Last updated: September 9, 2026, 10:15 PM ET
Dealmaking Highlights
Private equity deal flow showed no signs of slowing, with several notable transactions closing across sectors. Apollo’s co-president Scott Kleinman argued that the real drag on activity isn't a lack of exits but rather a pricing standoff. He said at an industry event Wednesday that the obstacle is sellers refusing to accept the price the market is currently offering.
In one of the largest exits, Warburg Pincus and Berkshire Partners are selling Consolidated Precision Products to GE Aerospace in a deal valued at $11.75bn. Cerberus Capital Management also banked a $1.6bn exit by handing its triple net lease platform Tenet to CBRE Investment Management. HOF Capital completed its €1bn purchase of Porsche’s stakes in Bugatti Rimac and Rimac Group, with the latter retaining its 55% controlling stake. In the healthcare sector, Great Point Partners exited MLM Medical Labs to Labcorp, while Albaron Partners sold Prime Psychiatry to Beacon Behavioral.
Mid-Market & Lower-Middle-Market
The middle market saw a flurry of activity. Iron Path Capital’s VION Biosciences closed its acquisition of Prolytix, a provider of bioanalytical and CMC services. Bregal Sagemount took a majority stake in A-Rent Test Equipment, which serves over 1,000 customers nationally. Gainline Capital Partners completed a continuation fund for fitness equipment provider Core, providing existing investors liquidity while raising capital for continued growth.
Glen Oaks Capital and Tecum Capital acquired Stan Chem and Dux Coatings in a combined platform. HIG Capital made a significant investment in performance marketing firm Click Here Digital. After the deal spree, New Water Capital acquired lid manufacturer LidWorks, while also noting Carlyle and Clearlake are among the firms targeting cybersecurity. In a related but separate transaction, West Bridge-backed Koto completed its acquisition of Stereo Creative. Point 41 Capital acquired Safe-Way Garage Doors, and Align Capital’s MKB Company acquired erosion control maker Siltworm.
Venture Funding
Venture capital remained active. Diffusion and Lightspeed led a legal AI firm Harvey $550m round, valuing the company at $15.5bn. The FT reports the round was co-led by both firms. In other AI, an ex-Google Deep Mind duo raised €3.2m to build software for fusion startups. A former Mistral robotics chief is seeking €200m for a new AI startup, per Sifted.
Cloud NC raised a $20M B extension, bringing its lifetime total to $128M. Meanwhile, Prague-based SME lender Flowpay topped the latest Sifted ranking for DACH & CEE growth. A startup that acquired four companies in its first eight months has raised €36m to buy more.
Funds & Continuation Vehicles
Fundraising continued at pace. Peterson Partners raised a $510m continuation fund for Kelso Industries, which provides mechanical and electrical services across 40+ states. Baker Capital announced an evergreen strategy, continuing its expansion into the Asia Pacific region. Meanwhile, EQT has launched EQT Nexus Asia, giving eligible individual and institutional investors access to its Asia platform.
In a strategic update, CVC set out its leadership succession, naming Todd Sisitsky (currently president of TPG) and its own president Peter Rutland as co-CEOs by 2028. The appointment of Mr Sisitsky was a notable poach from a rival.
Software & Sectors
Reece software consolidation. E&C Group is making a majority investment in Shaw Gibbs, a top 35 UK accounting practice serving around 25,000 clients. Priorly Apiary Capital exited the firm. Main Capital Partners is acquiring a majority stake in VWE Automotive provider. Additionally, Keensight-backed ACTICO is merging with Axe Finance, which serves over 45 financial institutions across more than 29 countries.
Warburg Pincus and Berkshire Partners are exiting CPP in the $11.75bn sale to GE Aerospace. Thoma Bravo made a strategic growth investment in Tanda, the Australian workforce management platform. This marks the company's first outside investment.
