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. Meanwhile, Advent International pe-insights.com is among potential bidders for Senior plc, which disclosed it has received five takeover offers valuing the company at approximately $1.78 billion. Searchlight and Abry Partners pehub.com will take IoT company Kore private for $726 million, acquiring all outstanding shares at $9.25 per share. Volkswagen pe-insights.com has received preliminary bids valuing its diesel engine unit Everllence at around €8 billion ($9.44 from Blackstone, CVC, and Brookfield.
Fundraising & Market Activity
Carlyle Group pe-insights.com expects to raise at least $200 billion in inflows by the end of 2028 as its turnaround gains traction. KKR's $13 billion FSK fund pe-insights.com is adapting to the shifting private credit landscape, while a publicly traded private credit vehicle managed by Blackstone has priced a $400 million bond. Plaid Inc. pe-insights.com has secured an $8 billion valuation in a new funding round designed to provide employee liquidity.
Personnel Moves
Sverica Capital 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, who has been a senior partner since joining in 2010. Cavu pehub.com promoted Jared Jacobs to managing partner after he joined the firm in 2017. Encore pehub.com promoted Paul Rivenburgh to managing director, who joined in 2016 as an associate.
Platform Expansion
Falfurrias-backed Woven Solutions pehub.com acquired government consultancy Valence, a Reston, Virginia-based provider of software for the national security community. Multiples PE-backed Zenex Animal Health pehub.com picked up Netherlands-based Vieve Pharm, recognized for its expertise in phytogenic formulations for livestock, equine, and pet care markets. Gemspring-backed Zavation pehub.com acquired Choice Spine, expanding its portfolio of spinal implants and interventional spine products.
Sector-Specific Activity
EQT pehub.com sold its remaining shares in Azelis for €190 million, exiting the specialty chemicals and food ingredients service provider. Wise Equity pehub.com will invest in vending machine manufacturer FAS International, which closed 2025 with revenues exceeding €58 million and an EBITDA margin above 20 percent. Tonka Bay pehub.com backed home services marketing platform Camp Digital, with founder Katie Donovan and COO Meg Stapleton continuing to lead the company.
Strategic Insights
Clearlake's José E. Feliciano pehub.com 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-driven market volatility. 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. The Saudi AI boom is drawing buyout interest as Quantum Switch Tamasuk explores strategic options including a potential sale.
Regional Developments
Advent International pe-insights.com finalized its acquisition of Southeast Europe's fast-growing tbi bank after receiving regulatory clearance from the European Commission. Equinix and CPPIB pe-insights.com are close to acquiring pan-Nordic data-center operator at North in a deal valued at approximately $4 billion. 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.
Market Analysis
FS KKR Capital Corporation pe-insights.com reported an increase in troubled loans and lower fourth-quarter performance amid the challenging private credit environment. The ability to select assets and ensure alignment with GPs will support the performance of credit GP-led deals, according to Olga Kosters, head of credit secondaries at Antares. Rolfson Oil pehub.com acquired Flint Logistics Group, an Oklahoma City-based provider of fuel, oils, and lubricants, following Trive Capital's investment.
Emerging Trends
PE firms pehub.com including Kinderhook, Renovus, and Revelstoke are pursuing investments in the hospice care market, eyeing growth in care platforms. With tens of thousands of CPA firms across the country, investors see consolidation opportunities to build national platforms in accounting and consulting firms. The GP-led credit market continues exploring different deal and return opportunities as growth continues, according to the NEXUS conference discussions.