DoL Proposal Shows PE’s True Democratisation Won’t Be Straightforward
The U.S. Labor Department released a proposal outlining six fiduciary factors that plan sponsors must evaluate before adding private‑equity and other alternative assets to 401(k) and defined‑contribution plans. The guidance highlights valuation, liquidity, fees, governance, and disclosure challenges that even sophisticated institutional investors struggle to manage. By setting higher standards, the DOL aims to protect retail retirement savers while opening a pathway for broader private‑equity exposure. However, the proposal signals that true democratization of private‑equity will be incremental and complex.
Florida SBA Nears AI Vendor Selection to Streamline Data Workflow for Private Markets
The Florida State Board of Administration (SBA) is close to selecting an artificial‑intelligence vendor to automate its private‑market data workflow. The proposed tool will ingest, cleanse, and standardize investment data, reducing manual processing. By offloading routine tasks, the SBA expects...
KKR Raises $23bn for North America Flagship – How Have Its Predecessors Performed?
Kohlberg Kravis Roberts (KKR) has closed its North America Fund XIV, securing roughly $23 billion in commitments. The new fund will continue KKR's tradition of embedding employee ownership structures within its portfolio companies. Past North America funds have generated attractive internal...
Investor Intentions: Westfield Retirement Board Issues RFP for Private Equity
The Westfield Retirement Board, a U.S. public pension fund, has issued a formal request for proposals (RFP) to recruit private equity investment managers. The RFP signals the board’s intent to allocate a sizable portion of its portfolio to private equity,...
Beijing’s GL Capital Holds $385m First Close for Latest Flagship
Beijing‑based GL Capital announced a $385 million first close for its flagship GL China Opportunities Fund V, representing roughly 48% of the $800 million target. The fund, launched in September 2025, will focus on buyout investments across China’s high‑growth sectors. GL Capital...
Nihon PMI Partners on Tapping Into Japan’s Home-Based Healthcare Market
Nihon PMI Partners announced a strategic push into Japan’s rapidly expanding home‑based healthcare sector. CEO Satoshi Hamada highlighted that the nation’s aging population and a policy‑driven shift from hospital to community care are creating sizable investment openings. The firm plans...
T Capital Partners on Unlocking Value in Japan’s Mid-Market
T Capital Partners, led by Koji Sasaki and Toshihide Matsuda, is targeting Japan’s small and mid‑cap companies, which they view as ripe for operational transformation. The firm believes the mid‑market segment, often overlooked by larger private‑equity funds, holds significant upside...
Side Letter: When LPs Default
Private equity firms are feeling a liquidity crunch that has led to a limited partner default, the first of its kind in recent years. The default is prompting secondary market participants to consider injecting additional capital to absorb the distressed...
Inflexion Taps First Wealth Capital in Oversubscribed €4.5bn Raise
Inflexion, a mid‑market private‑equity firm, closed an oversubscribed €4.5 billion fund—approximately $4.9 billion—after strong demand from wealth managers. The raise marks the firm’s first inclusion of non‑institutional, wealth‑manager capital alongside its traditional institutional base. Fund‑raising momentum reflects broader investor appetite for mid‑market...
Are PE’s Best Days Behind It? An LP and GP Discuss
In the latest "Commitment Issues" podcast, Brookfield’s David Nowak and Ontario Teachers’ Pension Plan’s Dale Burgess examine how private‑equity firms are adapting to a market with slower capital distributions and more challenging fundraising. They argue that limited partners now demand...
Middle East’s Fundraising Oasis Awaits GPs Who Are Willing to Commit
Private equity fundraising in the Middle East is entering a boom, with capital commitments reaching multi‑billion‑dollar levels. Sovereign wealth funds and regional investors are increasingly favoring general partners who demonstrate deep, long‑term commitment to the market. The region’s regulatory reforms...
University of California Shops $3bn LP Portfolio in Major Sale
The University of California announced it will sell a roughly $3 billion portfolio of limited‑partner (LP) stakes in private‑equity funds. The move is part of a broader strategy to rebalance its $140 billion endowment and generate cash for upcoming capital needs. UC...
