General partners are increasingly utilizing the secondaries market for an exit path, especially as the primary market for liquidations tightens. Carlyle AlpInvest, through partner Eric Anton, has shown substantial activity in this area, leading four single-asset continuation vehicles (CVs) already this year. This trend points toward private equity seeking alternative liquidity solutions.

Further dealmaking activity includes Olympus Partners agreeing to purchase a majority ownership position in Network Connex. The infrastructure services provider is being divested by Orix Capital Partners, signaling a change in ownership structure within the digital infrastructure sector.

Separately, TPG is moving forward with its acquisition of Learfield, a media and technology firm focused squarely on serving the complex needs of college athletics. These transactions demonstrate continued appetite for specialized assets despite broader market headwinds affecting traditional exit strategies.

These moves underscore how GPs are engineering specific liquidity events for their portfolio companies, bypassing slower IPO or strategic sale processes. The high engagement in CVs by firms like Carlyle AlpInvest confirms their appetite for managing existing assets under new structures.