Private Equity 3d Briefing
×Private Equity Deal Activity
Private equity firms continued their aggressive acquisition pace with several notable deals across sectors. Monomoy Partners pehub.com agreed to acquire Jiffy Lube from Shell for $1.3 billion, expanding its automotive service portfolio beyond the core oil change business into brakes, batteries and tires. In the industrial space, Lone Star pehub.com agreed to purchase Lonza's Capsules and Health Ingredients division for $1.3 billion, acquiring three segments including hard empty capsules and health ingredients. Meanwhile, HIG-backed Coriant pehub.com completed its fourth acquisition with CVS, following the recent launch of Coriant to merge Rainham, Zenith and Tei into a unified industrial maintenance business. The healthcare technology sector saw BV Investment pehub.com backing Moxe Health, a clinical data exchange platform that enables secure automated data sharing between providers and health plans through direct EHR integration.
Fundraising and Capital Deployment
Fundraising activity remained robust as firms secured substantial capital commitments. Bain Capital pe-insights.com raised $12.5 billion across its latest Asia and Japan buyout vehicles, underscoring continued investor confidence in Asian markets despite macroeconomic headwinds. In the growth equity space, Founders Fund techcrunch.com is nearing a $6 billion close for its latest growth fund, coming less than a year after closing a $4.6 billion vehicle primarily for follow-on investments in late-stage companies. The secondaries market showed signs of evolution as Ardian pe-insights.com partnered with a subsidiary of Abu Dhabi Investment Authority to target a $20 billion real estate secondaries opportunity, while Ardian's Ava Mallin secondariesinvestor.com noted that private wealth capital is expanding capacity for larger deals despite the market remaining "undercapitalized."
Strategic Exits and Divestments
Several major divestments are in the works across the private equity landscape. EQT pe-insights.com is exploring a potential $6 billion sale of SUSE, the Linux developer, while Advent International pe-insights.com considers a $4 billion divestment of naval defense business Ultra Maritime. In the industrial packaging sector, Blackstone pe-insights.com has engaged Citigroup to advise on a potential $1 billion sale of Shya Hsin Packaging. The legal technology space saw Searchlight Capital Partners pehub.com exit Euclid Transactional, a representations and warranties insurance provider, to CRC Group, leveraging the rise in RWI activity. In the media sector, Epiris-backed Delinian pehub.com sold three companies including Derivia Intelligence, Extel and Euromoney to Triple Private Equity.
Sector-Specific Investments
Environmental and sustainability-focused investments gained momentum as firms targeted climate-related opportunities. XPV Water Partners pehub.com launched Ocean Sight, an ocean technology platform advancing subsea sensing, imaging and geophysical intelligence across critical maritime and offshore markets. In the water treatment space, Ambienta pehub.com acquired Pieco, a provider of industrial water treatment and recycling services, while HIG pehub.com detailed its pipeline for industrial maintenance business Coriant. The sports investment sector saw CVC Capital Partners pe-insights.com secure approximately $4 billion in financing for its Global Sport Group platform, backed by KKR and Pimco, highlighting continued institutional appetite for sports assets.
Technology and Innovation
The technology sector saw significant investment activity with a focus on AI and emerging technologies. Legal tech company Legora sifted.eu raised $550 million in a Series D funding round at a $5.55 billion valuation, demonstrating strong investor interest in legal technology solutions. In the AI infrastructure space, Rebar news.crunchbase.com, a New York-based startup building AI-generated quote systems for commercial HVAC suppliers, raised $14 million in Series A funding. The space technology sector attracted attention as a SpaceX veteran techcrunch.com launched a company focused on satellites that return to Earth, with the first demonstration mission expected in early 2027. In the geothermal energy space, Nucleus and First Momentum sifted.eu backed Telura, a stealth geothermal energy startup.
Geographic Expansion and Market Dynamics
Geographic expansion remained a key theme as firms targeted new markets and regions. In Europe, Ardian pehub.com agreed to acquire Italian self-storage operator Casaforte, bringing its total investment in the Italian and French self-storage sector to over €300 million. The firm also plans to add an Italian business to its self-storage platform, signaling continued consolidation in the European self-storage market. In the Middle East, sovereign wealth funds are playing an increasingly important role, with GIC-backed Greenko Energies pe-insights.com weighing a potential $1 billion IPO as it lines up to list its renewable energy assets. The Nordic region saw activity with Altamont Capital Partners pehub.com investing in Key Container, a provider of specialty and custom corrugated packaging products and services.
Portfolio Company Activity
Portfolio companies remained active with strategic add-on acquisitions and operational initiatives. Align Capital portfolio company ISPN pehub.com completed its second add-on acquisition since partnering with ACP in December 2024, demonstrating continued consolidation in its target market. Main Capital-backed TMA pehub.com completed its second acquisition of 2026 by acquiring Brains First, expanding its technology-enabled services platform. In the fleet management sector, LDC pehub.com invested in i247 Group, a technology-led fleet management and software provider for the automotive leasing sector, supporting its growth and expansion plans.
Market Sentiment and Industry Trends
Industry leaders provided insights into market sentiment and emerging trends. StepStone's Matthew Roche secondariesinvestor.com noted that "it's been a tough four years for private equity" and emphasized that DPI (distributions to paid-in has become the new IRR, reflecting the challenges of slow exits. Level 20 CEO Gurpreet Manku pehub.com discussed improvements in diversity within private equity while acknowledging remaining challenges. The definition of secondaries continues to evolve as StepStone's Robard secondariesinvestor.com noted that CVs (continuation will represent 10-20% of PE exits as market dynamics shift. Meanwhile, Ardian's Mallin secondariesinvestor.com highlighted that the secondaries market remains "undercapitalized" despite the influx of private wealth capital, suggesting significant growth potential in this segment.