Private Equity 24 Hours

Last updated: August 27, 2026, 2:46 PM ET

Private Equity Deal Making

Deal flow remained brisk across the private equity landscape as funds deployed capital into a diverse range of sectors. Apollo has acquired a significant interest in Atlantic Aviation, a deal valuing the private aviation infrastructure platform at nearly $10bn, with KKR doubling its money while retaining a stake. In a separate transaction, KKR is paying a record $250m to settle a US Justice Department lawsuit accusing it of violating federal premerger filing rules — the largest civil penalty of its kind. KKR's Industrial Physics, meanwhile, has scooped up an electrical testing firm from Branford Castle. In the data centre sector, KKR and IMM led a $2.23bn (KRW 3.08tn) investment in SK Horizon, a new AI data centre spinout from SK Telecom.

Secondaries, Fundraising and Megadeals

The secondaries market is positioned to hit $1trn in the next four years as private equity seeks liquidity. In fundraising, GenNx360 has closed its fourth flagship fund at $865m, exceeding its target for lower-mid-market services buyouts. On the tech front, Socure has raised $156M in a strategic growth deal valuing it at $5.2B and acquired AI fraud startup Fravity. Also, in energy and infrastructure, CVC DIF remains on the M&A trail, with its Canadian tower platform Aurora closing a deal to acquire American Tower's Canadian business of 255 communication sites.

Fundamentals and M&A

In a related deal in the fire safety sector, JPMorgan's David Sweet sees battleship defensibility in platforms, stating a $150bn total addressable market. Fire safety platform valuations are forecast to hold their heights. An underlying theme emerges from the Bain report: healthcare PE is weathering the slowdown. Disclosed buyout value fell to $51bn in H1 2026 from $60bn in the year-earlier, with AI disruption and the Iran war weighing on the flow of new deals.

Smart Money and Growth

Fashion startup Atorie has raised $9.5M to bring high-end luxury without the retail markups, connecting factories to consumers. Meanwhile, a Juilliard-trained cellist, Ilya Levtov, has built a $42m supply chain software company called Craft, demonstrating that non-tech founders can secure venture funding. However, the operating partner role in PE is drawing criticism. An operating partner piece argues firms don't need ornamental experts, but more teeth. Also, in continental Europe, Partners Group continues to lean into developed APAC targeting Australia's mid-market, while foundations are increasing allocations to private equity funds, according to a new edition of the industry side letter.

Smaller Deals, Sector Players

In more targeted activity, Great Point's Vetn Care has acquired Geary Veterinary Hospital in Walnut Creek, California, a practice nearly five decades old. Meanwhile, PE-backed Authentic Brands acquired the intellectual property of Drake's lifestyle brand OVO. In the lower-middle-market space, Continuim has built its strategic platform by taking a majority stake in industrial mixing manufacturer Resodyn. Additionally, Altor and TDR Capital are actively transacting in tourism and travel, as increased travel spending targets that sector.

Final Moves

Among recent piece counts, the JPMorgan commentary on fire safety platforms highlights defensive characteristics. KKR and IMM's investment in SK Horizon shows the broader narrative of the secondaries market scaling. The potential for private equity to provide liquidity will be worth watching as 2025 unfolds. Yet the report from Atorie also shows companies can raise capital for consumer-facing models. Nvidia has struck a $12.9bn deal for Hugging Face, a strong impact on the AI industry.

Meanwhile, different Saa S models face pressures, with spending deceleration revealed by industry reports. While travel becomes a priority, platform interest in the software space broadens to the larger $1trn secondaries market, and AI shifts into reality.

Future Outlook

A visible contrast is between mega-deals like Anthropic's $45bn compute deal to rent capacity from Nscale, news affirmed by Sifted, and capital growth dynamics. The Atlantic Aviation deal, valued at nearly $10bn including KKR doubling its money, illustrates massive interest in essential infrastructure. That large-scale APAC interest shows further market opportunities.

One nuance: PE firms are solid at structuring frameworks for deals but often stumble in execution. The "operating partner delusion" article suggests raising capital requires deep value-added approaches. Also, the industry's most effective players are those who integrate operational expertise into their investment processes.

Another point: as wireless and tower infrastructure dominates, excess scale is increasingly sourced through leased capacity.

Several key themes are emerging: AI growth, secondaries market expansion, and increased investment in travel and tourism. Across the fund arrangements sector, Apollo's entry into Atlantic Aviation with a near-$10bn valuation demonstrates the sustained demand for infrastructure assets. Meanwhile, acquisitions like Socure's Fravity reflect the consolidation occurring across startups.

Winners and Losers

The growth in AI data centers has been notable, with entities like Socure and Gen Nx360 demonstrating fundraising traction. The real winners are those with strategic exposure to AI and technology infrastructure, while traditional industrial sectors are seeing more mixed results.

Key Takeaways

The breakout winners in this environment are those who positioned themselves early in AI infrastructure, secondaries, and tech-enabled service sectors. The evolving sector logic is shifting from traditional assets to AI-integrated platforms, and secondaries offer a clear path to liquidity.

One More Thought

The underlying question remains: whether these recent deal activities will sustain feasible returns. The correction in Saa S businesses has changed the outcome for many.

Final Notes

Scale is indeed happening across the third-party PE fund landscape. The momentum in fund flows and secondary opportunities cannot be overstated.

Closing

The correction globally: private equity has a new set of favorite with AI, sustainable and digital infrastructure assets. A vibrant deal environment awaits, but only for those who can adapt to evolving valuations and market conditions. Key sectors to watch in 2025: AI data centers, travel, fire safety, and the $1trn secondaries.