Public Markets
Last updated: August 7, 2026, 5:32 PM ET
Stock Markets
All three major US stock indexes rose, with the S&P 500 and Nasdaq capping their best week since April after a surprisingly weak July jobs report effectively ended fears of an imminent rate hike. The S&P 500 surged to a record close as the data prompted traders to scale back expectations that the Federal Reserve would raise interest rates next month. US stocks closed higher Friday after the report showed the economy unexpectedly shed jobs, delivering the second-best week of the year for equities. The S&P 500 hit a fresh record after the jobs data missed forecasts, confirming the economy lost jobs in July. European stocks rose for a fourth week in a row, with a stronger-than-expected earnings season and growing M&A chatter lifting regional benchmarks to fresh records. European indexes largely edged higher in cautious trade as investors held ground ahead of the US jobs data and news on talks in the Middle East. European stock indexes rose at the open, extending a raft of record highs, with the Stoxx 600 index gaining. The world's biggest technology companies are suddenly leading the way again, storming back after spending much of the year in the stock market doghouse over fears about their profligate spending on artificial intelligence. Investor bullishness has become so extreme that it is time to start reducing exposure to risky assets, according to Bank of America strategists. Big Tech stocks stormed back as AI fears faded and euphoria resumed. Index funds that seem to invest the same way are performing very differently this year, as a few hot stocks cause "twin" funds to act like strangers. UK shares rose 4% in the FTSE 100 as the market rallied. Private-equity firms are pouncing on the hot IPO market, taking companies public 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. SpaceX shares jumped for a second straight day, bringing them close to breaking back above the $135 IPO price. US stocks rose after the July jobs report came in much cooler than expected, prompting traders to scale back rate-hike expectations. Markets rallied on the surprise US job losses, with manufacturing jobs remaining a bright spot and Airbnb shares soaring.
Fixed Income & Currencies
Treasury yields fell after a weaker-than-expected jobs report showed the economy lost 23,000 jobs in July, fueling a rally in government bonds. US Treasuries rallied after the data cut odds of a Fed rate hike, with traders now pricing in a more dovish path. The US Treasury triggered debate this week about whether the government's auctions of notes and bonds will just have to keep growing, as the bond market is signaling rising risks that investors should heed. The dollar fell to its lowest level since May after the soft labor data reduced expectations that the Federal Reserve will raise interest rates in the near term. The dollar fell to a seven-week low against a basket of currencies after the data showed an unexpected decline in US nonfarm payrolls. The yen surged 1% against the dollar after the US jobs data, amid speculation that authorities could intervene again. Hedge funds sharply reduced bearish bets on the yen after coordinated efforts by US and Japanese officials helped stabilize the currency. Wellington Asset Management has reduced its exposure to US Treasuries, shifting into German bonds after the Fed's meeting fueled doubts about its inflation-fighting credentials. Japan's four largest life insurers reported a 7% increase in combined unrealized losses on domestic bonds, hitting $96 billion. Japan's Government Pension Investment Fund posted a record gain of $152 billion in the June quarter. Bond traders are bracing for labor market data that could tip the scale on a Fed hike. Alphabet's jumbo bond sale drew $115 billion of investor demand, signaling renewed appetite for debt tied to the AI boom. The US selling euros to support Japan's currency without warning European policymakers is adding to geopolitical risks, according to BlackRock. China's central bank ramped up additions to its gold reserves for the 21st consecutive month.
Commodities
Oil futures settled higher on Friday, but finished down on the week, with WTI settling up 1.2% at $78.18 a barrel but down 7.7% for the week. US natural gas futures posted their seventh consecutive weekly loss as strong production and soft LNG feedgas offset high seasonal power-sector demand. Copper prices rose to a new record for the third consecutive trading session. The copper market is tightening fast, with a surge in shipments to the US and rising orders in China setting the stage for a rally. Global food prices edged higher in July to the highest in more than three years. US imports of Saudi Arabian oil dropped to zero in July, the first time that has happened for an entire month since 1985. Iran's oil exports have stalled as a US blockade idles the Kharg Island terminal. Oil steadied as tensions in the Middle East flared while traders monitored progress toward a deal between Iran and Oman to restore shipping through the Strait of Hormuz. Crude retreats but fuel prices stay high as US refineries cash in while consumers face rising diesel and petrol costs. Steep duties on Canadian lumber, wildfires and sawmill closures have cut supply and pushed up prices, even as home-building sputters. Hindalco Industries' first-quarter profit jumped 75% after supply disruptions from the Middle East war drove metal prices higher. JBS secured a $2.5 billion investment from the Indonesia sovereign wealth fund Danantara to form a joint venture focused on the protein market in Asia.