Side Letter: Disrupting Secondaries
AI-related risk assessments are reshaping private‑equity secondary market processes, prompting firms to embed stricter side‑letter provisions. In Japan, limited partners are rapidly rotating commitments, creating a “musical chairs” dynamic among dealmakers. Meanwhile, a recent poll shows half of general partners...
‘Solid Exit Activity’ Still Insufficient to Clear APAC’s Overhang – Bain & Co
Bain & Co’s Asia‑Pacific Private Equity Report 2026 shows that companies held beyond five years increased 18% in 2025, indicating a growing portfolio overhang. Despite a modest uptick in exit activity across the region, the pace of disposals remains insufficient...
Mercer Acquisition Brings ‘Missing Link’ to AltamarCAM
Mercer has completed the acquisition of AltamarCAM, a specialist in private‑equity secondaries, to fill a strategic gap in its investment‑advisory platform. The deal was discussed by Mercer’s Michael Dempsey in a Q&A with AltamarCAM founder Jose Luis Molina, emphasizing the...
Side Letter: ‘Cardinal Sin’
The piece labels evergreen side‑letter structures a “cardinal sin” when they are mis‑sold or mis‑structured, warning that such arrangements can trap investors in perpetual commitments. It details a recent governance clash at one of Australia’s largest limited partners, prompting a...
The Lesser-Known Part of PE Where Sponsors Seek 3x-Plus Returns
Headway Capital Partners’ research shows independent private‑equity sponsors are targeting three‑times‑plus returns, outpacing traditional fund benchmarks. The shift stems from heightened deal selectivity and a strategic focus on lower‑multiple acquisitions. Sponsors believe tighter sourcing and disciplined pricing can deliver superior...
TPG Seeks to Re-Establish Japan PE Presence with Senior Hire
TPG Capital has appointed a senior executive to lead a renewed private‑equity push in Japan, marking the firm’s first dedicated leadership role in the market in years. The hire coincides with TPG NewQuest’s launch of its inaugural Japan‑based secondaries executive,...
Co-Investing Is Having Its Trafalgar Moment
Co‑investing is experiencing a resurgence, described as its "Trafalgar moment," as limited partners (LPs) increasingly allocate capital alongside general partners (GPs) rather than pursuing pure direct deals. While high‑profile investors have publicly pivoted away from direct investing, the underlying willingness...
An Insider’s Guide to Gifting Carried Interest and Estate Planning
CPA Anthony Venette advises private‑equity general partners to gift a portion of their carried interest early, allowing any subsequent appreciation to grow outside their taxable estate. By transferring this future‑growth right before it accrues, GPs can significantly reduce estate‑tax exposure...
Side Letter: Consolidation Complications
A limited partner (LP) is encountering challenges as recent M&A activity consolidates the private‑equity market, complicating side‑letter negotiations. The article notes that defensive investment strategies are already delivering returns, offsetting some of the consolidation risk. It also highlights Partners Group’s...
Singaporean Buyout Shop Plants First Overseas Flag in HK
Singapore’s leading buyout firm has opened its first overseas office in Hong Kong, marking a strategic push beyond its domestic market. The new location will support investment‑related activities and enhance investor‑relations capabilities across the region. By establishing a foothold in...
Future Fund Loses Private Markets Investment Leads
Australia's sovereign wealth fund, the Future Fund, announced the resignations of David Bluff and Tammi Fisher, who jointly oversaw private equity and real assets. Their departure adds to a recent wave of senior leadership exits at the fund. The exits...
Nevada PERS to Exit Clearlake Exposure Due to ‘Conflicts of Interest’
Nevada's Public Employees' Retirement System (PERS), managing roughly $74.9 billion, announced it will unwind its exposure to Clearlake Capital after identifying a potential conflict of interest. The conflict arises from Clearlake’s recent agreement to acquire Pathway Capital Management, which overlaps with...
