Private Equity 3d Briefing
×Major PE Transactions
MacLean Power Systems pehub.com and Power Grid Components completed a merger, with Blackstone Energy Transition Partners becoming the majority owner while Centerbridge Partners makes a new investment in the combined company. Braemont-backed Royal Cup pehub.com is taking Farmer Brothers Coffee private, with Royal Cup serving as a US-based maker and distributor of coffee and tea. Greenbriar-backed West Star Aviation pehub.com acquired aircraft maintenance firm DCJet, expanding West Star's position as a US-based provider of maintenance, repair, and overhaul services for business aviation.
Waterland pe-insights.com acquired a majority stake in Palletways, backing one of Europe's largest pallet distribution platforms and targeting cross-border growth. KCP pehub.com agreed to buy luxury motor yachts brand Sunseeker, with the transaction subject to customary regulatory approvals expected in coming weeks. BC Partners' Nikos Stathopoulos pehub.com noted that tariffs have become the number one risk factor in investment thesis, having a much bigger impact on private equity than ever before.
Fundraising & Investment Activity
Charterhouse pe-insights.com secured a $1.1 billion first close for its new European mid-market fund, raising approximately €1 billion. Carlyle secondariesinvestor.com is seeking to raise $60 billion as part of a fundraising supercycle, with the firm looking to raise $200 billion-plus of capital inflows by 2028. Ares pe-insights.com deployed an $850 million continuation strategy amid a record $240 billion secondaries wave, closing a continuation fund to hold Convergint Technologies.
Blackstone pe-insights.com proposed a $2.5 billion investment in a potential $4 billion New World transaction, injecting funds into a special-purpose vehicle tied to New World Development. GCM Grosvenor pehub.com backed the launch of new PE firm Torch Key, which focuses on food and beverage and industrial products and services sectors. AllianzGI and TotalEnergies pe-insights.com committed $550 million to a German battery storage portfolio, with Allianz Global Investors acquiring a 50% stake in a portfolio of 11 assets.
Portfolio Company Activity
Peak Rock pehub.com agreed to sell Spatial Business Systems to Blackstone-backed Enverus, an energy data analytics platform. Thoma Bravo pehub.com will acquire logistics firm WWEX Group, with sellers including CVC Capital Partners, Providence Equity Partners, Ridgemont Equity Partners and PSG. Lone Star pehub.com completed the sale of SPX Flow to ITT for over $4.7 billion, having originally acquired SPX Flow in April 2022 in a take-private transaction.
Boyne Capital pehub.com sold McKee Utility Contractors to Mastec Inc, having partnered with management to recapitalize McKee in December 2022. Arlington Capital pehub.com sold aerospace parts maker FSG to JF Lehman, with FSG serving as a global provider of complex, precision forgings to aerospace, defense and space customers. American Securities pehub.com will sell manufacturers CPM Holdings and MW Components to Rosebank Industries, with the transaction expected to close in the second quarter of 2026.
Secondaries Market Developments
Bridgepoint secondariesinvestor.com eyes further secondaries growth as the Newbury team comes on board, with both Bridgepoint and Bridgepoint Newbury expecting to launch the next flagship secondaries fund in 2026. New entrants secondariesinvestor.com are unlocking further opportunities in the secondaries market, with Apollo S3's Lessar noting that while the firm is open to making acquisitions, it is likely to continue building its secondaries platform via organic growth. LPs secondariesinvestor.com are not waiting on the promise of distributions, with eventual uptick in distributions expected to lead to higher pricing and attract a larger proportion of opportunistic LPs to the market.
Carlyle Alp Invest seeks to raise $60 billion as part of a fundraising supercycle, with ambitious targets also set for private equity and global credit. Acceptance of CVs secondariesinvestor.com means time is right for PE entrants, with New Mountain's Costello discussing how the firm will seek to differentiate itself and why he made the jump to the buy side. CVs secondariesinvestor.com are now established as an exit route alongside M&A and IPO, with secondaries buyers' own specialisation aiding GPs' interest to consider a CV in tandem with other exit options.
Industry Insights & Leadership
Clearlake's José E. Feliciano pehub.com discussed AI disruption at NEXUS 2026, while Hellman & Friedman's Patrick Healy pehub.com noted that "reality is rarely defeated" and emphasized the various tools available to return capital. Lincoln's Chris Brooks pehub.com observed that private equity is adapting its tech playbook as AI disrupts the buy-and-build model. Alvarez & Marsal pehub.com noted that tariff uncertainty complicates valuations, while Bain Capital pe-insights.com picked up Swedish non-food consumables business Tingstad.
Waterland and KCP were active in deal action, with Waterland acquiring Cooper Turner Beck Group, a provider of safety-critical fastener services. Maven pehub.com announced planned leadership succession as part of a succession strategy. Littlejohn pehub.com tapped Shant Mardirossian as managing director and COO in a newly created role. Aurelius pehub.com opened three new offices in Amsterdam, Milan and Zurich, targeting substantial potential within the local SME sector.
Fund Formation & Strategy
Oakley Capital pehub.com made a series of promotions including four new partners within the investment team. ArcLight pehub.com named Gary Lambert as senior advisor, with Lambert serving as the former Competitive Power Ventures CEO. BCI, Norges Bank and Brookfield pehub.com launched Northview Energy, which will be equally funded and owned by the three investors. Hamilton Lane and Ardian pe-insights.com backed Latour's first continuation fund for Gutor, with funds managed by Hamilton Lane leading the closing of a single-asset continuation vehicle.
Coller Capital pe-insights.com partnered with Mediobanca to expand evergreen secondaries access in Italy, forming a distribution partnership to offer products to Mediobanca Private Banking clients. Capital Group and KKR pe-insights.com expanded their public-private push with the launch of their first equity strategy. HgT pe-insights.com deployed $62 million into One Stream and Septeo co-investments, committing approximately £46 million equivalent to around $62 million to new co-investments."