The Allocation - Issue #1
News from April 13 to April 21, 2026
Good morning. A busy week across the PE and family office universe: Bain Capital closes its largest fund at $14B, GIP and EQT announce one of the largest PE take-privates in history at $33.4B, Blackstone closes two funds totaling $16B+, H.I.G. installs a new CEO and completes two deals, Advent exits Olaplex at $1.4B, the secondaries market logs a $17B close, and three Varsity Healthcare veterans launch competing firms. Let’s get into it.
COVER STORY
The Healthcare PE Spinout Wave Keeps Coming
The pattern is becoming impossible to ignore: experienced operators are leaving established PE platforms to build their own healthcare-focused firms.
Haelan Capital Partners (Boston) — Gregg Osenkowski, who spent nearly 19 years at lower-middle-market buyout firm Sverica Capital Management, has launched his own firm alongside Jack Vailas, a former investor at RA Capital Management. They’re targeting healthcare services and technology companies with EBITDA of $2M–$20M.
Source: Private Equity Career
Lincoln Liberty Capital (Chicago) — Former Varsity Healthcare Partners partner Merrick Axel and managing partner Dr. Pat Basu left Varsity in 2024. Team of ~15 plus six advisors. First platform acquisition: P&A Group, a health benefits administrator.
Source: Private Equity Career · SEC Filing
STA Capital (Los Angeles) — Former Varsity principal Aaron Habriga (U.S. Marine Corps veteran) targeting lower-middle-market companies with EBITDA up to $15M across healthcare services, healthtech, business services, and consumer services.
The backdrop: Bain & Company counted 445 healthcare PE buyouts globally in 2025 — highest since 2021 — with combined deal value of $191 billion, the highest in six years. Experienced operators are betting the cycle has more room to run.
Source: Bain 2026 Global Healthcare PE Report
OPPORTUNITY OF THE WEEK
Build a Firm, Not Just Join One
New Private Equity (Miami) is hiring its first class of founding associates. Launched in 2023 by Francesco Barosi (21 years at AlixPartners, global TMT head) and Gero Wittemann (ex-Hg North America co-head, ex-CVC MD). Investments of $50M–$300M in B2B software and tech-enabled services. Want 2–4 years of banking, PE, or consulting experience.
“You’ll be helping build a firm, not just joining one.”
Source: Francesco Barosi on LinkedIn
BIG MOVES
Brian Schwartz → CEO, H.I.G. Capital (Miami)
A 30-year veteran steps up from co-president. Founder Tony Tamer moves to Executive Chair. Doug Berman — head of U.S. PE since 1996, ex-Bain — promoted to co-president alongside Rick Rosen. H.I.G. manages $74B across buyout, growth equity, credit, and real assets.
Source: H.I.G. Capital
Stephanie Bednar → MD & Head of IR, H.I.G. Capital (Miami)
Advances from director role. Previously director of IR and marketing at Gryphon Investors (San Francisco).
Source: Private Equity Career
Nicholas Vanderlinden → Principal, Permanent Capital & Wealth, RedBird Capital Partners (NYC)
Previously VP of Global Private Wealth at HarbourVest Partners.
Source: LinkedIn
Jake Margolis → VP of Business Development, Brenton Point Capital Partners (NYC)
Previously senior associate of BD at Sheridan Capital Partners (Chicago).
Source: LinkedIn
Alex Funk → Managing Director, Gemspring Capital
Previously at Palladium Equity Partners, focused on business services investing.
Source: LinkedIn
DEALS & FUND CLOSES
Sourced from firm press releases, SEC filings, and FTC antitrust clearances. 593 Form D filings and 24 FTC HSR clearances reviewed this week.
GIP + EQT — $33.4 billion acquisition of AES Corporation
A consortium led by Global Infrastructure Partners (a BlackRock company) and EQT Infrastructure VI has entered into a definitive agreement to acquire The AES Corporation at $15.00/share — a total equity value of $10.7B and enterprise value of $33.4B including assumed debt. Co-underwriters include CalPERS and the Qatar Investment Authority. One of the largest PE-led take-privates in global power markets. Expected to close late 2026 or early 2027.