The Clog in PE’s Exit Pipeline Is Getting Tougher to Clear
Private equity firms are facing a growing bottleneck in their exit pipeline as IPO markets stay muted, M&A activity slows, and secondary‑sale demand wanes. Elevated interest rates and tighter credit conditions are compressing valuations, forcing managers to hold assets longer...
HK’s Gaw Eyes Gulf ‘Retrenching’ with New Growth Fund
Hong Kong‑based Gaw Capital is establishing a new growth fund aimed at the Gulf region. The fund will reallocate capital that was previously earmarked for investments in the United States and Europe back to Gulf home markets. Andrei Rotaru, head...
Triton Says €5.5bn Fundraise Is a ‘Strong Beneficiary’ of Europe’s Autonomy Agenda
Triton announced a €5.5 billion fundraise, positioning the capital as a direct beneficiary of Europe’s autonomy agenda. The firm aims to deploy the money at the nexus of energy transition and the continent’s push for strategic sovereignty. By targeting renewables, infrastructure...
Side Letter: Valuation Vaguery
Private equity firms are increasingly relying on side‑letter provisions that contain vague valuation language, raising concerns over transparency and LP‑GP alignment. The practice could hinder the industry’s push toward broader investor participation, often termed the "democratisation" of private equity. Meanwhile,...
The Case of New Mountain, Holt and the $30bn-Plus Deal
New Mountain Capital and Holt Capital have orchestrated a landmark transaction exceeding $30 billion, marking one of the largest GP‑stake sales in private equity history. The deal involves Holt acquiring a substantial portion of New Mountain's general partner interests, providing immediate...
Number Crunch: Vive Le Private Equity
France’s private equity market continues to hold its ground in Europe despite a broader fundraising slowdown. Recent data shows French funds maintaining stable capital commitments while peers in the UK and Germany face declines. The resilience is attributed to a...
Side Letter: DC Denial
A major US public pension announced it will bar private‑market investments from its defined‑contribution (DC) portfolio, marking a rare retreat from private equity exposure. Simultaneously, general partners (GPs) are urging European Union policymakers to introduce measures that would catalyse private‑capital...
CVC Sees Record Year of Exits with €21.9bn Realised in 2025
CVC announced a record €21.9 billion in realised exits for 2025, marking a dramatic surge in its portfolio activity. The firm’s FY 2025 earnings report shows exit value jumping 77 % from the previous year, while the broader private‑equity market generated €19.5 billion in...
Evergreens Have ‘Let Loose’ Changes that Will Upend Private Markets – Hamilton Lane
Hamilton Lane’s 2026 Market Overview finds evergreen private‑equity funds outperformed traditional closed‑end funds over both one‑ and three‑year horizons. The edge stems from continuous capital inflows, flexible redemption terms, and longer investment horizons. Evergreen structures are gaining traction as investors...
Side Letter: New Mountain’s Holt Halt
A former New Mountain Capital executive attempted to acquire five of the firm’s portfolio assets, but the bid collapsed after negotiations stalled. The breakdown highlights the growing importance of baseline economics in pricing trophy‑level private‑equity assets. Investors now treat valuation...
Bridgepoint Mulls Options for Defence Investing Strategy
Bridgepoint is evaluating how to position its capital in Europe’s burgeoning defense sector. A recent Carlyle Group white paper projects that the continent could allocate up to €14 trillion to defense and related infrastructure over the next ten years. The magnitude...
Hunter Point CEO: Japan’s Emerging GP Landscape Ripe for Future Stakes Deals
Hunter Point CEO Avi Kalichstein told Private Equity International that Japan’s general‑partner (GP) ecosystem, though still nascent, is gaining momentum. He highlighted a growing talent pipeline and an increasing appetite for partnership among Japanese firms. Kalichstein believes these dynamics will...
Side Letter: Europe’s Exit Intervention
Private equity markets in Europe are confronting a slowdown in exits, raising concerns that policymakers could step in to support liquidity. In the United Kingdom, large distribution‑capital firms are increasingly deploying capital directly, altering the structure of private‑market investing. Meanwhile,...
