Public Markets
Last updated: August 7, 2026, 2:55 PM ET
Equities
U.S. stocks rose after the July jobs report came in much cooler than expected, with the economy losing 23,000 jobs. The S&P 500 hit a record high, rising 1.8 percent and capping a big turnaround from a recent selloff. The Dow industrials notched its 24th high of the year, while the Nasdaq slipped. European stocks rose for a fourth week in a row as a stronger-than-expected earnings season lifted regional benchmarks to fresh records. Big Tech stocks stormed back as AI fears faded, powering a $3.5 trillion increase in the Nasdaq 100's market capitalization in just four days. WPP shares soared the most since its 1995 IPO after the advertising agency reported its turnaround efforts are gaining momentum. SpaceX shares sank on ballooning AI spending plans, with the rocket company spending $15.8 billion on AI projects in the second quarter. The Dow broke its winning streak, falling 460 points as tech wobbles offset hopes for a Hormuz deal.
Fixed Income & Rates
Treasury yields fell after a much weaker-than-expected U.S. jobs report, with the US Treasuries rallying as traders trimmed Fed rate-hike bets. The bond market is signaling rising risks, meaning hardship for home buyers and higher hurdles for A.I. data centers. The US Treasury retained its previous guidance for future debt issuance, signaling no change in auction sizes well into 2027. Treasury yields rose ahead of Friday's payrolls report as job-cut plans remained calm. The US Treasury sparked debate over auction cutbacks to temper yields. Bond traders are spending millions to guard against sharp declines in long-dated Treasuries, risking a bigger bout of volatility in the $31 trillion market. Japan's 30-year bond sale drew firm demand, delivering some calm to a market buffeted by currency turmoil. San Juan triggered a rush for its $121 million muni-bond sale, as investors seized a rare opportunity for exposure to the island.
Currencies
The dollar fell to a seven-week low against a basket of currencies after data showed an unexpected decline in U.S. nonfarm payrolls in July. The yen surged 1% against the dollar after US jobs data, with traders watching for intervention clues. Japan confirmed it intervened in the currency market three times during the spring Golden Week holiday to prop up the yen. The US decision to sell euros to support Japan's currency without warning European policymakers is adding to geopolitical risks, according to BlackRock. Bank of America expects the yen to strengthen about 6% against the dollar by year-end following coordinated currency intervention. The South Korean won rose to the strongest level in almost 10 months as exporters converted dollar earnings. The Colombian peso continues to be the best performing currency in emerging markets despite central bank efforts to slow its rally. India raised $40bn from its diaspora to support the sagging rupee, drawing stronger than expected inflows.
Energy & Commodities
Oil futures moved higher as the market waited for news on a deal to reopen the Strait of Hormuz. Crude futures fell to a three-week low after Treasury Secretary Scott Bessent said the U.S. could be close to an agreement with Iran. Iran said it reached an agreement with Oman on a Hormuz shipping route, determined to retain control over the chokepoint. Copper headed for a record close after strong gains fueled by signs of tighter short-term supply. A two-way pull is depleting LME inventories, raising the risk of another spike in futures contracts. Gold was on track for its biggest gain in more than six months as dip-buyers supported prices above a key technical level. China's central bank ramped up additions to its gold reserves, pushing a buying streak toward the two-year mark. Global food prices edged higher in July to the highest in more than three years. Ukraine's agricultural shipments could fall by more than half this season after Russian attacks disrupted Black Sea ports. Iran's oil exports stall as naval interdiction appears to be halting tankers from carrying Tehran's crude. US diesel exports surged to a record as the global scramble for diesel drains US supplies. The price of a key Chinese steel product dropped to the lowest in almost a decade as a prolonged property downturn sapped demand.
Deals & Corporate News
Private-equity firms are pouncing on the hot IPO market as sluggish dealmaking has made it hard to find buyers. Whatnot, a fast-growing live-shopping platform, has nearly doubled its valuation to $20 billion in less than a year. Dream Finders Homes agreed to buy Beazer Homes for about $915 million. Nielsen Holdings agreed to buy DoubleVerify in a deal with an enterprise value of about $2.15 billion. Kirin Holdings announced a deal to acquire Toronto-based Jamieson Wellness Inc. for $1.4 billion. JBS said the Indonesian sovereign wealth fund Danantara agreed to invest $2.5 billion in a joint venture. Apollo Global Management is investing $1.02 billion in a joint venture with Starwood Real Estate Income Trust. Allianz agreed to buy the asset management unit of Singapore's United Overseas Bank. Disney agreed to sell its stake in A+E Global Media to Hearst for about $1.2 billion. Gainwell Technologies has kicked off a $5.8 billion debt overhaul that would be the US software sector's biggest of 2026. Jane Street is in talks to shift its $11bn in debt to investors including Pimco. Commerzbank unveiled a fresh share buyback as CEO Bettina Orlopp seeks to demonstrate her strategy delivers strong returns. Monte dei Paschi said it is weighing options to preserve its integrity, questioning Intesa Sanpaolo's $35 billion takeover bid.
