Private Equity 3d Briefing
×Deal Activity
Blackstone pe-insights.com, CVC and Brookfield submitted preliminary bids for Volkswagen’s diesel engine unit Everllence, valuing the carve-out at around €8bn. Advent International pe-insights.com is among five parties expressing takeover interest for UK manufacturer Senior plc, which commands a £1.39bn ($1.78bn) market value. EQT pe-insights.com and BlackRock’s GIP are in advanced talks to acquire US power producer AES in a potential $12.4bn deal, though EQT pe-insights.com separately walked away from a bid for Oxford Biomedica over valuation differences. Searchlight Capital pehub.com and Abry agreed to take Io T connectivity provider Kore private for $726m, while Falfurrias Capital pehub.com backed Woven Solutions’ acquisition of government consultancy Valence.
Sector Consolidation
Renovus Capital pehub.com backed Solomon Edwards in its purchase of CFO’s Domain, and Renovus pehub.com also saw its portfolio company Definian acquire data analytics firm Incite. Gemspring Capital pehub.com backed Zavation’s takeover of Choice Spine in the orthopedics sector. Multiples Private Equity pehub.com backed Zenex Animal Health’s acquisition of Netherlands-based Vieve Pharm. Trive Capital pehub.com invested in Rolfson Oil, which subsequently acquired Flint Logistics Group. Wise Equity pehub.com is investing in vending machine manufacturer FAS International, and Tonka Bay Capital pehub.com backed Camp Digital’s home services marketing platform.
Private Credit Concerns
FS KKR pe-insights.com, KKR’s publicly traded private credit vehicle, reported rising troubled loans and a lower fourth-quarter net investment income, highlighting stress in the sector. This follows a broader private credit ft.com market reassessment where business development companies like FSK reveal unraveling buyout deals. Blackstone pe-insights.com meanwhile priced a $400m bond for one of its private credit funds amid software sector volatility. Calpers pe-insights.com remains confident in its private credit exposure despite AI-driven software risks affecting the $1.8tn market, with CIO Marcie Frost stating at NEXUS the fund isn’t forced to sell assets for liquidity.
Fundraising & Asset Growth
Carlyle Group pe-insights.com set a $200bn inflow target by 2028 as its turnaround gains traction. Novacap pe-insights.com closed its Technologies Fund VII at nearly $3.8bn, exceeding its $2.75bn target. Arcmont Asset Management pe-insights.com secured $1.62bn for its second European private credit fund. Caisse de depot pe-insights.com grew to $378bn after a 9.3% return in 2025, navigating private equity headwinds. Plaid pe-insights.com returned to an $8bn valuation in a funding round providing employee liquidity.
Secondaries Market
At the NEXUS conference secondariesinvestor.com, experts noted that credit GP-led deals rely on asset selection and alignment. NEXUS discussions secondariesinvestor.com also predicted increased LP selling and a new normal for continuation fund valuations in 2026. Ardian’s Wilfred Small secondariesinvestor.com described a shift toward “cherry picking” in the LP-led market. CPP Investments secondariesinvestor.com will consider secondaries sales to trim older exposure while aiming to deploy C$20bn into private equity this year. A new PEI Group podcast secondariesinvestor.com explored how LPs and GPs navigate the slower exit environment.
AI & Tech Focus
Saudi AI company pe-insights.com Quantum Switch Tamasuk is exploring strategic options, including a potential sale, drawing buyout interest. Clearlake Capital’s José Feliciano pehub.com warned that software buyouts are currently “a four-letter word” due to AI disruption. Inflexion’s John Di Giovanni pehub.com sees exciting AI use cases in healthcare, while Victor Capital’s Doug Korn believes tariff risk has peaked. Private equity has committed over $185m to next-generation, digital-first football formats.
Personnel Moves
Sverica pehub.com promoted Michael Dougherty to partner and Doug Patrican to principal, also hiring Matt Johnson as a principal. DPI pehub.com named Sofiane Lahmar as its new CEO; he has been a senior partner since 2010. Permira pehub.com appointed Giorgio Dinaro as head of Milan, succeeding Francesco Pascalizi. Astorg pehub.com saw its mid-cap co-head Edouard Pillot leave, with Lionel de Posson taking sole control. Encore Capital pehub.com promoted Paul Rivenburgh to managing director. Cavu pehub.com promoted Jared Jacobs to managing partner. Sterling pehub.com hired Noah Bishop as SVP to source new investments.
Additional Deals & Exits
Oaktree Capital pe-insights.com is exploring a sale or IPO for UK wealth manager Utmost Group, potentially valuing it at $2.7bn. CD&R pe-insights.com secured shareholder approval and EU clearance