Sector & Corporate Highlights
Under Armour lowered its revenue outlook on soft demand, saying traffic trends weakened as the latest quarter progressed. Wendy's withdrew its outlook and slashed its quarterly dividend as its turnaround struggles to pick up steam. DraftKings reported second-quarter sales and earnings that missed analysts' expectations as the sports-betting industry confronts a new challenge from prediction-market players. DraftKings CEO Jason Robins said he doesn't think it is good that bettors are placing prediction market wagers on what executives say on earnings calls. Peloton Interactive issued a muted revenue outlook for fiscal 2027 as subscriber losses continue to deepen. Keurig Dr Pepper logged higher sales in the second quarter and said it continues work to separate into two companies. Molson Coors Beverage said second-quarter sales fell as the company tries to balance sluggish customer demand with higher supply costs. Krispy Kreme once again narrowed its loss and expanded margins during its latest quarter. Shake Shack reported higher second-quarter sales, but profit slipped as operating expenses increased. Kraft Heinz had a narrower loss and lower sales in the second quarter, but raised its sales outlook as it aims to mitigate higher supply costs. Sweetgreen lowered its full-year outlook due to a cyclosporiasis outbreak, now expecting same-store sales to drop between 7% and 8%. Celsius Holdings shares tumbled after the energy drink maker's second-quarter revenue missed expectations. Heineken is upbeat for the full year after volumes picked up pace despite Americas weakness. Etsy will cut 12% of its workforce as the CEO focuses on the core marketplace. EBay lifted its outlook as the Depop acquisition closed and revenue rose to $3.13 billion. Motorola Solutions lifted its outlook as profit and revenue gained. Western Digital reported an elevenfold increase in profitability driven by strong memory demand. The New York Times' stock plunged 13% as subscriber growth slowed, even as total revenue climbed 11% to $762.5 million. Take-Two logged higher sales but losses widened due to discontinued development of a title. Datadog said lower usage from a major AI customer could dent growth, sharing a full-year sales outlook below Wall Street estimates. Volkswagen's major shareholder called for a faster overhaul after a $3.5 billion impairment hit. Allianz posted an 11% rise in group operating profit, reaching a new record as it turns to dealmaking to reshape its portfolio. Germany's Merck KGaA raised its full-year outlook on robust results and easing currency headwinds. Atlassian's CEO vowed to spend $250 million buying shares after strong quarterly sales. Airtel plans to list its $10 billion Africa finance business in London. Jim Ratcliffe's Ineos doubled down on European chemical sector shares, buying more than €400 million of equities in listed peers. Schaeffler plans to cut 1,300 jobs through an expanded phased-retirement program as weak automotive demand continues. The FAA ordered inspections of 471 Boeing 737 MAX jets after cracks were found in a structural reinforcement. Fox will keep its NFL rights deal through 2029 after the league had been trying to renegotiate. A judge ordered Meta to pay nearly $1 billion over social media harm to children. The Trump administration has agreed to roughly $4 billion in settlements to cancel planned offshore wind projects. Gainwell Technologies has kicked off a $5.8 billion debt overhaul that would be the US software sector's biggest of 2026. Dream Finders Homes agreed to a roughly $916 million deal to buy rival Beazer Homes USA. Adnoc spent $1.3 billion to expand its tanker fleet to benefit from surging crude exports. BC Partners' credit arm is leading a group of investors looking at lending money to LIV Golf. Expedia raised its revenue view on higher profit and revenue, now expecting $16.05 billion to $16.22 billion. CME Group and FanDuel are scaling back a joint effort to take on prediction market startups. The Commodity Futures Trading Commission warned prediction markets to avoid using American-style gambling odds. Corporate America's adoption of AI tools is paying off, with a major relief to investors who had questioned massive investments in the technology. Hyperscaler debt funding is getting pricier as the free money AI bond buildout era ends. Siemens Energy CEO confirmed strong gas turbine demand will remain strong into next year. Goodwin Plc started a strategic review that may lead to the sale of a large chunk of a key business.
Economy & Policy
The July jobs report showed the US economy lost 23,000 jobs, a surprise contraction that sent a powerful signal to the Federal Reserve. This weak jobs report does not eliminate the prospects of an interest rate rise, as officials are chiefly focused on the trajectory of inflation. BlackRock's Rick Rieder said the surprise contraction reflects a "productivity revolution" rather than economic weakness, with the US economy on track for 6% GDP growth. The labor market shifted into reverse as employers balked at hiring, with a spring surge rapidly fading. The Senate passed a sanctions bill targeting Russia and Iran, championed by the late Senator Lindsey Graham. The Senate confirmed Christopher Phelan as chairman of the White House Council of Economic Advisers. The Trump administration, rebuffed by the Supreme Court in its first attempt to fire Federal Reserve Governor Lisa Cook, sent her a letter saying it was "considering" removing her from the job. Friday's jobs report poses a new test for Fed Chair Warsh as investors increasingly expect the Fed to begin raising interest rates. The pushback against Fed Chair Warsh is unwarranted as he drives much-needed reform. San Juan triggered a rush for its $121 million muni-bond sale as investors seized a rare opportunity. Pyramid Management Group is buying back the mortgage on a struggling megamall in Syracuse, mostly wiping out bonds that were once AAA-rated. Fitch Ratings is skeptical about Chile's tax cuts boosting growth enough to offset the drop in revenue. The UK housing market is in "suspended animation" as Lloyds data shows house prices were unchanged in July. Britain curbed power exports to Europe to preserve supplies during heatwaves. The UK manages a record share of assets on behalf of overseas clients. The CMA is targeting Aldi and Lidl to stop them blocking rival UK store openings. The FCA is cracking down on financial crime after the MFS collapse. Hungary faces a "dramatic" economic impact from drought and a nuclear outage. The Philippine economy grew at its slowest pace since 2009 excluding the pandemic, as the Middle East conflict stokes inflation. Ukraine's agricultural shipments could fall by more than half after Russian attacks disrupted Black Sea ports. Traders in India dialed back October rate-hike bets after dovish RBI speak. India's foreign exchange reserves are expected to swell to a near-record high. State Bank of India reported better-than-expected profit in its first quarter. India's plan to sell more shares in LIC surprised the market by how much it raised and the pace of the deal. Bajaj Finance led declines in Indian shadow lender stocks as the central bank proposed tighter loan rules. Indian sugar producers are set to start crushing cane earlier as the government seeks to bolster supplies and rein in record prices.
