Private Equity 24 Hours

Last updated: September 1, 2026, 2:53 PM ET

Deal Flow

Private equity dealmaking showed no signs of slowing, with several blockbuster transactions closing or being announced. KKR has agreed to sell USI Insurance Services to Aon for $17bn, ending a near-decade ownership and crystallizing a roughly 6x return. In another rapid-fire exit, Apollo struck a $4.1bn sale of Kelvion, a maker of thermal management systems, to energy tech group SLB just seven months after acquiring the business. The deal underscores the appetite for data center-related assets, as Kelvion's data center segment has become its largest and fastest-growing under current ownership.

In the take-private arena, Veritas leads the pursuit of London-listed Bodycote, while Epiris has agreed terms to take Gamma Communications private, with Waterland Private Equity also among firms in discussions. Meanwhile, Long Range has completed its Pizza Hut buyout from Yum Brands, with the transaction notably excluding Mainland China.

Secondaries Expansion

The secondaries market continues to scale dramatically. EQT has finalised its acquisition of Coller Capital in a $3.2bn combination, creating a dedicated platform in one of private capital's fastest-growing segments. The rebranded entity, Coller EQT, claims a 36-year track record spanning both LP-led and GP-led deals. This wave of activity is reflected in record volumes, with LP-led secondaries hitting $125bn in transaction volume as the tool evolves from a problem-solving backstop into a strategic allocation tool.

Small LPs are increasingly using GP-led secondaries to accelerate their private market commitments, according to OCIO. The market's sustained momentum is driven by macro difficulties and opportunistic investment, say partners at Troutman Pepper Locke, while structured solutions are evidence of a sector continuing to evolve, note Latham's secondaries co-heads. The market's size and sophistication are attracting dedicated players, with Pantheon arguing scale and cross-asset relationships are vital, while Schroders Capital focuses on continuation vehicles in the lower mid-market. UBS Asset Management flags that structural changes and AI are creating a more intricate framework, and H.I.G. Capital points to specialist underwriting as the new phase's driver. For a fuller picture of the largest players, Goldman's current rankings of the world's biggest fundraisers appear in the September issue.

Fixed Income & Rates

The secondaries boom directly ties into available first-half liquidity in the market. The latest Private Equity International magazine includes a view to 2030.

Real Estate

In real assets, Ares Management has closed its largest-ever real estate fund in Japan, raising ¥612bn ($4bn) at its hard cap, with a reported doubling down on Japan logistics. At the sector level, proptech funding remains resilient, but investors are routing capital toward AI-driven firms rather than traditional property tech, with deals outside the US leading.

Growth Markets

In venture capital, Andreessen Horowitz expanded its growth fund to $8.5B, with an additional new $1.1B machine age fund launched days earlier, illustrating its continued momentum. Separately, a group funded by the firm plans to spend millions on data center ads in select states to sway voters in the midterms. In Europe, Daniel Ek's Neko Health tops the latest Sifted 100 Nordic ranking, while startup culture takes a deeper look at where the line is drawn between ruthless long hours and what isn't toxic to employees.

Market Intelligence

Regionally, Harbour Vest's head of APAC writes that Asia-Pacific's private markets have entered a phase defined by regional differences and more sophisticated investors. According to Middle Ground Capital, AI is the great equator in the lower mid-market, a view echoed by KPMG, which believes hands-on AI implementation is the best unlock; the analytics side is changing private markets, with Step Stone Group partner and CTO positing that deal-level benchmarks will fully replace LPs Services and Platforms

In portfolio services, Keensight-backed DimoMaint has struck a deal for French computerised code management providers. Inflexion-backed Baker Tilly is expanding into wider Benelux, combining 25 offices and roughly 1,500 employees across the Netherlands, Belgium and Luxembourg. Searchlight Capital is investing in Nordic managed IT leader Aderian, associated with more than 10,000 SMEs in Sweden and Norway, reaping SKr2.5 billion in revenue.

GI Partners is steering toward vehicle tracking, closing a major investment in OtoData, the remote monitoring and tracking provider, with details that in new rules proposed by the SBA we also have. Serent Capital was stake in Utah's Precision Mobile Care on a partnership deal for residents. Meanwhile, Valeas Capital and Kudu Sequoia Financial have pieced together for BSW, with BSW holding $2.25 billion in assets as of June 30, 2026. A few VC horizons: KCGI Private Equity is planning for Fund II in 2027.

Wealth and Notes

We also saw how Shein's long-awaited listing took the spotlight, with shares ending 73% below its 2022 peak. Private backers emerged winners or losers. Permira, alongside Canada Pension Plan Investment Board, has completed its £2.7bn $3.9bn acquisition of JTC to fund AI and US expansion.

In a quick cultural check of the industry, PE Hub continues to follow women-in-PE career progress since 2020, while Sifted takes a critical look at startup culture and long hours, and PEI draws on the big-law viewpoints of the future of secondaries in private equity.