People & Appointments
Firms also announced personnel changes. Tikehau Capital named Piero Migliorini as head of private equity Italy, while the firm also appointed Martino Mauroner as co-head of Italy alongside Daniele Germano. Harbour View Equity Partners hired a Cambridge Associates alum as managing director. Dow Jones also adds that the firm manages approximately $3.88bn in regulatory assets. Meanwhile, Frazier Healthcare Partners named a former McKesson strategy chief as senior partner.
Other Notable Moves
Glen also noticed a few other transactions. Albaron exits Prime Psychiatry in sale to Beacon Behavioral. Archi also saw a multi-strategy investment firm acquire Accumulus Technologies, a cloud platform connecting more than 75 regulatory authorities. Uncharted and Lightspeed led the $550m round for legal AI.
Eir Partners has acquired Accumulus Technologies, a San Francisco based regulatory platform. & oversees a dozen of folds of weight.
Sector & Historical
In offsite advice, the dos and don’ts of a team offsite: candle making, line dancing, no hard booze. The Norwest partner has a sales test he gives to founders. The PE industry is now a multi-trillion asset class with a war for talent.
In deal notes, EQT launches an APAC evergreen. CVC’s incoming co-CEO is a healthcare specialist. CVC is indeed a PE complex. Ex-McKesson strategy chief joins.
Upcoming & Trends
In the fast-growing startups realm, as a region the DACH & CEE have some fastest-growing startups, per Sifted ranking. Meanwhile Tot willl the sphere, another key is the EQT Plus Asia platform with a single vehicle.
Apha Capital invests in a building. Any distractions by the Cold. Also the industry is looking for recover. The Intermediary is critical. Apollo's Kleinman says exits aren’t the problem, pricing is. That’s the data behind the region.
Transactions & Acquisitions
In energy & power, New Water Capital acquired lid manufacturer Lid Works. Both parties stated that the device maker has been in quick-serve restauran since 1985, and the consideration was not disclosed. Also, the Photo Studio Arrows of Italian, has been seized.
In the security systems space, Apax Funds acquired Next Gen Security from Dunes Point. Next Gen, headquartered in Exton, designs and maintains security. It includes video management, access.
Consolidated & Expansion
In the training industry, Bregal Sagemount takes a majority stake in A-Rent Test Equipment. In fintech, Acts, from Keensight’s ACTICO, combines with Axe Finance.
ECI announced a strategic investment in Shaw Gibbs as Apiary Capital completed its exit. The firm, a top-to-table, now has growth. Meanwhile, Glen Oaks and Tec Capital will merge Stan Chem and Dux Coatings for a triple and multi-layer.
Listings & Deal Specifics
In industrial, Point 41 Capital acquires Safe-Way Garage Doors from CW Industrial Partners. Safe-Way has manufactured since 1959.
Final Notes & Updates
The PF industry is broader. The continuation fund Gainline just accomplished, providing liquidity to existing investors for Core. Gainfull also raised follow-on capital.
In closing, the asset class has new features. Also a separate note: the legal AI deal, a fund of funds. The funds target.
Contact Info & Disclaimer
The news and analysis here are by a team of top reporters. All rights reserved. Financial Times does not endorse the transactions and this is not investment advice. The article reads also in today's briefing.
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Private Equity & Exits
The exit market remains a point of contention. Apollo’s co-president Scott Kleinman suggested that sellers' unrealistic price expectations, not a lack of buyers, are stalling liquidity events. The view sets the tone for a morning that saw several large dispositions: leveraged Cerberus handed its Tenet platform to CBRE for $1.6bn, while Warburg Pincus and Berkshire Partners are divesting the CPP for $11.75bn to GE Aerospace. HOF Capital completed its €1bn purchase of the Bugatti Rimac stakes from Porsche. Great Point Partners exited MLM Medical Labs to Labcorp, and Coates sold a deal with Prime to Beacon.