Private Equity
Last updated: August 7, 2026, 2:52 PM ET
Megadeals & Takeovers
Apollo secured a recommended cash offer for easy Jet valuing the FTSE 100 airline at approximately £5.7bn, ending a fast-moving four-week bidding contest in a landmark European take-private. The deal highlights how “bear hugs” are on the rise in UK take-privates as buyers move aggressively to secure targets. In a separate contested situation, Bodycote confirmed receipt of two competing conditional cash offer proposals from CVC and Veritas Capital Fund IX, with the heat treatment specialist attracting £1.56bn in rival bids. KKR has agreed to acquire Medicover India, the Indian hospital operations of Nasdaq Stockholm-listed Medicover AB, adding a 24-hospital multi-specialty network to its healthcare portfolio. Bain Capital is set to acquire the Gong cha bubble tea chain from TA Associates, expanding its consumer brands portfolio.
Credit & Private Capital
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. BlackRock TCP Capital has agreed to sell a $523m slab of its private credit portfolio to funds and accounts managed by Pantheon, in a landmark BDC continuation vehicle. 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. 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.
Secondaries & Fundraising
G Squared has secured $2.3bn for its seventh flagship secondaries fund, which is about twice the size of its previous vehicle and took half as long to raise as venture secondaries heat up. 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. VC investor Ryan Moore has closed on $78.5m for Revenant Ventures' debut fund, a regulatory filing shows, marking the Draft Kings seed investor's entry into venture secondaries. Carlyle increasingly views AlpInvest as more of a corporate finance business than a standalone secondaries unit, with cyclical tailwinds buoying the market expected to persist for the “next several years.” GP-leds dominated the secondaries market in the first half of the year, with fundraising and expansion into new asset classes driving growth beyond what market volatility alone would explain. The single-asset secondaries market within infrastructure is blooming, though discipline, alignment and entry valuations remain critical to ensuring buyers secure good deals. Industriens Pension is mulling adding more infrastructure secondaries exposure, with the Danish retirement scheme favouring indirect over direct investment and having made commitments to all five infra secondaries vehicles managed by Pantheon.
Fund Launches & Closures
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, debuting its €5bn fund with a substantial cheque. 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 and pushing the Italian platform past €3.4bn. TPG has nabbed the lion's share of a $17bn target for TPG X and its third healthcare fund, both launched in mid-2025 as part of the firm's $94bn Capital platform. Mega-firms are largely defying fundraising and exit headwinds in the latest earnings season, while OMERS is plotting a fivefold increase of its PE portfolio. Hamilton Lane's co-chief Erik Hirsch said some investors have been “housing capital” in evergreens before redeeming to fund a Hamilton Lane SMA, calling the hesitancy only temporary.
LP Activity & Mandates
The New Jersey Division of Investment is looking at re-ups and new opportunities on equal footing, with CIO Shoaib Khan saying the fund sees opportunity in the slow exit market despite being spared liquidity concerns. Italian pension fund ENPAV has released a request for proposal seeking private equity co-investment opportunities. MMAA looks to commit 300bn Korean won to domestic blind pool private equity and venture capital funds for 2026. Korea Post Insurance is seeking to commit 60bn Korean won to domestic blind-pool venture capital funds. Boston Retirement Systems has issued a request for proposal for up to an $85m private equity mandate.
Venture & Growth
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. Moove is scaling up the autonomous vehicle fleet management side of its business after raising $250M, and 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. Fintech startup Moss has been crowned Europe's newest unicorn with a €30m Series C round. Oxylabs has hit a $3.6bn valuation after a decade of turning down VCs, with the founder citing “right timing, right partner.” Legaltech Wordsmith has raised a $14m Series B extension from Index and FT Ventures, according to an exclusive report. Y Combinator's growing class of second-time founders includes 454 repeat founders, according to a dataset shared directly with Crunchbase News. Robinhood is set to list a fund that lets any retail investor back Y Combinator startups, democratizing access to early-stage venture.
Healthcare & Life Sciences
Accel-KKR, Bain, Knox Lane and LLR Partners are among the PE firms transacting in healthcare workforce services, with eight deals highlighting the tech push in this sector. Nordic Capital has inked a radiopharmaceutical deal involving an $800m take-private of BWXT's nuclear medicine business, while clinical workforce services continue to attract private equity interest. Tortuga Growth Partners has invested in Advanced eClinical Training out of Tortuga Growth Partners Fund I, L.P. Veritas is set to acquire environmental consultant Trinity Consultants from Oak Hill, which acquired the firm in 2021 from LLCP for undisclosed terms. Veritas will also acquire Saber Power from Greenbelt, adding a vertically integrated power infrastructure services platform that helps customers build, modernize and maintain critical electrical systems.
