S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Private equity investment in education services in Asia-Pacific plunged 87% year over year in 2025 as investors became more selective on deals and explored business models centered around profitability.
Total deal value stood at US$240 million in 2025, compared with US$1.84 billion a year earlier, according to S&P Global Market Intelligence data.
Education services include private universities, correspondence teaching, education seminars, educational materials and technical education.
Japan secured most of the deals, with US$177.6 million in transaction value, driven by Nippon Sangyo Suishin Kiko Ltd.'s US$160.5 million acquisition of With us Corp.
Investment in education services in the region is expected to rebound as the fragmented sector presents opportunities for consolidation.
Read more about the decline in private equity investment in Asia-Pacific education services in 2025.
CHART OF THE WEEK: Video games investment activity slows
⮞ The number of private equity transactions in video games fell 45% year over year to 208 in 2025, according to Market Intelligence data.
⮞ The proposed US$55.19 billion acquisition of Electronic Arts Inc., however, pushed the total deal value in the video games industry to US$55.92 billion in 2025, compared with US$4.36 billion in 2024.
⮞ The drop in deal volume was attributed to weaker consumer demand after the COVID-19 pandemic and a shift in investor focus toward AI, which has drawn megasize funding rounds.
TOP DEALS
– The Carlyle Group Inc. agreed to sell about 80% stake in creative production firm Kanamel Inc. to Nippon Television Holdings Inc. The Japanese commercial TV network will fully own Kanamel after the deal, which is expected to close at the end of April.
– Bain Capital LP agreed to acquire Perpetual PWM Services Pty. Ltd., the wealth management business of Australian asset manager Perpetual Ltd., through a A$500 million up-front cash payment, plus an earnout payment of up to A$50 million. The transaction is expected to close toward the end of 2026. Barrenjoey is financial adviser and King & Wood Mallesons is legal adviser to Perpetual.
– KKR & Co. Inc. agreed to buy a majority stake in electric bus platform Allfleet India Pvt. Ltd. and a minority stake in electric-commercial-vehicle maker PMI Electro Mobility Solutions Pvt. Ltd. The firm will invest up to US$310 million to form a strategic partnership with Allfleet and PMI Electro. The deal is expected to close in mid-2026.
TOP FUNDRAISING
– Orion Resource Partners LP held the final close for Mine Finance Fund IV LP at about US$2.2 billion. The fund invests in strategic metals and critical mineral assets. Fund IV is already 61% committed.
– Sands Capital Management LLC raised US$1.1 billion at the close of Sands Capital Global Innovation Fund III LP. The fund seeks to invest in mid- to late-stage technology companies that are poised to become public. Investors in the fund include the Canada Pension Plan Investment Board and funds managed by Hamilton Lane Inc.
– QHP Capital LP raised US$1.1 billion for a continuation fund for Azurity Pharmaceuticals Inc. HarbourVest Partners LLC led the transaction, with participation from Pantheon Ventures LP and Audax Management Co. LLC's Audax Strategic Capital strategy.
– Africa-focused Adenia Partners Ltd. secured US$180 million at the first close of Adenia Entrepreneurial Fund I. The vehicle targets control investments in small and lower midcap companies.
MIDDLE-MARKET HIGHLIGHTS
– Inverness Graham Investments Inc. acquired Axcel Learning, an online professional education, certification and test preparation platform, for an undisclosed amount. McDermott Will & Schulte was legal adviser to Inverness Graham. Houlihan Lokey was the financial adviser to Axcel.
– Oakley Capital Ltd., through Oakley Capital Origin Fund II, agreed to invest in Groupe Senef, a French provider of software solutions for services businesses. As part of the deal, Isatis Capital SA, a minority shareholder in Senef, is exiting its stake in the business.
– Enterprise Investors Corp.'s Enterprise Investors Fund IX bought a 65% stake in Polish wind turbine installation and maintenance company Art Wind Sp. z o.o. The deal includes a full buyout of passive shareholders.
FOCUS ON: ACERA'S PRIVATE EQUITY ALLOCATION
Pension fund Alameda County Employees' Retirement Association (Acera) is allocating US$450 million for private equity in 2026, With Intelligence reported.
Of the total, about US$310 million will be earmarked for buyouts across three to seven managers, US$90 million for two to three venture capital managers and US$50 million for up to two growth equity managers.
As of year-end 2025, Acera had a 7.2% exposure to private equity, versus an 11% target.
Almost half of its allocation was directed toward equity, at 49.4%, while fixed income had a 15.4% allocation, according to With Intelligence data.
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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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With Intelligence is a part of S&P Global Market Intelligence.
