S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Tough conditions for selling portfolio companies continue to weigh on the Big Four in private equity.
The average net positivity score assigned to the first-quarter earnings call transcripts of the four largest listed private equity managers — Apollo Global Management Inc., Blackstone Inc., The Carlyle Group Inc. and KKR & Co. Inc. — fell to its lowest mark since the fourth quarter of 2023. It was the third straight quarter that the average net positivity score for the Big Four ran below the S&P 500's average, according to an S&P Global Market Intelligence analysis of the language used by executives and analysts on the calls.
Still, the Big Four have hit significant milestones over the period. A fundraising playing field tilted in favor of the largest fund managers, which has helped all four firms grow assets under management to record or near-record levels. But fundraising is contingent on the flow of profits back to investors, and a slow exit environment is delaying the portfolio company sales that generate those profits.
"The significant recent market volatility and broader uncertainty has had the effect of pushing out exit pipelines and slowing realization activity in the near term," Blackstone CFO Michael Chae said.
Read more about the first-quarter results reported by private equity's Big Four listed firms.
CHART OF THE WEEK: EU exit activity accelerated in 2025
⮞ The number of private equity exits recorded in the EU increased 3.6% year over year to 836 in 2025, according to Market Intelligence data.
⮞ Trade sales to strategic acquirers accounted for the bulk of the exits recorded in 2025, followed by sponsor-to-sponsor deals.
⮞ Exit volume increased even more in the UK, climbing 11.3% year over year to 305 deals.
TOP DEALS
– Blackstone Inc. is making an initial commitment of US$5 billion in equity capital under its joint venture with Alphabet Inc.'s Google LLC to create a data center company based in the US. The new US-based company is expected to bring the first 500 megawatts of capacity online in 2027.
– KKR & Co. Inc. agreed to sell Circor International Inc.'s aerospace division, Circor Aerospace Inc., to Parker-Hannifin Corp. for US$2.55 billion. KKR will maintain the ownership of Circor's naval and industrial businesses. The deal is expected to close in the second half. Goldman Sachs & Co. LLC and Evercore were KKR and Circor's financial advisers, and Kirkland & Ellis LLP was legal adviser.
– Blackstone Strategic Partners and Ardian SAS acquired a portfolio of 33 limited partnership fund interests from the Canada Pension Plan Investment Board (CPP Investments). The net proceeds from the transaction for CPP Investments were about C$4 billion.
– Analog Devices Inc. agreed to buy Empower Semiconductor Inc. for US$1.5 billion in an all-cash transaction. Empower is backed by CapitalG Management Co. LLC, Hallador Venture Partners LLC, Knollwood Investment Advisory LLC, Mesh Ventures, Samsung Strategy and Innovation Center, Socratic Partners and Walden Catalyst Management LLC. PJT Partners is financial adviser to Analog Devices, while Wachtell Lipton Rosen & Katz is legal counsel. Barclays is financial adviser and Goodwin Procter is legal counsel to Empower.
TOP FUNDRAISING
– Bain Capital LP raised US$10.5 billion in total capital at the final close of Bain Capital Asia Fund VI. The vehicle will execute an Asia-focused private equity strategy.
– Eurazeo SE obtained more than €1 billion for its Eurazeo PME V fund at first close. The vehicle seeks to make at least 15 midmarket buyouts across Europe.
– Shamrock Capital Advisors LLC held the final close for Shamrock Capital Content Fund IV LP with US$813 million in total commitments, exceeding the fund's US$700 million target. The fund will invest in content and media rights.
– Mouro Capital secured US$400 million from Banco Santander SA for its third fund. The firm invests in financial services companies.
MIDDLE-MARKET HIGHLIGHTS
– Wynnchurch Capital LP sold metal fabricator Ironform Holdings Co. to a strategic buyer. Ballard Spahr LLP was Wynnchurch's legal adviser on the deal.
– Hull Street Energy LLC agreed to buy energy generation company FirstLight USA LLC. The transaction is expected to close later in 2026. Troutman Pepper Locke and DLA Piper were legal advisers to Hull Street on the deal.
– Triton agreed to sell Scandinavian specialist healthcare provider Aleris Group AB to Mehiläinen Oy. Triton acquired Aleris in 2019.
– L Catterton Management Ltd. is selling San Francisco-based clothing brand Everlane Inc. to Singapore-based Roadget Business Pte. Ltd., operator of online clothing retailer Shein. The deal's implied value of Everlane is US$100 million.
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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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