European and UK PE Exit Activity Slows in Q1, but Deal Pipeline Builds for Potential Rebound
European and UK private equity exit activity slowed in Q1 2026, with exits falling to 244 deals worth $32.3bn, down from 278 deals and $58.9bn the previous quarter. UK exit count dropped to 46, though deal value modestly rose to $8.8bn. Sponsors are turning to structured equity, minority stakes, and continuation deals as high interest rates and inflation curb traditional exits. A sizable backlog of assets and abundant dry‑powder suggest a potential rebound once macro conditions improve.
Listed Private Credit Funds Attract Buyers as Discounts Narrow
Publicly traded private credit vehicles, especially business development companies (BDCs), are regaining investor interest as valuations rebound from recent lows. After a March slump driven by software‑lending exposure and $15 billion of redemptions from private funds, price‑to‑book multiples have risen 2.4%...
LP Concerns Mount over Conflicts in Continuation Vehicle Process
Large institutional investors are raising concerns about conflicts of interest in private‑equity continuation vehicle transactions. These deals, which move assets from mature funds into new structures, accounted for about 20% of PE exits last year and exceeded $100 billion in volume,...
ESMA Reviews Use of Private Credit Ratings Amid Growing Regulatory Scrutiny
Regulators are tightening scrutiny on private‑credit ratings as ESMA initiates a formal review, signaling heightened oversight for the fast‑growing sector. Meanwhile, private‑equity firms are accelerating capital deployment: Blackstone’s secondaries arm breached $100 bn AUM, Apollo is close to a $1.5 bn acquisition...
Thrive Targets Sports Sector with San Francisco Giants Investment
Thrive Capital is moving beyond its tech‑centric roots by taking a minority stake in the San Francisco Giants through its newly created Thrive Eternal vehicle. The permanent‑capital fund targets long‑lasting assets such as sports franchises and cultural institutions, reflecting founder...
Apollo Closing in on €1.4bn Acquisition of Forvia Interior Systems Unit
Apollo Global Management is close to completing a €1.4 billion ($1.5 billion) acquisition of Forvia’s interior‑systems business, while Waterland has raised €4 billion ($4.3 billion) for a new flagship buyout fund. KKR and Capital Group are launching an Asia‑focused public‑private credit vehicle, and banks...
Blackstone Flags Record IPO Year Ahead as Earnings Top Estimates
Blackstone posted first‑quarter distributable earnings of $1.76 bn, up 25% year‑on‑year and ahead of the $1.34 bn consensus estimate. President Jon Gray said the firm’s IPO pipeline could hit a record, with nine offerings prepared across the U.S., Europe and Asia, including...
KKR and Capital Group to Launch Asia Public–Private Credit Fund Amid Growing Retail Push
KKR & Co. and Capital Group are set to launch a public‑private credit fund in Asia in the second half of 2026, extending a collaboration that already raised over $500 million for similar U.S. products. The hybrid vehicle will allocate roughly...
Waterland Secures €4bn for New Flagship Buyout Fund
European mid‑market private‑equity firm Waterland closed a €4bn ($4.7bn) flagship buyout fund, Waterland Private Equity Fund X, in under four months. The firm simultaneously sealed €600m ($705m) for its Partnership Fund II, aimed at minority stakes, and both vehicles were...
Banks Launch Investor Soundings on €1.5bn Debt Package for Lone Star’s Lonza Unit Deal
Lenders are marketing a €1.5 billion ($1.75 billion) financing package for Lone Star Funds' acquisition of Lonza Group’s capsules and health‑ingredients unit. The structure comprises roughly €1 billion in leveraged loans and €500 million in high‑yield bonds, with Goldman Sachs and Jefferies leading early‑stage...
Bain Eyes Bridge Data Centres Stake Sale at $5bn Valuation
Bain Capital is preparing to sell at least a 40% stake in Bridge Data Centres, valuing the Asia‑focused developer at roughly $5 billion. The sale, run by Citigroup and JPMorgan, expects indicative bids by mid‑to‑late next month. Bain may consider a...
VW Shortlists EQT, CVC, and Bain in Everllence Sale Process
Volkswagen has shortlisted private‑equity firms EQT, CVC and Bain as bidders for its Everllence unit, underscoring strong strategic interest in the automotive supplier market. Meanwhile, NorthWall Capital announced AUM exceeding €3bn (≈$3.3bn), and KSL Capital is set to reacquire Invited...
