S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Fundraising for private equity secondaries vehicles increased in 2025 even as overall private equity fundraising continued to decrease.
Secondaries funds dedicated to investments in private equity buyouts, growth equity and venture capital collected US$92.9 billion in capital commitments, up more than 6% from US$87.32 billion in 2024, according to With Intelligence data. Many institutional investors who already invest in primary private equity funds are carving out new space in their portfolios for secondaries, which generated a record US$226 billion in transaction value in 2025, according to investment bank Evercore Inc.
While private equity's multiyear exit drought may be easing, built-up liquidity pressures continue to drive activity in the secondary market, where buyers and sellers trade private equity fund stakes. Even as institutional investors tap secondary sales to manage their portfolios, they are also placing capital with secondaries funds that buy those stakes at a discount.
"Capital that would have gone into the primary, direct market, has gone into secondary funds," said Campbell Lutyens partner Gerald Cooper, who co-heads the firm's global secondary advisories practice.
Read more about private equity secondaries fundraising in 2025 and the outlook for 2026.
CHART OF THE WEEK: January logs higher entry value, fewer deals
⮞ Private equity and venture capital entries reached US$62 billion in announced value in January, up 80% year over year from US$34.51 billion, according to S&P Global Market Intelligence data.
⮞ The number of entries declined, however, dropping to 840 in January from 1,273 in the same month a year ago.
⮞ The largest private equity- or venture capital-backed deal of the month was the US$20 billion funding round for X.AI LLC.
TOP DEALS
– KKR & Co. Inc. and SingTel Interactive Pte. Ltd. agreed to buy the remaining 82% stake they do not already own in data center holding company STT GDC Pte. Ltd. for S$6.6 billion. The deal values STT at about S$13.8 billion. Upon completion of the deal, KKR will own a 75% stake in STT, while SingTel will own 25% of the business.
– KKR also agreed to buy sports-focused private equity firm Arctos Partners LP for US$1.4 billion in initial consideration, plus up to an additional US$550 million in future equity. Simpson Thacher was KKR's legal counsel, while Kirkland & Ellis was Arctos' legal counsel. BofA Securities was Arctos' financial adviser.
– Ares Management Corp. completed the acquisition of systematic fixed income manager Bluecove Ltd. BlueCove will operate as Ares Systematic Credit, primarily based in London.
– Bain Capital Private Equity LP agreed to buy Japan-based personal care company FineToday Holdings Co. Ltd. from CVC Capital Partners PLC's CVC Capital Partners Asia V LP fund and other shareholders.
– Thoma Bravo LP finalized its acquisition of human resources software firm Dayforce Inc. for approximately US$12.3 billion. Dayforce's financial adviser was Evercore and its legal adviser was Evercore Wachtell Lipton Rosen & Katz. Thoma Bravo's financial advisers were Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, while Kirkland & Ellis LLP was its legal adviser.
TOP FUNDRAISING
– BlueFive Capital raised US$3 billion at the final close of Onyx Fund I. The fund seeks to invest in AI, biotechnology and advanced computing businesses in the US and Europe.
– HighVista Strategies LLC raised US$800 million at the close of HighVista Private Equity Fund XI LP, surpassing the fund's US$725 million target. The vehicle will invest in lower-middle-market companies in the US, generally with enterprise values below $150 million.
– BayHawk Capital LP reached the final close of BayHawk Capital Fund I with US$616 million in total commitments. The firm invests in founder-owned technology and essential services businesses.
– Shorooq Partners launched its US$200 million late-stage growth fund. The fund, backed by firms including Qatar Investment Authority, will invest in late-stage growth and pre-IPO companies.
MIDDLE-MARKET HIGHLIGHTS
– LBO France reached a deal to sell French laboratory supplies distributor Dominique Dutscher SAS to Vivo Capital LLC. Deloitte was financial adviser to LBO France on the deal, and King & Spalding was legal adviser. EY was financial adviser to Vivo, while Sidley Austin, Jeantet and Mayer Brown were legal advisers.
– Lightyear Capital LLC agreed to purchase mobile parking payments company PayByPhone Technologies Inc. from Corpay Inc. Deutsche Bank was financial adviser to Corpay on the deal, while Jones Day was legal counsel.
– MPE Mgt. Co. LLC completed the sale of modular framing solutions provider 80/20 LLC to Littlejohn & Co. LLC. Baird was the lead financial adviser to 80/20 in the transaction, with Houlihan Lokey as co-adviser. Jefferies LLC was Littlejohn's financial adviser, and McDermott Will & Schulte was its legal counsel.
FOCUS ON: COLORADO PENSION FUND'S PRIVATE MARKET PLAY
Fire & Police Pension Association of Colorado seeks to deploy about US$575 million to private markets in 2026, with room for growth to as much as US$625 million, according to a report from With Intelligence.
The pension fund allocated more than US$500 million to private markets in 2025.
Nine of the 14 firms the pension fund partnered with in 2025 were new relationships. Most recently, it committed £15 million to UK middle-market-focused Kester Capital Fund IV, according to the report.
With Intelligence is a part of S&P Global Market Intelligence.
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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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