Public Markets
Last updated: August 7, 2026, 1:42 PM ET
Equities
US stock futures surged Friday after July jobs data showed the economy unexpectedly shed 23,000 jobs, prompting traders to scale back rate-hike bets. The S&P 500 rose 1.8% to hit a record high, pushing past its previous peak from the start of June. Big Tech stocks stormed back as AI spending fears faded, with a record $3.5 trillion increase in the Nasdaq 100's market capitalization in just four days. Wall Street bulls flocked to S&P 500 calls as the rally broadened beyond tech, though BofA's sentiment gauge hit its most extreme bullish level since 2021, suggesting it's time to reduce exposure to risky assets. The Dow notched its 24th record of the year on strong earnings, while the Nasdaq slipped in a jittery session. European stocks extended record highs with the Stoxx 600 gaining for a fourth straight day, led by consumer-facing stocks and healthcare. The Dow broke its winning streak Wednesday, falling 460 points as oil prices gained amid Hormuz talks.
Fixed Income & Fed Policy
Treasury yields fell sharply after the weak July payrolls report, with the 10-year yield dropping as traders trimmed expectations for a September Fed rate hike. Bond traders were bracing for the labor market data to tip the scale on whether the Federal Reserve raises rates at its next meeting. The bond market is signaling rising risks that investors should heed, with higher hurdles for AI data centers and the stock market. Wellington Funds pivoted from Treasuries into German bonds after last week's Fed meeting fueled doubts about its inflation-fighting credentials. Barclays and HSBC say concern the Fed is dragging its feet on inflation is giving investors another reason to buy inflation-protected bonds. The US Treasury signaled steady debt sales into 2027, offering a "subtle" change even as federal borrowing needs climb. Treasury options splurge risks igniting bigger market turbulence, with traders spending millions to guard against sharp declines in long-dated debt. The Fed's Fima repo facility went unused for an eighth straight week, suggesting Japan didn't use the tool in its latest yen-support effort.
Currencies
The dollar fell to a seven-week low against a basket of currencies after the unexpected decline in July nonfarm payrolls. The yen surged 1% against the dollar after the jobs data, with traders watching for intervention clues. Japan confirmed three-day yen intervention during the spring Golden Week holiday, going beyond its recent twin-punch playbook. The US decision to sell euros to support Japan's currency without warning European policymakers is adding to geopolitical risks, BlackRock says. Bank of America sees the yen gaining 6% against the dollar by year-end following coordinated currency intervention. Goldman Sachs is skeptical that US support for Japan's yen efforts will damage the dollar's status as the dominant reserve currency. Dollar hedging costs jumped as Fed Chairman Kevin Warsh ditches rate guidance, leaving Wall Street guessing. The carry trade is powering on as investors sidestep the yen's gains, with emerging-market carry bets showing resilience.
Energy & Commodities
Oil futures fell to a three-week low after Treasury Secretary Scott Bessent said the US could be close to an agreement with Iran to reopen the Strait of Hormuz. Iran's oil exports have stalled with Kharg Island idling under the US blockade, as naval interdiction halts tankers carrying Tehran's crude. US crude inventories rose by 2.5 million barrels in the week ended July 31, defying expectations for a 1.2 million barrel decline. Copper headed for a record close on signs of tighter short-term supply, with Comex copper climbing to an all-time high on tariff speculation. The copper market is tightening fast as the US and China compete for metal, with a surge in shipments to the US and rising Chinese orders setting the stage for a rally to all-time highs. Gold jumped the most since February as prospects for a Hormuz deal reduced expectations for Fed rate hikes, while Comex gold settled 0.09% lower at $4,242.00, snapping a two-day winning streak. China's central bank extended its gold buying streak to 21 months, with bullion prices building support above $4,000 an ounce. Global food prices rose to a three-year high in July as weather and wars lifted costs, with the near-total closure of the Strait of Hormuz compounding expectations of a strong El Niño. US natural gas futures picked up ground following losses the previous session on the expanding inventory surplus.