NorthWall Capital Promotes Three Senior Execs to Partner as AUM Surpasses €3bn
London‑based private credit manager NorthWall Capital announced the promotion of Artem Kontyaev, Scott Carpenter and Garrett Holmes to partner, effective immediately. The move expands the firm’s senior leadership as assets under management exceed €3bn (about $3.2bn) across long‑dated European credit...
Hillhouse Targets $8bn Asia-Focused Fundraising
Hillhouse Investment Management is launching an $8 billion fundraising drive, targeting a $7 billion Asia buyout fund and a $1‑1.5 billion growth vehicle, while committing $1‑2 billion of its own capital. The campaign, aimed at Middle‑East sovereign wealth funds, endowments and family offices, seeks...
Baird Capital Closes Mid-Market Buyout Fund at $450m
Private equity arm Baird Capital has closed its third global buyout vehicle, Global Fund III, at $450 million, roughly 30% larger than its prior fund. The fund will invest in lower‑mid‑market B2B technology and services companies in the United States...
OpenAI to Commit up to $1.5bn to PE-Linked Venture
OpenAI is in talks to pour up to $1.5 bn into a new joint venture, DeployCo, backed by leading private‑equity firms. The venture, valued at roughly $10 bn, will see OpenAI contribute an initial $500 m with an option for an additional $1 bn,...
ECB Flags Private Credit as Emerging Financial Stability Risk
The European Central Bank and the U.S. Securities and Exchange Commission are both flagging private‑credit markets as emerging sources of financial‑system risk, citing liquidity strains and regulatory gaps. At the same time, private‑equity firms remain active: EQT unveiled an AI‑infrastructure...
EQT Launches AI Infrastructure Strategy
EQT announced a dedicated AI Infrastructure strategy to fund the physical backbone needed for exploding artificial‑intelligence workloads. The firm estimates roughly $4 trillion in global capex will be required over the next five years to expand data centres, power systems and...
CVC and GTCR Make Joint Take-Private Bid for Teleflex
Private equity firms CVC Capital Partners and GTCR have submitted a joint proposal to acquire medical‑device maker Teleflex and take it private. The offer, valued at roughly Teleflex’s $5.5 billion market capitalization, comes as the company finalizes a $2.03 billion divestiture of...
Azalea Weighs Launch of Evergreen Private Equity Vehicle
Azalea, the private‑equity platform backed by Temasek, is preparing to launch an evergreen‑style fund as early as this year, subject to market conditions. Unlike traditional closed‑end funds, the evergreen structure will allow investors to subscribe and redeem continuously. The product...
PE-Backed Kpler Launches Minority Stake Sale at $5bn Valuation
Kpler, the Brussels‑based commodities intelligence platform backed by Insight Partners and Five Arrows, has launched a sale of a significant minority stake that could value the company at roughly $5 billion. Evercore is advising the process, though the exact percentage on...
US Regulators Move to Scale Back Biden-Era Private Fund Reporting Rules
U.S. regulators the SEC and CFTC have unveiled a joint proposal to scale back the Biden‑era private‑fund reporting framework. The new rules raise the asset thresholds for mandatory disclosure, moving the small‑adviser cutoff from $150 million to $1 billion and the large‑hedge‑fund...
UK Mid-Market Buy-and-Build Activity Drops 61% in 2025 After 2024 Peak
UK private‑equity and venture‑capital platforms saw bolt‑on acquisitions plunge 61% in 2025, falling from a record 114 deals in 2024 to roughly 44 deals. The slowdown was most pronounced in technology, insurance and education, while business services, financial services and...
Wealth Advisers Generate over $2bn in Private Capital Fees as Retail Access to Alts Expands
Wealth advisers at banks and brokerages have collected more than $2 bn in servicing fees from private‑market funds since 2017, driven by the rapid rise of evergreen and semi‑liquid alternatives. The fee stream includes annual servicing charges of 25‑85 basis points...
CD&R-Backed Multi-Color Secures Court Approval for $4bn Debt Overhaul
A wave of private‑equity activity surfaced this week, highlighted by CD&R‑backed Multi‑Color winning court approval for a $4 billion debt restructuring that will streamline its balance sheet. BTG Pactual bolstered its performing‑credit team with senior hires, while EQT warned of mounting exit...
