Private Equity 3d Briefing
×Major Deals & Takeovers
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. Blackstone, CVC, and Brookfield pe-insights.com have submitted preliminary bids valuing Volkswagen's diesel engine unit Everllence at around €8 billion. Searchlight and Abry pehub.com are acquiring IoT company Kore in a $726 million take-private deal at $9.25 per share. Advent International pe-insights.com is among potential bidders for Senior plc, which has received five takeover approaches valuing the UK engineering group at $1.78 billion.
Fundraising & Fundraising
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 European private credit strategy. KKR's $13 billion FSK fund pe-insights.com is adapting to the shifting private credit landscape with increased troubled loans reported in Q4. FS KKR Capital Corporation pe-insights.com reported an increase in troubled loans and lower fourth-quarter earnings.
Portfolio Activity
EQT pehub.com has sold its remaining shares in Azelis for €190 million, exiting the specialty chemicals service provider. Trive Capital pehub.com has invested in Rolfson Oil, which subsequently acquired Flint Logistics Group, an Oklahoma City-based fuel and lubricants provider. Multiples-backed Zenex Animal Health pehub.com has acquired Netherlands-based Vieve Pharm, a specialist in phytogenic formulations for livestock and pet care. Gemspring-backed Zavation pehub.com has purchased Choice Spine, expanding its spinal implants portfolio.
GP Moves & Leadership
Sverica 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 2010. Cavu pehub.com has promoted Jared Jacobs to managing partner after his 2017 joining. Encore pehub.com has elevated Paul Rivenburgh to managing director, where he joined as an associate in 2016.
Secondaries & Credit Markets
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. Blackstone's private credit fund pe-insights.com has priced a $400 million 2029 bond amid software sector volatility. Apollo Global Management and BNP Paribas pe-insights.com are close to finalising a partnership to originate European private credit deals. The GP-led credit market is exploring different deal structures and return opportunities as growth continues, according to NEXUS conference discussions.
Exits & Public Markets
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 fiscal quarter of 2026. Behrman pehub.com has sold Waterline Renewal Technologies to New Mountain-based Azuria, bringing together brands including Perma-Liner and APM. Plaid Inc. pe-insights.com has secured an $8 billion valuation in a new funding round designed to provide employee liquidity.
Sector Focus
Private equity firms are increasingly targeting accounting and consulting firms for consolidation opportunities, with investors seeing potential to build national platforms among tens of thousands of CPA firms across the country. The hospice care market is attracting multiple PE firms including Kinderhook, Renovus, and Revelstoke, with five recent deals highlighting growth in care platforms. Clearlake's José E. Feliciano pehub.com noted that buyouts of software businesses are currently "a four-letter word" amid AI disruption concerns.
Regional Activity
Wise Equity pehub.com is investing in Italian vending machine manufacturer FAS International, which closed 2025 with revenues exceeding €58 million and EBITDA margin above 20 percent. Bridgepoint pehub.com has invested in Gold State Music, providing capital for a dedicated investment program focused on building and scaling music-oriented businesses. Saudi AI boom pe-insights.com is drawing buyout interest as Quantum Switch Tamasuk evaluates strategic options including a potential sale of its Saudi operations.
Strategic Moves
Renovus-backed SolomonEdwards pehub.com has acquired consulting and recruiting firm CFO's Domain, expanding its professional services platform. Tonka Bay pehub.com has backed home services marketing platform Camp Digital, with founder Katie Donovan and COO Meg Stapleton continuing to lead the company. Terminus pehub.com has invested in fintech firm Eventus, which will increase investment in product innovation and platform capabilities under majority ownership.
Industry Insights
Inflexion's John DiGiovanni pehub.com sees "exciting" AI use cases in healthcare while noting that tariff risk has peaked, according to Victor Capital's Doug Korn. Permira pehub.com has appointed Giorgio Dinaro as head of Milan, succeeding Francesco Pascalizi who held the role since 2019. La Caisse pe-insights.com has grown to $378 billion after a 9.3% return in 2025 despite private equity headwinds. Blackstone's Foley and Khan pehub.com highlighted add-on potential for electrical products distributor Arlington, with the energy transition fund involved in nine recent deals ranging from $800 million to $6.5 billion.