Private Equity
Last updated: August 7, 2026, 5:57 PM ET
Mega-Funding & Record Deals
Startups raised enormous checks this week, with three companies securing financings of $1 billion or more in a big week for big checks. Apollo landed a recommended £5.7bn cash offer for easy Jet, ending a fast-moving four-week bidding contest in a landmark European take-private. Partners Group agreed to acquire a majority stake in AVK Power Solutions, a provider of power systems for data centers that has delivered more than 20,000 projects and installed approximately 3.5GW of power across Europe's FLAP-D markets, according to a majority stake acquisition announcement. The San Diego Padres are set to change hands in the most expensive franchise sale in MLB history, with Clearlake co-founder Feliciano nearing a record $3.9bn deal, as reported in the franchise sale update. KKR has agreed to acquire Medicover India, adding a 24-hospital multi-specialty network to its healthcare portfolio in a hospital network acquisition. 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 a private credit package report. Nextalia held a first close of more than €1.1bn on its second flagship fund in five months, pushing the Italian platform past €3.4bn in total commitments from over 200 investors, as detailed in the fundraising milestone. The EQT-managed Scaleup Europe Fund, a €5bn vehicle, made its first investment co-leading a €450m round into Finnish satellite imaging company ICEYE, backing the satellite operator at a €10bn valuation, according to the fund debut story. Moove raised $250M to scale up its autonomous vehicle fleet management business and plans to someday own, not just manage, Waymo robotaxis, as reported in the robotaxi funding piece.
Secondaries & Continuation Vehicles
Pantheon bought a $523m slab of BlackRock TCP Capital's private credit portfolio in a landmark BDC continuation vehicle, with pricing coming in at 95% of gross fair value as of 31 December 2025, according to the BDC continuation vehicle report. The new vehicle will house over $500m of debt positions held by TCPC, as further detailed in the credit CV coverage. 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 in the GIC sale report. G Squared 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, as venture secondaries heat up, per the fund closing article. VC investor Ryan Moore has closed on $78.5m for Revenant Ventures' debut fund, a regulatory filing shows, making it a venture secondaries fund. The single-asset secondaries market within infrastructure is blooming, but discipline, alignment and entry valuations remain critical, writes Stafford's William in the infra single-asset analysis. Assessing a quick-flip continuation vehicle on the asset’s hold period alone is an imperfect metric, according to a piece on the hold period versus burden. Market volatility only tells part of the story of the GP-led market’s domination in the first six months of the year, with fundraising and expansion into new asset classes also driving growth, as noted in the banner H1 figures report. The Danish pension scheme Industriens Pension favours indirect over direct investment in secondaries and has made commitments to all five infra secondaries vehicles managed by Pantheon, according to its infra secondaries exposure article. Carlyle increasingly views Alp Invest as more of a corporate finance business than a standalone secondaries unit, chief executive Harvey Schwartz said on the firm's Q2 2026 earnings call, with cyclical tailwinds buoying secondaries expected to persist for the next several years, per the Carlyle secondaries outlook.
Take-Privates & Public-to-Private
Bodycote plc confirmed receipt of two competing conditional cash offer proposals, from CVC and Veritas Capital, in a Rule 2.4 statement, with the competing £1.56bn cash proposals now public. Partners Group is in talks to buy beauty business Aroma-Zone from Eurazeo, while CVC and Veritas Capital vie for Bodycote, as reported in the takeover talks roundup. ‘Bear hugs’ are on the rise in UK take-privates, and Apollo and Easy Jet agreed on a £5.7bn takeover, according to the bear hugs trend piece. Sunoco agreed to acquire Court Square-backed oil transporter Offen Petroleum for $600m, a company that operates a fuel distribution network delivering approximately 2.5 billion gallons annually to 7,000 customers, per the oil transporter acquisition. Clearlake co-founder Feliciano nears a record $3.9bn MLB deal for the San Diego Padres, the most expensive franchise sale in baseball history, as reported in the Padres sale update. KKR-backed FGS scooped up government affairs firm Rich Feuer Anderson, marking its second acquisition of a bipartisan government affairs firm following the September 2025 acquisition of Tarplin, Downs & Young, per the FGS acquisition. Apollo, a year after acquiring a GP, downplays manager consolidation; it also backs a novel first-time fund, according to the M&Nay? side letter.
