Private Equity 24 Hours

Last updated: July 16, 2026, 5:30 PM ET

Fundraising and Allocations Shift

Germany's KENFO plans to lift its private markets allocation to 30% over the next two years, though it will trim its private equity exposure. Meanwhile, Partners Group disclosed potential evergreen outflows of up to $20 billion, with private equity comprising two-thirds of its underperforming assets. In a separate development, Advantage Partners is building a strategy focused on Japanese firms that are central to the country's economic-security concerns, suggesting a targeted approach to domestic markets.

Deal Activity and Sector Focus

H.I.G. Capital has launched Highground Living, a new German residential platform valued at €1 billion. In the technology sector, Verdane acquired stakes in four Trifork Labs businesses, including cybersecurity and digital health. Trive Capital sold its HIP services provider Kittyhawk to Machine Sciences, a Viking Global portfolio company. Health Wave Partners acquired memory care community Alamar Senior Living, while Ridgewood and Coogee Bay acquired senior relocation services firm Caring Transitions. Guardian sold manufacturer Precision Roll Solutions to American Roller Company. One Equity is set to acquire pipe fabrication and distribution firm Epic Piping from Bernhard Capital Partners. Tailwater has backed Pickton Gas Storage, led by former Nor Tex Midstream Partners management. Inspirit Equity-backed Sizemore is acquiring Carlson Building Maintenance. Oridian-backed ACR acquired reusable bags provider Redi Bag USA. Ground Force Capital invested in agricultural testing platform Rock River Laboratory.

Venture Capital and AI Investments

Founders Fund has hired former OpenAI executive Ryan Beiermeister as a partner. AI-powered travel agency Fora achieved unicorn status, raising $60 million in a Series D round led by Forerunner and Tactile Ventures, valuing the company at $1 billion. Serent-backed Raintree acquired healthcare AI firm Spike Technologies. EQT's €5 billion Scaleup Fund is reportedly in talks to lead a funding round for Mistral AI. In Asia, overall startup funding reached $42.8 billion in Q2 2026, driven by China, including a $7.4 billion raise by DeepSeek. Munich robotics startup Microagi raised $55 million, marking Germany's largest ever seed round.

Sector Consolidations and Strategic Moves

Advantage Partners plans to focus on Japanese firms shielded from foreign takeovers. Bridgepoint is acquiring a majority stake in Germany's GBA Group from Ardian. Montagu's Christoph Leitner-Dietmaier views deal complexity as a source of opportunity, noting the subdued GP-to-GP market. Arlington Capital is taking Gooch & Housego private in a £345.6 million deal. CCMP is selling BGIS to Veritas, while building products companies are attracting interest from PE buyers. Zoetis is acquiring vet teleradiology services firm Vital Rads, owned by Thrive Pet Healthcare. CD&R-backed White Cap is acquiring concrete distributor Gierke Robinson. Avathon-backed Summit acquired health-focused continuing education provider Kids Bowel & Bladder.

LP Scrutiny and Fund Structures

LP scrutiny on fund governance amid market adversity, with investors seeking greater control and stronger protections. Continuation vehicles are emerging as a key liquidity tool in private credit, though many LPs are still opting to cash out. M&G is building its infrastructure secondaries exposure and targeting continuation vehicles. EQT's VC continuation fund has secured €526 million, with Harbour Vest leading the vehicle. Top LPs exhibit immense variety in benchmarking approaches for their private equity investments.

Valuations and Deal Financing

Despite attention-grabbing AI seed rounds, historical data shows that very large first financings rarely produce venture-scale returns due to high entry valuations. Ardian arranged unitranche financing for Astorg's buyout of Barkene. Greylock capped its new fund at $1.5 billion, aiming to remain a highly impactful partner to its founders by limiting investments. The board of Italian drugmaker Recordati has deemed the €51.29 per share takeover offer from CVC Capital Partners and Groupe Bruxelles Lambert to be financially fair. Arrow Global is adding Milan real estate developer Borio Mangiarotti.