Wall Street Offers some Clues for Private Markets
Wall Street’s Q1 earnings highlighted robust bank profits while private‑credit markets faced heightened redemption pressure. BlackRock capped redemptions on its HPS Corporate Lending Fund at 5% after a 9% NAV outflow, and Goldman Sachs narrowly avoided a similar cap with...
EQT Revives Sale of Contact Lens Maker Ginko at $1bn-Plus Valuation
Swedish private‑equity firm EQT has re‑opened the sale process for Ginko, a leading European contact‑lens manufacturer, seeking a valuation north of $1 billion. The move follows a brief pause earlier this year as EQT reassessed market conditions. Ginko reported a 15%...
Banks Tighten Terms on Private Credit Funds as Collateral Disputes Rise
Private credit funds are confronting tighter leverage terms as major banks such as JPMorgan, Goldman Sachs and Barclays raise interest rates and revalue collateral. Leverage costs have jumped 50 to 150 basis points, pushing spreads above three percentage points over...
PNC Discloses $7bn Exposure to Private Credit Firms
PNC Financial Services disclosed roughly $7 billion of exposure to private‑credit managers, part of a broader $33 billion portfolio of lending to business‑credit intermediaries. The bank’s total allocation to non‑depository financial institutions stands at $73 billion, with about $26 billion tied to securitised vehicles...
Blue Owl Nears Deal for Minority GP Stake Investment in BlackFin Capital Partners
Blue Owl Capital is on the verge of acquiring a minority stake in Paris‑based BlackFin Capital Partners through its GP Strategic Capital platform. BlackFin’s flagship buyout fund raised €1.8 billion (about $2 billion) for 2024, while its fintech‑focused vehicle secured €390 million (roughly...
PE Firms Circle Pizza Hut and Papa John’s as Sale Processes Advance
Pizza Hut and Papa John’s are entering sale processes as private‑equity interest intensifies. Both chains face weakening demand, higher input costs and fierce competition, prompting owners to explore taking them private. Papa John’s has attracted a consortium led by Qatari‑backed...
Thoma Bravo Partners with Google Cloud to Accelerate AI Rollout Across Portfolio
Thoma Bravo, a software‑focused private‑equity firm, has signed a multi‑year strategic partnership with Google Cloud to accelerate AI adoption across its more than $300 billion portfolio. The deal gives portfolio companies access to Google Cloud’s AI infrastructure, including Gemini models, enterprise...
Middle East Conflict Driving Wealth Flows Back Toward Europe, Says Pictet
The Iran conflict is prompting high‑net‑worth investors to move capital from Gulf hubs toward Europe, especially Switzerland, seeking political stability and diversification. Pictet managing partner Laurent Ramsey told Bloomberg that clients are spreading custody across multiple jurisdictions to reduce concentration...
Ares CEO Plays Down Risk of Widespread Private Credit Defaults
Ares Management CEO Michael Arougheti told the HSBC Investment Summit that the private credit market shows no signs of an imminent wave of defaults, attributing current strain to liquidity conditions and higher interest rates rather than weakening credit fundamentals. The...
Accel Raises $5bn to Capitalise on Surging AI Investment Opportunities
Accel announced the closing of a $5 billion fund dedicated to artificial‑intelligence investments, marking the firm’s largest capital raise to date. The vehicle will back early‑stage AI startups spanning generative models, cloud‑based automation, and data infrastructure. Limited partners range from sovereign...
BlueFive Targeting $3bn Defence-Focused Fund Amid Rising Regional Military Spending
Abu Dhabi‑based private equity firm BlueFive Capital is launching a $3 bn fund to invest in aerospace and defence companies as Middle East military spending rises. The vehicle targets an initial $1 bn close by Q3 2026 and will back firms whose technologies...
Major US Banks Detail Exposure to Private Credit Lending as Investors Scrutinise Risks
Major U.S. banks are unveiling the size of their private‑credit exposures as investors demand greater transparency. Wells Fargo disclosed roughly $36 bn tied to corporate debt, including $6 bn in private BDC loans, while JPMorgan reported about $50 bn and Citigroup $22 bn in warehouse...