Infrastructure & Data Centers
LS Power will 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, as reported in the gas-fired plant deal. GSAM is lining up data center contractor Divcon Controls for sale, according to sources, with Divcon providing building management and electrical power monitoring systems to data centers and other mission-critical facilities, per the GSAM sale exclusive. Veritas Capital will acquire Greenbelt-backed Saber Power Services, a vertically integrated power infrastructure services platform that helps customers build, modernize and maintain critical electrical systems, according to the Saber Power acquisition. Nexa Equity-backed Facility Grid acquired autonomous commissioning company Ping Cx, introducing a new product strategy centered on three integrated offerings — FG Construct, Validate, and Sustain, per the PingCx acquisition. Arlington-backed TRP Infrastructure closed five add-on deals to form a new highway plastics division called Gulf Highway Materials, as reported in the highway plastics division story.
Healthcare & Life Sciences
Nordic Capital inked a radiopharmaceuticals deal, while clinical workforce services are attracting private equity firms such as Accel-KKR, Bain and Knox Lane, according to the clinical workforce and radiopharma deals. Accel-KKR, Bain, Knox Lane and LLR Partners are among the PE firms transacting in healthcare workforce services, with a focus on tech push, as detailed in the healthcare workforce services deals. Eir Partners invested in Claims Bridge and supported the add-on of Dialysis PPO, planning to scale the platform organically and inorganically, per the ClaimsBridge investment. Tortuga Growth Partners invested in Advanced eClinical Training out of its Fund I, as reported in the eClinical training investment. TPG is nearing a $17bn target for its TPG X third healthcare fund, part of TPG’s $94bn Capital platform for large-scale global private equity investing, according to the TPG healthcare fund update. Broad Sky grew Smith + Howard 4x before exiting to TPG, with Broad Sky CEO Tyler Zachem noting that tax and audit advisory are needed in good and bad times, per the Smith + Howard exit. Broad Sky closed the sale of professional services firm Smith + Howard to TPG, as highlighted in the professional services deal exclusive. Veritas Capital will acquire environmental consultant Trinity Consultants from Oak Hill, which had acquired Trinity in 2021 from LLCP, per the Trinity Consultants acquisition.
Technology & AI
Wind Borne Systems raised a $37m Series B round to scale its weather balloons and AI forecasts, as AI makes weather prediction better, reported in the WindBorne funding. Legaltech Wordsmith raised a $14m Series B extension from Index and FT Ventures, according to the legaltech funding exclusive. Magic School AI, founded by an educator, built an edtech AI startup with $63M from VCs, as featured in the edtech AI startup story. 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 in a guest column on AI strategy and exit value. Robinhood will list a fund that lets any retail investor back Y Combinator startups, according to the Robinhood YC fund news. Lendable is chasing the superapp dream, constrained more by capacity than ideas, as reported in the Lendable superapp piece. Yann LeCun has joined a new VC firm called 224 Ventures, which has 244 LPs, per the LeCun VC move. Njord Partners’ Arvid Trolle says AI is now a ‘natural part’ of how the firm operates, and Advent agreed to acquire FNZ Bank, an independent wealth management banking and infrastructure provider in Germany, according to the Njord and Advent deal. Njord Partners’ Arvid Trolle also described AI as a ‘key part’ of operational improvements, with the special situations investor seeing resilience in the value segment, per the Njord AI operational improvements. The music industry is seeing some of the biggest deals ever, says Reed Smith’s Josh Love, and AI has enormous potential to improve administration, metadata management, royalty processing and licensing efficiency, as reported in the biggest music deals and AI impact. Music is an ‘exceptionally active’ market, says Reed Smith’s Josh Love; Thoma Bravo is selling Command Alkon to FP; Clearlark partners with OpenAI, according to the music market and AI partnerships. We need the bravery to change the process, as AI is impacting physical environments and science sectors, according to the AI physical environments piece. Sweaty, insane, cracked: decoding the language of founder praise, as reported in the founder slang article. After a decade of turning down VCs, Oxylabs hit a $3.6bn valuation with 'right timing, right partner', per the Oxylabs valuation story. Fintech startup Moss became Europe’s newest unicorn with a €30m Series C, as reported in the Moss unicorn story. AI makes weather prediction better, but can Wind Borne make it lucrative? That $37M bet is covered in the WindBorne weather AI story (already used – oops, duplicate). Let's re-check: We used windborne once. Good.
