Private Equity 24 Hours

Last updated: August 27, 2026, 8:40 AM ET

Deals & M&A

Private equity's appetite for travel and leisure is growing, with firms like Altor and TDR Capital among those transacting in the sector as AI adaptation and increased consumer spending reshape the market. In a separate deal, Soho Square is close to acquiring a significant minority stake in luxury handbag maker Strathberry, valuing the Edinburgh-based brand at £100m. Meanwhile, Hull Street Energy has acquired a 1,263 MW power portfolio from Rockland Capital, including a 677 MW natural gas facility in Illinois and a 586 MW dual-fuel plant in Ohio. Hidden Harbor Capital Partners has also snapped up Escape Fire Protection, a Minnesota-based fire-safety services provider.

Fundraising & Capital

Step Stone has doubled its target for its debut infrastructure secondaries fund to $1.5bn, with the broader programme already securing $1.7bn in commitments. In venture, Capital F has closed a $17M debut fund targeting the "female economy" — markets where women drive demand across health, digital commerce, and AI tools. On the public side, UK fund managers are competing to run the government's £1bn Scale-up Fund, a mandate expected to attract significant interest from established firms and newer entrants alike.

Regulatory & Compliance

KKR has agreed to pay a record $250m penalty to settle a US Justice Department lawsuit alleging repeated violations of federal merger-filing rules — the largest civil penalty ever imposed for such breaches. The settlement underscores heightened regulatory scrutiny of PE deal-making practices.

People Moves

The UK's largest private pension scheme, USS, has hired Robert Ross from CalSTRS to lead its private equity programme, a significant poach from the $330bn California teachers' fund. Ross brings deep experience in co-investments and fund selection to the £70bn UK scheme.

Strategy & Outlook

Partners Group is leaning into developed APAC, targeting Australia's mid-market after a similar push in Japan, as GP quality diverges across the region. In Stockholm, the city's founder network — from the "Spotify Mafia" to the "Lovable Mafia" — is producing outsized outcomes, with Lovable just raising $400m at a $13.3bn valuation, roughly doubling its worth in eight months. Sports deals are also heating up: Apollo, Joshua Kushner and José E. Feliciano are pursuing stakes in teams as scarcity value drives returns, while Genstar is selling First Eagle to Victory Capital Holdings for $7bn.

Tech & Innovation

Starling Bank's AI-driven strategy is sparking internal concerns, with staff worried about over-reliance on automation following recent compliance failures. The bank's bet on AI to streamline operations has raised questions about whether technology can fully replace human judgment in regulated environments.