Investor Intentions: Fondo Pensione BNL Issues RFP for Evergreen Private Equity
Italian private pension fund Fondo Pensione BNL has issued a request for proposals to allocate roughly €10 million into evergreen private equity vehicles. The RFP focuses on both closed‑end and open‑end funds domiciled within the European Union, reflecting a strategic shift...
Northern Trust: Illiquidity Is a Feature Not a Bug
Northern Trust’s Lynne Kostakis argues that illiquidity in private‑market investments is intentional, not a flaw, and can enhance long‑term returns. She outlines the investor profile best suited for such assets, emphasizing multi‑year horizons, high risk tolerance, and diversification. The firm...
China Rebounds to Become Asia’s Busiest Buyout Market – Deloitte
China has reclaimed its position as Asia’s busiest buyout market, according to Deloitte’s latest private‑equity report. A surge in domestic and regional fund activity offset a decline in Western capital, driving a 28% increase in deal volume year‑over‑year. The market...
Japanese Healthcare Pioneer Opens Sophomore Fund to Global LPs
Japanese healthcare private‑equity pioneer NPMI announced the launch of its second vehicle, NPMI Fund II. The fund is being pitched to global limited partners and could be up to six times larger than the inaugural fund, according to Private Equity...
BC Partners: Tariffs Are Number One Risk Factor for PE Industry
BC Partners' Europe chairman Nikos Stathopoulos says tariffs are the top risk for private equity. He adds that despite regulatory complexities, Europe currently serves as a safe‑haven for investors. The firm highlights that tariff volatility threatens deal pricing and exit...
Side Letter: Gulf Disruption
The Private Equity International (PEI) Awards 2025 honored firms that excelled in emerging markets, underscoring a shift toward Middle East opportunities. Global general partners (GPs) are now scrutinizing the Gulf’s evolving regulatory and economic landscape. Limited partners (LPs) report difficulty...
Sweden’s Skandia on What It Looks for in a Replacement GP
Sweden’s Skandia, through head of private equity Stefan Fällgren, outlined its criteria for selecting a replacement general partner (GP) in a brief video. The insurer emphasized that a GP must demonstrate a strategy capable of delivering outperformance over an extended...
Pantheon on the Charm of Smaller CVs
Pantheon’s Amyn Hassanally and Charlotte Morris argue that continuation vehicles are increasingly appealing to sponsors targeting small and mid‑cap companies. As more investors explore this structure, the pool of opportunities in the lower‑mid market deepens. The firm highlights that smaller...
QIC: Taking a No-Compromise Approach to CV Underwriting
QIC partner Zach Jackson stresses that secondary buyers must fully underwrite both the sponsor and the underlying asset when assessing continuation vehicle (CV) opportunities. The firm adopts a no‑compromise stance, insisting on comprehensive due diligence rather than relying on surface...
StepStone on Why CVs Will Stay on the Menu
StepStone Group executives Adam Johnston and Ted Black argue that continuation vehicles (CVs) continue to be a preferred exit option for private equity firms. They cite CVs’ ability to consistently outperform the broader buyout market as the primary driver. Even...
UBS: Secondaries Deal Growth Points to Depth of Demand
UBS reports a surge in secondary market activity, with general partners and limited partners bringing larger trophy assets and full portfolios to market. Deal sizes and transaction volumes have expanded markedly, reflecting deepening investor appetite for secondary exposure. Thomas Roche...
Kirkland & Ellis on the Art of Continuation Vehicle Negotiation
Kirkland & Ellis partners observe that GP‑led continuation vehicles have become increasingly standardized within the secondary market. Yet negotiations still reveal tension as secondary buyers apply M&A‑style rigor while sellers favor more flexible terms. The firm highlights the growing importance...
TPG on the Rise of Sector Specialism in CVs
TPG GP Solutions co‑managing partners Matt Jones and Michael Woolhouse say firms with deep sector expertise and direct underwriting are reshaping the single‑asset continuation vehicle (CV) market. They argue that specialist managers can price assets more accurately and execute faster...
