PDI Picks – 3/16/2026
Limited partners (LPs) are staying upbeat on private debt despite recent negative headlines. A new Private Debt Investor feature highlighted that LPs are “shutting out the noise,” maintaining or expanding allocations. Chart data from 2018‑2026 shows a growing share of funds that are over‑allocated or at target, while under‑allocation shrinks. This trend suggests sustained confidence in private debt’s risk‑adjusted returns.
OpenAI Explores $10bn Private Equity Joint Venture
OpenAI is exploring a $10 billion joint venture with private‑equity partners to fund its next‑generation AI models and commercial rollout. At the same time, L Catterton announced a $313 million investment in Japan’s consumer sector, while Apollo is negotiating a minority stake in...
HHP Acquires Hilton DFW Lakes Executive Conference Center
Highline Hospitality Partners (HHP) has purchased the Hilton DFW Lakes Executive Conference Center, a 397‑room hotel on 29 lakeside acres near Dallas‑Fort Worth International Airport. The acquisition expands HHP’s portfolio to 18 hotels, more than 5,000 rooms and roughly $1.5 billion...
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...
Maine Outlines Plan for Cutting Private Equity Target, GP Relationships
Maine’s public pension fund announced a second reduction in its private‑equity allocation within four years, signaling a strategic shift in its portfolio. The plan calls for a modest target cut and outlines the possibility of secondary‑market sales in specific scenarios....
Buyouts Emerging Manager Survey 2026: Seven Takeaways
The Buyouts Emerging Manager Survey 2026, conducted with Gen II Fund Services, uncovers a tightening fundraising environment for emerging buyout managers, with capital commitments falling and deal cycles accelerating. Limited partners are increasingly demanding proven ESG integration and operational expertise, while...
Six Trends Shaping the Emerging Manager Landscape
The article identifies six pivotal trends reshaping the emerging manager landscape, from tighter fundraising cycles to evolving LP expectations. It highlights that limited partners now prioritize demonstrable track records and ESG credentials when allocating capital to new general partners. Niche...
More HVAC Service Providers and Component Makers Are on the Block
Private equity firms are actively targeting HVAC service providers and component manufacturers as deal flow intensifies. Scaled residential HVAC platforms are commanding valuations of 16‑19 times EBITDA, while commercial HVAC transactions span a broader 10‑17 times EBITDA range. The disparity...
Blackford Capital Unveils New HVAC and Electrical Services Platform Anchored by Habco and Moro
Blackford Capital has created a new HVAC, electrical and construction services platform by merging its recent acquisitions, Habco Partnership and Moro Corporation, under the Habco brand. The combined entity, led by CEO Andrew Habel, offers design‑build electrical, HVAC, structural steel...
“We Are Acquisitive…and Active in Deals Right Now” – Glacier’s Matt Frost on Europe’s Ice-Cream Market
Glacier, backed by Davidson Kempner and Afendis Capital, has merged Gelato d’Italia and Ysco to create a €600 m private‑label ice‑cream platform across five European factories. The company positions itself as a consolidator in a fragmented market, focusing on co‑manufacturing and avoiding...
OpenAI in Talks for $10 Billion Joint Venture With PE Firms
OpenAI is in advanced talks to create a joint venture with private‑equity firms TPG and Bain Capital aimed at expanding the adoption of its AI software. The proposed venture carries a pre‑money valuation of roughly $10 billion, with the PE partners...
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 Pipeline: Data Centres to ‘Lower Electricity Prices’, ECP VI Reaches $3.7bn, EQT Wades Into UK Water
Infrastructure Investor’s weekly briefing highlights three major developments: data centre operators are positioning themselves to drive down electricity costs, the European Climate Platform’s sixth fund (ECP VI) has closed at $3.7 billion, and private‑equity firm EQT has entered the UK water market....
Quad-C Taps Dillard Watt as Business Development Director
Quad‑C has appointed Dillard Watt as its new Business Development Director. Watt will partner closely with the firm’s investment teams to accelerate deal flow. His mandate includes sourcing fresh platform investments and identifying add‑on acquisition targets. The hire signals Quad‑C’s...