Corporate Earnings
WPP shares soared the most on record after the advertising agency's turnaround efforts gained momentum, with revenue less pass-through costs falling less sharply. SpaceX reported soaring AI spending in its first earnings after the IPO, with capital expenditures jumping nearly seven times from a year ago and revenue rising 92%. Honda raised its profit outlook 30% as a weak yen and US demand for hybrids lifted quarterly results to a record. Glencore reported a steep jump in profits after a surge in copper prices and one of its trading unit's best-ever periods. Siemens Energy profit tripled as orders hit record highs on US data-center demand. Eli Lilly reported higher revenue fueled by continued surging demand for its GLP-1 weight-loss drugs, while Novo Nordisk raised its profit outlook as weight-loss drug demand soars. Disney's third-quarter revenue increased 7% to $25.2 billion, driven by theme parks and "Toy Story." Take-Two logged higher sales in its fiscal first quarter, but losses widened due to discontinued development of a title. DraftKings reported second-quarter sales and earnings that missed expectations as prediction-market players challenge the sportsbetting industry. AMD shares fell 8% despite a revenue beat, as Elon Musk committed to Nvidia chips for SpaceX. Under Armour lowered its revenue outlook on soft demand, with traffic trends weakening especially in North America and Asia-Pacific. Wendy's withdrew its outlook and slashed its quarterly dividend as its turnaround struggles to pick up steam.
M&A and Deals
Whatnot, the live-shopping platform, nearly doubled its valuation to $20 billion in less than a year. Dream Finders Homes agreed to buy Beazer Homes for about $916 million following several months of talks. Nielsen Holdings agreed to buy DoubleVerify in a deal with an enterprise value of about $2.15 billion. JBS secured a $2.5 billion investment from Indonesia's sovereign wealth fund Danantara to form a joint venture focused on the protein market in Southeast Asia. Kirin Holdings agreed to acquire Jamieson Wellness for $1.4 billion, sending its shares up 2.4% to near record levels. Disney agreed to sell its stake in A+E Global Media to Hearst for about $1.2 billion. Allianz agreed to buy UOB's asset management unit, marking its second major deal in recent days as CEO Oliver Baete pursues Asia growth. Gainwell Technologies kicked off a $5.8 billion debt overhaul, the US software sector's biggest refinancing of 2026. Apollo invested $1.02 billion in a joint venture with Starwood Real Estate Income Trust, the commercial property vehicle known as SREIT.
Private Equity
Last updated: August 7, 2026, 1:44 PM ET
Mega-Deals & Take-Private Action
The biggest story of the past three days is Apollo securing a recommended cash offer for easyJet valuing the FTSE 100 airline at approximately £5.7bn, ending a fast-moving four-week bidding contest. In a separate UK development, Bodycote plc confirmed receipt of two competing conditional cash offer proposals from CVC and Veritas Capital Fund IX, with the bids valuing the heat treatment specialist at roughly £1.56bn. The rise of so-called ‘bear hugs’ in UK take-privates is on the up, as public market discounts make unsolicited approaches increasingly attractive to private equity buyers.
Across the Atlantic, Clearlake co-founder José Feliciano is nearing a record $3.9bn deal to acquire the San Diego Padres, which would mark the most expensive franchise sale in Major League Baseball history. In the healthcare sector, KKR has agreed to acquire Medicover India, the Indian hospital operations of Nasdaq Stockholm-listed Medicover AB, adding a scaled multi-specialty network of 24 hospitals to its portfolio. Meanwhile, Bain Capital is set to acquire Gong cha from TA Associates, adding the global tea beverage chain to its consumer holdings.
Credit & Private Debt
Ares Management is leading a $2.2bn direct loan to finance Med Impact Holdings' planned acquisition of Puerto Rico-based Medical Card System, according to Bloomberg. In a landmark BDC continuation vehicle, BlackRock TCP Capital has agreed to sell a $523m slab of its private credit portfolio to funds and accounts managed by Pantheon. The new vehicle will house over $500m of debt positions held by TCPC, with pricing coming in at 95% of gross fair value as of 31 December 2025.