Source: Simpson Thacher · PR Newswire
Bain Capital — Fund XIV closes at $14 billion
Bain Capital completed fundraising for its fourteenth flagship PE fund, exceeding its $10B target with $14B total commitments. Together with recently closed Europe VI and Asia V funds, the latest vintage represents $27+ billion of committed capital across Consumer, Healthcare, Industrials, Services, and Technology.
Source: Bain Capital
Blackstone — COF V closes at $10B+
Blackstone Capital Opportunities Fund V closed oversubscribed at its hard cap. Firm’s largest opportunistic credit fund ever. 13% net IRR since inception in 2007. Blackstone manages $520B in total credit assets.
Source: Blackstone
Blackstone + DAE — “Equator” aviation leasing program
Blackstone Credit & Insurance and Dubai Aerospace Enterprise launched “Equator,” targeting $1.6B in annual deployment into commercial aircraft leased to airlines globally.
Source: Blackstone
H.I.G. Capital — acquires Global Elite Group from Securitas AB
H.I.G. completed the acquisition of Global Elite Group, the largest pure-play unarmed aviation security provider in the U.S. Operates at 19 of the top 20 U.S. airports.
Source: H.I.G. Capital
H.I.G. Realty — $1.6B recapitalization of Ella Resorts and OB Streem
H.I.G. Realty refinanced two European platforms. Ella Resorts: ~4,400 Mediterranean resort keys across Italy, Greece, and Spain. OB Streem: 400,000+ sqm European logistics network.
Source: H.I.G. Capital
Baird Capital — Third Global Fund closes at $450M
Baird Capital closed its third global private equity fund at $450M, exceeding its fundraising target. The firm invests across technology, healthcare, and industrial services in the lower middle market, with offices in Chicago, London, and Singapore.
Source: Baird Capital
Advent International — exits Olaplex via $1.4B sale to Henkel
Advent fully exits Olaplex Holdings. Henkel acquires at $2.06/share — 55% premium to closing price. OLAPLEX to delist from Nasdaq at close.
Source: Advent International
Ensemble Health Partners — strategic review launched
Berkshire Partners and Warburg Pincus have formally kicked off a sale process for Ensemble, a revenue cycle management company, with JPMorgan and Goldman Sachs running the books.
Source: Axios Pro
American Express — acquires Hypercard
AmEx agreed to acquire Hypercard, an AI-powered expense management startup backed by Sam Altman, as AI reshapes corporate spend management.
Source: Axios Pro
L’Occitane — hires Morgan Stanley to sell Elemis for under $1B
Seeking just under $1B for its skincare brand, two years after owner Reinold Geiger took L’Occitane private. An IPO had been floated in January; a brand sale is the pivot.
Source: Axios Pro
FTC HSR PIPELINE
Deals cleared for close in the next 30 days
Blackstone Private Equity Strategies Fund — Home Services Parent, Inc. — cleared March 24
H.I.G. Advantage Buyout Fund II — IAC U.S. Holdings / Basel U.S. Acquisition — cleared March 24
KPS Special Situations Fund VI — Jennmar Super Holdings — cleared March 26
Lone Star Fund XII — Radici Novacips (Italian chemicals group) — cleared April 2
Arclight Infrastructure Fund VIII-B — Wind farm portfolio (Camp Grove, Spring Stanton) — cleared April 7
Gamut Investment Fund II — AECOF Acquisitionco (Ardian entity) — cleared April 7
Source: FTC Early Termination Notices
MIDDLE MARKET WATCH
New fund filings this week (SEC EDGAR Form D)
Siguler Guff Small Buyout Direct Opportunities Fund — Siguler Guff, New York, NY — Filed April 14
Redwood Buyout Opportunities II — Redwood Capital, Atlanta, GA — Filed April 13
BGO Strategic Capital Partners Global Fund IV — BGO, New York, NY — Filed April 13
Ascend Capital Partners Fund II — Ascend Capital, New York, NY — Filed April 10
GrowthCurve Capital Partners II — GrowthCurve Capital, New York, NY — Filed April 10
Ironsides Private Equity Fund VII — Ironsides Partners, Andover, MA — Filed April 8
Golub Capital Partners 10 Rollover Fund — Golub Capital, Chicago, IL — Filed April 15
MHR Capital Partners — MHR Fund Management, New York, NY — Filed April 15
Also noted:
CVC Capital Partners — new PE fund Form D filed April 13. SEC EDGAR
MetLife Investment Management — PE Partners III fund-of-funds Form D filed April 9. SEC EDGAR
QVT Family Office — both offshore and onshore vehicles filed Form D April 14, NYC. SEC EDGAR
Source: SEC EDGAR Form D filings. Fund sizes unconfirmed — filings indicate active fundraising.