Infrastructure & Energy
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. LS Power has agreed to acquire the Brazos Valley gas-fired power plant from Constellation, a transaction that satisfies a regulatory divestiture commitment tied to Constellation's 2025 acquisition of Calpine. Sunoco will acquire Court Square-backed oil transporter Offen Petroleum for $600m, with the target operating a fuel distribution network delivering approximately 2.5 billion gallons annually to approximately 7,000 customers. Goldman Sachs Asset Management is teeing up Divcon Controls for sale, with the company providing building management and electrical power monitoring systems to data centers and other mission-critical facilities. GSAM is also lining up data center contractor Divcon for sale, while Broad Sky has closed the sale of professional services firm Smith + Howard to TPG.
Industrial & Business Services
PE-backed ContextLogic will acquire chemicals manufacturer gChem from Eagle Tree for $850m, with gChem becoming Context Logic's second operating business following its early 2026 acquisition of US Salt. Arlington-backed TRP Infrastructure has closed five add-on deals to form a new highway plastics division called Gulf Highway Materials. Thoma Bravo will sell Command Alkon, a software and platform technology provider for the heavy building materials industry, to Francisco Partners. Copley Equity-backed FMG Leading has acquired 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 the target advising small and medium-sized enterprises, private individuals and private equity investors. Ridgemont has acquired remediation services firm Entact from JFLCO, a national provider of environmental remediation and geotechnical construction services. Nexa Equity-backed Facility Grid has acquired autonomous commissioning company Ping Cx, introducing a new product strategy centered on three integrated offerings — FG Construct, Validate, and Sustain.
Consumer & Retail
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. Partners Group is in talks to buy beauty business Aroma-Zone from Eurazeo, adding to a busy period for the Swiss manager. Verdane has made a majority investment in Factbird, a Danish IoT and recurring software company providing manufacturing intelligence services.
Corporate Governance & Structures
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 in the latest reshuffle of the LVMH holding structure. Clearlake co-founder Jose Feliciano is nearing a record $3.9bn MLB deal for the San Diego Padres, which would be the most expensive franchise sale in Major League Baseball history. KKR-backed FGS Global 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. Apollo, a year after acquiring a GP, is downplaying manager consolidation while also backing a novel first-time fund, according to PE International's Side Letter.
Market Trends & Analysis
Carlyle's US buyout strategy distributed capital at more than double the industry rate, driving strong earnings in the latest quarter, chief executive Harvey Schwartz noted on the firm's results call. The music industry is seeing some of the biggest deals it has ever seen, according to Reed Smith's Josh Love, with AI having enormous potential to improve administration, metadata management, royalty processing and licensing efficiency. PE firms like Blackstone, TPG and EQT have been active in partnering with AI businesses, while Thoma Bravo is selling Command Alkon to Francisco Partners. While integrating AI into a startup's product strategy is often viewed as a way to enhance valuation, it can inadvertently reduce exit value, argues tech strategic adviser Itay Sagie. Special situations investor Njord Partners is seeing “resilience” in the value segment, including in the exit market, with AI now a “key part” of operational improvements. Over 127,000 workers at U.S.-based tech companies were laid off in mass job cuts in 2025, per a Crunchbase News tally, with layoffs continuing into 2026. Assessing a quick-flip continuation vehicle on the asset's hold period alone is an imperfect metric, according to PE International. The UK has expanded its talent visa to more than 100 companies, broadening access for international tech workers.
Sector Investment
Last updated: August 7, 2026, 2:56 PM ET
Healthcare Private Equity
Regal Healthcare's fourth fund closed at $610 million, exceeding its target for healthcare-focused private equity. Altaris acquires Clarivate's Life Sciences business in a notable sector consolidation play.
Infrastructure Fundraising
ECP's largest fund closed on $8.1 billion, more than 50% above target in just 18 months, with DPI playing a key role in the raise. Agallas Equities' $5bn Caribbean fund targets Dominican Republic projects, drawing early interest from Gulf state family offices.
Infrastructure Leadership & Strategy
Hans-Martin Aerts exited APG after 25 years as APAC infrastructure head, a month after the global infra lead departed the €639bn Dutch manager. Kjaersgaard says it's "business as usual" despite geopolitical turbulence, as the €37bn Danish fund pursues co-investments and secondaries. Transport packaging assets may not be the full package for infrastructure purists, but LPs ultimately decide whether to accept delivery.