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 of Middle East private equity, said the move reflects a strategic retrenchment toward local opportunities. The initiative targets mid‑market private equity deals as Gulf economies diversify.
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...
Permira on Why It Is Prioritising Specialisation and Performance
Permira’s co‑CEO Dipan Patel says the firm will double‑down on specialization and performance in the next private‑equity cycle. The firm plans to simplify its mission, focusing on a narrower set of sectors where it can add deep expertise. By tightening...
Churchill Asset Management on Secondaries’ Evolving Use Case
Churchill Asset Management’s head of secondaries, Nick Lawler, said secondaries technology is evolving into a multi‑faceted tool for both general partners and limited partners. The latest platforms combine real‑time data, automated pricing models and machine‑learning analytics to improve liquidity and...
Hellman & Friedman on the Art of the Exit
Hellman & Friedman CEO Patrick Healy says that even as distributions to limited partners remain sluggish, the firm can still close sizable sponsor exits. Healy highlights that strategic timing and asset positioning enable multi‑billion‑dollar exits despite a broader market slowdown....
Wealth Manager Hollow Brook: There’s an Important Place for PE in Family Office Portfolios
Hollow Brook president Philip Richter tells Private Equity International that private equity has become far more accessible due to democratization and a booming secondary market. This broader access enables family offices to consider PE as a core component of their...
Apollo’s Japan Institutional Client Head Departs
Apollo Global Management’s Japan institutional client head, Takeshi Tsubota, has exited the firm. Tsubota, who joined in 2023, was responsible for driving the firm’s fundraising efforts among Japanese institutional investors. His departure comes as Apollo seeks to expand its $908 billion...
LPs Highlight Red Flags Around Retail Capital Flowing Into Traditional PE
Retail investors are pouring unprecedented amounts of private wealth into traditional private‑equity funds, accelerating a shift that once belonged to institutional limited partners. This surge, driven by fintech platforms and low‑minimum‑investment products, has prompted seasoned LPs to flag potential red‑flags....
Clearlake’s Feliciano Tells How to Pick Winners and Losers in AI Disruption
José Feliciano, co‑founder and managing partner of Clearlake Capital, told PE Hub that AI‑driven disruption in public tech and software markets is opening compelling opportunities in the private‑equity space. He explained that as public valuations compress, investors can target companies...
CPP Investments Will Mull Secondaries Sales to ‘Trim Older Exposure’
Canada Pension Plan Investment Board (CPP Investments) is evaluating secondary market sales to trim its older private‑equity exposures. The fund intends to allocate roughly C$20 billion to new private‑equity commitments this year, according to global head of PE Caitlin Gubbels. By...
Are PE’s Best Days Ahead of It? Here’s What CPPIB and Warburg Pincus Think
Canadian pension fund CPPIB and Warburg Pincus both signal optimism for private equity returns despite recent market turbulence. CPPIB projects improving internal rates of return as deal flow stabilizes, while Warburg Pincus highlights emerging fee‑restructuring trends that could ease limited...
Side Letter: Here Be Zombies
Zombie‑style private‑equity funds are projected to manage roughly $1 trillion in net asset value by 2030, reflecting a surge in aging, ill‑liquid portfolios. The article outlines how managers must adjust to a “new era” where exits are scarce and capital recycling...
Private Equity Still Vital to CalPERS’ Strategy Under TPA: CEO
At NEXUS 2026, CalPERS CEO Marcie Frost announced that the pension fund’s revitalized private‑equity program will operate with a degree of independence from its newly adopted total‑portfolio approach (TPA). The move signals a renewed commitment to private‑equity as a core return...
Rise of the Machines: The Data Science Unit TDR Says Gives It an Edge
TDR’s dedicated data‑science unit, launched ten years ago, now embeds machine‑learning models across the firm’s value‑creation workflow. The team builds predictive analytics to source acquisition targets, streamline due‑diligence, and monitor portfolio performance. By automating data aggregation and applying advanced algorithms,...
