Private Equity 24 Hours

Last updated: August 20, 2026, 4:43 AM ET

Private Equity

Stone Point and Genstar agreed to take co-controlling stakes in Ascensus, the financial technology firm, with each investor contributing new capital and holding equal positions in the company. The transaction values Ascensus as a strategic platform for retirement and benefits administration services serving millions of participants across employer-sponsored plans.

Vistria-backed Risepoint completed the acquisition of Keypath’s North American operations, expanding its footprint in healthcare education technology services. Keypath, based in Schaumburg, Illinois, and backed by Sterling Partners, provides online program management services to universities delivering healthcare degree programs to domestic and international students.

TJC plans to launch a sale of Dental365 in 2027, with the dental services organization potentially fetching a valuation based on $75 million to $100 million in EBITDA generated over the prior twelve months. The company operates over 300 practices across 22 states, providing preventive, restorative, and specialty dental care to patients under long-term contracts with insurance providers.

Genstar Capital struck a deal to acquire Oncourse Home Solutions from Apax Partners, adding to its portfolio of specialty insurance and warranty services. Oncourse provides home warranty coverage for water, sewer, gas, electric lines, plumbing, and home systems to more than two million customers across 48 states, generating recurring revenue through annual service contracts.

Francisco Partners agreed to acquire Weave, the customer communication platform for small businesses, in a $650 million transaction that marks a return to household products investing for the firm. The deal reflects Francisco Partners' strategy of consolidating mature software companies with predictable cash flows and cross-selling opportunities across adjacent verticals.

Blackford Capital expanded its platform with the acquisition of Industrial Electronic Systems, a Rancho Cordova-based designer and installer of fire alarm, security, and life safety systems. The company serves commercial, institutional, and government customers across the western United States through a network of service centers and maintains long-term maintenance contracts with recurring revenue streams.

Baird Capital exited Cleanwater1 in a sale to Veralto, the measurement and testing company, realizing a return on its investment in the water and wastewater quality management services provider. Cleanwater1 supplies chemical feed systems, gas-phase filtration technologies, and environmental compliance services to municipal utilities and industrial customers across North America.

KKR acquired a minority stake in BookMyShow, one of India's leading ticketing and live entertainment platforms, betting on the country's growing demand for concerts, sports events, and theatrical performances. The investment values Book MyShow at approximately $5 billion and supports expansion into new regional markets and digital payment integrations.

PSG invested in XBE, a construction software provider that offers enterprise resource planning solutions for heavy civil contractors building infrastructure projects. Founder and CEO Sean Devine and Banneker Partners retained significant ownership positions, while PSG's capital will support product development and market expansion across North America and Europe.

Bernhard Capital-backed Aventia acquired Bryant Hammett & Associates, a civil engineering firm specializing in transportation infrastructure design and municipal consulting services. Aventia operates as an environmental and infrastructure services company serving public sector clients across the southeastern United States, with annual revenues exceeding $300 million.

Turnspire Capital Partners acquired Hulcher, a rail services provider operating a fleet of over 3,000 specialized units across 28 service centers serving all six North American Class I railroads. The company builds, maintains, and repairs tracks, locomotives, and railcars, generating revenue through long-term service agreements with major freight operators.

River Associates acquired Diamond Wipes, a manufacturer of personal care products including wet wipes, sanitizers, and hygiene solutions. Diamond serves brands, retailers, and distributors across North America, operating manufacturing facilities in California and New Jersey with annual revenues exceeding $100 million.

EQT entered the sports industry with a majority stake in the Melbourne Storm, one of Australia's top rugby league clubs, in a transaction valuing the organization at A$150 million ($106 million). The acquisition represents EQT's first sports franchise investment and aligns with its strategy of partnering with management teams to scale premium assets in growing markets.

KKR made a $9 billion bid for UGI, the US natural gas and electricity distributor, in a data centre-driven power play that reflects growing investor interest in energy infrastructure. The offer, reported by the Wall Street Journal, represents a premium to UGI's market capitalization and targets a company serving over 7 million utility customers across Pennsylvania, Kentucky, and Hawaii.