JF Lehman Targets $3.25bn Across New Flagship Fund, Sophomore Credit Vehicle
JF Lehman & Company has re‑entered the fundraising market with a new flagship private‑equity fund and a sophomore credit vehicle. The firm is targeting roughly $3.25 billion in commitments, including about $2.75 billion for the flagship fund and $500 million for the credit...
EQT Completes Final Exit From Galderma with Record $5bn Block Trade
EQT has completed its final exit from Galderma Group AG, selling roughly 34 million shares for about CHF 4.9 billion ($5.5 billion) in what the firm calls the largest sponsor‑backed block trade on record. The accelerated book‑building process on 13 March generated CHF 1.3 billion for the...
Why Private Equity Matters (Last of a Series)
Private equity, once the domain of pension funds, endowments and sovereign wealth vehicles, is now opening to retail investors through new fund structures. The rise of 40‑Act private funds—often organized as interval or tender‑offer vehicles—offers lower minimums, periodic liquidity and...
Chart of the Week: The IT Factor
In 2025 IT‑related mergers and acquisitions captured a larger slice of the overall deal market than in any prior year, according to Pitchbook data. The chart shows the IT share of total M&A value climbing to a new high, driven...
Could Bain Capital’s Perpetual Deal Lead to Bigger Participation in US Wealth Management?
Private equity firm Bain Capital has agreed to acquire the wealth‑management division of Australia’s Perpetual for an upfront A$500 million, with potential earn‑out payments of up to A$50 million. The business, Perpetual Wealth, oversees A$20‑22 billion in assets for high‑net‑worth families and will...
JPMorgan Makes Bold Push to Offload Huge LBO Debt
JPMorgan Chase is preparing to place more than $30 billion of leveraged‑finance debt for upcoming buyouts, including Electronic Arts, Sealed Air and a pending Qualtrics transaction. The bank’s effort follows CEO Jamie Dimon’s warnings that the credit cycle could turn sour,...
Thames Water Creditors Offer ‘Best and Final’ Rescue Funding Deal
Thames Water’s creditor consortium, London & Valley Water, has presented Ofwat with a "best and final" rescue package to avert a special administration regime. The deal adds roughly £3.4 billion of equity and £3.3 billion of new debt, while writing off about...
Beyond Fundraising: Credit Capacity Meets Legal Insight, February 2026 - Sponsor-Backed Exits Add to Gains
Exit activity accelerated in January, with 148 sponsor‑backed transactions—the highest monthly count since 2023. The total deal value reached $51.6 billion, surpassing the trailing‑12‑month average by 26 %. This heightened exit velocity indicates stronger portfolio distributions for private‑equity and venture‑capital firms. Analysts...
Jared Kushner Solicits Funds for His Firm While Working as Mideast Envoy
Jared Kushner, founder of Affinity Partners and Trump’s Middle East envoy, is attempting to raise at least $5 billion for his private‑equity firm. The fundraising push focuses on sovereign‑wealth funds in the region, with Saudi Arabia’s Public Investment Fund already contributing...
Institutional Investors Eye PE for Best Returns This Year Amid Geopolitical Event Concerns
A Commonfund survey of over 200 institutional investors shows half of them view private equity as the best source of absolute or total returns in 2026, outpacing public equities (40%) and venture capital (34%). Geopolitical events dominate concerns, cited by...
CVs Should Be Structured in an ‘LP-Friendly’ Way: Lexington’s Christophe Browne
Lexington Partners’ Christophe Browne told NEXUS 2026 that a growing share of limited partners (LPs) opting to roll their interests into continuation vehicles (CVs) would signal a healthy secondary market. He emphasized that CVs should be structured in an LP‑friendly...
The Case of New Mountain, Holt and the $30bn-Plus Deal
New Mountain Capital has teamed with Holt to negotiate a deal exceeding $30 billion, aimed at consolidating a suite of healthcare‑technology assets. The transaction centers on a portfolio that includes data‑exchange specialist Datavant, AI‑driven diagnostics firm Machinify, and service providers Office...
