Private Equity 24 Hours

Last updated: July 6, 2026, 11:31 PM ET

Deal Activity & Fundraises

Private equity firms continued their dealmaking pace this week, with a focus on industrial and technology sectors. NMS-backed Surplus Solutions scooped up health tech firm DCM Bio Services, while Rotunda-backed RMH Systems acquired material handling integrator Top Shelf. In a significant move, CVC agreed to sell premium marina operator D-Marin to Infra Via Capital Partners, following CVC’s earlier acquisition of ingredients group Irca from Advent. Argosy took a controlling stake in logistics firm K&L Freight Management, specializing in time-sensitive freight services.

Blackstone acquired Dresser Utility Solutions from First Reserve, marking the first deal from its new energy transition fund. Permira is backing Iberian engineering group Quadrante in its second Energy Transition deal Permira invest, while Avance backed infrastructure firm Lexxel. EQT is expanding its Asian mid-market presence with the acquisition of parking technology group Orikan EQT to acquire. In a large transaction, Lone Star Funds agreed Conti Tech from Continental for €4bn. Capmont is carving out Dyneon, a fluoropolymer manufacturer, from 3M Deutschland Capmont carve out.

In the secondaries market, Eurazeo successfully closed its fifth secondaries program at €2.3bn, surpassing its €2bn target. Separately, CVC closed its mid-market fund Catalyst III at €3bn, nearly double its target. Investor intentions signal a growing appetite for specific strategies, with JRT Partners looking to increase exposure to secondaries.

Sector Focus & Investor Strategies

Energy transition remains a key theme for investors. Blackstone Energy Transition Partners completed its first deal with the acquisition of Dresser Utility Solutions. Foresight is actively pursuing opportunities in industrial decarbonization and decentralized energy systems, noting a continued strong flow of opportunities despite macroeconomic headwinds Foresight’s Dan Wells.

The technology sector also saw notable activity. Bridgepoint backed Skello, an AI-powered HR management software provider, with a €200m investment. Thought Machine, an AI-driven core banking technology firm, achieved $100m in annual recurring revenue and aims to double it before a potential IPO Thought Machine hit $100m.

Novo Holdings is targeting energy investments and larger deal sizes, while also exploring carving out an allocation for private equity GPs. Mubadala Capital has opened its $25bn credit platform to outside investors for the first time Mubadala Capital opens.

Market Commentary & Trends

Commentary from industry leaders highlights evolving market dynamics. The illusion of uniform success in private equity is fading, with managers needing to adapt to new realities Private equity model isn’t broken. The shape of a fund matters, but trust between managers and investors is paramount in fundraising new rules fundraising.

Despite a challenging environment, Japan’s GPIF pension fund saw its PE portfolio grow by 26%, adding approximately $1.4bn year-on-year. Venture capital limited partners are increasingly concentrating investments in megafunds, potentially sacrificing higher returns for perceived safety VC LPs concentrate investments. Cleantech startup funding has stabilized in the first half of the year, with investors pouring $15 billion into seed through growth-stage rounds for sustainability-focused companies Cleantech startup funding stabilizes.

In other news, Bruin Capital is selling golf simulation company Full Swing to Versant Media for $530m. Advent-backed Cobham Ultra its undersea warfare solutions provider Ultra Maritime for $3.45bn. Castlelake secured board backing for a potential $7.3bn take-private of easy Jet. Warburg Pincus is exiting Singular Bank, with a consortium led by ING set to acquire its stake.