Top private equity news of the week

Advent and Cinven are exploring a potential €25bn exit of TK Elevator as Kone enters advanced discussions to acquire the private equity-owned business, Bloomberg reported.

The Finnish industrial group is working with advisers on a potential cash-and-stock deal that could value TK Elevator at up to €25bn, including debt.

The process remains ongoing, with Kone aiming to reach an agreement in the coming weeks, subject to detailed due diligence. However, there is no certainty a transaction will be completed.

Triton Partners has raised €5.5bn for its sixth flagship mid-market private equity fund, marking the firm’s largest fund to date.

The vehicle closed at its target size following fundraising that began in summer 2023. The milestone comes during a period when institutional investors have become more selective about private equity allocations.

The European buyout firm focuses on investments in industrial technology, business services, and healthcare. According to the firm, investor interest has increasingly shifted toward mission-critical businesses with strong exposure to the real economy.

Partners Group is seeking to raise at least $1bn for its inaugural India-focused buyout fund, as the firm accelerates its expansion in one of the fastest-growing private equity markets globally, according to a report by Reuters.

The Switzerland-based private equity firm is engaging both existing and new investors, with the fund structure expected to be finalised in the coming weeks.

The strategy will operate alongside Partners Group’s global flagship private equity fund, which will continue to deploy capital into India, bringing total potential investment in the market to around $2bn over time.