Weekly roundup of private equity sector's latest developments
In a significant move, luxury private jet company VistaJet has received a $600m private equity investment led by RRJ Capital, one of Asia's largest private equity firms. This investment comes amidst a broader trend in private equity (PE) investments that favour high-growth, resilient sectors such as technology, healthcare, and sustainable infrastructure.
While aviation is not currently leading the pack in private equity investments for 2025, the broader themes indicate that PE is approaching investments with caution due to liquidity and exit challenges. Aviation, affected by global economic cycles and travel demand fluctuations, may be a less favoured sector compared to tech and healthcare.
The automotive sector is also not a primary focus in recent 2025 reports, but it is likely impacted by ongoing industry transformations such as electrification and supply chain shifts. The PE interest might be concentrated on technology-enabled automotive subsegments but not explicitly reported as a core sector for deal activity or capital concentration.
On the other hand, restaurant franchises and hospitality sectors appear underrepresented in major 2025 PE themes or deal highlights. Given prolonged liquidity bottlenecks and a macroeconomic backdrop of cautious spending patterns, consumer-facing sectors like restaurants may experience slower PE deal flow compared to resilient sectors such as healthcare and technology.
In a related development, PE firms are increasingly deploying liquidity tools, structured equity, and GP-led secondaries to maintain portfolio agility amid extended hold periods and limited exits. Technology and healthcare together account for over 40% of total PE deal activity, while sustainable or green infrastructure projects gain momentum linked to ESG and climate tech initiatives.
Private equity capital raising and deal activity overall have slowed compared to peak years, with a focus on strategic, high-value deals over volume. There is an increasing use of continuation funds and preferred equity instruments to manage investments longer and partly liquidate without full exits.
Meanwhile, in the restaurant franchise sector, Roark Capital's acquisition of Dave's Hot Chicken further cements its presence. The Atlanta-based private equity firm, which manages $38bn in assets, has also acquired Subway last year, and owns an impressive portfolio of restaurant brands including Arby's, Culver's, and Subway. The investment in VistaJet will be in the form of convertible preference shares.
VistaJet is preparing for a public listing within the next three years, aiming to use the proceeds from the investment to reduce its $4bn debt burden. The IPO venue for VistaJet has yet to be determined, and investors can convert their holdings into ordinary shares once VistaJet goes public.
The surge in European stock markets has driven the stake sales, with the Agnelli family's sale of its stake in Ferrari NV contributing to European block trades having their strongest start in two decades.
In conclusion, while aviation, automotive, and restaurant franchises remain part of private equity portfolios, current trends prioritise sectors with strong growth potential and resilience—mainly technology, healthcare, and sustainable infrastructure—supported by innovative transaction structures and an emphasis on liquidity management. Traditional sectors face challenges from macroeconomic uncertainties and sector-specific evolutions, altering their attractiveness relative to these high-growth areas.
- RRJ Capital, one of Asia's largest private equity firms, has led a $600m investment in luxury private jet company VistaJet, demonstrating the private equity (PE) interest in high-growth sectors like aviation.
- PE firms are increasingly focusing on strategic, high-value deals over volume, and are using continuation funds and preferred equity instruments to manage investments longer and partly liquidate without full exits.
- While VistaJet is preparing for a public listing within the next three years to reduce its $4bn debt burden, PE firms like Roark Capital, which manages $38bn in assets, are expanding their presence in the restaurant franchise sector through acquisitions.
- Given prolonged liquidity bottlenecks and a macroeconomic backdrop of cautious spending patterns, consumer-facing sectors like restaurants may experience slower PE deal flow compared to resilient sectors such as healthcare and technology.
- Private equity capital raising and deal activity have slowed, but technology and healthcare together account for over 40% of total PE deal activity, while sustainable or green infrastructure projects gain momentum linked to ESG and climate tech initiatives.
