Private Equity 3d Briefing
×Major Deals & Takeovers
BlackRock’s GIP pe-insights.com and EQT 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 approaches valuing the company at $1.78 billion. Searchlight Capital pehub.com and Abry Partners will take Io T company Kore private for $726 million, acquiring all issued and outstanding shares not already owned at $9.25 per share. CD&R pe-insights.com has secured shareholder approval for its $6.2 billion acquisition of Sealed Air, with the deal also receiving EU clearance.
Fundraising & Investment
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 and associated vehicles at $1.62 billion for its complex European private credit strategy. Carlyle Group pe-insights.com expects to raise at least $200 billion in inflows by the end of 2028 as its turnaround gains traction. One River Asset Management pehub.com has agreed to acquire the quantitative investment unit of LGT Capital, expanding to $3 billion in assets under management.
Portfolio Company Activity
Gemspring Capital pehub.com-backed Zavation has acquired Choice Spine, a maker of spinal implants, interventional spine products, and biologics headquartered in Flowood, Mississippi. Renovus Capital pehub.com-backed Solomon Edwards has acquired consulting and recruiting firm CFO’s Domain, expanding its professional services platform. Trive Capital pehub.com has invested in Rolfson Oil, which subsequently acquired Flint Logistics Group, an Oklahoma City-based provider of fuel, oils, and lubricants. Charlesbank Capital Partners pehub.com-backed Velocity One has acquired Kaney Aerospace, uniting specialized companies in power systems, navigation, and precision-engineered components.
Leadership Changes
Sverica Capital Management pehub.com has promoted Michael Dougherty to partner and Doug Patrican to principal, while also hiring Matt Johnson as a principal. DPI pehub.com has named Sofiane Lahmar as its new CEO, who has been a senior partner at the firm since joining in 2010. Cavu Management pehub.com has promoted Jared Jacobs to managing partner, having joined the firm in 2017. Encore Consumer Capital pehub.com has promoted Paul Rivenburgh to managing director, who joined the firm in 2016 as an associate.
Industry Trends & Strategy
Clearlake Capital’s pehub.com José E. Feliciano noted that "in the short term, doing a buyout of a software business or a take-private of a software business right now is probably a four-letter word," highlighting challenges in the current AI-driven market environment. Blackstone’s pehub.com energy transition fund group has been involved with nine deals as buyer or seller in recent months, ranging from $800 million to $6.5 billion. L Catterton pe-insights.com has strengthened its operational oversight at portfolio company Tonal, with partner Todd Bartee taking the helm as private equity reshapes the connected fitness landscape.
Secondary Market & Exits
Blackstone’s pehub.com global head of Strategic Partners Verdun Perry predicts exit activity will grow 30%-40% in 2026, with the year marking a record for exits and secondaries volume. Temasek’s secondariesinvestor.com Azalea Investment Management expects more GPs to use technology to crystallize liquidity for LPs, according to managing director Justin Keh. Sovereign Capital pehub.com has acquired Apollo Home Healthcare, a provider of bespoke, high-acuity care for children and adults with complex clinical needs.
Infrastructure & Energy
Brookfield-backed pehub.com Radiant has merged with Ori Industries, combining Ori’s distributed AI infrastructure platform with Radiant’s global infrastructure capabilities. 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. Equinix pe-insights.com and CPP Investments are close to acquiring pan-Nordic data-center operator at North in a deal valued at approximately $4 billion.
Regional & Sector Focus
Otro Capital pehub.com has closed its $1.2 billion fund and looks to pursue a broader sports ecosystem, having invested in Flex Work Sports, Formula 1 team Alpine Racing, and Two Circles out of its first fund. BTG funds pe-insights.com will invest $1.05 billion in Raízen as Shell and Cosan advance talks to recapitalize their Brazilian joint venture. Saudi Arabia’s pe-insights.com AI boom is drawing buyout interest as Quantum Switch Tamasuk explores strategic options including a potential sale of its Saudi operations.
Fund Performance & Strategy
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, a publicly traded private credit vehicle managed by KKR, reported an increase in troubled loans and lower fourth-quarter performance. Blackstone’s pe-insights.com private credit fund has priced a $400 million 2029 bond amid software volatility, while KKR’s $13 billion FSK fund adapts to the shifting private credit landscape.
Healthcare & Life Sciences
Multiples Private Equity pehub.com-backed Zenex Animal Health has acquired Netherlands-based Vieve Pharm, recognized for its expertise in phytogenic formulations for the livestock, equine, and pet care markets. Genstar Capital pehub.com-backed Docupace has acquired fintech firm Invest Edge, expanding its AI-enabled back-office and compliance software for wealth management firms. Woven Solutions pehub.com, backed by Falfurrias Capital Partners, has acquired government consultancy Valence, a provider of software for the national security community.
Technology & Digital
Plaid Inc. pe-insights.com has secured an $8 billion valuation in a new funding round designed to provide employee liquidity. Baird Capital pehub.com has invested in digital safety services firm Auto Loto, which will expand its suite of automated worker safety solutions for the built environment. Tonka Bay Equity Partners pehub.com has backed home services marketing platform Camp Digital, with founder and CEO Katie Donovan and chief operating officer Meg Stapleton continuing to lead the company.
Market Outlook
La Caisse de Depot et Placement du Quebec pe-insights.com generated a 9.3% overall return in 2025, growing to $378 billion despite private equity headwinds. Astorg pehub.com’s mid-cap co-head Edouard Pillot is leaving the firm, with fellow co-head Lionel de Posson taking sole control of the team. Verdane pehub.com has made a £186 million bid for Augmentum Fintech, a London-based fintech fund, as the firm pursues growth in the financial technology sector.