Private Equity 3d Briefing
×Market Moves & Fundraising
Carlyle Group pe-insights.com has set a $200 billion inflow target by 2028 as its turnaround gains traction. The asset manager expects to raise at least $200 billion in inflows by the end of the decade. Novacap pe-insights.com closed its $3.8 billion Tech Fund VII, surpassing its $2.75 billion target by over $1 billion. The Montreal-based firm attracted strong investor demand for its latest technology-focused vehicle. Arcmont Asset Management pe-insights.com secured $1.62 billion for its complex European private credit strategy, completing the final close of Capital Solutions Fund II and associated vehicles.
Deal Activity
Blackstone pehub.com is positioning Liftoff Mobile for an IPO as part of its broader energy transition strategy. The firm's energy transition fund has been involved with nine deals as buyer or seller in recent months, ranging from $800 million to $6.5 billion. CD&R pe-insights.com secured shareholder approval for its $6.2 billion acquisition of Sealed Air, with EU clearance also granted. EQT pe-insights.com opted not to proceed with a takeover offer for Oxford Biomedica after valuation differences halted negotiations. IOP pehub.com agreed to sell retail fixtures provider Royston to LSI Industries for $320 million, with the transaction expected to close in LSI's third quarter of fiscal 2026.
Portfolio Moves & Exits
Gemspring Capital pehub.com sold Security 101 to Morgan Stanley after investing in the security systems provider in 2021. Tri West Capital pehub.com exited Peloton Computer Enterprises following a recapitalization transaction led by Carlyle Group. Renovus Capital pehub.com backed Solomon Edwards snapped up consulting and recruiting firm CFO's Domain, expanding its professional services platform. Insight Equity pehub.com scooped up aerosol products maker IKI, which serves consumer and professional products companies.
Fundraising & Strategy
Plaid Inc. pe-insights.com secured an $8 billion valuation in a new funding round designed to provide liquidity to employees. The fintech infrastructure company's valuation return marks a significant milestone. Tonka Bay Equity Partners pehub.com backed home services marketing platform Camp Digital, with founder and CEO Katie Donovan and chief operating officer Meg Stapleton continuing to lead the company. Terminus pehub.com invested in fintech firm Eventus, which will increase investment in product innovation and platform capabilities under majority ownership.
Industry Trends & Commentary
Clearlake Capital's pehub.com José E. Feliciano warned that "everything's being lumped into the same bucket" regarding AI disruption, noting that doing a buyout of a software business right now is "probably a four-letter word." Blackstone's pehub.com Verdun Perry predicted exit activity will grow 30-40% in 2026, with exit volumes moving assets' cashflows forward and allowing secondaries buyers to offer higher prices. Inflexion's pehub.com John Di Giovanni sees "exciting" AI use cases in healthcare, while Victor Capital's Doug Korn said tariff risk has peaked.
Leadership Changes
Encore Consumer Capital pehub.com promoted Paul Rivenburgh to managing director, who joined the firm in 2016 as an associate. Cavu Capital Partners pehub.com promoted Jared Jacobs to managing partner, who joined the firm in 2017. Sterling Investment Partners pehub.com tapped Noah Bishop for SVP, where he will focus on sourcing, evaluating, and executing new platform investments. Permira pehub.com named Giorgio Dinaro as new head of Milan, succeeding Francesco Pascalizi who held the role since 2019.
Infrastructure & Energy
Equinix pe-insights.com and CPPIB are near a $4 billion deal for Nordic data center operator at North, acquiring the pan-Nordic data-center platform. Brookfield-backed pehub.com Radiant merged with Ori Industries, combining Ori's distributed AI infrastructure platform with Radiant's global infrastructure capabilities. Wynnchurch Capital pehub.com will acquire Arcosa's barge business for $450 million, with Arcosa being a Dallas-based provider of infrastructure-related products and solutions.
Secondaries & Liquidity
GP-led transactions secondariesinvestor.com are boosting exits for Azalea's offerings, with Temasek's Azalea Investment Management expecting more GPs to use the technology to crystallize liquidity for LPs. Younger, high-quality portfolios secondariesinvestor.com are gaining ground in the LP-led market, with Ardian's Wilfred Small noting that today's market has evolved to one of asset selection and cherry picking. La Caisse pe-insights.com grew to $378 billion after a 9.3% return in 2025, though private equity lagged its broader portfolio performance.
Healthcare & Life Sciences
Sovereign Capital pehub.com bought Apollo Home Healthcare, founded in 2014, which delivers bespoke, high-acuity care focused on children and adults with complex clinical needs. Genstar Capital-backed pehub.com Docupace acquired fintech firm Invest Edge, expanding its AI-enabled back-office and compliance software for wealth management firms. Victor Capital pehub.com backed Specialty Fenestration Group, parent company of Quikserv Inc. and Us Bullet Proofing.
Technology & Digital
Baird Capital pehub.com invested in digital safety services firm Auto Loto, supporting the company's expansion of automated worker safety solutions for the built environment. Topspin Partners pehub.com injected capital into manufacturer Grid, a partner to fitness chains, YMCAs, colleges, and healthcare facilities. Fusion Capital-backed pehub.com Tavoron picked up factory automation distributor Doig Corp, expanding its automation, robotics, and industrial solutions platform.
Regional & Sector Focus
Private equity pe-insights.com is backing next-generation football formats with $185 million-plus in capital, flowing into digital-first, small-sided football leagues. Gencom pe-insights.com accelerated its New York hotel buying spree with family office backing, driving large-scale US hospitality transactions. Otro Capital pehub.com looks to pursue a broader sports ecosystem after closing its $1.2 billion fund, having invested in Flex Work Sports, Formula 1 team Alpine Racing, and Two Circles.
Fund Performance & Returns
OMERS pe-insights.com reported $8.2 billion in net income for 2025, generating a 6% net investment return, though private equity lagged its broader portfolio. CalPERS pehub.com wants its GPs to do better on transparency, with CEO Marcie Frost stating that more visibility on portfolio company data will help the $613.7 billion US pension better manage its risk. NEXUS panelists pehub.com noted that 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."
Private Credit & Alternative Assets
Apollo Global Management pe-insights.com and BNP Paribas are close to finalizing a partnership to originate European private credit, expanding their reach in the alternative lending space. PIF unit Jada pe-insights.com plans to ramp up private credit as Stride targets $200 million Saudi deployment. One River Asset Management pe-insights.com expanded to $3 billion AUM with the acquisition of LGT Capital's quantitative investment unit, significantly growing its alternative asset capabilities.
Legal & Regulatory
Charlesbank-backed pehub.com Velocity One snapped up Kaney Aerospace, with the aerospace and defense platform uniting specialized companies in power systems, navigation, and precision-engineered components. Retired vice admiral William Hilarides pehub.com found his calling as PE backs the defense industry, aiming to make a substantive difference in shipbuilding and the defense industrial base. Toyota Motor Corp. pe-insights.com is planning to unwind approximately ¥3 trillion in strategic shareholdings held by banks as part of its reform drive.