Golden Goose Secures €880m Bond Package to Support HSG-Led Buyout
Golden Goose secured an €880 million ($950 million) bond package to finance the HSG‑led buyout, underscoring the growing reliance on debt financing in European private equity. Meanwhile, TCW wrote down its Red Lobster equity stake by 98%, TPG is closing in on...
Adams Street Closes $7.5bn Private Credit Fund as Strategy Assets Reach $15bn
Adams Street closed a $7.5 billion private‑credit fund, pushing its strategy’s assets under management to $15 billion. Leonard Green is close to a $3 billion buyout of construction consultancy Cumming Group, while Thoma Bravo is merging HCSS with Nemetschek Build & Construct to create a global construction‑tech platform....
Commvault Explores Sale Amid Private Equity Interest
Commvault Systems, a $3.5 billion data‑protection software firm, is weighing strategic alternatives, including a sale, after receiving interest from private‑equity players and strategic buyers. The company has hired Goldman Sachs to run the process, with Thoma Bravo reportedly re‑engaging after an...
Ping An to Trim $1bn Software Private Equity Exposure via Secondary Sale
China's Ping An Insurance Group is arranging a secondary sale of roughly $1 bn of software‑focused private‑equity fund stakes, with placement agent Campbell Lutyens advising. The assets include late‑2010s Vista Equity Partners funds and a North America‑focused KKR vehicle. This follows...
Partners Group Eyes Gating Withdrawals as Private Credit Liquidity Pressures Build
Partners Group warned it could gate investor withdrawals if redemption requests exceed predefined thresholds, a move reflecting mounting liquidity stress in private credit markets. The Swiss‑listed manager oversees about $185 billion in assets and has seen its shares fall roughly 17%...
PolyPeptide Draws Takeover Interest From EQT and KKR
Swiss contract development and manufacturing firm PolyPeptide Group AG is drawing acquisition interest from private equity giants EQT and KKR, with Advent International also evaluating a bid. The potential deal could involve billionaire controlling shareholder Frederik Paulsen Jr, easing transaction...
S&P Dow Jones Launches New CDS Index Facilitating Bets Against Private Credit
S&P Dow Jones Indices has introduced a credit‑default‑swap (CDS) index that gives investors direct exposure to the private‑credit market, allowing them to take bearish positions. The index, comprising 25 North American financial entities—including banks, insurers, REITs and business development companies...
EQT Joins Bidding Race for Royal Challengers Bengaluru
Swedish private equity firm EQT has entered the auction for the Indian Premier League franchise Royal Challengers Bengaluru (RCB). The firm is competing with existing owners and other suitors, with the sale rumored to exceed $1.5 billion. EQT sees the sports‑entertainment...
Carlyle Limits Withdrawals From Private Credit Fund Amid Surge in Redemption Requests
Carlyle has placed a 5% cap on withdrawals from its $7 billion Tactical Private Credit Fund after investors submitted redemption requests equal to roughly 15.7% of the fund’s net asset value in Q1. The gate allowed the firm to return about...
Marsh’s Mercer Raises $3.8bn for Latest Private Markets Vehicle
Marsh’s Mercer closed a new private‑markets vehicle at $3.8 bn, topping its target and underscoring strong investor appetite for diversified alternatives. Meanwhile, North American pension plans held their private‑credit allocations steady despite recent market strains, while Ares announced a $1.7 bn all‑cash...
North American Pensions Hold Firm on Private Credit Allocations Despite Market Strains
North American pension giants such as CalSTRS are holding steady on private‑credit allocations, even as the market wrestles with higher redemption requests and tighter underwriting standards. The funds view private credit as a long‑duration, income‑generating asset, keeping exposures that range...
UK Regulators Set to Tighten Oversight of Private Equity-Linked Insurance Structures
UK regulators, led by the PRA, are preparing stricter rules for funded reinsurance structures that insurers use to offload liabilities to offshore reinsurers often backed by private‑equity capital. The move follows concerns over growing interconnectedness between insurers, pension risk transfers...
General Atlantic Completes $3bn Acquisition of Home-Care Provider Team Services
Private equity giant General Atlantic completed a $3 billion acquisition of home‑care provider Team Services, marking one of the largest deals in the sector this year. The transaction follows a wave of activity, including Tinicum and Blackstone’s $1.75 billion purchase of UK...