Private Equity 3d Briefing
×Leadership Moves & Promotions
Sverica pehub.com promoted Michael Dougherty to partner and Doug Patrican to principal, while also hiring Matt Johnson as a principal. Meanwhile, DPI pehub.com named Sofiane Lahmar as its new CEO, who has been a senior partner since joining in 2010. Cavu pehub.com promoted Jared Jacobs to managing partner after he joined the firm in 2017, and Encore pehub.com elevated Paul Rivenburgh to managing director, where he will focus on sourcing and executing new platform investments.
Fundraising & Investment Activity
Novacap pe-insights.com closed its Technologies Fund VII at nearly $3.8 billion, surpassing its $2.75 billion target by over $1 billion. Arcmont pe-insights.com secured €1.62 billion for its complex European private credit strategy through the final close of Capital Solutions Fund II. SMFL MIRAI Partners secondariesinvestor.com plans to allocate around $300 million to $500 million across funds in 2026, while Carlyle pe-insights.com targets $200 billion in inflows by 2028 as its turnaround gains traction.
Major Takeovers & Acquisitions
BlackRock's GIP and EQT pe-insights.com are in advanced discussions to acquire US power producer AES in a potential $12.4 billion deal. Searchlight and Abry pehub.com agreed to take Io T company Kore private for $726 million at $9.25 per share. CD&R pe-insights.com secured shareholder approval and EU clearance for its $6.2 billion acquisition of Sealed Air. Verdane pehub.com made a £186 million bid for Augmentum Fintech, while Blackstone pehub.com highlighted Arlington's add-on potential in the electrical products distribution space.
Portfolio Company Activity
EQT pehub.com sold its remaining shares in Azelis for €190 million, while Blackstone pe-insights.com priced a $400 million 2029 bond amid software volatility concerns. 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%. Blackstone's FSK fund pe-insights.com reported rising troubled loans and lower fourth-quarter performance as it adapts to the shifting private credit landscape.
Sector-Specific Deals
Kinderhook, Renovus, and Revelstoke pehub.com are pursuing investments in the hospice care market, with QC Capital pehub.com investing in My Pediatric Doctor, a US-based urgent care pediatric telemedicine company. Multiples PE-backed Zenex Animal Health pehub.com acquired Netherlands-based Vieve Pharm, recognized for its expertise in phytogenic formulations. Gemspring-backed Zavation pehub.com picked up Choice Spine, while Genstar-backed Docupace pehub.com acquired fintech firm Invest Edge.
Strategic Partnerships & Market Trends
Apollo and BNP Paribas pe-insights.com are close to finalising a partnership to originate European private credit deals. CalPERS pe-insights.com remains confident in its private credit exposure despite rising AI-driven software risks in the $1.8 trillion market. Clearlake's José E. Feliciano pehub.com noted that doing buyouts of software businesses has become "a four-letter word" amid current market conditions.
Secondaries & GP-Led Activity
GP-led credit market secondariesinvestor.com is exploring different deal and return opportunities as growth continues, according to NEXUS conference insights. Younger, high-quality portfolios secondariesinvestor.com are gaining ground in the LP-led market, with today's environment focused on asset selection and cherry picking. GP-leds secondariesinvestor.com are boosting exits for Azalea's offerings, with more GPs expected to use technology to crystallize liquidity for LPs.
Infrastructure & Energy Deals
Brookfield-backed Radiant pehub.com merged with Ori Industries, combining Ori's distributed AI infrastructure platform with Radiant's global capabilities. Wynnchurch pehub.com agreed to acquire Arcosa's barge business for $450 million. Toyota pe-insights.com plans to unwind approximately ¥3 trillion in strategic shareholdings held by banks as part of its reform drive.
Emerging Markets & Special Situations
Saudi AI boom pe-insights.com is drawing buyout interest as Quantum Switch Tamasuk explores strategic options including a potential sale. BTG funds pe-insights.com will invest $1.05 billion in Raízen as Shell and Cosan advance their recapitalization plan. One River pe-insights.com expanded to $3 billion AUM with the acquisition of LGT Capital's quantitative investment unit.
Exit Environment & Market Outlook
Blackstone's Foley and Khan highlighted Arlington's add-on potential in the electrical products distribution space. 2026 pehub.com should mark a record year for exits and secondaries volume, with exit volumes expected to grow 30-40% as assets' cashflows move forward. CalPERS' Marcie Frost pehub.com emphasized that the pension fund is not selling assets to hit payroll, focusing instead on businesses growing with the ecosystem but not priced at ecosystem levels.
Regional & Industry Focus
Advent International pe-insights.com finalised its acquisition of tbi bank after receiving regulatory clearance from European authorities. Senior plc pe-insights.com disclosed it has received five takeover approaches, with Advent International among potential bidders in the $1.78 billion deal. Falfurrias-backed Woven Solutions pehub.com acquired government consultancy Valence, a provider of software for the national security community.