S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
The accelerating pace of initial public offerings in the US and globally is welcome news for private equity fund managers eager to see the exit market emerge from a multiyear slowdown.
IPOs from the first half of the year included 23 US-headquartered companies with private equity or venture capital backing at the time of their public market debuts, according to S&P Global Market Intelligence data. Of those 23, the top performers based on their three-month aftermarket performance all came from the IT sector.
It is still early days for those newly public companies, and whether they burst out of the gate — like AI hyperscaler CoreWeave Inc., with a 307.65% total return in the three months after its March 27 IPO — or stumbled may not matter much to their long-term prospects. Their sponsors certainly saw a clear path to growth, or they never would have made it to the IPO stage, said Patrick Quay, EY-Parthenon Americas private equity industry leader.
"Exit via IPO is the ultimate sign of confidence in the long-term health and growth of the business being listed," Quay said.
Read more about the performance of private equity- and venture capital-backed IPOs from the first half of 2025.
CHART OF THE WEEK: Venture capital funding flows in the US
⮞ The Southwest region of the US experienced a surge in private equity- and venture capital-backed rounds of funding in 2024, with the $27.26 billion invested in the region representing a more than 159% increase over the prior-year total, according to Market Intelligence data.
⮞ Texas had the highest number of venture capital deals in 2024 and is one of five states with over 1,000 companies in the technology, media and telecommunications sector.
⮞ In 2025, rounds of funding in the West and Midwest regions have already exceeded the 2024 total.
TOP DEALS
– A consortium led by Blackstone Inc. and TPG Global LLC is acquiring Hologic Inc. for up to $79 per share, valuing the US medical technology company at up to $18.3 billion. Abu Dhabi Investment Authority and GIC Pte. Ltd. will make minority investments. The deal is expected to close in the first half of 2026. Goldman Sachs & Co. LLC is the financial adviser to Hologic, and Wachtell Lipton Rosen & Katz is legal counsel to the company. Citi is the financial adviser, Kirkland & Ellis LLP is legal counsel, and Ropes & Gray is healthcare regulatory counsel to the consortium.
– EQT Life Sciences-backed ImCheck Therapeutics SAS agreed to be acquired by Ipsen SA for €350 million at closing, with a total transaction value of up to €1 billion. Eurazeo SE subsidiary Kurma Partners SA will exit ImCheck as part of the deal. The transaction is likely to close by the end of the first quarter of 2026.
– An affiliate of Lone Star Americas Acquisitions Inc.'s Lone Star Fund X LP agreed to sell German building materials provider Xella International GmbH to Holcim AG for approximately €1.85 billion. The deal is expected to close in the second half of 2026, pending regulatory clearances.
– KKR & Co. Inc. and Quadrantis Capital will acquire minority stakes of approximately 11.27% and 1.80%, respectively, in Hong Kong-based Peak Reinsurance Co. Ltd. Prudential Financial Inc. has divested its 13.07% stake, while China's Fosun International Holdings Ltd. remains the majority shareholder with 86.71%.
TOP FUNDRAISING
– Los Angeles-based Diversis Capital Management LP raised over $1.2 billion for Diversis Capital Partners III LP, exceeding its $850 million target. The oversubscribed fund brings the software and technology-focused private equity firm's total assets under management to more than $3 billion.
– Appian Capital Advisory launched a $1 billion critical minerals fund for emerging markets, with International Finance Corp. as anchor investor contributing $100 million. The fund will invest in metals and mining across equity, credit and royalties.
– HighVista Strategies LLC closed its oversubscribed HighVista Venture Capital Fund XIV LP, with $270 million in capital commitments. The fund will target early-stage venture fund managers.
MIDDLE-MARKET HIGHLIGHTS
– SkyKnight Capital LP invested in Force Electrical Services, an electrical distribution and transmission infrastructure services provider. SkyKnight was advised by Stifel, Holland & Knight LLP and Morrison Foerster. Force was advised by Romanchuk & Co. and Bass Berry & Sims PLC.
– H.I.G. Capital LLC acquired a majority stake in A.L.A. SpA, a logistics and distribution services provider listed on the Italian stock exchange. The founding families will continue to own a minority stake in the business.
– Private equity firms GTCR LLC and Synova LLP completed the acquisition of UK-based insurance broker JMG Group Investments Ltd. Morgan Stanley & Co. LLC and Jefferies Group LLC were financial advisers, and Kirkland & Ellis LLP was legal counsel to GTCR. Evercore Partners Ltd. and Deloitte & Touche were financial advisers, and Proskauer Rose LLP was the legal adviser for the shareholders of JMG Group. Kitcattbowman and Addleshaw Goddard advised JMG's management team.
FOCUS ON: PRIVATE EQUITY ACCESS TO RETIREMENT PLANS
– Thousands of smaller private-equity managers are seeking to gain access to Americans' retirement plans as the Trump administration prepares to open defined-contribution plans to alternative asset classes, The Wall Street Journal reported. While industry giants such as Blackstone, Apollo Global Management Inc. and Blue Owl Capital Inc. are making significant moves to enter the $12 trillion market, smaller firms are also exploring partnerships with 401(k) retirement-account managers, even amid structural challenges that favor larger players. Regulators are expected to issue new guidance by early February 2026.
In the UK, the Financial Conduct Authority recently said it is proposing guidelines that would broaden consumer access to private markets by supporting the tokenization of investment products.
Private equity's push into the retail market offers a multitrillion-dollar opportunity for private equity but brings significant challenges, including liquidity risks and potential investor redemption demands during market volatility, according to a Market Intelligence report.
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For further private equity deals, read our latest "In Play" report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
For private debt news, see our latest private debt newsletter issued twice per month.