Secondaries & Continuation Vehicles
The GP-led market's domination in the first six months of the year is being driven by more than just market volatility, with fundraising and expansion into new asset classes also fueling growth. Singapore's GIC is preparing to offload around $1bn worth of private equity fund stakes on the secondary market, according to sources cited by Bloomberg, as sovereign wealth funds keep tapping the market for liquidity. The single-asset secondaries market within infrastructure is blooming, though discipline, alignment and entry valuations remain critical to ensuring buyers secure good deals, writes Stafford's William.
Venture secondaries are heating up as G Squared has secured $2.3bn for its seventh flagship fund, which is about twice the size of its previous vehicle and took half as long to raise. VC investor Ryan Moore has closed on $78.5m for Revenant Ventures' debut fund, a regulatory filing shows, targeting VC secondaries. Carlyle chief executive Harvey Schwartz said the cyclical tailwinds buoying secondaries will persist for the ‘next several years’, as the firm increasingly views Alp Invest as more of a corporate finance business than a standalone secondaries unit. For LPs assessing quick-flip continuation vehicles, judging the asset's hold period alone is an imperfect metric, according to PE International analysis.
Fundraising & LP Activity
TPG has nabbed the lion's share of its $17bn target for TPG X and its third healthcare fund, with the two funds launched in mid-2025 as part of TPG's $94bn Capital platform for large-scale global private equity investing. In Europe, Nextalia held a first close of more than €1.1bn on Nextalia Private Equity II, pulling in commitments from over 200 investors in the five months since it opened fundraising in February, pushing the Italian platform past €3.4bn. The EQT-managed Scaleup Europe Fund has made its first investment, co-leading a €450m round into Finnish satellite imaging company ICEYE at a €10bn valuation, from its €5bn fund.
Mega-firms are largely defying fundraising and exit headwinds, according to PE International's earnings season analysis, with OMERS plotting a fivefold increase of its PE portfolio. On the LP side, New Jersey Division of Investment CIO Shoaib Khan says re-ups and new opportunities are being looked at on equal footing, despite being spared liquidity concerns in the slow exit market. Boston Retirement Systems has issued an RFP for up to a $85m private equity mandate, while Italian pension fund ENPAV has released an RFP for private equity co-investment. In Asia, MMAA looks to commit 300bn Korean won to domestic blind pool private equity and venture capital funds, and Korea Post Insurance seeks 60bn Korean won for domestic blind-pool VC funds. The Danish retirement scheme Industriens Pension favours indirect over direct investment in secondaries and has made commitments to all five infra secondaries vehicles managed by Pantheon. Hamilton Lane's co-chief Erik Hirsch said ‘evergreen hesitancy only temporary’, noting some investors have been housing capital in evergreens before redeeming to fund a Hamilton Lane SMA.
Infrastructure & Energy
LS Power has agreed to acquire the Brazos Valley gas-fired power plant from Constellation, satisfying a regulatory divestiture commitment tied to Constellation's 2025 acquisition of Calpine. Partners Group has agreed to acquire a majority stake in AVK Power Solutions, a Maidenhead-based provider of power systems for data centers and AI infrastructure that has delivered more than 20,000 projects and installed approximately 3.5GW of power across Europe's FLAP-D markets. Veritas Capital is set to acquire Saber Power Services from Greenbelt, a vertically integrated power infrastructure services platform that helps customers build, modernize and maintain critical electrical systems.
Healthcare & Workforce Services
Private equity firms are increasingly targeting tech-enabled healthcare workforce services, with Accel-KKR, Bain, Knox Lane and LLR Partners among those transacting in the sector. A look at the clinical workforce services space shows private equity firms such as Accel-KKR, Bain and Knox Lane making concentrated bets on technology-driven staffing platforms. Tortuga Growth Partners has invested in Advanced eClinical Training out of its Fund I, L.P., adding to the healthcare education vertical. In the radiopharmaceuticals space, Nordic Capital has inked a deal for BWXT's nuclear medicine business valued at approximately $800m.
