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. Meanwhile, DPI pehub.com named Sofiane Lahmar as its new CEO, with Lahmar having served as a senior partner at the firm since 2010. Astorg pehub.com is seeing mid-cap co-head Edouard Pillot depart, with Lionel de Posson taking sole control of the team.
Major Takeover Bids & Acquisitions
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. Senior plc pe-insights.com has drawn $1.78 billion in takeover interest, with Advent International among five potential bidders. Volkswagen's Everllence pe-insights.com diesel engine unit has received preliminary bids valuing it at around €8 billion from Blackstone, CVC, and Brookfield. Advent International pe-insights.com finalized its acquisition of Southeast Europe's fast-growing tbi bank after receiving European regulatory clearance.
Private Credit Market Developments
FS KKR Capital Corporation pe-insights.com, a publicly traded private credit vehicle, reported increased troubled loans and lower fourth-quarter performance as it adapts to the shifting private credit landscape with its $13 billion FSK fund. Blackstone's private credit fund pe-insights.com priced a $400 million 2029 bond amid software sector 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. Business development company FSK's latest filings, as detailed in a Financial Times ft.com analysis, offer insight into unraveling buyout deals.
Platform Building & Strategic Investments
Searchlight Capital Partners pehub.com and Abry Partners are taking IoT company Kore private for $726 million at $9.25 per share. Wise Equity pehub.com is investing in vending machine manufacturer FAS International, which closed 2025 with revenues exceeding €58 million and EBITDA margin above 20 percent. Multiples-backed Zenex Animal Health pehub.com 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 acquired government consultancy Valence, a Reston, Virginia-based provider of software for the national security community.
Industry Trends & Market Outlook
Private equity firms are pursuing investments in hospice care platforms, with Kinderhook, Renovus, and Revelstoke pehub.com among those active in the space. The sector is also expanding into accounting and consulting firms, seeing consolidation opportunities to build national platforms across tens of thousands of CPA firms. Meanwhile, Saudi Arabia's AI boom is drawing buyout interest as Quantum Switch Tamasuk pe-insights.com evaluates strategic options including a potential sale of its Saudi operations.
Fundraising & Conference Insights
KKR's $13 billion FSK fund pe-insights.com continues adapting to the evolving private credit landscape. Recent industry conferences have highlighted concerns about a potential "zombie apocalypse" in private equity, with discussions around the "Goldman handful" and broader market challenges.