Private Equity 24 Hours

Last updated: August 26, 2026, 2:33 AM ET

Deal Flow

Private equity continued its brisk pace of activity across sectors and geographies. KKR agreed to acquire Ci FLAVORS, a Japanese beauty and lifestyle platform, from shareholders led by L Catterton, betting on the country's growing cosmetics market. In the US, H.I.G. Capital made its first institutional investment in HBK, a large integrated accounting and wealth management firm. The Vistria Group agreed to invest in Curi Capital, a Chicago-based RIA with more than $14bn in assets under advisement.

Tech-focused deals also featured prominently. Apax Digital led a $140m round in Alice, the AI trust and safety company formerly known as Active Fence. Superstep invested in Zencore, a Google Cloud consultancy founded in 2021 by former Google Cloud leaders. Meanwhile, Revolut launched an AI research unit to build models in-house, signalling the fintech's ambitions in artificial intelligence.

Home Services & Facilities

The home services sector saw continued consolidation. Gryphon-backed Presidential Heating acquired Shipley Plumbing, Heating & Air Conditioning in Montgomery County, Maryland. Quad-C-backed Flow Service Partners bought Altman Air Conditioning, a commercial HVAC provider serving South Florida founded in 1985. Fort Point-backed NewBold Technologies completed its buyout of Spencer Technologies, a retail tech managed services firm.

Janitorial services are drawing renewed interest from firms of all sizes, as private equity returns to the cleaning business. KKR, GI Partners and O2 Investments are among those targeting janitorial companies, while Windjammer Capital plans to sell IPS Group, a San Diego parking infrastructure provider, to Nayax. In veterinary care, Great Point Partners-backed VetnCare acquired Geary Veterinary Hospital in Walnut Creek, California, a practice founded in 1979.

Fundraising & Secondaries

The secondaries market continues to evolve, with trophy assets commanding premiums above par. QIC is targeting shorter plays amid the liquidity crunch, with co-investments and single-asset CVs offering investors "greater control," according to partner Zach Jackson. Copenhagen Infrastructure Partners has bolstered its liquidity capabilities, hiring Ben Plant as head of capital solutions to spearhead liquidity solutions for the infrastructure manager's funds.

The UK's proposed tax reform is set to bring clarity to secondaries buyers, ending the offshore execution that came with stamp duty grey areas in a digital age, according to Hogan Lovells' Elliot Weston. In the venture space, Fiat Ventures combined its venture and advisory divisions into a new brand, FGV Capital, and raised a $35m Fund II, betting that a different venture model can attract LPs.

Exits & Returns

Foresight Group announced the exit of Plantexpand, selling the outsourced fleet maintenance business to Premius Capital in a 3x return deal. The company, founded in 1987, provides maintenance and compliance services for fleet vehicles across the UK's critical infrastructure. Warburg Pincus' Peter Deming is eyeing European banking opportunities as investment memos stack up, with AI playing a growing role in the sector's transformation.

Strategy & People

Edmond de Rothschild Asset Management made two senior appointments, promoting Alain Krief to global CIO and recruiting Charles Lilford as co-head of equities. LDR Partners tapped Paul B. Murphy Jr as partner; Murphy began his career in commercial lending at Allied Bank of Texas in 1981. In Mexico, KM Capital became Papa Johns' new franchise partner, taking over 44 restaurants with plans to grow the brand.

Market Insights

Private equity-backed companies employ more than 13.3m people in the US alone, generally creating more new jobs than their public peers. The market for private-company shares has become a much bigger part of the startup ecosystem, with EquityZen's Phil Haslett discussing why startups are offering employees liquidity options. Meanwhile, bootstrapped businesses are becoming more relevant as the traditional VC model funds a risky search for product-market fit, argues Richard de Silva of Lateral Investment Management.

Infrastructure & Other

Luton Rising is preparing to put the right to operate Britain's fifth-busiest airport out to tender, with infrastructure investors circling. The concession could attract significant interest from global infrastructure funds. PE-backed 360training.com acquired select assets from Electronic Medical Certification to expand its healthcare training offerings. In the Nordic region, Lunar founders raised €8.2m to launch Repodo, an AI-native audit startup.