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Blackstone, EQT, Thoma Bravo bet on proptech; Clearview-backed Capitol Imaging expands into Georgia

Morning Hubsters, John R Fischer here with the US Wire from the New York newsroom.

We start things off with real estate software, a sector that has grabbed the attention of PE firms such as Blackstone, EQT, Thoma Bravo and moreover the last six months. PE Hub’s Iris Dorbian rounded up five notable deals from the segment into one story.

For Friday Focus, we shine the light on an add-on deal that expands a Clearview Capital-backed medical imaging services provider’s presence into a new state with nine additional centers.

Right tech, right home

Housing shortages, rising living costs and an aging population driving renovation for accessibility are among the factors making the real estate software sector, also known as proptech, attractive to private equity.

Speaking to PE Hub last year, Sjoerd Aarts, managing partner and head of Benelux at Main Capital Partners, cited these components as key drivers behind property technology’s emergence as a market of opportunity and growth for dealmakers.

Last year PE Hub covered the brisk deal volume in this sector in its round-up of eight PE-backed deals. Based on the dealflow tracked by PE Hub this year, the momentum continues. Here are five notable deals in the segment.

Premium subscribers of the Wire can read a sampling of the deals.

Friday Focus
Earlier this week, Clearview Capital portfolio company Capitol Imaging Services acquired Outpatient Imaging (OPI), an owner and operator of nine outpatient imaging centers in Georgia.

Upgrade to the premium version of the Wire to learn more about the deal and trends driving PE investments in medical imaging services.  

Well, that’s it for me. As always, if you have any questions, thoughts or want to chat, please email me at john.fischer@pei.group.

Nina Lindholm will bring you the Europe Wire on Monday as usual, and MK Flynn will be back in the US chair.

Cheers,

John 

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Private equity is stepping up its investment in the wealth management sector, drawn by its fragmentation, tightening regulations and the growing need for scalable platforms. This surge has been reflected in a string of deals, and PE Hub gives a rundown of 10 transactions since the start of 2025.

Great Hill Partners, formed in a 1990s spin-out from Media/Communications Partners, is back in the market with a ninth growth-focused buyout offering. The Boston manager is targeting $5 billion for Great Hill Equity Partners IX, Arkansas Teacher Retirement System documents said, up from the $4.65 billion raised by its predecessor in 2022. The flagship’s hard-cap is set at $6 billion. (Buyouts)

M&G Investments, the London-headquartered asset management business linked to a £185 billion ($251 billion; €220 billion) life insurance business, spies an opportunity emerging from the volatility of President Donald Trump’s administration. “We want to accelerate now in Canada,” says CEO Joseph Pinto. “Having met a number of the big pension funds there, they believe that we can do more with them.” (New Private Markets)

Challenges around implementing mandatory GP commitments at an individual level and complexities regarding holding periods have led to the UK government’s decision to not to proceed with some requirements on how carried interest tax is treated. (Private Equity International)

Yet another senior secondaries professional is on the move on the market’s buyside. Former CVC Secondary Partners managing director Jonathan Au has left the investment firm, according to two sources familiar with the matter. It is unclear where he will go next. (Secondaries Investor)

Deals

They said it

“We think there is tremendous potential for additional expansion in the company’s current and adjacent markets and are excited to continue supporting the Capitol Imaging platform in its growth.”

— Geoff Faux, partner, Clearview Capital, on Capitol Imaging’s growth potential following its add-on of Outpatient Imaging.

Today's letter was prepared by John R Fischer

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