Private Equity 3d Briefing
×Executive Moves & Leadership Changes
Michael Dougherty pehub.com has been promoted to partner at Sverica while Doug Patrican moves up to principal. The firm also brought on Matt Johnson as a new principal. Meanwhile, Sofiane Lahmar pehub.com takes over as CEO at DPI after serving as senior partner since 2010. In another leadership shakeup, Edouard Pillot pehub.com is leaving Astorg, with Lionel de Posson taking sole control of the mid-cap team.
Major Takeover Bids & Acquisitions
BlackRock's GIP pe-insights.com and EQT are in advanced talks for a potential $12.4 billion takeover of US power producer AES. Blackstone pe-insights.com, CVC and Brookfield have submitted preliminary bids for Volkswagen's diesel engine unit Everllence, valuing it at around €8 billion. Advent International pe-insights.com is among five suitors eyeing a $1.78 billion takeover of Senior plc. In the healthcare sector, Kinderhook pehub.com, Renovus and Revelstoke are pursuing investments in hospice care platforms with five deals currently in play.
Private Credit Market Developments
FS KKR Capital Corporation pe-insights.com reported increased troubled loans and lower fourth-quarter performance, highlighting challenges in the $1.8 trillion private credit market. Despite rising AI-driven software risks, Calpers pe-insights.com remains confident in its private credit exposure. KKR's $13 billion FSK fund pe-insights.com is adapting to the shifting landscape, while Blackstone's private credit fund pe-insights.com priced a $400 million 2029 bond amid software sector volatility. The unraveling of buyout deals is evident in FSK's latest filings ft.com, which offer a stark look at private equity's current challenges.
Platform Building & Strategic Investments
Searchlight Capital 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 an 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.
Regional & Sector-Specific Activity
Advent International pe-insights.com finalized its acquisition of Southeast Europe's fast-growing tbi bank after receiving regulatory clearance from the European Commission. The Saudi AI boom is drawing buyout interest as Quantum Switch Tamasuk pe-insights.com explores strategic options including a potential sale of its Saudi operations. In the accounting and consulting space, private equity is expanding its playbook with consolidation opportunities in the tens of thousands of CPA firms across the country, as noted by Houlihan Lokey's Matthew Dodd, Patrick Hughes and Shivan Arora.
Fundraising & Industry Events
Fundraising activity continues with FS KKR Capital Corporation reporting on its latest financial results. Industry professionals gathered at NEXUS, where discussions ranged from the "Goldman handful" to the "zombie apocalypse" in private equity, highlighting the sector's evolving challenges and opportunities.