Private equity’s favorite magic trick is the roll-up strategy…

buying niche specialist companies and then stitching them together into one dominant player to capture scale and market share.

Today we headline Kensington Capital Partners. 

With more than $2.5 billion under management, the Canadian firm has turned its sights to one of healthcare’s fastest-growing needs…sleep.

Kensington’s push into sleep care shows how a handful of small clinics can be stitched into a platform with national reach.

And in today’s briefs, you’ll spot the same playbook at work in places you know well:

Scroll down for the quieter deals shaping tomorrow’s platforms under the surface.

Kensington isn’t a household name, but it’s a heavyweight in Canadian private equity. Its bet: Resolve Health, a provider of sleep-care services. 

The move taps into a market that’s expanding fast as aging populations and rising awareness of sleep apnea create surging demand.

The strategy isn’t just about selling more sleep tests. The strategy is bolt-ons: acquire small, plug them in, and watch the platform grow more powerful piece by piece. 

Think of it like home renovation: start with a solid house, then add a new kitchen, a garage, maybe a guest wing. For Kensington, that means new clinics, broader geographies, and adjacent services like respiratory care. Each piece cuts costs, widens reach, and strengthens leverage with insurers.

The Playbook

Investor Takeaway: Add-ons aren’t just about size; they’re about integration. Watch how Kensington handles the first wave of Resolve acquisitions. If the pieces click, it won’t just build volume, it will build a true national sleep-care platform.

Imagine running a business without Wi-Fi for a day. 

That’s why IT support is one of the steadiest revenue streams around. ParkerGale just backed RedZone, a managed services firm that keeps companies online. 

Think of it as owning the utility lines of the digital economy.

Next up: Expect scale into cloud and cybersecurity — two areas where once you’re in, customers rarely leave.

BWT Logistics acquires RAZR Logistics

Click “buy now” and an unseen machine of warehouses, trucks, and software kicks into gear. 

BWT Logistics, backed by Argosy and Bluejay, just bought RAZR Logistics to extend that system.

Here’s the bigger picture: 

e-commerce keeps expanding, and behind every online order is a scramble for faster, cheaper, and more reliable delivery. 

That’s where consolidation comes in. By folding RAZR into its network, BWT isn’t just adding trucks, it’s tightening control of the entire supply chain. That means anywhere from storage to last mile services. 

Next up: Expect more acquisitions aimed at turning BWT into a one-stop shop, where retailers can outsource everything from warehousing to doorstep delivery.

Texas ERS plans $400M for private debt

Public pensions are the elephants of investing. 

They move quietly, but when they do, markets feel it. 

The Employees’ Retirement System of Texas is preparing $400M in private debt commitments for 2026. That money will go straight to companies instead of Wall Street bonds.

Pensions control trillions and even a small shift can ripple through credit markets. Private debt gives them what they want most: steady income and more control when markets swing.

Next up: Texas ERS will likely mix safe corporate loans with bolder bets. The signal is clear. Pensions want protection, but they also want upside.

OpenAI restricts ChatGPT for under-18 users

For teens today, ChatGPT is what Google was for their parents: a default tool for homework, search, and entertainment. 

That reach is also a risk. OpenAI is now tightening access for under 18 users, shutting down flirtatious chat and adding stricter filters.

Here’s the context: regulators worldwide are zeroing in on AI safety, and children’s access is an easy flashpoint. 

By acting early, OpenAI isn’t just protecting users, it’s signaling to lawmakers that the company can self-police before rules are forced on them.

Next up: Expect “age-aware AI” to become the new standard, as platforms prove they can adapt to regulators while still keeping younger users in the fold.

Not every transaction grabs headlines, but these smaller deals often reveal the bigger shifts in private markets.

SaaS Stack Consolidation
Cloud Coach snapped up JustOn, blending project tracking with billing. It’s one more sign that SaaS consolidation is moving deeper into the stack, not just CRM or HR, but the nuts and bolts of how work gets tracked and paid.

Everyday Roll-Ups
Carousel invested in OnSight, a residential signage provider. It’s proof the roll-up model isn’t limited to healthcare or dentistry. Even humble industries like signs, landscaping, and pest control are being stitched into platforms.

Regulatory Infrastructure
Bridgepoint’s NMi acquired Phoenix Testlab, a compliance and safety testing business. As industries face tighter oversight, platforms built around certification and testing are becoming more valuable.

Fundraising Split
Advent raised more than $20B for its flagship fund, while Rockbridge closed $360M for Fund III. Same market, two very different scales. It’s the “barbell effect” in fundraising: mega-funds pull in billions, while niche specialists quietly thrive.

AI at the Edge
YC-backed Rulebase wants to be the AI “coworker” for fintech operations and compliance. It’s another signal that AI isn’t just chasing headlines in creative work, it’s embedding in the back office where efficiency drives margins.

PwC’s latest survey shows corporates aren’t chasing moonshots. They want AI that works today. 

Top of the list: 

The message is simple: don’t pitch science projects. Pitch ROI. Boards and CFOs want tools that lower costs, reduce risk, or speed up operations, not just dazzling demos.

Investor takeaway: The hottest AI exits won’t be futuristic experiments. They’ll be the practical solutions that slot neatly into budgets and workflows right now.

PitchBook’s Q2 2025 Lending League Tables show the usual giants still on top. 

But the real story is in the middle ranks. 

Smaller direct lenders are stepping in, grabbing deals while the big credit platforms stay cautious.

Think of it like airline seating. The front row (mega-funds) boards first, but the middle seats (niche lenders) are filling fast. 

They’re more flexible on baggage and boarding rules, which means they can tailor terms when bigger players won’t.

Investor takeaway: With spreads tighter and leverage capped, size alone doesn’t win. The lenders willing to customize terms, from covenants to repayment schedules, are the ones climbing the tables.