Private Equity 3d Briefing
×Executive Moves & Leadership Changes
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 appointed Sofiane Lahmar as new CEO, who has been a senior partner at the firm since 2010. Meanwhile, Astorg pehub.com confirmed that mid-cap co-head Edouard Pillot will leave the firm, with Lionel de Posson taking sole control of the team.
Fundraising & Investment Activity
KKR pe-insights.com reported that its $13 billion FSK fund is adapting to the shifting private credit landscape, with the publicly traded vehicle experiencing increased troubled loans and lower fourth-quarter performance. Blackstone pe-insights.com priced a $400 million 2029 bond through its private credit fund amid ongoing software sector volatility. The bond sale comes as FS KKR Capital Corporation pe-insights.com also navigates challenges in the private credit market.
Major Takeover Bids & Strategic Acquisitions
BlackRock's GIP pe-insights.com and EQT are in advanced discussions for a potential $12.4 billion takeover of US power producer AES. Blackstone pe-insights.com, CVC, and Brookfield have submitted preliminary bids valuing Volkswagen's diesel engine unit Everllence at approximately €8 billion ($9.44 . In Southeast Europe, Advent International pe-insights.com finalized its acquisition of tbi bank after receiving regulatory clearance from European authorities.
Platform Buildouts & Add-on Acquisitions
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 purchased Netherlands-based Vieve Pharm, recognized for its expertise in phytogenic formulations for livestock, equine, and pet care markets. Trive Capital pehub.com invested in Rolfson Oil, which subsequently acquired Flint Logistics Group, an Oklahoma City-based provider of fuel, oils, and lubricants.
Emerging Market & Sector Focus
Saudi Arabia's AI boom pe-insights.com is drawing significant buyout interest as Quantum Switch Tamasuk explores strategic options including a potential sale of its Saudi operations. The country's growing artificial intelligence sector is attracting private equity attention amid broader Middle East investment trends. Meanwhile, private equity firms pehub.com are increasingly targeting hospice care platforms, with Kinderhook, Renovus, and Revelstoke among those pursuing investments in the healthcare sector.
Public Market Exits & Portfolio Management
EQT pehub.com sold its remaining shares in Azelis for €190 million, completing its exit from the specialty chemicals and food ingredients service provider. The transaction marks another step in the firm's portfolio management strategy as market conditions evolve across different sectors.
Industry Conferences & Market Insights
Recent discussions at industry conferences highlighted several key themes, including the growing interest in accounting and consulting firm consolidation opportunities. With tens of thousands of CPA firms across the country, investors see potential to build national platforms in this space. The ability to select assets and ensure alignment with general partners will support the performance of credit GP-led deals as the market continues to evolve.
Investment Strategies & Risk Management
California Public Employees' Retirement System pe-insights.com remains confident in its private credit exposure despite rising concerns about AI-driven software risks in the $1.8 trillion market. The pension fund's stance underscores ongoing debates about technology disruption and its impact on traditional private equity investment strategies. Additionally, the GP-led credit market is exploring different deal and return opportunities as growth continues, with participants focusing on asset selection and GP alignment to drive performance.
Niche Manufacturing & Industrial Investments
Wise Equity pehub.com announced an investment in FAS International, a vending machine manufacturer that closed 2025 with revenues exceeding €58 million and an EBITDA margin above 20 percent. The deal highlights continued private equity interest in industrial manufacturing companies with strong operational metrics and growth potential in European markets.
Technology Sector Activity
Searchlight and Abry Partners pehub.com agreed to take IoT company Kore private for $726 million, acquiring all issued and outstanding shares not already owned by them at $9.25 per share. The transaction reflects ongoing consolidation in the Internet of Things sector as strategic and financial buyers seek to build scale in connected technology platforms.
Cross-Border Deal Making
The global private equity landscape continues to see significant cross-border activity, from European infrastructure investments to Middle Eastern technology sector consolidation. Firms are increasingly looking beyond traditional markets to find growth opportunities and diversification benefits, particularly in sectors undergoing technological transformation or regulatory change.