Private Equity 3d Briefing
×Major Takeovers and Bids
BlackRock’s GIP and EQT pe-insights.com are in advanced talks to acquire US power producer AES in a potential $12.4 billion deal. Meanwhile, Advent International pe-insights.com is among suitors eyeing a $1.78 billion takeover of Senior plc, which has received five preliminary bids. Blackstone, CVC and Brookfield pe-insights.com have submitted preliminary bids valuing Volkswagen’s diesel engine unit Everllence at around €8 billion.
Fundraising and Capital Raises
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 closed its Technologies Fund VII at nearly $3.8 billion, surpassing its $2.75 billion target by over $1 billion. Arcmont Asset Management pe-insights.com completed the final close of its Capital Solutions Fund II at $1.62 billion for a complex European private credit strategy.
Portfolio Moves and Exits
EQT pehub.com sold its remaining shares in Azelis for €190 million, exiting the specialty chemicals and food ingredients service provider. IOP pehub.com agreed to sell retail fixtures provider Royston to LSI Industries for $320 million, with the transaction expected to close in LSI’s fiscal Q3 2026. Behrman pehub.com sold Waterline Renewal Technologies to New Mountain-based Azuria, bringing Perma-Liner and other brands under new ownership.
Strategic Investments
Searchlight and Abry Partners pehub.com will take Io T company Kore private for $726 million at $9.25 per share. Multiples-backed Zenex Animal Health pehub.com acquired Netherlands-based Vieve Pharm, expanding its phytogenic formulations for livestock and pet care. Trive Capital pehub.com invested in Rolfson Oil, which subsequently acquired Flint Logistics Group.
Leadership Changes
Sverica pehub.com promoted Michael Dougherty to partner and Doug Patrican to principal, while also hiring Matt Johnson as a principal. DPI pehub.com named Sofiane Lahmar as its new CEO, with Lahmar serving as a senior partner since 2010. Cavu pehub.com promoted Jared Jacobs to managing partner after he joined in 2017. Encore pehub.com elevated Paul Rivenburgh to managing director, where he joined as an associate in 2016.
Sector-Specific Activity
Wise Equity pehub.com will invest in vending machine manufacturer FAS International, which closed 2025 with revenues exceeding €58 million and EBITDA margin above 20 percent. Bridgepoint pehub.com invested in Gold State Music to support a dedicated investment program for music-oriented businesses. Gemspring-backed Zavation pehub.com acquired Choice Spine, expanding its spinal implants and biologics portfolio.
Credit Market Developments
KKR’s $13 billion FSK fund pe-insights.com is adapting to the shifting private credit landscape amid rising troubled loans. Blackstone’s private credit fund pe-insights.com priced a $400 million 2029 bond amid software sector volatility. Arcmont raised $1.62 billion for its European private credit strategy. Apollo and BNP Paribas pe-insights.com are finalising a partnership to originate European private credit deals.
Secondaries and GP-Led Activity
The GP-led credit market is exploring different deal and return opportunities as growth continues, with asset selection and alignment with GPs supporting performance. Younger, high-quality portfolios are gaining ground in the LP-led market, attendees at PEI’s NEXUS conference noted. CPP Investments secondariesinvestor.com will consider secondaries sales to “trim older exposure” while targeting C$20 billion in private equity deployment this year.
Platform Building and Add-Ons
Renovus-backed Solomon Edwards pehub.com acquired consulting and recruiting firm CFO’s Domain. Renovus-backed Definian pehub.com purchased data analytics consultancy Incite. Charlesbank-backed Velocity One pehub.com snapped up Kaney Aerospace, expanding its aerospace and defense platform. North Current-backed On Track pehub.com acquired Carey’s Seamless Gutters & Overhead Doors.
Regional and Industry Focus
Saudi Arabia’s AI boom is drawing buyout interest as Quantum Switch Tamasuk explores strategic options including a potential sale. Southeast Europe’s fast-growing tbi bank finalised its acquisition by Advent International pe-insights.com after receiving regulatory clearance. The hospice care market is seeing PE interest with five recent deals involving firms like Kinderhook, Renovus and Revelstoke.
Technology and Innovation
Plaid Inc. pe-insights.com returned to an $8 billion valuation in an employee liquidity funding round designed to provide stakeholders with partial exit opportunities. Content monetization platform Stay22 pehub.com secured $122 million from Summit Partners to support global expansion and product innovation. Baird pehub.com invested in digital safety services firm Auto Loto to expand its automated worker safety solutions.
Market Commentary and Strategy
Clearlake’s José E. Feliciano pehub.com noted that AI disruption has led to everything being “lumped into the same bucket,” making software buyouts challenging in the short term. 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. The ability to select assets and ensure alignment with GPs will support the performance of credit GP-led deals, according to industry experts at NEXUS.