Private equity exit momentum; top portfolio companies by revenue

S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

The momentum of private equity exits is carrying into 2026.

In 2025, the number of portfolio companies sold or taken public by private equity firms increased for the second year in a row, marking a turnaround after two years of declining exits. Although the average deal size was smaller than in 2024, the uptick in exit activity helped boost the flow of profits back to investors and end a distributions drought.

After taking medical-surgical products supplier Medline Inc. public in December 2025 through a $7.2 billion IPO, Blackstone Inc. is eyeing a widening IPO window in 2026. CEO Stephen Schwarzman said in an earnings call that the firm has more portfolio companies preparing for IPOs than at any time in Blackstone's history.

"It feels like 2013–2014, where you had that four- [or] five-year hibernation period [and then] the markets reopened and we took a bunch of companies public," said Blackstone President and COO Jonathan Gray.

Read more about the momentum rebuilding behind private equity's investment cycle.

CHART OF THE WEEK: Top revenue-generating portfolio companies

⮞ Pharmacy chain Walgreens Boots Alliance Inc., acquired by Sycamore Partners Management LP in 2025, generated $147.66 billion in revenue for fiscal 2024, ranking as the top private equity-owned company globally by annual revenue, according to an S&P Global Market Intelligence analysis.

⮞ Retail accounted for eight of the top 25 private equity-backed companies by latest revenue, more than any other sector.

⮞ TDR Capital LLP-backed Asda Stores Ltd. ranked second on the list but was first in headcount, with 17,198 employees.

TOP DEALS

– The Carlyle Group Inc. agreed to acquire Lukoil International GmbH, which owns the international assets of Russian oil company PJSC Lukoil. The transaction does not include Lukoil's assets in Kazakhstan.

– CVC Capital Partners PLC agreed to acquire credit manager Marathon Asset Management LP in a cash-and-equity transaction with a base consideration valued at up to $1.2 billion. The transaction is expected to close in the third quarter. Advisers to CVC included JPMorgan, Freshfields, Fried Frank and Ernst & Young. Advisers to Marathon included Sidley Austin.

– Kohlberg & Co. LLC agreed to sell consulting and engineering services platform Entrust Solutions Group LLC to Leidos Holdings Inc. for about $2.4 billion. The deal is expected to close in the second quarter. Houlihan Lokey and Perella Weinberg Partners are the financial advisers and Ropes & Gray is the legal adviser to Entrust and Kohlberg. Leidos retained Citi as financial adviser and Davis Polk & Wardwell LLP as legal adviser.

– Blackstone Energy Transition Partners agreed to acquire electrical products manufacturer Arlington Industries Inc. The transaction is expected to close in the first quarter. UBS Investment Bank was financial adviser to Arlington, and Sullivan & Cromwell was legal adviser.

TOP FUNDRAISING

– Leonard Green & Partners LP raised over $3.6 billion at the final close of Sage Equity Investors LP and related entities, exceeding the $1.5 billion target. The investment program will focus on single-asset continuation funds sponsored by third-party private equity managers. Kirkland & Ellis LLP was legal counsel to Leonard Green in connection with the formation of Sage Equity Investors.

– HarbourVest Partners LLC announced the closing of HarbourVest Partners Structured Solutions 2025, an investment vehicle with the capacity to invest $1.1 billion into diversified secondary investments in private equity and private credit. HarbourVest and Ares Alternative Credit funds agreed to capitalize the vehicle, with funds managed by Blackstone Credit and Insurance providing senior financing.

– Equality Asset Management LP closed its second fund, EAM Private Equity Partners II LP, with $575 million in total capital commitments. The fund will invest in enterprise software companies. FirstPoint Equity was placement agent and Ropes & Gray LLP was legal counsel.

– Obvious Management Services LLC raised $360.4 million for its fifth core fund, Obvious Ventures V LP.

– Groupe Siparex raised €1 billion across various funds in 2025. During the year, the firm made the first close of Fonds France Nucléaire 2 with €150 million, Siparex Entrepreneurs 6 with €120 million and XAnge 5 with €200 million.

MIDDLE-MARKET HIGHLIGHTS

– JLL Partners LLC acquired PowerParts Group LLC, a provider of replacement parts and field services for gas and steam power turbines. Harris Williams was JLL's financial adviser on the deal.

– Incline Equity Partners invested in enterprise content management and workflow automation solutions provider MCCi LLC in partnership with CEO Donny Barstow and the entire MCCi management team. MCCi investor Century Park Capital Partners LLC is transitioning its ownership position as part of the deal. Shea & Co. was financial adviser to MCCi and Century Park, and Winston & Strawn was legal adviser.

– Mubadala Investment Co. PJSC sold its minority stake in consumer health and wellness platform Arcadia Consumer Healthcare Inc., in conjunction with the acquisition of Arcadia by funds managed by Bansk Group LLC.

FOCUS ON: LIMITED PARTNER EXPOSURE TO ASIA

Limited partners seek to grow their exposure to Asian countries, particularly India and Japan, according to a survey conducted by Coller Capital Ltd.

Of the 108 investors in private capital funds surveyed, 44% expect to increase their exposure to India over the next three years through Asia-focused funds and 28% anticipate boosting their exposure to the market using country-specific funds.

There is also a strong appetite for Japan, with 34% of investors planning to increase their exposure through Asia-focused funds and 32% intending to do so via country-specific funds.

Private equity-backed acquisitions in India surged to $5.10 billion in 2025 from $1.20 billion in 2024, according to Market Intelligence data. Meanwhile, private equity and venture capital investment in Japan jumped 52.5% year over year to $28.95 billion.

______________________________________________

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.