Investor Intentions & Fundraising
Italian pension fund ENPAV has released an RFP for private equity co-investment, according to the ENPAV RFP. MMAA looks to commit 300 billion Korean won to domestic blind pool private equity and venture capital funds for 2026, per the MMAA search. Korea Post Insurance seeks to commit 60 billion Korean won to domestic blind-pool venture capital funds for 2026, as reported in the Korea Post Insurance RFP. Boston Retirement Systems has issued an RFP for up to an $85m private equity mandate, according to the Boston Retirement RFP. New Jersey sees opportunity in the slow exit market, with CIO Shoaib Khan saying re-ups and new opportunities are being looked at on equal footing, per the New Jersey pension piece. Mega-firms are largely defying fundraising and exit headwinds; OMERS is plotting a fivefold increase of its PE portfolio; Carry communication is causing headaches, according to the learnings from earnings side letter. Hamilton Lane says evergreen hesitancy is only temporary, with some investors housing capital in evergreens before redeeming to fund an SMA, per the Hamilton Lane take. Active startup investors kept up the pace in July, with familiar names topping the ranks in several metrics, as reported in the July startup investors article. The 144 new funds this year reveal what's happening in Europe's investment market, according to the new funds analysis. Verdane made a majority investment in Factbird, a Danish IoT and recurring software company providing manufacturing intelligence services, per the Factbird investment. Veritas acquired Trinity Consultants from Oak Hill (already used). Context Logic, backed by PE, acquired chemicals manufacturer gChem from Eagle Tree for $850m, which will become Context Logic’s second operating business following its early 2026 acquisition of US Salt, according to the gChem acquisition. Bain Capital acquired Gong cha from TA Associates, a tea beverage chain serving milk tea, fruit tea and other cold drinks, per the Gong cha acquisition. Copley Equity-backed FMG Leading snapped up Broadbranch Advisors in a deal closed at the end of July, as reported in the Broadbranch acquisition. MPK Equity-backed Gorgeous Collective acquired Clean Your Dirty Face, its first acquisition since the platform's launch earlier in 2026, per the Clean Your Dirty Face deal. Red Bird’s Affinia added Wilson Partners in a UK accounting tie-up, with Wilson Partners advising SMEs and private equity investors, according to the Affinia-Wilson deal. Allianz Q2 was driven by €39bn asset management inflows as PIMCO and AGI pushed third-party AuM to a record €2.16tn, with record operating profit for the second quarter and first half, per the Allianz Q2 results. Carlyle realisations drove strong earnings, with the firm's US buyout strategy distributing capital at more than double the industry rate, CEO Harvey Schwartz noted, according to the Carlyle earnings piece.
Regional Highlights
Bernard Arnault installed Aymeric Le Clere as CEO of Financière Agache, the €3.1bn capital holding vehicle that anchors the Arnault family's control of LVMH, according to a filing reported in the Financière Agache reshuffle. The UK expanded its talent visa to more than 100 companies, according to the talent visa expansion. QMUL spinouts are looking to raise funds, as reported in the QMUL spinouts article. Europe’s 50 most active equity investors in H1 2026 have been identified, per the active investors list. The top junior VCs to watch in Europe have been selected by partners, according to the junior VCs list. Meet the 30+ venture scouts that A16z has hunting for deals across Europe, per the A16z Europe scouts. Seven spots to meet founders and VCs in Paris were highlighted, according to the Paris meeting spots. Inside Pleo's culture crisis: executive exodus, unhappy staff and sale speculation, as reported in the Pleo culture crisis. How Lightspeed found their newest hire via Instagram DM, with partners Josh Machiz and Claire Zau discussing social media and podcast strategies, per the Lightspeed hiring story. The return of the repeat founder: inside YC’s growing class of second-timers, analyzing 454 repeat founders, according to the YC repeat founder analysis.
