Private Equity 24 Hours

Last updated: August 26, 2026, 8:36 AM ET

Private Equity Dealmaking

The takeover battle for Australian vehicle leasing group Fleet Partners has drawn a fourth bidder, with Japan's Sumitomo Corporation lodging an A$813.1m ($582m) offer that pits it against Pacific Equity Partners and two other suitors. In the US, H.I.G. Capital has agreed a strategic growth investment in HBK, one of the largest integrated accounting and wealth management firms in the country, becoming the firm's first institutional partner. The deal marks a rare foray by private equity into the accounting sector, where founder-led firms have traditionally resisted outside capital.

Apax Digital led a $140m funding round in Alice, the AI trust, safety, and security company formerly known as Active Fence, in a bet on the fast-emerging market for securing artificial intelligence. The investment underscores growing VC appetite for AI safety startups, a theme echoed by Sifted's survey of European investors who flagged 12 startups to watch in the sector. Meanwhile, nine university spinouts have landed Tier-1 seed cheques in 2026, signaling continued strength in deep-tech early-stage funding.

Accel-KKR-backed Basware has signed a binding agreement to acquire Trustpair, pairing Basware's invoice lifecycle management platform with Trustpair's payment fraud prevention technology. Trustpair is a Nacha Preferred Partner that verifies suppliers' bank account details for finance teams using ERP and procurement platforms such as SAP, Oracle and Coupa. The acquisition builds on Basware's earlier deal activity in the payments space. Separately, Falfurrias-backed cap Spire has acquired Fin Tark, a London-based commodity trading and risk management consultancy with expertise across European energy and global metals markets. The acquisition expands cap Spire's footprint in the CTRM software and consulting sector.

Gryphon-backed Presidential Heating has acquired Shipley Plumbing, Heating & Air Conditioning, a Montgomery County, Maryland-based home-services provider offering plumbing, drain clearing and water heater repair and installation. The deal continues the consolidation trend in US home services. Fort Point-backed New Bold Technologies, a technology managed services provider, has completed its buyout of retail tech firm Spencer Technologies in a move that expands its retail vertical. Great Point Partners-backed Vetn Care has acquired Geary Veterinary Hospital, founded in 1979 and based in Walnut Creek, California, which provides wellness and preventive care, diagnostics and imaging, surgery, dental care and senior pet care. The acquisition adds to Vetn Care's growing veterinary platform.

Fundraising and LP Activity

Ventures Platform, the Pan-African venture firm, has raised $83m for its second fund and plans to invest in startups beyond its home market of Nigeria. The fundraise signals growing institutional appetite for African tech, even as the continent's venture ecosystem faces headwinds. Fiat Ventures has combined its venture and advisory divisions into a new brand, FGV Capital, and raised a $35m Fund II. In an environment where emerging fund managers struggle to attract LP attention, FGV is betting that a different venture model can help it lure limited partners.

Veteran LP Robert Ross has been appointed to lead private equity at USS, the UK's largest pension scheme. He replaces Geoffrey Geiger, who left USS last year, and will report to Ben Levenstein, head of the private markets group. The appointment comes as USS continues to expand its direct private markets investing capabilities. A $62bn pension is seeking leverage for liquidity, while a sovereign wealth fund's PE allocation has fallen to a nine-year low — with a catch — and Chinese PE activity is rebounding, according to PE International's latest side letter.

QIC, the Australian investment manager, is targeting shorter plays amid private equity's liquidity crunch. Co-investments and single-asset continuation vehicles offer investors "greater control," partner Zach Jackson tells PEI. The strategy shift reflects a broader industry trend toward liquidity solutions as distributions slow. Vistria Group has agreed to invest in Curi Capital, a Chicago-headquartered registered investment adviser with more than $14bn in assets under advisement, operating 12 offices across eight states and Washington, DC. The investment marks Vistria's continued push into wealth management.

Superstep has invested in Zencore, a Google Cloud consultancy founded in 2021 by former Google Cloud leaders. The investment reflects growing PE interest in cloud and AI services firms. KKR and GI Partners are targeting janitorial companies, while Windjammer Capital plans to sell IPS Group, a San Diego-headquartered provider of parking infrastructure, to Nayax. The facilities management deals highlight continued consolidation in business services.

Secondaries Market

The secondaries market hit a record $166bn in fundraising in 2024, according to Secondaries Investor's latest research and rankings. The milestone underscores the asset class's growing importance as LPs seek liquidity solutions. Secondaries Investor has also launched its global market survey for 2026, seeking to capture buyer sentiment and market trends across the sector. The survey builds on the Global Market Survey findings from earlier this year, which revealed robust buyer sentiment despite valuation gaps.

CIP, the Denmark-headquartered infrastructure manager, has bolstered its liquidity capabilities by hiring Ben Plant as head of capital solutions. The new head will spearhead liquidity solutions for the firm's funds and oversee a range of semi-liquid fund strategies. The appointment comes as infrastructure managers increasingly offer liquidity options to investors. Secondaries Investor has also published its ranking of the world's top secondaries firms, the SI 50, alongside its Next Gen Leaders list for 2025, which profiles rising talent in the sector.

The editor's view examines secondaries market growth and the regulatory challenges that come with it. As the market expands, regulators are paying closer attention to valuation practices and disclosure requirements. A separate law firm survey reveals how legal advisors are positioning themselves for the growing volume of secondaries transactions.

AI and Technology

A new MIT report reveals that only 5% of AI pilots succeed, challenging the hype surrounding enterprise AI adoption. The report suggests that moving beyond the AI hype to create real value requires operational integration, not just experimentation. Brookfield argues that the edge in AI investing lies in operational know-how, not just capital deployment. The firm's thesis is that investors who can actively improve AI companies' operations will outperform passive financial backers.

AI is transforming alternative assets, from fundraising to exits, according to Secondaries Investor's analysis. The transformation is affecting everything from deal sourcing to portfolio monitoring. By 2030, AI will have transformed the nuts and bolts of private markets operations, with automation replacing manual processes across fund administration, compliance, and reporting.

Women of Influence in the alternatives industry weigh in on AI's impact, offering insights on how the technology is reshaping investment strategies and operations. to 2030, private markets will be shaped by trends including AI adoption, demographic shifts, and regulatory change, according to Secondaries Investor's forward-looking analysis.

Apis Partners' Matteo Stefanel says agentic shopping could raise the bar for payments investments. "The financial institutions will need to be able to participate in that lightspeed discussion between the various agents to facilitate the whole interaction," Stefanel said. The view suggests that payments companies will need to adapt to AI-driven commerce or risk being left behind. The broader question of whether tech events should ban Meta's smart glasses is also gaining traction, as privacy concerns grow over recording capabilities at conferences and meetings.

Infrastructure and Regional Deals

Luton Rising, the company that owns Luton Airport on behalf of Luton Council, is preparing to put the right to operate Britain's fifth-busiest airport out to tender. The concession process is attracting interest from infrastructure investors, who see airport assets as stable, long-term investments with predictable cash flows. The tender could draw bids from major global infrastructure funds seeking exposure to UK transport assets.

Scottish deeptech is undergoing "a huge change," according to industry insiders. The ecosystem maturation is attracting more venture capital and producing more scalable companies, particularly in AI, quantum computing, and life sciences. The developments suggest that regional tech ecosystems outside traditional hubs are becoming increasingly viable investment targets for PE and VC firms.