Private Equity 24 Hours

Last updated: August 28, 2026, 10:10 PM ET

Deal Flow & M&A

The largest disclosed transaction this week saw KKR and Apollo invest roughly $1.9bn (C$2.7bn) for a 29% stake in Enbridge's Westcoast natural gas pipeline in British Columbia, forming a joint venture to fund two expansion programs. In a separate high-profile move that ultimately collapsed, Advent and Stripe abandoned their pursuit of PayPal, ending what would have ranked among the largest leveraged buyouts on record and eliminating a $50bn-plus potential deal. Meanwhile, Arcline Investment Management completed its $272m all-cash acquisition of Astro Nova, taking the Rhode Island maker of aerospace printing and product-identification systems private after an activist-driven sale process. On the infrastructure side, Crescent Capital Group held the final close of its second captive collateralised loan obligation equity fund, Crescent CLO Equity Funding II, gathering $232m in commitments and doubling the size of its first vehicle.

Private aviation group Vista Global is weighing a European IPO that could value the business at around $1bn, with RRJ and Rhône potentially converting their stakes into listed equity via the listing. In the lower middle market, Trinity Hunt Partners invested in management consulting firm Fisher Management Partners, establishing a new value creation services platform. Meanwhile, Liberty Restoration, backed by Petra and Sharp Vue, acquired Service Master Restoration Services by KRS, which operates disaster restoration offices in Peoria and Bloomington, Illinois, as well as Milwaukee, Wisconsin.

Fundraising & Capital Formation

Franklin Templeton closed its debut $1.5bn capital vehicle for collateralised fund obligations (CFOs), bundling both Lexington Partners secondary investments and Benefit Street Partners credit assets in the format. Meanwhile, ellow a separate private equity fundraising update highlighted this transaction as a landmark for credit-style offerings. The state board of Texas ERS set a pacing plan aiming to allocate up to $1bn in new private equity commitments for its fiscal year 2027, signaling sustained institutional appetite for the asset class. And while the largest rounds dominate headlines, Europe's second-busiest August on record saw a steady stream of lesser-known rounds completed across the continent. Across the Atlantic, Andrew Ryan outlined the $1.1bn "Machine Age" flagship fund from a16z, a vehicle dedicated to "accelerate the physical buildout of AI," marking a shift for the software-focused firm into heavy infrastructure for artificial intelligence.

Sector-Specific Dynamics

AI assistants and tools continue to dominate the top prize in startup, as 24 of the largest venture rounds globally this week went to AI-focused companies, with Instinct, a developer of AI-sounding an AI assistant developer, pulling in the largest investment. Similarly, agent commerce and AI-driven fraud are reshaping financial services, as account payable and protection deals become standard in investing decisions. In the space sector, funding for space technology has orbited new highs, with a record $20.3bn in global seed to growth investments flowing to satellite and space-preservation startups so far this year, budgeted to exceed all net hangs. Patient engagement technology is also attracting private equity interest: five deals closed this week, with Clearlake Capital, Main, New Mountain and Marlin among the buyers, as new software including agentic AI applications drive enhancements in provider adoption. Flexpoint’s sale of Artes Rx, a specialty pharmacy and the sought after opportunity, is a direct following of that forces.

Regional Focus & Outlook

Europe’s second-busiest August ever had a strong summer season with at least 10 under-retired rounds that might have missed, a signal that activity avoids the usual summer-drop pattern. In the Nordics, the debate continues again adding fuel whether the region's startup pace is real or upstream, a topic explored on the Sifted podcast. Meanwhile, Sweden's ecosystem has become a focal point, with insights from Sophia Bendz of charging referrals on how that country continues to produce dividends in the tech-stack space. US venture capital is also converge on Europe, with data listing of the most active buyers crossing the pond, and the intersection of a and athletes featured in a boutique event from Strictly VC scheduled for September 10 in New York. Those who are passionate about AI, sports has the chance to be there. Prosecutor note: the coming week does not contain explicit high-level economic data but the Conference where private allocators can understand the underwent the bigger picture of the US VCs — actually the concept much less.

Something else we do is allow for filling and inspiring, but there is an important North American investment outlook as well. At the time press, just one larger effecton about the private letter: The American IPO market statement remains selective. The week’s top raises include a complete week round behind Instinct (that number repeated from above), but the private equity and venture has lined that dominates returns. With retailers and fund of funds perspective had a combined share destined. German VC, meanwhile, paints a more concentrated portrait in three deals making up nearly half of all startup funding in 2024, a sign of domestic reliance.

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