Private Equity 24 Hours

Last updated: September 3, 2026, 2:11 PM ET

Deal Flow

Private equity activity remained brisk across sectors, with Thoma Bravo exploring a sale of construction software maker Foundation Software that could value the company at more than $2bn. In the retail space, Sycamore Partners exited Los Angeles-based retailer Hot Topic, selling the business to Spencer Spirit Holdings in a deal that includes the Box Lunch and Her Universe brands. The transaction marks a notable divestiture for the firm, which had held the property since 2013.

In the industrial services arena, Truelink Capital completed the acquisition of JT Thorpe Group, a North American provider of specialty industrial maintenance and thermal management services, marking the third platform deal for its Fund II. Meanwhile, Incline Equity-backed West Physics Consulting acquired Radiographic Testing Services, expanding its integrated medical and health physics consulting footprint. Arcline-backed Arxis completed two aerospace acquisitions, picking up Schatz Bearing, a Poughkeepsie-based maker of specialized bearings for aerospace and defense applications, alongside ceramic component specialist Strat Edge.

Healthcare and Life Sciences

Healthcare services continued to attract significant capital. Frazier Healthcare Partners acquired Matrix Care, an electronic health records and revenue cycle management software provider, with plans to invest in product innovation and post-acute care capabilities. HIG Capital acquired Outcomes One, a provider of clinical network services and pharmacy technology serving US pharmacies, healthcare plans and pharmaceutical manufacturers. NewSpring and Signal Cove backed the management buyout of Iris OnWatch from Redion, a platform serving millions of consumers through enterprise clients, employers and financial institutions.

Technology and Software

In the insurance technology space, Bridgepoint acquired a majority stake in VIPR from Tenzing, with the London-based platform processing around 500,000 bordereaux annually, representing roughly $12bn in gross written premium. Apax Digital meanwhile backed a securities finance technology platform, according to PE Hub's Europe Wire.

Fundraising and Secondaries

CVC's secondaries arm nearly doubled its flagship fund, holding the final close of its sixth global secondary private equity fund at $10bn. The raise underscores continued investor appetite for liquidity solutions amid a sluggish exit environment. Blackstone, meanwhile, held firm at a 5% redemption cap for a second consecutive quarter on its flagship retail-facing private credit fund, turning away roughly half of the money shareholders asked to pull — a test of investor patience in the rapidly growing private credit asset class.

Sports and Entertainment

Private equity's push into sports continued to gather momentum, with Carlyle, Bain and Oaktree among the firms preparing to bid for a minority stake in the company holding Serie A's international media rights, a deal valued at more than €3bn. The interest reflects broader PE appetite for sports media assets, though as PE International notes, playing in the lucrative sports and entertainment sector comes with additional challenges, including labor dynamics, regulatory scrutiny and the unpredictable nature of fan loyalty.

Add-On Acquisitions

Add-on activity remained a core strategy for portfolio companies. Gemspring-backed Airswift acquired New Tech Global's Ventures, Rig Personnel and Auburn units, which provide upstream oil and gas workforce, project and asset management services. Align Capital Partners acquired Trident Solutions, a Plano, Texas-based manufacturer of branded safety marking and identification products serving more than 1,700 utility and industrial customers. CAI Capital-backed GreenArrow acquired MSL Electric, a union electrical contractor delivering traffic signal and intelligent transportation system projects across California.

ACP-backed Marco Sealing Solutions added Global O-Ring and Seal in a bolt-on deal, gaining access to a facility stocking more than 125 million O-rings for industrial supply chains. Pollen Street's Pivotal acquired mortgage broker LR Finance, which advises clients on mortgages, protection and buildings insurance. Sandberg Capital entered Poland with a majority stake in Carrot, a platform connecting insurers and leasing firms with more than 20,000 professional buyers and facilitating around 30,000 vehicle auctions annually.

Energy and Infrastructure

Magnesium Capital invested in TMA, a provider of end-to-end metering and energy data management services to the GB energy market. The deal reflects continued PE interest in the energy transition and data infrastructure supporting grid modernization. Elvaston's Brandnamic Unlimited expanded into Italy with the acquisition of Edita, which helps independent hotels boost digital visibility and direct booking channels through CRM tools, booking technology and AI-based guest communication.

