Private Equity 3d Briefing
×Deals & Exits
BlackRock’s GIP pe-insights.com and EQT are in advanced discussions to acquire US power producer AES in a deal valued at approximately $12.4 billion. Advent International pe-insights.com has emerged as one of five potential bidders for UK engineering group Senior plc, which is exploring a $1.78 billion takeover. Separately, Blackstone pe-insights.com, CVC, and Brookfield submitted preliminary bids for Volkswagen’s diesel engine unit Everllence, with offers valuing the business around €8 billion. Falfurrias Capital pehub.com portfolio company Woven Solutions has acquired government consultancy Valence, expanding its national security software footprint.
Firm Movements & Leadership
Sverica pehub.com promoted Michael Dougherty to partner and Doug Patrican to principal, while also hiring Matt Johnson as a principal. DPI pehub.com appointed Sofiane Lahmar as its new chief executive officer, succeeding a longtime senior partner. At Astorg pehub.com, co-head of mid-cap Edouard Pillot is set to leave the firm, with fellow co-head Lionel de Posson taking sole control of the team. Permira pehub.com named Giorgio Dinaro as the new head of its Milan office, replacing Francesco Pascalizi.
Market & Credit Trends
KKR pe-insights.com reported increased troubled loans and lower fourth-quarter distributions from its publicly traded private credit vehicle FS KKR Capital Corporation, highlighting pressures in the sector. FS KKR pe-insights.com itself is adapting its strategy as the private credit landscape shifts, while a separate analysis in the Financial Times ft.com used the BDC’s filings to illustrate unraveling buyout deals. Blackstone pe-insights.com priced a $400 million bond for one of its private credit funds amid software sector volatility. Calpers pe-insights.com remains confident in its private credit exposure despite concerns about AI-driven software risks affecting the $1.8 trillion market.
Secondaries & Exit Environment
The GP-led credit market is exploring new deal structures, with Antares secondariesinvestor.com noting that asset selection and alignment are key to performance. At the NEXUS conference, Ardian secondariesinvestor.com observed that today’s secondaries market has evolved into one focused on "cherry picking" high-quality portfolios. Blackstone’s Verdun Perry pehub.com predicted that 2026 will see a record year for exits and secondaries volume, with activity potentially growing 30%-40%. Azalea secondariesinvestor.com expects more GPs to use technology to crystallize liquidity for LPs through GP-led transactions.
Other Deals & Investments
Wise Equity pehub.com is investing in vending machine manufacturer FAS International, which closed 2025 with revenues exceeding €58 million. Zenex Animal Health pehub.com, backed by Multiples Private Equity, acquired Netherlands-based Vieve Pharm, known for phytogenic formulations. Tonka Bay pehub.com invested in Camp Digital, a home services marketing platform. QC Capital pehub.com backed My Pediatric Doctor, with Eric Doherty named CEO. Bridgepoint pehub.com invested in Gold State Music to build a music-focused business ecosystem. Baird pehub.com invested in Auto Loto, a digital worker safety services firm.
Exits & Realizations
Tri West Capital pehub.com exited Peloton Computer Enterprises through a recapitalization led by Carlyle Group pehub.com. That same firm, Carlyle pe-insights.com, set a target of $200 billion in inflows by 2028 as its turnaround gains traction. EQT pehub.com sold its remaining shares in specialty chemicals distributor Azelis for €190 million. Verdane pehub.com made a £186 million take-private bid for fintech fund Augmentum Fintech. Wynnchurch pehub.com agreed to acquire Arcosa’s barge business for $450 million.