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Not only are fourth quarters usually stronger, they are usually the strongest quarter of their years. This was not the case in 2025.

The firm will take a 'very opportunistic' approach to expanding further into secondaries, CEO Connor Teskey said in its Q4 2025 earnings call.

Sun Capital has also signed a definitive agreement to sell Anderson Global, and the deal is expected to close in Q2 or Q3.

Shares of BDCs, alts managers and software companies are down, but some are urging caution.

The PayByPhone deal represents Lightyear’s 18th carve-out transaction and eighth investment in vertical software and payments.

The firm has just sold business process outsourcing company Parseq to Paragon Group

EBITDA for Park Place has grown 10x during GTCR's hold, according to a source close to the deal.

London-based Hockel will lead the buildout of an investment team focused on the aerospace and defense segment.

Blackstone will retain a significant minority of the business, which is held under its Blackstone Energy Partners III fund and yielded Blackstone a 4x multiple on invested capital.

Crestview, Bain and McNally are among the PE firms finding opportunity in the sector.