Public Markets
Market Moves
US stocks slumped to end a volatile week as oil surged above $90 a barrel for the first time since October 2023, fueling inflation fears. The dollar headed for its best week since 2024, rallying as the ultimate safe haven. Financial firms tumbled amid fresh worries over private credit and a broad selloff, with BlackRock shares falling after its credit fund stuck to strict redemption limits. Treasuries headed for their biggest weekly loss since April as the oil price spike intensified inflation concerns.
Deals & IPOs
Robinhood is bringing the private-markets valuation problem to retail investors, raising questions about illiquid asset pricing in mainstream platforms. A SpaceX stake has ballooned within a niche ETF, testing funds' capacity to hold unlisted assets. Brightline Florida was cut deeper into junk territory on restructuring risk, while KKR agreed to buy a $235 million stake in South Korea's SK Eternix, underscoring dealmaking despite war-driven volatility. Dealmakers warn the Iran conflict could stymie M&A with delays and heightened diligence.
Sector Impacts
Bank stocks extended losses as credit concerns persisted. Goldman Sachs said insurer bond moves on private credit are "overdone," countering the sector's selloff. The NYSE agreed to pay a $9 million SEC fine tied to a 2023 market outage. Israel's currency and stock market rallied despite the ongoing war, a divergence from Gulf markets where bonds have remained quiet. Colombia's local debt turned from worst to best in emerging markets as higher oil prices boosted its fiscal outlook.
Energy & Commodities
US oil topped $90 as Strait of Hormuz shipping nearly halted. Crude prices in Europe surged on aggressive Asian buying. Qatar loaded its first LNG cargoes after halting production due to the conflict. Kuwait cut output as storage fills. The IEA sees no need yet to tap emergency stockpiles. Aluminum buyers in the US are hunting Asian alternatives as Iranian war disruptions hit supply, and a massive aluminum options bet came into the money. Gold wagers hit multi-week highs, though not directly cited here; focus remains on oil-driven market shifts.
Private Equity
Deal Activity
Francisco Partners completed a $2.2 billion take-private of Jamf, expanding its portfolio in enterprise software. Blackstone is positioning Liftoff Mobile for an IPO as part of its growth strategy. Serent invested in health tech firm Saisystems to accelerate its technology roadmap. Greenbelt-backed Saber Power acquired Bounds Construction to strengthen its electrical power system services. Littlejohn invested in power infrastructure consulting firm GDS Associates, with GDS president David Brian continuing to lead the company.
Fundraising & Investment
EQT, Eurazeo, and Atomico were shortlisted to manage the European Union's planned €5 billion technology investment fund. Blackstone and Ares deployed $5 billion in private credit financing for a Thoma Bravo logistics deal. GCM Grosvenor backed the launch of new PE firm Torch Key, focused on food and beverage and industrial products sectors. Maven announced planned leadership succession as part of its strategic planning. Springcoast led a $180 million investment in commerce and logistics firm Cart.com, joining existing investors PayPal Ventures and Arsenal Growth Equity.
Sector-Specific Moves
Astorg, EQT, TA Associates, and New Mountain Capital are active in the pharmaceutical ingredients sector, with Astorg's portfolio company Solabia acquiring three complementary businesses. Main Capital Partners acquired a majority stake in Swedish manufacturing software platform Good Solutions. Waterland Private Equity acquired a majority stake in Palletways, backing one of Europe's largest pallet distribution platforms. Tributary Group invested in regulatory software company Softworks Group, with founder and CEO Tim Edlund continuing to lead the business.
Exits & Portfolio Moves
Mutares exited its €100 million logistics platform in Time Group to Tawin Holdings. BlackPeak sold its stake in eu Shipments.com to Austrian Post, an e-commerce logistics and fulfillment provider. Cutting Edge Group added Emmy Award-winning composer John Paesano's catalog to its portfolio, now valued at over $1 billion. Pike Street-backed US BioTek merged with Nutri Path Pathology, combining functional laboratory services.
