Private Equity 3d Briefing
×Major Takeovers and Strategic Moves
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. Advent International pe-insights.com is among potential bidders for Senior plc, which disclosed it has received five takeover offers valuing the British engineering firm at approximately $1.78 billion. CD&R pe-insights.com has secured shareholder approval for its $6.2 billion acquisition of Sealed Air after receiving European regulatory clearance.
Brookfield-backed Radiant pehub.com is merging with Ori Industries to combine distributed AI infrastructure with global capabilities. Wynnchurch Capital pehub.com will acquire Arcosa's barge business for $450 million, while IOP pehub.com is selling retail fixtures provider Royston to LSI Industries for $320 million. Behrman Capital pehub.com has sold Waterline Renewal Technologies to New Mountain-based Azuria.
Fundraising and Investment Activity
Carlyle Group pe-insights.com expects to raise at least $200 billion in inflows by the end of 2028 as its turnaround gains traction. Novacap pe-insights.com has closed its Technologies Fund VII at nearly $3.8 billion, exceeding its $2.75 billion target by over $1 billion. Arcmont Asset Management pe-insights.com completed the final close of Capital Solutions Fund II at $1.62 billion for complex European private credit strategies.
Otro Capital pehub.com has closed its $1.2 billion fund to pursue investments across the broader sports ecosystem after backing Formula 1 team Alpine Racing and other sports ventures. La Caisse pe-insights.com grew to $378 billion after generating a 9.3% overall return in 2025 despite private equity headwinds.
Private Credit Developments
KKR's $13 billion FSK fund pe-insights.com is adapting to the shifting private credit landscape as troubled loans increase. Blackstone's private credit fund pe-insights.com has priced a $400 million 2029 bond amid software market volatility. Apollo Global Management pe-insights.com is close to finalising a partnership with BNP Paribas to originate European private credit deals.
California Public Employees' Retirement System pe-insights.com remains confident in its private credit exposure despite rising AI-driven software risks in the $1.8 trillion market. FS KKR Capital Corporation pe-insights.com reported increased troubled loans and lower fourth-quarter performance, highlighting sector challenges.
Platform Building and Add-ons
Searchlight Capital Partners and Abry Partners pehub.com are taking Io T company Kore private for $726 million at $9.25 per share. Multiples-backed Zenex Animal Health pehub.com has acquired Netherlands-based Vieve Pharm, expanding its phytogenic formulations portfolio. Renovus-backed Solomon Edwards pehub.com has acquired consulting and recruiting firm CFO's Domain.
Genstar-backed Docupace pehub.com has acquired fintech firm Invest Edge to enhance its AI-enabled back-office software for wealth management. Fusion Capital-backed Tavoron pehub.com has acquired factory automation distributor Doig Corp to expand its industrial solutions platform.
Leadership Changes and Promotions
Sverica Capital Management pehub.com has promoted Michael Dougherty to partner and Doug Patrican to principal, while hiring Matt Johnson as a principal. DPI pehub.com has named Sofiane Lahmar as its new CEO after he served as a senior partner since 2010. Cavu pehub.com has promoted Jared Jacobs to managing partner after he joined the firm in 2017.
Encore pehub.com has promoted Paul Rivenburgh to managing director after he joined as an associate in 2016. Astorg pehub.com is seeing mid-cap co-head Edouard Pillot depart, with Lionel de Posson taking sole control of the team.
Healthcare and Life Sciences
Sovereign Capital pehub.com has acquired Apollo Home Healthcare, a provider of bespoke high-acuity care for children and adults with complex clinical needs. Gemspring Capital-backed Zavation pehub.com has acquired Choice Spine to expand its spinal implants and biologics portfolio.
Renovus-backed Definian pehub.com has acquired data analytics consultancy Incite, while ONCAP-backed Komar Industries pehub.com has acquired waste services firm Metro. North Current-backed On Track Partners pehub.com has acquired Carey's Seamless Gutters & Overhead Doors.
Technology and Software
Plaid Inc. pe-insights.com has secured an $8 billion valuation in a new funding round designed to provide employee liquidity. Content monetization platform Stay22 pehub.com has raised $122 million from Summit Partners to support global expansion and product innovation.
Clearlake's José E. Feliciano pehub.com noted that buyout activity in software businesses has become challenging amid AI disruption concerns. Verdane pehub.com has made a £186 million bid for Augmentum Fintech, a London-based fintech fund.
Secondaries and GP-led Activity
Temasek's Azalea Investment Management secondariesinvestor.com expects more GPs to use GP-led deals to crystallise liquidity for limited partners. Ardian's Wilfred Small secondariesinvestor.com told attendees at PEI's conference that today's secondaries market has evolved to focus on asset selection and cherry picking.
CPP Investments secondariesinvestor.com will consider secondaries sales to trim older exposure while aiming to deploy about C$20 billion into private equity this year. One River Asset Management pehub.com has agreed to acquire the quantitative investment unit of LGT Capital Partners to expand to $3 billion in assets under management.
Emerging Sectors and Special Situations
Private equity is backing next-generation football formats pe-insights.com with over $185 million in capital flowing into digital-first, small-sided leagues. Saudi AI boom pe-insights.com is drawing buyout interest as Quantum Switch Tamasuk explores strategic options including a potential sale.
Wise Equity pehub.com is investing in vending machine manufacturer FAS International, which closed 2025 with revenues exceeding €58 million and EBITDA margin above 20 percent. Tonka Bay pehub.com has backed home services marketing platform Camp Digital.
Portfolio Company Activity
EQT pehub.com has sold its remaining shares in Azelis for €190 million, exiting the specialty chemicals and food ingredients service provider. Terminus pehub.com has invested in fintech firm Eventus to increase investment in product innovation and expand global commercial presence.
Charlesbank-backed Velocity One pehub.com has acquired Kaney Aerospace to unite specialized companies in aerospace and defense. My Pediatric Doctor pehub.com has secured investment from QC Capital with Eric Doherty serving as CEO.
Market Outlook and Strategy
Blackstone's Foley and Khan pehub.com highlighted electrical products distributor Arlington's add-on potential as the energy transition fund pursues nine deals ranging from $800 million to $6.5 billion. Inflexion's John Di Giovanni pehub.com sees "exciting" AI use cases in healthcare while Victor Capital's Doug Korn says tariff risk has peaked.
Blackstone's Verdun Perry projects exit activity will grow 30-40% in 2026, marking a record year for exits and secondaries volume. L Catterton partner Todd Bartee pe-insights.com has taken the helm at Tonal as private equity reshapes the connected fitness market.