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 targets €1 billion for its high-yield infrastructure debt fund, marking the firm's first foray into infrastructure credit. The Italian manager plans to quickly follow up with an investment-grade vehicle, signaling growing appetite for specialized debt strategies in the sector. Meanwhile, CapMan prepares to launch a €750 million third Nordic infrastructure fund, representing an almost 90% increase from its previous €400 million target and highlighting strong regional demand.
Data Center and Technology Infrastructure
The transport infrastructure sector is experiencing significant technological transformation. Rail transport is rolling out technology-driven upgrades as freight rail combines strong fundamentals with digitization and electrification efforts. This modernization push comes as investors reassess opportunities across the broader transport sector, where pandemic-driven volatility and supply chain disruptions have created both challenges and opportunities for infrastructure assets.
Real Estate Investment Shifts
Starwood's Pollack warns that US policy changes are "coming home to roost in real estate," citing negative impacts from shifts in immigration and tourism numbers on the world's largest property market. The mega-manager's president highlights how demographic and policy changes are reshaping investment strategies across major markets. In Asia, PERE Asia chairman's report identifies the region's insulation and overweight appetites for developed markets as key takeaways, with AI-driven data center opportunities still in early stages.
Portfolio Rebalancing and Risk Management
Market volatility is driving portfolio rebalancing efforts across real estate investments, according to participants at the PERE Asia Summit 2026 in Singapore. Rebalancing portfolio priorities has become a central focus as investors navigate uncertain conditions. With the Iran conflict creating further uncertainty, intensive diversification is emerging as the primary risk management strategy for private real estate executives.
Fund Strategies and Capital Deployment
BNP Paribas AM 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 strategic alignment and operational efficiency. In contrast, Zaga Capital has successfully raised approximately €210 million for its debut German residential fund, demonstrating continued investor appetite for opportunistic real estate strategies.
Pension Fund Investment Approaches
Jacksonville Police and Fire Pension Fund expects to reach its target allocation to non-core real estate by 2027, signaling a measured approach to portfolio expansion. Meanwhile, ADIA and ART are divided on increasing fund investments in 2026, with the sovereign wealth fund not anticipating change while the Australian super fund identifies key factors driving more capital into funds.
Healthcare Investment Activity
Seven Hills Capital has closed its second fund at a $235 million hard cap, with McGuire Woods LLP providing legal counsel for the transaction. This healthcare-focused investment demonstrates continued activity in the sector despite broader market uncertainties.
Infrastructure Policy and Valuation
EIPA's Tim Whittaker calls on regulators to force private market actors to conduct frequent, robust, and independent valuations of infrastructure assets. The push for greater transparency comes as investors navigate complex market conditions and seek to better understand the true risk profiles of their infrastructure holdings.
International Investment Collaboration
Australian and Canadian pensions have joined forces to advocate for policy reform that would stimulate greater deployment of capital into "nation-building" infrastructure projects. This collaboration between 18 Canadian pensions and Australian superannuation funds represents a significant effort to coordinate investment strategies across major markets.
Data Center Platform Performance
Partners Group achieved a 2.5x multiple of invested capital on its data center platform at North, netting more than a 30% return on a deal signed in December 2021. The $4 billion sale of the Nordic data center platform demonstrates the strong performance potential in specialized infrastructure sectors.
Emerging Market Opportunities
Bouwinvest is expanding beyond its home market to accept third-party capital, with Asia highlighted as a key region for portfolio growth. The Dutch investor plans new strategies in markets such as Korea's multifamily sector, reflecting broader trends toward geographic diversification in real estate investment.
Infrastructure Investment Outlook
Despite challenges in specific subsectors, transport infrastructure is showing resilience with aviation assets emerging as favorites for infrastructure investors since the pandemic. Aviation assets take off for infrastructure investors as these assets have demonstrated strong recovery and continue to attract capital amid evolving market conditions.