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. Meanwhile, Volkswagen pe-insights.com has received preliminary bids valuing its diesel engine unit Everllence at around €8 billion, with Blackstone, CVC and Brookfield among the suitors. Advent International pe-insights.com has finalized its acquisition of Southeast Europe's fast-growing tbi bank after receiving regulatory clearance, while Searchlight pehub.com and Abry Partners are taking Io T company Kore private for $726 million at $9.25 per share.
Fundraising & Capital Markets
Carlyle Group pe-insights.com expects to raise at least $200 billion in inflows by the end of 2028 as its turnaround gains traction. Arcmont Asset Management pe-insights.com has completed the final close of Capital Solutions Fund II, securing €1.62 billion for its complex European private credit strategy. KKR pe-insights.com reported an increase in troubled loans and lower fourth-quarter performance from its $13 billion FSK fund, which is adapting to the shifting private credit landscape. A Blackstone private credit fund has priced a $400 million 2029 bond amid software volatility concerns.
Portfolio Moves & Exits
EQT pehub.com has sold its remaining shares in Azelis for €190 million, exiting the service provider for specialty chemicals and food ingredients. IOP pehub.com is selling retail fixtures provider Royston to LSI Industries for $320 million, with the transaction expected to close in LSI's third quarter of fiscal 2026. Behrman Capital pehub.com has sold Waterline Renewal Technologies to New Mountain-based Azuria, while Insight Equity pehub.com has acquired aerosol products maker IKI, which serves consumer and professional products companies.
Strategic Moves & Market Trends
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. Clearlake Partners pehub.com co-founder José E. Feliciano noted that "doing a buyout of a software business or a take-private of a software business right now is probably a four-letter word" amid AI disruption concerns. Calpers pe-insights.com remains confident in its private credit exposure despite rising AI-driven software risks in the $1.8 trillion market. The California Public Employees' Retirement System is unfazed by these emerging threats to software valuations.
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, with Lahmar serving as a senior partner since joining in 2010. Cavu Management pehub.com has promoted Jared Jacobs to managing partner after he joined the firm in 2017. Encore Capital pehub.com has promoted Paul Rivenburgh to managing director, who joined the firm as an associate in 2016.
Industry Consolidation
Multiples-backed Zenex Animal Health pehub.com has acquired Netherlands-based Vieve Pharm, recognized for its expertise in phytogenic formulations for livestock, equine, and pet care markets. Falfurrias-backed Woven Solutions pehub.com has acquired government consultancy Valence, a Reston, Virginia-based provider of software for the national security community. Renovus-backed Solomon Edwards pehub.com has snapped up consulting and recruiting firm CFO's Domain, a Wayne, Pennsylvania-based professional services firm. Gemspring-backed Zavation pehub.com has picked up Choice Spine, with Zavation headquartered in Flowood, Mississippi as a maker of spinal implants and interventional spine products.
Emerging Opportunities
Private equity firms pehub.com are pursuing investments in the hospice care market, with Kinderhook, Renovus and Revelstoke among those targeting platform opportunities. Saudi Arabia's AI boom pe-insights.com is drawing buyout interest as Quantum Switch Tamasuk evaluates strategic options including a potential sale of its Saudi operations. Wise Equity pehub.com is investing in vending machine manufacturer FAS International, which closed 2025 with revenues exceeding €58 million and an EBITDA margin above 20 percent. Tonka Bay Equity Partners pehub.com has backed home services marketing platform Camp Digital, with founder Katie Donovan and COO Meg Stapleton continuing to lead the company.
Strategic Partnerships
Apollo Global Management pe-insights.com and BNP Paribas are close to finalizing a partnership to originate European private credit deals. Plaid Inc. pe-insights.com has secured an $8 billion valuation in a new funding round designed to provide employee liquidity. Content monetization company Stay22 pehub.com has raised $122 million from Summit Partners to support global expansion and product innovation. Terminus pehub.com has invested in fintech firm Eventus, which will increase investment in product innovation and platform capabilities under majority ownership.
Regional Developments
Blackstone's energy transition fund pehub.com has been involved with nine deals ranging from $800 million to $6.5 billion as the buyer or seller in recent months. 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. Oaktree Capital Management pe-insights.com is exploring a sale or London IPO of Utmost Group, the UK wealth manager it values at approximately $2.7 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.