The Clog in PE’s Exit Pipeline Is Getting Tougher to Clear
Private‑equity firms are finding it increasingly difficult to exit portfolio companies, even those acquired before the recent market froth. Elevated interest rates, a slowdown in IPO activity, and a thin strategic‑buyer pool have created a bottleneck in the exit pipeline....
Dave Checketts’ Private Equity Fund Targets Golf and Women’s Sports
Former NBA executive Dave Checketts has launched the Cynosure | Checketts Sports Capital fund, a $1.2 billion private‑equity vehicle focused on high‑potential sports assets. The fund’s inaugural investment was a minority stake in ALK Capital, the owner of English clubs Burnley and Espanyol....
PE Delves Into Diverse Women’s Health Segments: 6 Deals
Private‑equity firms Ardian, Charterhouse, CVC and L Catterton led six recent transactions across the women’s health sector. The deals span fertility services, menopause therapeutics, breast‑cancer diagnostics, digital mental‑health platforms, and pelvic‑floor care. Collectively, the investments total roughly $1.2 billion, reflecting heightened...
ArcLight to Buy InfraBridge’s Stake in North American Power Assets
ArcLight Capital Partners has agreed to buy InfraBridge’s 50 % stake in the Invenergy‑managed AMPCI Thermal Power (IATP) portfolio, a collection of 11 power generation assets delivering about 5.4 GW across North America. Invenergy will retain its ownership share and continue operating...
Private Equity Hitting High Multiples in Data Center Refrigeration and Structural Design Plays, Says Lincoln International
Lincoln International’s analysts Guillaume Suizdak and Juan Carlos Montoya note that private equity is paying record‑high multiples for companies involved in data‑center refrigeration and structural design. The HVAC sector is benefiting from a convergence of cloud‑driven data‑center expansion, stricter sustainability...
Arctos Talks up “Larger” League and Global Opportunites After KKR Deal
Arctos Partners has completed a $1.4 billion sale to private‑equity giant KKR, integrating its sports‑focused investment platform into KKR’s broader portfolio. Historically, Arctos allocated 80% of capital to minority stakes in U.S. franchises, but the partnership will pivot toward larger opportunities...
Quincy Jones’ Estate Sells Catalog, Including Stake in Michael Jackson Classics
Quincy Jones' estate has sold his extensive music and publishing catalog to HarbourView Equity Partners, encompassing his production stakes in Michael Jackson’s Off The Wall, Thriller and Bad, as well as iconic compositions like “Soul Bossa Nova,” “Give Me the Night,”...
AI Enabled Speech Therapy & Clinical Services Platform in Northern California
Prime exits® and American Healthcare Capital are marketing a fully integrated AI‑driven speech‑therapy platform in Northern California. The business combines a proprietary assessment and autism‑intervention suite funded by over $2.28 million in federal and corporate grants with a profitable clinical services...
$3.3 Million Revenue Successful Full-Service Ophthalmology Practice Based in Southern California
A full-service ophthalmology practice in Southern California is listed for $4.5 million, projecting $3.3 million revenue in 2026. The practice delivers a balanced mix of exams, surgeries and in‑office procedures, with a 4.1‑4.2 star patient rating and strong referral networks. After recent...
Great Range Launches Industrial Compliance Platform
Great Range Capital has appointed Ryan Moody to lead a search for a new industrial compliance platform, with Gary Baughman joining as executive chairman. The strategy focuses on acquiring fragmented, founder‑led service providers that deliver compliance, safety, environmental, testing, certification,...
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...
Conflict of Interest Concern: Valuation of a Loan by the Borrower
A conflict‑of‑interest issue has emerged around the valuation of loans in Blue Owl’s business development company (BDC) portfolio. The valuations were performed by Kroll, a firm with close ties to Deerfield, one of the borrowers in the portfolio. Critics argue...
