S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Private equity's leveraged buyouts are getting bigger in 2025.
Through the first half of 2025, private equity-backed leveraged buyout transactions globally totaled $150.35 billion, an amount equivalent to 70% of the full-year 2024 total for such deals, according to S&P Global Market Intelligence data. The number of deals, however, has tracked much closer to prior-year totals as of midyear — a clear sign that the average size of a private equity-backed leveraged buyout is larger in 2025 than in 2024.
Ample reserves of dry powder for private equity dealmaking are one factor in the sizing up of leveraged buyouts. Private credit, a key ingredient for the majority of leveraged buyouts, is also fueling the dealmaking.
It is not just leveraged buyouts. As this year's surge in private equity-backed deals worth at least $5 billion hints, the bigger-is-better approach to capital deployment may be one of the industry's defining trends in 2025.
Read more about the increasing size of private equity-backed leveraged buyouts.
CHART OF THE WEEK: Entry activity heats up
⮞ Global private equity and venture capital deals heated up in August, with the $58.22 billion in aggregate transaction value representing a 10% increase over the $52.74 billion recorded during the same month in 2024, Market Intelligence data shows.
⮞ Entry value totaled $479.76 billion this year through Aug. 31 compared with $450.22 billion during the same eight-month period in 2024, a nearly 7% year-over-year increase.
⮞ Thoma Bravo LP's proposed $12.72 billion take-private acquisition of human resources software company Dayforce Inc. was the largest private equity-backed entry deal announced in August.
TOP DEALS
– Madison Dearborn Partners LLC agreed to buy a significant majority stake in NFP Corp.'s wealth business, comprising Wealthspire Advisors LLC, Fiducient Advisors LLC, Newport Private Wealth Inc. and related platforms, from Aon PLC for an estimated $2.7 billion.
– Bain Capital LP agreed to acquire insurance distribution platform Jensten Group Ltd. from Livingbridge EP LLP.
– Blackstone Inc. agreed to make a significant investment in Juno Hair. The deal values the South Korean hair care brand at 800 billion won, The Korea Economic Daily reported, citing industry sources.
– KKR & Co. Inc. acquired Samhwa Co. Ltd. from TPG Capital LP in a deal valuing the South Korean cosmetics packaging company at 733 billion won.
– Bain and Cinven Ltd. agreed to sell a majority stake in Germany-based healthcare platform Stada Arzneimittel AG to CapVest Partners LLP. Bain and Cinven intend to retain a minority stake in Stada.
TOP FUNDRAISING
– Great Hill Partners LP raised $7 billion at the close of the Great Hill Equity Partners IX LP fund. The vehicle will continue to pursue the firm's middle-market growth buyout strategy.
– Blackstone's Strategic Partners Fund Solutions Advisors LP raised $5.5 billion for Strategic Partners Infrastructure IV LP, the firm's latest infrastructure secondaries fund, at final close.
– Peak Rock Capital LLC raised $2.5 billion at the final close of Peak Rock Capital Fund IV LP and parallel funds. The firm also raised about $500 million for Peak Rock Capital Credit Fund III LP and its hybrid credit and equity vehicles. Fund IV and Credit Fund III seek to invest in middle-market companies.
– Longbow Capital Inc. held the final close for Longbow Energy Transition Fund II with approximately $365 million in capital commitments. The fund aims to invest in growth-stage companies that lower carbon emissions and offer energy technology and services across North America.
– Elev8 Venture Partners raised 14 billion Indian rupees at the close of its debut fund, The Economic Times reported. The fund is anchored by KB Investment Co. Ltd. and will invest in consumer internet, enterprise software and fintech companies.
MIDDLE-MARKET HIGHLIGHTS
– Luxembourg-based private equity firm Apheon acquired bread and pastry ingredients company Cain Food Industries Inc. As part of the transaction, Cain will merge with Apheon portfolio company Millbo SpA.
– Rainier Partners LP invested in janitorial services company Kleen-Tech Services LLC.
– Quad-C Management Inc., a private equity firm based in Charlottesville, Virginia, invested an undisclosed sum in water distribution company Accurate Meter & Backflow LLC.
FOCUS ON: PRIVATE EQUITY BUYOUTS IN HEALTHCARE
Global private equity buyouts in the healthcare sector climbed to $62 billion in the first half of 2025, higher than the $44 billion recorded during the same period a year ago, according to a report from consulting firm Bain & Co.
The total deal count stood at 173, down from 182 year over year.
Bain highlighted a surge in healthcare IT deals, with the global buyout deal value as a percentage of the total value climbing to 31% in the first half from 24% in all of 2024. Some of the factors include flight to assets insulated from public policy and the applicability of AI.
In the largest private equity-backed healthcare deal in the first half, Bain Capital Private Equity LP acquired Mitsubishi Tanabe Pharma Corp. for about ¥510 billion. The deal closed in July.
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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.
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