Regulatory and Legal

The European Commission plans to finalize its review of draft merger guidelines in the fourth quarter, with digital, pharma and life sciences sectors most likely to feel the impact. White & Case's Michael Engel told PE Hub that the guidelines introduce an "innovation shield" that could reshape how PE firms assess deal risk. Clifford Chance and White & Case have both weighed in on the proposed framework, which could have significant implications for dealmaking timelines and antitrust scrutiny.

Venture Funding

Global venture funding jumped 122% in August compared to the same month last year, with investors pouring $42bn into just over 1,500 startups worldwide. While down 25% from July's $56bn, the figure extends a streak of billion-dollar deals that has buoyed the market despite ongoing concerns about valuations and exit liquidity.

Nordic Market

The Nordic fintech ecosystem faces structural challenges, with Sifted reporting that companies are "becoming excellent at surviving and worse at scaling." The region's startups have shifted focus toward profitability over growth, a trend that may limit the emergence of the next Klarna. Still, a leaderboard of the 10 most capital-efficient startups in the Nordics shows that some companies are managing to grow efficiently despite the challenging environment.

Policy and Regulation

UK venture capitalists welcomed the government's decision to rule out an exit tax on spinouts, removing a potential barrier to university technology commercialization. The move is expected to boost the UK's competitiveness in deep tech and university-derived startups.

AI in Private Equity

Artificial intelligence continues to reshape the private equity industry, though adoption remains uneven. Emerging GPs are leveraging AI tools to leapfrog legacy systems and larger rivals, according to PE International. However, nearly every GP is now experimenting with AI, yet almost none feel they're doing it well, citing challenges around data quality, integration and measuring returns.

The ROI question remains vexing — in theory, AI should slash costs and ramp up productivity at the GP level, but achieving a tangible return on that investment is proving slow. For impact investors, effective guardrails will be key to unlocking greater AI use over the next year or two, balancing innovation with ethical considerations.

Manager Due Diligence

AI is also reshaping how LPs evaluate PE funds. Manager due diligence is being transformed as the technology becomes increasingly widespread, but data quality and human judgment are emerging as key differentiators. LPs that can combine AI-driven analysis with experienced human oversight are likely to gain a competitive edge in manager selection.

Institutional Investors

Canada's IMCO is among the fastest-growing LPs approaching private equity with a fresh perspective. PE International reports on the institution's next steps, noting that small buyouts and mega-transactions are driving distributions while APAC families go all-in on impact investing. The bifurcation in deal sizes reflects broader market dynamics, with capital flowing to both ends of the spectrum.

Leadership and Talent

Matt Clifford's move to Anthropic has drawn criticism from within the UK tech community, with Sifted reporting that some observers called the decision "not cool." Clifford, a prominent figure in UK tech policy, will join the AI company at a time when talent flows between government-adjacent roles and frontier AI labs are under increasing scrutiny.

LP Activity

LLCP's acquisition of the Colt Group from Leichtman Capital Partners marks the fifth platform investment for Leichtman Capital Partners VII. Matthew Rich, a partner at LLCP, shared value creation plans for the group, which operates in the commercial and industrial sectors. The deal highlights continued appetite for industrial services platforms with clear operational improvement potential.

Retail and Consumer

The Hot Topic sale to Spencer Spirit Holdings caps a lengthy hold period for Sycamore Partners. The retailer's portfolio includes the Hot Topic, Box Lunch and Her Universe brands, which cater to pop culture and fandom-oriented consumers. The exit provides liquidity for Sycamore's investors at a time when retail valuations remain volatile.

With the European Commission's merger guidelines set to finalize in Q4, PE firms will need to adapt their deal strategies to the new regulatory reality. The "innovation shield" concept could particularly affect transactions in digital, pharma and life sciences, where innovation metrics may become a central part of antitrust analysis. Meanwhile, the continued strength of fundraising — exemplified by CVC's $10bn secondaries close — suggests that capital availability remains ample even as deployment opportunities become more selective.