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Exit of the Year – Large Cap
(Equity commitment on entry – USD 200m and above)

AGS Health (EQT)

EQT exited healthcare software business AGS Health to Blackstone at a reported valuation of USD 1.3bn in July 2025. The company provides revenue cycle management (RCM) solutions with software-as-a-service capabilities to US hospital and healthcare system clients via backend teams in Southeast Asia and India. EQT paid USD 214m for the company in 2019 and helped it scale from a niche coding vendor into a global leader in RCM with EBITDA margins above 35%. Organic EBITDA more than tripled during the ownership period. Value creation efforts focused on adoption of artificial intelligence and automation, leadership upgrades, geographic expansion, and M&A.

AirPower Technologies (PAG)

PAG’s USD 6.8bn sale of the industrial gas unit of AirPower Technologies, which closed in January 2025, is the largest-ever exit from a control investment in China. The asset went to a Chinese-led consortium, including state-owned investment units and insurers. PAG is also part of the group, having rolled over a portion of the equity from its second and third Asian funds to take a 25% stake. The GP formed AirPower in through the 2021 merger of two companies: Yingde Gases, a USD 2.6bn Hong Kong take-private completed in 2017, and Baosteel Gases, a USD 780m state-owned enterprise carve-out from 2018. 

Seiyu (KKR)

KKR exited its stake in Japanese supermarket chain Seiyu in the second quarter of 2025 when local retail player Trial Holdings acquired the business for JPY 380bn (USD 2.55bn). It is said to have generated a 10x return. KKR and Rakuten bought Seiyu in 2020 at a valuation of JPY 172.5bn, taking positions of 65% and 20%, respectively. Walmart, the vendor, retained 15%. Value creation initiatives included improving the quality and selection of products, adopting technological solutions such as self-checkout and automatic restocking systems, optimising product assortment and distribution strategies, and accelerating digitalisation. KKR took out Rakuten’s stake in 2023.

VFS Global (Blackstone)

Blackstone sold a portion of its controlling stake in visa outsourcing business VFS Global, which has a significant Indian footprint, to a global investor consortium in February 2025. The transaction – the largest PE realisation in India this year – reportedly valued VFS at USD 7bn and the consortium is said to include Temasek Holdings. The company has 3,400 visa application centres across 149 countries and partners with 67 client governments. It is the dominant player in visa outsourcing globally with a 66% market share. Since acquiring VFS in 2022, Blackstone has strengthened management, invested in technology, and driven geographic expansion.

Virgin Australia (Bain Capital)

Bain Capital made two partial exits from Virgin Australia over the course of four months in 2025: first selling a 25% stake in the airline to Qatar Airways as part of a broader alliance; and then receiving AUD 685m (USD 448m) from the company’s domestic IPO. It retains a 39.4% stake worth around AUD 1.1bn as of 10 October. Bain acquired Virgin Australia out of administration in 2020 for an enterprise valuation of AUD 1.7bn, and remodelled it into a simpler, more stable, and profitable business with a sustainable cost base, while focusing segments that led the post-COVID-19 recovery.