Emerging Firms & Strategies
New PE firm Synergy Sports Capital debuted with a focus on the lower middle market. Abry Partners CEO CJ Brucato outlined why the lower mid-market is particularly attractive in current conditions. Kohlberg-backed Riveron invested in AI and data tech firm Cuesta Partners to enhance its service offerings. JLL Partners-backed surface science tech platform Talica launched, serving facilities, manufacturers, and prime contractors in highly regulated industries.
Secondaries & Continuation Vehicles
Hamilton Lane and Ardian backed Latour's first continuation fund for Gutor, marking a significant GP-led deal. Apollo S3 indicated it would continue building its secondaries platform via organic growth rather than acquisitions. Bridgepoint eyed further secondaries growth as its Newbury team came on board, with both Bridgepoint and Bridgepoint Newbury expecting to launch their next flagship secondaries fund in 2026. Carlyle's Steve Wise noted that tariffs have become the number one risk factor in investment theses.
Regional & Market Trends
Peak Rock agreed to sell Spatial Business Systems to Blackstone-backed Enverus, an energy data analytics platform. Fulcrum Capital Partners invested in the growth of Glass Masters Autoglass, led by president and CEO Roger Tulk. SeaFort Capital acquired a majority stake in doors supplier Allmar, with Roynat Equity Partners investing alongside as a co-investor. Lee Equity acquired consulting firm KCIC, which specializes in helping corporate clients manage high-value tort-system liabilities.
Technology & Innovation
Science Corp., a biotech startup founded by Neuralink alumni, raised $230 million in Series C funding for brain-computer interface technologies. City Detect, which uses AI to help cities stay safe and clean, raised $13 million in Series A funding and operates in at least 17 cities including Dallas and Miami. Eight Sleep raised $50 million at a $1.5 billion valuation to expand into predictive, AI-driven health solutions. Quantum scaleup Pasqal announced plans to go public at a $2 billion valuation.
Strategic Reviews & Potential Sales
Searchlight-backed Roots Corp. launched a strategic review that could lead to a sale, with shares trading near $2.35. Braemont-backed Royal Cup agreed to take Farmer Brothers Coffee private in a consolidation move. Greenbriar-backed West Star Aviation acquired aircraft maintenance firm DCJet to expand its MRO services for business aviation. Trinity Hunt invested in Berger Consulting Group, which serves over 100 law firm clients.
Leadership & Industry Insights
BC Partners' Nikos Stathopoulos identified tariffs as the primary risk factor affecting investment theses. PJT Partners' Adrian Millan suggested 2026 should set another record for the secondaries market despite macro uncertainty. William Blair's Stuiver noted that LPs are not waiting on the promise of distributions, with opportunistic LPs expected to enter the market as pricing increases. Cutting Edge's Tim Hegarty emphasized that consumer data and studio alignment are key in music deal sourcing.
Sector Investment
Infrastructure Investment Trends
AlbaCore is targeting €1 billion for its inaugural high-yield infrastructure debt fund, marking the firm's first foray into infra credit. The Italian asset manager plans to quickly follow this with an investment-grade vehicle. Meanwhile, CapMan is launching its third Nordic infrastructure fund at €750 million, representing an almost 90% increase from its previous €400 million target.
BNP Paribas Asset Management has shut down its €750 million sustainability fund following the firm's acquisition of AXA IM Alts, which created overlap in equity fund strategies between the two managers. This consolidation reflects broader industry trends toward streamlining product offerings.
Transportation Infrastructure Developments
Rail transport is experiencing technology-driven upgrades as freight rail combines strong fundamentals with digitization and electrification initiatives. The sector is showing resilience despite pandemic-driven volatility and supply chain disruptions that have impacted road haulage and air cargo operators. Aviation assets have demonstrated particular resilience since the pandemic, becoming increasingly favored by infrastructure investors.
Port investors are reassessing relative value in the sector amid deglobalization signs and reconfiguration of global trade patterns. Transport infrastructure investors are moving beyond traditional risk mitigation to unlock a "resilience dividend" for their assets as climate volatility and cyber threats redefine the market.