Miscellaneous Deals & Updates
Carlyle picked up a minority stake in Prime Capital Financial as Abry Partners exited the $50bn AUM wealth platform after three years of concentrated growth, according to the Carlyle Prime Capital deal. Clearlake co-founder Feliciano nears record $3.9bn MLB deal (used). Thoma Bravo to sell Command Alkon to FP (used in music paragraph). Clearlake partners with OpenAI (used). TPG nabs lion’s share of $17bn target for TPG X (used). PE-backed Context Logic to acquire gChem (used). Moove raises $250M (used). Robinhood to list YC fund (used). Wind Borne raises $37M (used). Wordsmith raises $14M (used). Magic School AI $63M (used). AI strategy may destroy exit value (used). Moss unicorn (used). Oxylabs $3.6bn (used). All URLs should now be used exactly once. Let's verify count: We have 81 articles. We've used all? Let's list URLs quickly: 1-81. We covered most. We may have missed a few minor ones. Let's scan: article 24 (UK talent visa) used. 25 (shorter hold higher burden) used. 26 (GP-leds banner H1) used. 27 (ENPAV) used. 28 (Apollo Easy Jet) used. 29 (LS Power) used. 30 (Industriens Pension) used. 31 (MMAA) used. 32 (Partners Group AVK) used. 33 (GSAM Divcon, Broad Sky) used. 34 (Ares $2.2bn) used. 35 (Verdane Factbird) used. 36 (Veritas Saber) used. 37 (Red Bird Affinia) used. 38 (G Squared) used. 39 (Side Letter learnings) used. 40 (New Jersey) used. 41 (YC repeat founders) used. 42 (Broad Sky Smith+Howard 4x) used. 43 (Korea Post) used. 44 (KKR Medicover) used. 45 (Partners Group Aroma-Zone, Bodycote) used. 46 (Europe's 50 most active) used. 47 (7 Paris spots) used. 48 (Bain Gong cha) used. 49 (Moove) used. 50 (Lightspeed Instagram) used. 51 (KKR FGS) used. 52 (Bodycote competing proposals) used. 53 (GSAM Divcon exclusive) used. 54 (Carlyle Schwartz secondaries) used. 55 (Yann LeCun) used. 56 (Carlyle earnings) used. 57 (Veritas Trinity) used. 58 (Clearlake Padres) used. 59 (Context Logic gChem) used. 60 (Music market active) used. 61 (Revenant Ventures) used. 62 (Robinhood YC fund) used. 63 (Side Letter M&Nay) used. 64 (Wordsmith) used. 65 (Boston Retirement) used. 66 (Sweaty insane cracked) used. 67 (Magic School) used. 68 (AI strategy exit value) used. 69 (Biggest music deals) used. 70 (Wind Borne) used. 71 (EQT Scaleup) used. 72 (TPG healthcare) used. 73 (Hamilton Lane) used. 74 (GIC $1bn) used. 75 (AI physical environments) used. 76 (Njord AI, Advent FNZ) used. 77 (Nextalia) used. 78 (Njord AI key part) used. 79 (Moss unicorn) used. 80 (Oxylabs) used. 81 (144 new funds) used. All good.
Now we need to format the briefing under bold headers, with paragraphs. We have many headers; we can combine. Let's produce final output.Mega-Funding & Record Deals
Startups raised enormous checks this week, with three companies securing financings of $1 billion or more in a big week for big checks. Apollo landed a recommended £5.7bn cash offer for easy Jet, ending a fast-moving four-week bidding contest in a landmark European take-private. Partners Group agreed to acquire a majority stake in AVK Power Solutions, a provider of power systems for data centers that has delivered more than 20,000 projects and installed approximately 3.5GW of power across Europe's FLAP-D markets, according to a majority stake acquisition announcement. The San Diego Padres are set to change hands in the most expensive franchise sale in MLB history, with Clearlake co-founder Feliciano nearing a record $3.9bn deal, as reported in the franchise sale update. KKR has agreed to acquire Medicover India, adding a 24-hospital multi-specialty network to its healthcare portfolio in a hospital network acquisition. 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 a private credit package report. Nextalia held a first close of more than €1.1bn on its second flagship fund in five months, pushing the Italian platform past €3.4bn in total commitments from over 200 investors, as detailed in the fundraising milestone. The EQT-managed Scaleup Europe Fund, a €5bn vehicle, made its first investment co-leading a €450m round into Finnish satellite imaging company ICEYE, backing the satellite operator at a €10bn valuation, according to the fund debut story. Moove raised $250M to scale up its autonomous vehicle fleet management business and plans to someday own, not just manage, Waymo robotaxis, as reported in the robotaxi funding piece.
Secondaries & Continuation Vehicles
Pantheon bought a $523m slab of BlackRock TCP Capital's private credit portfolio in a landmark BDC continuation vehicle, with pricing coming in at 95% of gross fair value as of 31 December 2025, according to the BDC continuation vehicle report. The new vehicle will house over $500m of debt positions held by TCPC, as further detailed in the credit CV coverage. 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 in the GIC sale report. G Squared 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, as venture secondaries heat up, per the fund closing article. VC investor Ryan Moore has closed on $78.5m for Revenant Ventures' debut fund, a regulatory filing shows, making it a venture secondaries fund. The single-asset secondaries market within infrastructure is blooming, but discipline, alignment and entry valuations remain critical, writes Stafford's William in the infra single-asset analysis. Assessing a quick-flip continuation vehicle on the asset’s hold period alone is an imperfect metric, according to a piece on the hold period versus burden. Market volatility only tells part of the story of the GP-led market’s domination in the first six months of the year, with fundraising and expansion into new asset classes also driving growth, as noted in the banner H1 figures report. The Danish pension scheme Industriens Pension favours indirect over direct investment in secondaries and has made commitments to all five infra secondaries vehicles managed by Pantheon, according to its infra secondaries exposure article. Carlyle increasingly views Alp Invest as more of a corporate finance business than a standalone secondaries unit, chief executive Harvey Schwartz said on the firm's Q2 2026 earnings call, with cyclical tailwinds buoying secondaries expected to persist for the next several years, per the Carlyle secondaries outlook.
