Private Equity 24 Hours

Last updated: June 15, 2026, 11:30 PM ET

Private‑Credit Expansion

Apollo and Blackstone announced a $35bn private‑credit partnership aimed at backing Anthropic’s AI‑chip ambitions, a move that signals continued appetite for tech‑focused credit even as traditional banks tighten lending standards. The deal, the largest of its kind in the sector this year, will channel capital into a niche that blends high-growth potential with rising demand for AI infrastructure. The announcement follows a broader uptick in PE‑led credit deals, with investors seeking higher yields amid a low‑rate environment. Together, the two giants underscore a trend of mainstream funds stepping into the private‑credit arena to secure early stakes in transformative technologies. Apollo and Blackstone close $35bn private credit deal

University‑Athletics Take‑over

Otro Capital’s $200m infusion into the University of Utah’s Crimson Brand Partners marks a strategic pivot toward collegiate sports branding, a niche that blends fan engagement with commercial revenue streams. The investment will equip Crimson to manage commercial operations across Utah Athletics and the broader university, positioning the firm to capitalize on the rising valuation of college‑sport media rights and sponsorship deals. This deal aligns with a broader shift as private equity firms increasingly target university‑affiliated ventures that offer stable, long‑term cash flows and brand leverage. Otro Capital invests in University of Utah’s Crimson Brand Partners

Exit and Continuation Deals Highlight Value Creation

Morgan Stanley’s $1.6bn exit of Brazos Delaware II, at an 8× EBITDA multiple based on projected 2027 earnings, illustrates the premium investors continue to pay for clean‑energy assets with predictable cash flows. The transaction, the largest of the year in the U.S. clean‑energy carve‑out market, reflects confidence in the sector’s resilience against regulatory headwinds. Meanwhile, Abry Partners’ $780m continuation fund for Centauri Health Solutions demonstrates a parallel strategy of retaining high‑performing assets through dedicated vehicles, a tactic that keeps upside potential within the firm’s portfolio while providing liquidity to limited partners. Morgan Stanley closes deal to exit Brazos Delaware II Abry closes $780m continuation fund for Centauri

Payment‑Tech Take‑Private Trend

Advent‑backed Nuvei’s $2.75bn acquisition of Payoneer signals a consolidation wave in the global payments space, as larger platforms absorb niche players to broaden their merchant‑services footprint. The deal, the largest take‑private transaction in the payments sector this month, will allow Nuvei to leverage Payoneer’s extensive merchant network and cross‑border capabilities, positioning it to compete more directly with giants like Stripe and PayPal. The transaction also highlights the growing premium paid for companies with international reach and recurring revenue models. Advent-backed Nuvei acquires Payoneer

Fitness Brand Valuation Surge

L Catterton’s exclusive talks for a stake in Hyrox, the rapidly expanding extreme‑fitness brand, come amid a surge in consumer interest for high‑intensity group workouts. Hyrox’s model, combining competitive races with community‑driven training, has attracted a loyal following and positioned the company for a potential IPO or strategic sale. L Catterton’s interest reflects a broader PE shift toward fitness and wellness assets that offer scalable, subscription‑style revenue streams. L Catterton in exclusive talks for stake in fitness brand Hyrox

Secondary Market Dynamics

CalPERS’ new alts head is steering a $250bn alternative portfolio toward evergreen strategies, a move that echoes a broader industry shift toward low‑volatility, long‑term investments amid market turbulence. The leadership change comes as senior secondary investors express caution toward high‑growth Saa S ventures, preferring more stable, dividend‑paying assets. This realignment signals a recalibration of risk appetite among institutional investors, potentially reshaping the secondary market landscape. CalPERS’ new alts head

Add‑On Strategy in Engineering

Littlejohn-backed Ardurra’s acquisition of Kelly Engineers adds a Northeast footprint to the firm’s expanding portfolio, reinforcing its strategy of consolidating regional engineering specialists into a national platform. The move builds on Ardurra’s recent expansion and positions the company to capture synergies in project engineering and construction services. This add‑on reflects a broader trend of PE firms targeting niche engineering firms that offer recurring service contracts and high entry barriers for competitors. Littlejohn-backed Ardurra scoops up Kelly Engineers

Pharma R&D Exit

Capital’s sale of CRO Celerion to THL Partners for $1.8bn exemplifies the growing appetite for contract research organizations amid a tightening drug‑development pipeline. Celerion’s expertise in clinical pharmacology positions it as a critical partner for biopharma firms seeking to accelerate product approvals. The transaction, the largest CRO sale this quarter, underscores the premium paid for assets that can deliver cost efficiencies and specialized expertise to sponsors. Capital sells CRO Celerion to THL Partners

Secondaries Expansion

Argosy’s $145m raise for its small‑deal secondaries unit signals confidence in the secondary market’s ability to deliver attractive risk‑adjusted returns. By targeting transactions between $100k and $10m, the firm aims to capture a segment often overlooked by larger secondary funds. This move aligns with a broader trend of secondary managers diversifying their product offerings to appeal to LPs seeking higher diversification and liquidity in private‑equity portfolios. Argosy doubles fund size with $145m raise

Health‑Tech Focus

Prime Radiant’s first $50m investment in Cellares marks the firm’s entry into the life‑sciences arena, a sector that continues to attract private‑equity capital driven by advances in precision medicine and digital health. Cellares’ platform, which automates clinical trial data collection, offers a scalable solution that aligns with the industry’s push for faster, cheaper research protocols. The investment demonstrates how new advisory firms are carving niches in high‑growth healthcare subsectors. Prime Radiant makes its first investment with $50m bet on Cellares

Retail Push for Buybacks

Elliott Investment Management’s near‑5% stake in Bunzl and its push for buybacks and a structural review reflect a broader strategy of leveraging modest equity positions to influence corporate governance. By advocating for share repurchases, Elliott seeks to unlock shareholder value and potentially create a catalyst for a breakup or spinoff that could elevate the company’s market valuation. This approach mirrors a trend where large asset managers use equity influence to drive corporate actions that benefit long‑term investors. Elliott takes near‑5% Bunzl stake and presses for buybacks and break‑up review

Footwear Bond Sale

Birkenstock’s €900m bond issuance, backed by L Catterton signals a renewed focus on capital structure optimization for the German footwear maker. The bond, the first in over five years, will fund share buybacks and debt refinancing, offering investors a yield in a low‑interest environment. The deal underscores how private‑equity‑backed companies are increasingly turning to debt markets to fine‑tune capital structures and return value to shareholders. L Catterton‑backed Birkenstock lines up €900m bond to fund buybacks

Healthcare Sector Pulse

PE Hub’s latest healthcare spotlight, featuring insights from Arlington Capital Partners, Bain Capital, EQT, HIG Capital, Mérieux Equity Partners, One Equity Partners, Permira, Vistria, and Wind Rose, highlights a sector in flux. Investors are navigating the clash between technology integration and reimbursement uncertainty, seeking assets that can deliver both clinical impact and profitable returns. The discussion underscores a broader shift toward data‑driven healthcare solutions that can adapt to evolving payer models. PE Hub’s Sector Spotlight series explores Healthcare