Consumer & Other Deals
Sunoco has agreed to acquire Court Square-backed oil transporter Offen Petroleum for $600m, which operates a fuel distribution network delivering approximately 2.5 billion gallons annually to around 7,000 customers. MPK Equity-backed Gorgeous Collective has acquired Clean Your Dirty Face, marking the first acquisition for the platform since its launch earlier in 2026. Axum Capital has agreed to acquire beverage brand Barcode, a Los Angeles-based plant-based and hydration drink company. PE-backed ContextLogic is acquiring chemicals manufacturer gChem from EagleTree for $850m, which will become Context Logic's second operating business following its early 2026 acquisition of US Salt. Copley Equity-backed FMG Leading has snapped up Broadbranch Advisors, with the deal closing at the end of July. RedBird's Affinia has added Wilson Partners in a UK accounting tie-up, with Wilson Partners advising SMEs, private individuals and PE investors across the UK. KKR-backed FGS has scooped up government affairs firm Rich Feuer Anderson, marking FGS's second acquisition of a bipartisan government affairs firm following the September 2025 acquisition of Tarplin, Downs & Young. Nexa Equity-backed Facility Grid has acquired autonomous commissioning company PingCx, introducing a new product strategy centered on three integrated offerings — FG Construct, Validate, and Sustain. Arlington-backed TRP Infrastructure has closed five add-on deals to form a new highway plastics division called Gulf Highway Materials. Ridgemont has acquired remediation services firm Entact from JFLCO, a national provider of environmental remediation and geotechnical construction services. Veritas is also set to acquire environmental consultant Trinity Consultants from Oak Hill, which Oak Hill acquired in 2021 from LLCP. Verdane has made a majority investment in Factbird, a Danish IoT and recurring software company providing manufacturing intelligence services. Advent has agreed to acquire FNZ Bank, an independent wealth management banking and infrastructure provider in Germany offering banking, custody, transaction execution and regulatory services. Thoma Bravo is selling Command Alkon to Francisco Partners, a software and platform technology provider for the heavy building materials industry. Broad Sky has grown Smith + Howard 4x before exiting to TPG, with Broad Sky CEO Tyler Zachem noting the business is durable since tax and audit advisory are needed in good and bad times. Partners Group is in talks to buy beauty biz Aroma-Zone from Eurazeo, while CVC and Veritas Capital vie for Bodycote. GSAM is lining up data center contractor Divcon for sale, which provides building management and electrical power monitoring systems to data centers and other mission-critical facilities. The music market is an ‘exceptionally active’ market, says Reed Smith's Josh Love, with PE firms like Blackstone, TPG and EQT also active in partnering with AI businesses. AI has enormous potential to improve administration, metadata management, royalty processing and licensing efficiency in the music industry, Love told PE Hub.
Corporate & Leadership Moves
Bernard Arnault has named Aymeric Le Clere as chairman and CEO of Financière Agache, the €3.1bn capital holding vehicle that anchors the Arnault family's control of LVMH, according to a filing. The reshuffle at the LVMH holding structure represents the latest in a series of leadership changes at the top of the luxury empire. Allianz posted record operating profit for the second quarter and first half of 2026, with the standout contribution coming from its asset management arm, which saw €39bn of net inflows as PIMCO and AGI pushed third-party AuM to a record €2.16tn. Carlyle's realisations drove a strong earnings quarter, with the firm's US buyout strategy distributing capital at more than double the industry rate, chief executive Harvey Schwartz noted on the firm's latest results call. Apollo, a year after acquiring a GP, downplays manager consolidation, while also backing a novel first-time fund, according to PE International's Side Letter.