SECONDARIES PULSE
Coller Capital — CIP IX closes at $17 billion
Coller Capital’s latest secondaries fund closed at $17B total, spanning commingled funds, co-investment funds, separately managed accounts, and equity perpetual funds. CIP IX invests in both LP-led and GP-led secondary transactions globally. It is Coller’s largest fund ever.
Source: Simpson Thacher
The global PE secondaries market exceeded $150 billion in volume in 2025. GP-led continuation vehicles — where a manager rolls assets into a new vehicle rather than selling — now represent roughly half of all secondaries deal flow. Coller’s $17B raise signals continued strong institutional appetite for liquidity solutions.
FAMILY OFFICE WATCH
Mako Capital: The Hybrid Model Grows Up
Mako Capital Group (Miami) hired Vanessa Gabela as Partner and Head of IR. Gabela led fundraising at WM Partners through two closed funds ($307M and $550M) and was mid-raise toward a $600M third fund.
Co-founders:
Pete Amaro — ex-GP at L’ATTITUDE Ventures, ex-MP at Ravenswood Capital
Angel Morales — founding partner of Morales Capital (single-family office), ex-co-head of BofA Merrill Lynch’s PE group
Oscar Muñoz — ex-Chairman & CEO, United Airlines
Targeting healthcare, financial services, and consumer services in the lower middle market. Gabela’s hire signals a move toward raising outside LP capital alongside family money.
Source: Private Equity Career · SEC Filing – WM Partners Fund III
LP MOVES
Where the Big Allocators Are Hiring
New York State Common Retirement Fund ($297.8B) is recruiting two PE investment officers for its $40.8B private equity portfolio. Roles based in Albany or NYC.
Senior Investment Officer: $210,676–$278,093 · 10+ years buyside experience · Due May 8, 2026
Investment Officer: $141,269–$186,475 · 3+ years financial experience · Due May 8, 2026
Both report to Director of PE Joe T. Dawson. NYS Common is well-known for backing emerging managers and runs one of the most active PE programs in the country.
Source: Private Equity Career
THE ALLOCATION INDEX
Weekly snapshot of PE market activity across public filings, antitrust clearances, and announced transactions.
New PE fund filings (SEC Form D): 593
Deals cleared for close (FTC antitrust): 24
Announced deal value (press releases): $75B+
Largest single deal: GIP + EQT / AES at $33.4B enterprise value
Largest fund close: Bain Capital Fund XIV at $14B
THE NUMBERS
GIP + EQT / AES enterprise value: $33.4 billion
Coller Capital CIP IX (secondaries): $17 billion
Bain Capital Fund XIV: $14 billion
Bain Capital 2026 vintage (NA + EU + Asia): $27+ billion
Blackstone COF V: $10+ billion
Blackstone total credit AUM: $520 billion
Blackstone COF V net IRR since 2007: 13%
DAE/Blackstone “Equator” annual deployment target: $1.6B/yr
H.I.G. Capital AUM: $74 billion
Advent exit of Olaplex: $1.4 billion
Olaplex deal premium to market: 55%
Global healthcare PE buyouts (2025): 445 deals
Combined healthcare deal value (2025): $191 billion
Form D filings reviewed this week: 593
FTC antitrust clearances reviewed: 24
COMP CORNER
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The Allocation is an independent newsletter. All content is based on publicly available information including firm press releases, SEC filings, FTC filings, law firm announcements, and LinkedIn posts. Nothing herein constitutes investment advice, a solicitation, or an offer to buy or sell any security. We have no affiliation with, and have received no compensation from, any firms mentioned.
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