Private Equity 3d Briefing
×Fundraising & Targets
The Carlyle Group pe-insights.com set an ambitious $200 billion inflow target by 2028 as its turnaround strategy gains traction. Separately, Novacap pe-insights.com closed its Technologies Fund VII at nearly $3.8 billion, exceeding its $2.75 billion target. Arcmont Asset Management pe-insights.com secured $1.62 billion for its second European private credit fund, while One River pe-insights.com expanded to $3 billion in assets under management by acquiring LGT Capital’s quantitative investment unit.
Exits & M&A Activity
EQT pehub.com sold its remaining shares in specialty chemicals distributor Azelis for €190 million, but valuation differences pe-insights.com halted its takeover approach for Oxford Biomedica. Clayton, Dubilier & Rice pe-insights.com secured shareholder approval for its $6.2 billion acquisition of Sealed Air. Wynnchurch pehub.com agreed to buy Arcosa’s barge business for $450 million, and IOP pehub.com is selling retail fixtures provider Royston to LSI Industries for $320 million. Behrman pehub.com sold Waterline Renewal Technologies to New Mountain-backed Azuria.
Secondaries Market Pulse
Attendees at the NEXUS 2026 conference forecast a record year for secondaries volume pehub.com in 2026, driven by growing exit activity. The market has evolved into one of asset selection secondariesinvestor.com and "cherry picking," according to Ardian’s Wilfred Small. Temasek’s Azalea secondariesinvestor.com expects more GPs to use technology to crystallize liquidity for LPs, while CPP Investments secondariesinvestor.com will consider secondaries sales to trim older portfolio exposure. A new NEXUS blueprint secondariesinvestor.com outlines expected trends from increased LP selling to revised valuation norms.
Sector-Specific Deals
Trive Capital pehub.com backed Rolfson Oil, which subsequently acquired Flint Logistics Group. Tonka Bay pehub.com invested in home services marketing platform Camp Digital. Bridgepoint pehub.com backed Gold State Music to build a music-oriented business platform. Baird pehub.com invested in digital safety services firm Auto Loto. Genstar-backed Docupace pehub.com acquired fintech firm Invest Edge, and Renovus-backed Definian pehub.com bought data analytics consultancy Incite. Gemspring-backed Zavation pehub.com picked up Choice Spine, while ONCAP-backed Komar Industries pehub.com acquired waste services firm Metro. Charlesbank-backed Velocity One pehub.com snapped up Kaney Aerospace. North Current-backed On Track pehub.com acquired Carey’s Seamless Gutters. Aquiline-backed Relation pehub.com bought Thorn Creek Insurance Services. Sovereign Capital pehub.com purchased Apollo Home Healthcare. Insight Equity pehub.com acquired aerosol products maker IKI. Fusion Capital-backed Tavoron pehub.com picked up factory automation distributor Doig Corp. My Pediatric Doctor pehub.com secured investment from QC Capital.
Large-Scale Infrastructure & Energy
Equinix and CPPIB pe-insights.com are near a $4 billion deal for Nordic data centre operator at North. Brookfield-backed Radiant pehub.com merged with Ori Industries, combining distributed AI infrastructure with global capabilities. BTG funds pe-insights.com will invest $1.05 billion in Brazilian energy firm Raízen as Shell and Cosan advance a recapitalization plan. CVC-owned Syntegon pe-insights.com raised €1.89 billion in debt to fund a €648 million shareholder dividend.
Private Credit & Strategic Partnerships
Apollo and BNP Paribas pe-insights.com are finalizing a partnership to expand European private credit originations. Antares’ Olga Kosters secondariesinvestor.com noted that credit GP-led deals benefit from asset selection and GP alignment. The GP-led credit market continues exploring diverse return opportunities as it grows.
Personnel Moves
Encore pehub.com promoted Paul Rivenburgh to managing director. Cavu pehub.com elevated Jared Jacobs to managing partner. Sterling pehub.com hired Noah Bishop as SVP to source new investments. Permira pehub.com appointed Giorgio Dinaro as head of its Milan office. L Catterton partner Todd Bartee pe-insights.com took the helm at connected fitness firm Tonal.
Market Outlook & Analysis
Blackstone’s Verdun Perry pehub.com predicts exit activity will grow 30%-40% in 2026, while Blackstone’s Foley and Khan pehub.com highlighted add-on potential for electrical distributor Arlington. Clearlake’s José E. Feliciano pehub.com warned that AI disruption has made software buyouts feel like a "four-letter word" in the short term. Inflexion’s John Di Giovanni pehub.com sees exciting AI use cases in healthcare, and Victor Capital’s Doug Korn believes tariff risk has peaked. Toyota pe-insights.com plans to unwind approximately ¥3 trillion ($19 in cross-shareholdings as part of a reform drive. La Caisse pe-insights.com grew to $378 billion after a 9.3% return in 2025 despite private equity headwinds. CalPERS CEO Marcie Frost pehub.com urged GPs for better transparency on portfolio data, and CalPERS pehub.com emphasized it is not selling assets to meet payroll. Verdane pehub.com made a £186 million bid for fintech fund Augmentum, while Verdane also pursued a take-private of a fintech-focused VC firm. Otro Capital pehub.com, after closing a $1.2 billion fund, looks to pursue a broader sports ecosystem. Tri West Capital pehub.com exited Peloton Computer Enterprises via a Carlyle-led recapitalization. Plaid pe-insights.com returned to an $8 billion valuation in an employee liquidity funding round.