Venture & Startup Activity
Active startup investors kept up the pace in July, with familiar names topping the ranks in several metrics including most prolific venture dealmakers, most active lead backers, and biggest spenders. Y Combinator's growing class of second-timers reflects a notable trend, with a dataset of 454 repeat founders revealing interesting insights about the accelerator's evolving founder base. Robinhood is listing a fund that lets anyone back Y Combinator startups, intending to let retail investors participate in early-stage venture returns. Moove has raised $250M to become the backbone of the robotaxi industry, scaling up its autonomous vehicle fleet management business with plans to someday own, not just manage, Waymo robotaxis. WindBorne Systems has raised a $37 million Series B round to scale its weather balloons and AI forecasts, betting that AI can make weather prediction both better and lucrative. Legaltech Wordsmith has raised a $14m Series B extension from Index and FT Ventures, according to Sifted. Fintech startup Moss has been crowned Europe's newest unicorn with a €30m Series C. After a decade of turning down VCs, Oxylabs has hit a $3.6bn valuation, with the founders citing 'right timing, right partner.' MagicSchool AI, founded by an educator, has raised $63M from VCs, leading off a series featuring startup founders from non-technical backgrounds who have launched successful ventures. Yann LeCun has joined a new VC firm as the prominent AI researcher adds his name to the venture world. Lendable is chasing the superapp dream, with the company noting it is 'more constrained by capacity than ideas'. A16z has 30+ venture scouts hunting for deals across Europe, according to Sifted's analysis. Pleo is facing a culture crisis with executive exodus, unhappy staff and sale speculation, according to Sifted's investigation. The UK has expanded its talent visa to more than 100 companies, broadening access to international tech talent. QMUL spinouts are looking to raise, according to Sifted. The 144 new funds this year reveal Europe's investment market pulse, according to Sifted's analysis. Europe's 50 most active equity investors in H1 2026 have been ranked by Sifted. AI is transforming physical environments and science sectors, requiring 'the bravery to change the process', according to Sifted. The top junior VCs to watch in Europe have been identified by partners, according to Sifted. 7 spots to meet founders and VCs in Paris have been highlighted by Sifted. Lightspeed found their newest hire via Instagram DM, with partners Josh Machiz and Claire Zau discussing their growing social media presence and podcast, Lightwork. The Crunchbase Tech Layoffs Tracker shows over 127,000 workers at U.S.-based tech companies were laid off in mass job cuts in 2025, with layoffs continuing into 2026. Integrating AI into a startup's product strategy can inadvertently reduce exit value, argues tech strategic adviser Itay Sagie in a guest column for Crunchbase. The language of founder praise — from 'sweaty' to 'insanely cracked' — has been decoded by Sifted.
Sector Investment
Last updated: August 7, 2026, 2:34 PM ET
Healthcare & Life Sciences
Regal Healthcare Capital Partners closed its fourth private equity fund at $610M, coming in above target as healthcare fundraising continues to attract institutional capital despite broader market volatility. Altaris has announced it will acquire Clarivate's Life Sciences & Healthcare business, a strategic move that expands Altaris's healthcare portfolio and reshapes the sector's information services landscape for investors tracking deal flow.
Infrastructure Fundraising
ECP closed its largest fund at $8.1bn, more than 50% above target in just 18 months, with chief investment officer Tyler Reeder citing DPI's very big role in the successful fundraise and strong LP demand for energy transition assets. Agallas Equities is planning a $5bn Caribbean-focused inaugural infrastructure fund targeting major projects in the Dominican Republic and surrounding areas, with Gulf state family offices showing early interest in the region's development potential.
Leadership & Strategy
Hans-Martin Aerts has moved on after 25 years as APG's APAC infrastructure head, a month after the €639bn Dutch pension asset manager's global infrastructure head departed, signaling a leadership transition at one of Europe's largest institutional investors. Mikkel Kjaersgaard of Industriens Pension says the €37bn Danish fund's infrastructure approach, including co-investments and secondaries, remains "business as usual" despite geopolitical turbulence, underscoring the asset class's resilience in volatile markets. Transport packaging assets may not be the full package for infrastructure purists, but it's ultimately for LPs to decide whether to accept delivery as the sector's definition continues to evolve.