Private Equity 24 Hours

Last updated: September 1, 2026, 10:14 PM ET

Deals & Exits

Apollo struck a $4.1bn deal to sell thermal management group Kelvion to energy tech firm SLB, barely seven months after acquiring the business. The agreement includes cash and debt, with data centers having become Kelvion's largest-and-fastest-growing segment under Apollo's ownership. In another major exit, KKR agreed to sell USI Insurance Services to Aon for $17bn, crystallising a 6x return after nearly a decade of ownership.

Permira completed its £2.7bn acquisition of JTC alongside Canada Pension Plan Investment Board, taking control of the fund administration platform to fund AI and US expansion. The transaction values JTC at $3.7bn, with the company having combined sustained double-digit organic growth with complementary acquisitions. Meanwhile, EQT finalized its $3.2bn combination with secondaries firm Coller Capital, rebranded Coller EQT, giving the Swedish group adedicated platform in one of private capital's hottest corners. The deal brings together a 36-year track record spanning LP-led and GP-led deals.

Fundraising & Launches

Ares Management held the final close of its fifth Japan-focused logistics development fund, raising ¥612bn ($4bn) at its hard cap—its largest-ever real estate vehicle—doubling down on Japanese logistics. In secondaries, Goldman Sachs retains its crown per PEI's latest ranking of the world's largest secondaries fundraisers, though Partners Group's C-suite faces anearlier-than-expected shakeup. Separately, KCGI Private Equityis expected to launch Fund II in 2027, with managing director Taeyoung Chung courting international LPs for its sophomore vehicle.

M&A Activity

Yellow Wood agreed to acquire Holistic Health from Nestlé for $1bn,with the global vitamins, minerals and supplements platform headquartered in Switzerland and New Jersey. In industrials, Veritas took the lead on pursuing Bodycote, while Epiris agreed adeal for London-listed Gamma Communications—which confirmed Waterland Private Equity is among firms in discussions to take it private. LongRange completed its Pizza Hut buyout from Yum Brands, though the deal excludes Mainland China. Meanwhile, Searchlight Capitalis investing in Aderian, a Nordic managed IT services provider with SKr2.5bn in revenue serving more than 10,000 SME customers across Sweden and Norway. Inflexion-backed Baker Tilly expanded into awider Benelux platform spanning 25 offices and roughly 1,500 professionals across the Netherlands, Belgium and Luxembourg. Keensight-backed Dimo Maint struck adeal for Qb7, Asset Plus and Cimaint, French computerized maintenance management providers serving hospitals. Gemspring-backed Midland Industries acquired Pegasus Supply Group, asupplier of industrial and electronic connection products including cable ties, wire harnesses and heat shrink products operating across the US and Canada. Valeas Capital, alongside Kudu-backed Sequoia Financial, acquired BSW Wealth Partners,which managed approximately $2.3bn in client assets as of June 30, 2026 across Boulder and Denver offices. Aria Care Partners, backed by Serent Capital, acquired Utah-based Precision Mobile Care, which delivers mobile onsite dental care across more than half of the state's skilled nursing communities. GI Partners closed amajority investment in Otodata, a provider of remote monitoringand vehicle tracking technology.

Venture & Growth

AfterQuery reportedly became Y Combinator's fastest-ever unicorn, now valued at $3.2B—just five months after announcing its $30M Series A at a $300M valuation in April. Félix,the Miami-based AI-powered WhatsApp remittance platform for Latino immigrants, secured $200M in Series C funding co-led by Andreessen Horowitz and General Catalyst. Thrive Capital's Josh Kushner defended the firm's involvement in the FIFA mess, hiring Elon Musk's go-to lawyer amid the controversy. In proptech, investorsare being more selective, putting more money into companies using AI for construction, property operationsand real estate—with deals outside the US leading. Neko Health, founded by Daniel Ek, topped the latest Sifted ranking of Nordic startups. Meanwhile, General Atlantic led a$75m round in coffee chain Blank Street at a$650m valuation, according to PE Insights' weekly roundup. Shein's long-delayed listing landed on Tuesday 73% below its 2022 peak, dividing its private backers into winners and losers along the lines of when they bought in.

LP Trends & Industry

Small LPs increasingly use GP-led secondaries to accelerate private markets allocations, according to OCIOs serving endowmentsand foundations—prioritizing performance opportunities over traditional pacing. The SBA proposed new rulesthat could significantly affect PE investors, per PE Hub analysis. Buyouts checked back with members of its inaugural Women in PE list to see how careers are evolving—and what advice they'd offer the next generation of leaders. Meanwhile, Sifted argues that long hoursand stress don't necessarily mean your startup is toxic—challenging conventional wisdom about startup culture.