Last updated: September 29, 2026, 2:06 PM ET
Private Equity
Blackstone’s private equity head Joseph Baratta is set to retire at year-end, marking a leadership transition at the world’s largest alternative asset manager. Baratta joined Blackstone in 1998 and his departure follows Hamilton Lane co-chairman Mario Giannini’s plan to retire in 2027, with the firm calling him a “sane” and prescient voice. The leadership changes come amid an era that Sagard’s Bernard Sabrier says marks the end of “financial artists,” with a $3tn exit backlog, broken distribution cycles, and AI separating genuine operators. A Side Letter notes that reputational risk remains a barrier for defence interest amid this backdrop.
Dealmaking & Exits
Audax Private Equity has agreed to sell GCG, a US specialty wire and cable distributor, to Rexel for $1.4bn. Webster Equity Partners inked a $664m take-private of Lifecore Biomedical, a CDMO specializing in drug development. Parthenon Capital sealed a $200m sale of eSec Lending to fintech Capitolis, while Bain Capital’s Matt Evans detailed a partial exit of MRO Holdings at a 10.7x valuation multiple. Greenbriar struck a deal for AEA Investors’ RF components maker Spectrum Control, and HIG Capital completed its acquisition of UK fulfillment specialist Torque. The Visualize Group closed its eCOGRA deal, merging it with BMM Testlabs. Sun Capital completed a CV for Anderson Global, with co-CEO Marc Leder providing insights.
Growth Investments & Platform Building
KKR took a majority stake in Cisternina to build a pan-India liquid storage platform. Bain Capital invested in Kahua at a $1bn-plus valuation, backing the AI construction management platform. Inflexion took a minority stake in French nail care brand Manucurist, while Lee Equity-backed Carisk Partners added onsite occupational health provider First Care Onsite. Luminate Capital Partners made a growth investment in pipe inspection software firm ITpipes, and Incline Equity Partners invested in industrial distributor The Conrad Company. Renovus Capital’s TJP acquired life sciences market researcher Evolution Consulting & Research. MyEye Dr, backed by Goldman and Charlesbank, agreed to acquire Partners Group’s Eye Care Partners optometry unit, which has over 300 offices.
CDMO & Industrial Deals
Riverside backed French medtech CDMO Medical Group in a tie-up with Selenium Medical, while Biospring Partners led a growth investment in spray drying CDMO Serán Bioscience. Mutares agreed to buy Steinmüller Engineering from Japan’s IHI.
Fundraising & Secondaries
Protego Ventures closed its debut $125m fund for Israeli defense tech, while Ardian opened its $45bn infrastructure strategy to private investors via an evergreen ELTIF. The Japanese GP Nihon PMI returned its entire debut fund with its first exit, delivering over 1x DPI. An insight examines the “secondaries arms race” and how employee liquidity is becoming fundamental to private businesses. The Exit Playbook launched its fifth season on right-timing exits.
People Moves & Institutional
Ara Partners hired ACON Investments CFO Masumi Waida as its new finance chief. The Italian private pension fund CNPADC issued a request for proposal for investment consultants.
Venture & Tech
Marissa Mayer’s Dazzle bets your camera roll has more info on your life than your inbox, launching an AI assistant based on photos. Tiny Health raised $33m to explore what gut data reveals about future health. Peak XV raised its Surge seed investment ceiling to $5m, unveiling an 18-startup cohort. Nordic fintech searches for its next act as Flat Pay soars. UK AI founders from Ineffable, Recursive, and Fractile called on the UK to limit non-competes. An analysis explores how companies are putting agentic AI to work while keeping taste and judgement. Manna boss Bobby Healy cited moving to Oklahoma, saying “the US is open for business, Europe is not.” A founder argues Anthropic wanting to eat his startup’s lunch is not a worry.