The Next Step for GP-Led Deals
The PEI Group’s GP‑led Secondaries report highlights rapid growth in the GP‑led segment, noting a 45% year‑over‑year increase in transaction volume during 2023. It outlines how general partners are leveraging continuation funds to retain control of high‑performing assets while offering...
Cross-Border PE Flows Are Reshaping the Global Deal Landscape
A 25‑year study shows a structural shift in cross‑border private‑equity flows. In 2016 foreign inbound deals to the United States jumped 32% while U.S. outbound activity fell 19%, marking the first convergence of the two series. The 2021 surge was...
Structured Solutions Offer Ability to Keep Assets Within Flagships: W Capital’s David Wachter
At NEXUS 2026, David Wachter of W Capital Partners highlighted the strategic value of structured solutions. He argued that keeping assets within flagship funds allows compounding growth and reduces exposure to a projected “K‑curve” market environment. The K‑curve scenario suggests...
General Atlantic Enters Secondaries Market in Partnership with Clipway
General Atlantic announced a strategic entry into the secondaries market through a partnership with Clipway. The joint venture aims to raise a $1 billion fund dedicated to growth‑equity and late‑stage venture capital secondary transactions. By leveraging Clipway’s technology platform, the partnership...
Sycamore Partners Names New Senior Advisor
Sycamore Partners has hired former Marks & Spencer CEO Archie Norman as a senior advisor. Norman will help manage existing portfolio companies and scout fresh investment opportunities across the UK and broader European consumer and retail markets. The appointment follows...
Auréa’s Aparna Aiyar: Eyes on Beauty Carve-Outs and Founder-Led Brands
Auréa’s partner Aparna Aiyar highlighted the growing resilience of the beauty sector, noting its outperformance of broader consumer‑discretionary categories despite macro headwinds. She emphasized a strategic focus on beauty carve‑outs and founder‑led brands as attractive investment opportunities. The segment’s low...
Papa John’s Draws Fresh Takeover Interest From Qatari-Backed Fund
A Qatari‑backed investment vehicle, Irth Capital Management, has submitted a bid to take Papa John’s International private, with financial backing from Brookfield Asset Management. The pizza chain’s market value hovers around $1 billion, making it an attractive target for a leveraged...
Elaia Closes Third DeepTech Seed Fund at €134 Million as “European DeepTech Is Reaching Escape Velocity”
Paris‑based venture capital firm Elaia has closed its third DeepTech Seed fund (DTS3) at €134 million, twice the size of its prior funds. The fund, backed by a mix of long‑standing and new investors such as PSL Université, INRIA, Bpifrance and...
Alex Behring and Daniel Schwartz on Why 3G Capital’s Model Is Rewriting the Rules of Private Equity
Alex Behring and Daniel Schwartz detailed 3G Capital’s unconventional private‑equity playbook on the *Invest Like the Best* podcast. The firm concentrates on a single, large‑scale acquisition per fund, with partners committing personal capital and never having lost money on a...
Weinstein ‘Buying Pessimism’ With Discount Private Fund Bids
Boaz Weinstein is targeting the current turmoil in private credit by extending discounted bids to investors seeking to exit distressed funds. JPMorgan’s recent decision to curb lending to software‑focused credit firms, citing AI‑related risk, has amplified market stress and forced...
Dow Slides 300 Points as Oil Prices Move Higher Again Amid Iran Conflict: Live Updates
The Dow Jones Industrial Average slipped roughly 300 points as oil prices surged toward $90 a barrel amid heightened Iran‑Israel tensions. The International Energy Agency announced a record release of 400 million barrels to cushion supply disruptions, further fueling market volatility....
The Pulse of Private Equity – 3/9/2026
The Pulse of Private Equity (3 Sept 2026) highlights a pronounced shift in BSL‑funded leveraged buyouts as sponsors confront tighter debt capacity. A decade‑long chart shows debt‑to‑EBITDA ratios falling while equity contributions climb, compressing overall EV/EBITDA multiples. Sponsors are increasingly allocating equity...