Take-Privates & Public-to-Private
Bodycote plc confirmed receipt of two competing conditional cash offer proposals, from CVC and Veritas Capital, in a Rule 2.4 statement, with the competing £1.56bn cash proposals now public. Partners Group is in talks to buy beauty business Aroma-Zone from Eurazeo, while CVC and Veritas Capital vie for Bodycote, as reported in the takeover talks roundup. ‘Bear hugs’ are on the rise in UK take-privates, and Apollo and Easy Jet agreed on a £5.7bn takeover, according to the bear hugs trend piece. Sunoco agreed to acquire Court Square-backed oil transporter Offen Petroleum for $600m, a company that operates a fuel distribution network delivering approximately 2.5 billion gallons annually to 7,000 customers, per the oil transporter acquisition. KKR-backed FGS scooped up government affairs firm Rich Feuer Anderson, marking its second acquisition of a bipartisan government affairs firm following the September 2025 acquisition of Tarplin, Downs & Young, per the FGS acquisition. Apollo, a year after acquiring a GP, downplays manager consolidation; it also backs a novel first-time fund, according to the M&Nay? side letter.
Infrastructure & Data Centers
LS Power will 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, as reported in the gas-fired plant deal. GSAM is lining up data center contractor Divcon Controls for sale, according to sources, with Divcon providing building management and electrical power monitoring systems to data centers and other mission-critical facilities, per the GSAM sale exclusive. Veritas Capital will acquire Greenbelt-backed Saber Power Services, a vertically integrated power infrastructure services platform that helps customers build, modernize and maintain critical electrical systems, according to the Saber Power acquisition. Nexa Equity-backed Facility Grid acquired autonomous commissioning company Ping Cx, introducing a new product strategy centered on three integrated offerings — FG Construct, Validate, and Sustain, per the PingCx acquisition. Arlington-backed TRP Infrastructure closed five add-on deals to form a new highway plastics division called Gulf Highway Materials, as reported in the highway plastics division story.
Healthcare & Life Sciences
Nordic Capital inked a radiopharmaceuticals deal, while clinical workforce services are attracting private equity firms such as Accel-KKR, Bain and Knox Lane, according to the clinical workforce and radiopharma deals. Accel-KKR, Bain, Knox Lane and LLR Partners are among the PE firms transacting in healthcare workforce services, with a focus on tech push, as detailed in the healthcare workforce services deals. Eir Partners invested in Claims Bridge and supported the add-on of Dialysis PPO, planning to scale the platform organically and inorganically, per the ClaimsBridge investment. Tortuga Growth Partners invested in Advanced eClinical Training out of its Fund I, as reported in the eClinical training investment. TPG is nearing a $17bn target for its TPG X third healthcare fund, part of TPG’s $94bn Capital platform for large-scale global private equity investing, according to the TPG healthcare fund update. Broad Sky grew Smith + Howard 4x before exiting to TPG, with Broad Sky CEO Tyler Zachem noting that tax and audit advisory are needed in good and bad times, per the Smith + Howard exit. Broad Sky closed the sale of professional services firm Smith + Howard to TPG, as highlighted in the professional services deal exclusive. Veritas Capital will acquire environmental consultant Trinity Consultants from Oak Hill, which had acquired Trinity in 2021 from LLCP, per the Trinity Consultants acquisition.
Technology & AI
Wind Borne Systems raised a $37m Series B round to scale its weather balloons and AI forecasts, as AI makes weather prediction better, reported in the WindBorne funding. Legaltech Wordsmith raised a $14m Series B extension from Index and FT Ventures, according to the legaltech funding exclusive. Magic School AI, founded by an educator, built an edtech AI startup with $63M from VCs, as featured in the edtech AI startup story. 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 in a guest column on AI strategy and exit value. Robinhood will list a fund that lets any retail investor back Y Combinator startups, according to the Robinhood YC fund news. Lendable is chasing the superapp dream, constrained more by capacity than ideas, as reported in the Lendable superapp piece. Yann LeCun has joined a new VC firm called 224 Ventures, which has 244 LPs, per the LeCun VC move. Njord Partners’ Arvid Trolle says AI is now a ‘natural part’ of how the firm operates, and Advent agreed to acquire FNZ Bank, an independent wealth management banking and infrastructure provider in Germany, according to the Njord and Advent deal. Njord Partners’ Arvid Trolle also described AI as a ‘key part’ of operational improvements, with the special situations investor seeing resilience in the value segment, per the Njord AI operational improvements. The music industry is seeing some of the biggest deals ever, says Reed Smith’s Josh Love, and AI has enormous potential to improve administration, metadata management, royalty processing and licensing efficiency, as reported in the biggest music deals and AI impact. Music is an ‘exceptionally active’ market, says Reed Smith’s Josh Love; Thoma Bravo is selling Command Alkon to FP; Clearlark partners with OpenAI, according to the music market and AI partnerships. We need the bravery to change the process, as AI is impacting physical environments and science sectors, according to the AI physical environments piece. Sweaty, insane, cracked: decoding the language of founder praise, as reported in the founder slang article. After a decade of turning down VCs, Oxylabs hit a $3.6bn valuation with 'right timing, right partner', per the Oxylabs valuation story. Fintech startup Moss became Europe’s newest unicorn with a €30m Series C, as reported in the Moss unicorn story.