CVC agreed to take an approximately 9% stake in Silicon2, the global distributor at the center of K-beauty's export boom, in a deal valuing the South Korean company at about $2.1 billion. Silicon2 distributes skincare, cosmetics, and beauty devices to over 20,000 retail locations across 30 countries, capitalizing on surging demand for Korean beauty products in Western markets.

EQT explored a $500 million exit from its Vietnamese English-language education businesses, considering a sale that could value the assets at approximately $500 million according to sources cited by Bloomberg. The company operates two English-language education brands serving over 50,000 students across Ho Chi Minh City and Hanoi, benefiting from Vietnam's growing middle class and government investment in education reform.

Thoma Bravo weighed potential concessions as Sophos, the cybersecurity firm owned by the private equity firm, turned to existing lenders to refinance or extend more than $2 billion in loans after attempts to secure private credit backing fell through. The restructuring discussions reflect challenges in the cybersecurity sector amid slowing enterprise spending and increased competition from cloud-native security providers.

Oakley played in artificial intelligence accuracy with the acquisition of Graphwise, a semantic graph database company improving data quality and retrieval for AI applications. The move supports Oakley's strategy of investing in foundational technologies that enhance the reliability and explainability of machine learning models deployed across enterprise clients.

CataCap backed B4Restore, acquiring a majority stake in the Danish provider of data backup and cybersecurity services. B4Restore serves over 1,000 enterprise clients across Northern Europe, offering managed backup solutions and ransomware protection services with annual recurring revenues exceeding €50 million.

BGF exited Norfolk-based bf1systems to Lagercrantz, a Swedish industrial technology company, realizing a return on its investment in the motorsport technology firm. bf1systems has grown revenue to £17.8 million and counts McLaren, Lamborghini, and Porsche among its clients, designing and manufacturing advanced electronics and sensor systems for Formula, endurance racing, and automotive applications.

ICG backed Onex’s Ryan in a continuation fund process, marking another collaboration between the two firms following Onex's previous move of a tax services provider into a single-asset vehicle. The process reflects growing demand among institutional investors for exposure to high-quality assets through secondary market transactions and continuation funds.

University of California sold $1 billion of private equity stakes to HarbourVest Partners at a discount, reducing its exposure to legacy fund commitments while generating liquidity for new investments. The transaction involved interests in over 200 portfolio companies across multiple vintage years and reflects a broader trend among large institutional investors seeking portfolio optimization through secondary market sales.

Venture Capital

Rillet raised $100 million in Series C funding at a $1 billion valuation, achieving unicorn status just two years after emerging from stealth mode. The AI-native accounting startup, led by Iconiq, doubled its annual recurring revenue in the past three months and plans to use the capital to expand its team and accelerate product development for mid-market enterprises.

Velatir raised €5 million to accelerate AI adoption across Europe, expanding its infrastructure platform that helps enterprises deploy and manage machine learning workloads. The funding round, led by HV Capital and Project A Ventures, supports Velatir's expansion into new European markets and the development of specialized AI hardware and software solutions for industrial applications.

Secondary Market

Korean LPs increased their allocation to private equity secondaries and mid-market strategies amid credit market controversies affecting traditional leveraged buyout funds. Some institutions are expected to lean into equity-based strategies as they seek alternative homes for 2026 credit allocations, reflecting a broader shift toward more liquid and diversified investment approaches.

AI Infrastructure

Domyn CEO Uljan Sharka stated the company is "a few quarters away from $1 billion in annual recurring revenue" as it leads a European AI consortium focused on developing sovereign artificial intelligence capabilities. The startup provides data labeling and AI training services to enterprise clients across healthcare, finance, and automotive sectors, positioning itself as a European alternative to US-dominated AI infrastructure providers.

Corporate Finance

Revolut raised its CEO's borrowing limit against company shares to $250 million, providing additional financial flexibility for personal and corporate purposes. The facility, arranged with investment banks, reflects Revolut's strong balance sheet and growing asset base following its achievement of profitability and expansion into new financial services verticals including cryptocurrency trading and wealth management.