Private Equity 3d Briefing
×Fundraising & Strategy
DPI privateequityinternational.com is emerging as the new industry mantra as private equity firms navigate a challenging fundraising environment. The mantra "DPI is the new IRR" has caught on across the PE industry, reflecting the unique circumstances now faced by limited partners and general partners alike. Carlyle secondariesinvestor.com is looking to raise $200 billion-plus of capital inflows by 2028, with ambitious targets also set for private equity and global credit, while Bridgepoint secondariesinvestor.com expects to launch its next flagship secondaries fund in 2026. Charterhouse pe-insights.com has raised approximately €1 billion at the first close of its latest flagship fund, targeting European mid-market opportunities.
Deal Activity
The secondaries market is bracing for the next round of macroeconomic uncertainty, with a playbook based on previous choppy markets emerging. PJT Partners secondariesinvestor.com Adrian Millan noted that macro events could lead to some movements around pricing as the market takes stock of current conditions. Abry Partners pehub.com CEO CJ Brucato outlined why the lower mid-market is particularly attractive in an interview at PEI Group's NEXUS 2026 conference, while Carlyle's pehub.com Steve Wise said the market is open for bigger, higher-quality businesses. New Mountain secondariesinvestor.com co-head Neal Costello discussed how the PE firm will seek to differentiate itself as acceptance of continuation vehicles means time is right for new entrants.
Secondaries & Continuation Vehicles
GP-led secondaries deals secondariesinvestor.com and evergreen funds are seeing increased compatibility as investment in GP-led deals on the rise. Ares pe-insights.com has closed an $850 million continuation fund to hold Convergint Technologies as part of a record $240 billion secondaries wave. Moelis secondariesinvestor.com managing director Jeff Hammer said continuation vehicles are now established as an exit route alongside M&A and IPO, with secondaries buyers' own specialization aiding GPs' interest in considering CVs. Hamilton Lane pe-insights.com and Ardian have backed Latour's first continuation fund for Gutor, while Carlyle Alp Invest seeks to raise $60 billion as part of a fundraising supercycle.
Portfolio Activity & Add-ons
Astorg pehub.com portfolio company Solabia has acquired three complementary businesses, representing its first acquisitions since Astorg's investment in October 2025. Littlejohn pehub.com-backed Ardurra has snapped up Remington & Vernick Engineers, while Vista pehub.com has made a new investment in aviation software provider Portside. GDS Associates president David Brian will continue to lead the company after Littlejohn's investment in the power infrastructure consulting firm.
New Firms & Strategies
Synergy Sports Capital pehub.com has debuted with a focus on the lower middle market. Torch Key pehub.com, backed by GCM Grosvenor, is focused on the food and beverage and industrial products and services sectors. Emissary Partners pe-insights.com has brought on Sara Macedo, former CEO of Jeremy Coller's family office, as managing director as the $5 trillion family office market expands.
Technology & AI
AI techcrunch.com startups are using novel valuation mechanisms to manufacture unicorn status, with some founders selling the same equity at two different prices. The intersection of biosecurity and AI has seen a seed-stage spike as investors focus on the potential for AI to weaponize biology. Eight Sleep news.crunchbase.com has raised $50 million at a $1.5 billion valuation to expand into "predictive, AI-driven health" as its second round in a year's time.
Regional Developments
Japan sifted.eu is being eyed as Europe's next potential startup growth market as the global investment landscape evolves. Europe sifted.eu faces scrutiny as a €5 billion Scaleup fund shortlist nears, with EQT, Eurazeo, and Atomico among those shortlisted to manage the European deep-tech fund. Europe sifted.eu sees a big fusion opportunity as the continent looks to strengthen its technological capabilities.
Fundraising Challenges
LPs privateequityinternational.com and GPs are increasingly divided on whether certain investment behaviors are truly beneficial to their relationship, writes Jennifer Choi, chief executive of the Institutional Limited Partners Association. LPs secondariesinvestor.com are not waiting on the promise of distributions, with an eventual uptick in distributions expected to lead to higher pricing and attract a larger proportion of opportunistic LPs to the market.
Defense & Infrastructure
Bridgepoint privateequityinternational.com is mulling options for a defense investing strategy as Europe could spend as much as €14 trillion on defense and related infrastructure over the next decade, per a white paper from the Carlyle Group. The Iran war has underscored the "urgency" for Europe to build its defense capabilities, according to venture capitalists.
Energy & Sustainability
AllianzGI pe-insights.com and Total Energies have committed $550 million to a German battery storage portfolio, with Allianz Global Investors agreeing to acquire a 50% stake in a portfolio of 11 assets. BCI pehub.com, Norges Bank, and Brookfield have launched Northview Energy, which will be equally funded and owned by the three investors.
People Moves
Oakley Capital pehub.com has made a series of promotions including four new partners within its investment team. ArcLight pehub.com has named Gary Lambert as senior advisor, where Lambert is the former Competitive Power Ventures CEO. Maven pehub.com has announced a planned leadership succession as part of a succession strategy.
Market Outlook
The next round of uncertainty presents both headwinds and tailwinds for the secondaries market as it braces for potential macroeconomic turbulence. With GP-led deal volume hitting an all-time high in 2025, record growth doesn't necessarily equate to LP satisfaction with continuation vehicle processes. New entrants 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.