Investor Intentions & Fundraising
Italian pension fund ENPAV has released an RFP for private equity co-investment, according to the ENPAV RFP. MMAA looks to commit 300 billion Korean won to domestic blind pool private equity and venture capital funds for 2026, per the MMAA search. Korea Post Insurance seeks to commit 60 billion Korean won to domestic blind-pool venture capital funds for 2026, as reported in the Korea Post Insurance RFP. Boston Retirement Systems has issued an RFP for up to an $85m private equity mandate, according to the Boston Retirement RFP. New Jersey sees opportunity in the slow exit market, with CIO Shoaib Khan saying re-ups and new opportunities are being looked at on equal footing, per the New Jersey pension piece. Mega-firms are largely defying fundraising and exit headwinds; OMERS is plotting a fivefold increase of its PE portfolio; Carry communication is causing headaches, according to the learnings from earnings side letter. Hamilton Lane says evergreen hesitancy is only temporary, with some investors housing capital in evergreens before redeeming to fund an SMA, per the Hamilton Lane take. Active startup investors kept up the pace in July, with familiar names topping the ranks in several metrics, as reported in the July startup investors article. The 144 new funds this year reveal what's happening in Europe's investment market, according to the new funds analysis. Verdane made a majority investment in Factbird, a Danish IoT and recurring software company providing manufacturing intelligence services, per the Factbird investment. Context Logic, backed by PE, acquired chemicals manufacturer gChem from Eagle Tree for $850m, which will become Context Logic’s second operating business following its early 2026 acquisition of US Salt, according to the gChem acquisition. Bain Capital acquired Gong cha from TA Associates, a tea beverage chain serving milk tea, fruit tea and other cold drinks, per the Gong cha acquisition. Copley Equity-backed FMG Leading snapped up Broadbranch Advisors in a deal closed at the end of July, as reported in the Broadbranch acquisition. MPK Equity-backed Gorgeous Collective acquired Clean Your Dirty Face, its first acquisition since the platform's launch earlier in 2026, per the Clean Your Dirty Face deal. Red Bird’s Affinia added Wilson Partners in a UK accounting tie-up, with Wilson Partners advising SMEs and private equity investors, according to the Affinia-Wilson deal. Allianz Q2 was driven by €39bn asset management inflows as PIMCO and AGI pushed third-party AuM to a record €2.16tn, with record operating profit for the second quarter and first half, per the Allianz Q2 results. Carlyle realisations drove strong earnings, with the firm's US buyout strategy distributing capital at more than double the industry rate, CEO Harvey Schwartz noted, according to the Carlyle earnings piece.
Regional Highlights
Bernard Arnault installed Aymeric Le Clere as CEO of Financière Agache, the €3.1bn capital holding vehicle that anchors the Arnault family's control of LVMH, according to a filing reported in the Financière Agache reshuffle. The UK expanded its talent visa to more than 100 companies, according to the talent visa expansion. QMUL spinouts are looking to raise funds, as reported in the QMUL spinouts article. Europe’s 50 most active equity investors in H1 2026 have been identified, per the active investors list. The top junior VCs to watch in Europe have been selected by partners, according to the junior VCs list. Meet the 30+ venture scouts that A16z has hunting for deals across Europe, per the A16z Europe scouts. Seven spots to meet founders and VCs in Paris were highlighted, according to the Paris meeting spots. Inside Pleo's culture crisis: executive exodus, unhappy staff and sale speculation, as reported in the Pleo culture crisis. How Lightspeed found their newest hire via Instagram DM, with partners Josh Machiz and Claire Zau discussing social media and podcast strategies, per the Lightspeed hiring story. The return of the repeat founder: inside YC’s growing class of second-timers, analyzing 454 repeat founders, according to the YC repeat founder analysis.
Sector Investment
Last updated: August 7, 2026, 6:04 PM ET
Healthcare Private Equity
Regal Healthcare Capital Partners closed its fourth fund at $610 million, surpassing its target, as healthcare-focused fundraising remains robust. Altaris agreed to acquire Clarivate’s Life Sciences & Healthcare business, a deal that underscores continued specialist buyout activity in the sector.
Infrastructure Fundraising
Energy Capital Partners closed its sixth fund at $8.1 billion, more than 50% above its target, with chief investment officer Tyler Reeder citing strong distribution performance as a key driver. Agallas Equities is planning a $5 billion Caribbean-focused infrastructure fund, attracting early interest from Gulf state family offices for large-scale regional projects. Meanwhile, the industry continues to debate what qualifies as infrastructure, with transport packaging assets being repackaged as infrastructure but facing skepticism from purists.
Infrastructure Leadership & Strategy
APG’s longstanding Asia-Pacific infrastructure head Hans-Martin Aerts exited after 25 years at the €639 billion Dutch pension asset manager, following the departure of its global infra head last month. Despite geopolitical turbulence, Industriens Pension’s head of infra Mikkel Kjaersgaard described it as “business as usual” for the €37 billion Danish fund, which remains active in co-investments and secondaries.