CalPERS Wants Its GPs to Do Better on Transparency
CalPERS, the $613.7 billion California public‑employees pension, announced it will require its private‑equity general partners to provide far greater transparency on portfolio‑company data. CEO Marcie Frost said enhanced visibility will sharpen risk management and fulfill fiduciary responsibilities. The fund plans to...
Bain’s MacArthur: 401(k) Opportunity Is ‘Major Inflection Point’ for Alternatives
Chair of Bain’s global private equity practice, Hugh MacArthur, says the growing ability for 401(k) participants to invest in private equity marks a major inflection point for the alternatives industry. He argues that retail access will set a new performance...
26North’s Josh Harris: Retail Capital Presents ‘Recipe for Problems’
Josh Harris of 26North warned that blending unaccredited investor capital with wealth‑managed funds in mixed‑regulation vehicles creates systemic risk. At PEI Group's NEXUS 2026 conference, he argued that such structures could trigger regulatory backlash and erode confidence in private markets....
Evercore Taps Adams Street Partners for New APAC Secondaries Head
Evercore has appointed a senior executive from Adams Street Partners to lead its Asia‑Pacific secondary market advisory team. The move comes after the departure of Shane Gong, who had headed the APAC private‑capital advisory practice until January 2025. Adams Street...
Side Letter: Gating-Gate
Blue Owl’s recent sale of semi‑liquid assets has put the niche asset class front‑and‑center for investors. Partners Group is actively addressing growing investor anxiety around artificial‑intelligence‑driven strategies. Meanwhile, Gridiron Capital signals its return to deal‑making after a quiet period. The...
Private Equity Has Entered a Hyper-Competitive Era – Bain Report
Bain & Co’s Global Private Equity Report 2026 warns that the industry has entered a hyper‑competitive era. General partners now face heightened deal competition, tighter exit windows, and stronger investor demands for cash generation. To succeed, firms must boost cash‑flow...
How an LP and a GP Are Approaching the Slower Exit Environment
In the inaugural episode of PEI Group’s "Commitment Issues" podcast, Children’s Health’s Yangge Seaman and Hg’s Steven Batchelor examine how limited partners (LPs) and general partners (GPs) are adapting to a slower private‑equity exit market. Both guests highlight a growing...
Aware Super Establishes Private Markets Division with Jenny Newmarch as Head
Australian superannuation giant Aware Super has created a new private markets division, appointing Jenny Newmarch as its head. Newmarch, previously the fund’s global head of private equity, will now oversee private equity, infrastructure and other alternative assets. She will report...
Investor Intentions: Plutus Partners Seeks New Private Equity Opportunities
Plutus Partners, a Singapore‑based single‑family office, announced it will pursue opportunistic private‑equity investments worldwide. The firm plans to allocate capital across sectors where it can add strategic value and generate outsized returns. By operating without the constraints of a traditional...
Brookfield Builds up Team Dedicated to 401(k) Opportunities
Brookfield Asset Management announced the formation of a dedicated team to pursue 401(k) investment opportunities. The move follows a 40% increase in the firm’s private‑wealth capital‑raising last year, underscoring strong fundraising momentum. By targeting retirement‑plan assets, Brookfield aims to broaden...
Side Letter: Going Nuclear
The article examines three distinct private‑equity themes. First, Germany’s nuclear waste management fund is highlighted for its ability to maintain financial stability despite shifting regulatory pressures. Second, the Swiss‑based SBCERA fund faces near‑term return volatility due to heightened private‑equity exposure....
Side Letter: M&G’s Liquidity Play
M&G has introduced a side‑letter that leverages the secondary market to provide liquidity for its private‑equity commitments, allowing investors optional redemption windows while preserving long‑term value. The move comes as Q4 private‑equity exit volume fell below expectations, highlighting a slowdown...
Denmark’s PenSam to Maintain US PE Exposure Amid Turmoil
Denmark’s state‑run pension fund PenSam, which manages €27 billion of assets, said it will keep its exposure to U.S. private equity despite recent market turbulence. The fund’s head of private capital and real assets, Jeppe Starup, indicated that the firm is...