its evidence-based autism and behavioral health services.
Technology & AI
Brookfield-backed Radiant pehub.com merged with Ori Industries, combining Ori's distributed AI infrastructure platform with Radiant's global capabilities. Ambienta portco No Dig Alliance pehub.com bought Suomen Putkisto Palvelu, a specialist in manhole rehabilitation and underground water pipe services. Main Capital-backed TMA pehub.com picked up HR tech business STYR, marking its third transaction since partnering with Main Capital Partners in December 2024. One River pe-insights.com expanded to $3 billion AUM with the acquisition of LGT Capital's quantitative investment unit.