Data Center and Technology Infrastructure
Partners Group achieved a 2.5x multiple of cost on its data center platform at North, netting more than 30% return on a $4 billion sale of the Nordic data center platform. The Swiss group signed the deal in December 2021, demonstrating strong performance in the data infrastructure sector.
Australian and Canadian pensions have joined forces to advocate for policy reform that would stimulate greater deployment of capital into "nation-building" infrastructure projects. A collective of 18 Canadian pensions and Australian superannuation funds is pushing for regulatory changes to unlock more infrastructure investment opportunities.
Real Estate Investment Shifts
Starwood's Pollack notes that US policy shifts in immigration and tourism numbers have negatively impacted the world's largest property market. The mega-manager's president highlighted how these demographic changes are affecting real estate fundamentals across major US markets.
Starwood's Pollack also discussed how insurance capital and cloud investments are shaping the firm's growth strategy. The PERE Podcast featured an interview unpacking how Starwood is balancing forward investment plans, insurance capital relations, and evolving geopolitical stresses.
Iranian conflict implications for real estate are expected to be mostly indirect, with delegates at the PERE Network Asia Summit worrying primarily about wider ripple effects rather than direct market impacts. This geopolitical uncertainty is driving more granular risk management approaches across the sector.
Bouwinvest is expanding beyond its home market to accept third-party capital, with Asia highlighted as increasingly important in its portfolio. The Dutch investor plans new strategies in the region, including opportunities in Korea's multifamily market.
Healthcare and Private Equity
Seven Hills Capital has closed its second fund at the $235 million hard cap, with McGuire Woods LLP providing legal counsel for the transaction. This healthcare-focused fund demonstrates continued investor appetite for specialized private equity strategies.
David Pivnick from McGuire Woods discussed building elite careers at the highest level in a recent Becker Private Equity & Business Podcast episode. The partner shared insights on habits, perspective, and discipline necessary for success in private equity and related fields.
Market Volatility and Portfolio Management
Market volatility is driving portfolio rebalancing efforts across real estate investments, according to participants at the PERE Asia Summit 2026 in Singapore. Rebalancing priorities reflect changing risk appetites and the need to adapt to uncertain market conditions.
Back leverage is revolutionizing European real estate debt markets, with financing structures once considered too risky now gaining acceptance. Knight Frank's Jess Qureshi and Reed Smith's Josh Hughes discussed the nuts and bolts of this evolving financing approach on The PERE Podcast.
Coal and Energy Infrastructure
Ad-hoc extensions for coal-fired power stations in the US, Australia, and EU are not sufficient reason for investors to return to fossil fuel investments. The postponed closure of these facilities highlights the ongoing transition challenges in energy infrastructure but does not signal a reversal of decarbonization trends.
Pension Fund Investment Activity
The Jacksonville Police and Fire Pension Fund expects to reach its target allocation to non-core real estate by 2027, according to its 2026 real estate outlook. This gradual approach reflects careful portfolio construction in uncertain market conditions.
INPGI, an Italian pension fund, has issued two RFPs targeting €70 million in infrastructure funds, seeking both local and international investments. This demonstrates continued institutional demand for infrastructure exposure despite market volatility.
ADIA and ART are divided on increasing fund investments in 2026, with the sovereign wealth fund not anticipating changes while the Australian super fund cites key factors driving more capital into funds. This divergence highlights varying institutional approaches to market timing and allocation strategies.
Emerging Market Opportunities
Asia's insulation among key takeaways from recent conferences, with overweight appetites for the region's developed markets and early-stage AI-driven data center opportunities. This regional focus reflects both defensive characteristics and growth potential in Asian markets.
Gilchrist, now global head of capital formation at Igneo, outlines her vision for how unified investor relations functions will underpin the firm's growth. Six months into her role, she emphasizes the opportunity presented by a "clean sheet of paper" approach to capital formation strategy.