Build-ups
In the middle market, Iron Path's VION Biosciences closed Prolytix, while Bregal Sagemount picked up a majority in A-Rent. Gainline partners completed a continuation fund for fitness equipment group Core, allowing existing investors to cash out and fueling global growth. Glen Oaks and Tecum acquired Stan Chem and Dux Coatings. HIG’s new investment in Click Here Digital, a performer. New Water Capital bought lid maker LidWorks, even as two PE firms Look.
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Venture & Growth Equity
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Two former Deep Mind scientists raised €3.2m for fusion software. Mistral Robotics chief is eyeing a €200m new startup. Cloud NC extended with $20M to reach $128M total. Flowpay was top of the Sifted DACH ranking.
People & Management
CVC appointed Todd Sisitsky and Peter Rutland co-CEOs. Tikehau brought Migliorini aboard as Italy head of PE. Harbour View hired ex? Also Frazier named a McKesson veteran.
Other Notes
ECT launches Nexus Asia evergreen for wealth; ECI backs Shaw Gibbs; ACTICO merges with Axe Finance; Main acquires VWE. And the Intel.
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Deals & Exits
The exit market is healing, but pricing remains the friction point. Apollo co-president Scott Kleinman said at an industry event that sellers are still refusing to accept buyer valuations, even as his firm deploys capital aggressively.
Big exits came through overnight. Warburg Pincus and Berkshire Partners are selling Consolidated Precision Products to GE Aerospace in an $11.75bn deal, one of the largest sells this year. Cerberus Capital Management also banked a $1.6bn exit by handing its Tenet platform to CBRE Investment Management. HOF Capital closed its €1.2bn purchase of Bugatti Rimac's stakes from Porsche, with Rimac Group retaining a controlling 55% interest.
Regional exits accelerated: Great Point Partners sold MLM Medical Labs to Labcorp; Albaron Partners exited Prime Psychiatry to Goodspeed Behavioral; HIG Capital made a minority investment in Click Here Digital; and Apax Funds acquired NextGen Security from Dunes Point Capital.
Mid-Market M&A
Mid-market activity churned across verticals. Iron Path Capital's VION Biosciences closed its acquisition of contract research specialist Prolifix, while Bregal Sagemount took a majority stake in A-ровое Test Equipment, a Illinois. Bregal fills.
Gainwell completed the continuation fund for fitness equipment maker Core, giving existing investors a liquidity option while deploying holds. Glen Oaks Capital and Tecum made moves. In the speciality coating space, Glenmark and Tecum merged Stan Chem and Dux Coatings.
New Water Capital bought the foodservice lid maker Lid Works, which serves quick-service brands from its Florida plant. The same firm is also eyeing cybersecurity alongside other large firms. Align Capital's MKB Unit acquired erosion-control producer Siltworm; Point 41 acquired Safe Way Garage Doors. West Bridge-backed Koto picked up Stereo Creative(url) to expand its sports and entertainment footing.
Fintech & Software
Venture funding is rotating. Diffusion and Lightspeed co-led Legal AI firm Harvey's rounded funding at $15.5bn. Thoma Bravo made a previous investment in Tanda, the Australian workforce managementprovider. Main Capital purchased the majority position in an automotive software company. ECI Partners agreed to invest in Shaw Gibbs as Apiary Capital retreated.
Keensight-backed ACTIVE is merging with Axe Finance, a software that serves more than 45 financial institutions. The partnership builds on the journeys facing a global push. Main Capital struck a deal for VWE Automotive with vehicle data.
Key People & Allocation
CVC has set a leadership - appointing Todd Sisitsky of TPG and own president Peter Rutland as co-CEOs by Q1 2028. Tikehau Capital hired Piero Migliorini for its Italian private equity desk; Frazier Healthcare Partners named a former Geriatric senior partner.
Venture & Emerging
Large rounds continued: Two ex-Google Deep Mind engineers raised €3.2m for fusion, and a former Mistral Robotics chief is seeking €200m for a fresh. Cloud NC raised another 20M to bring its total to $128M, automation.
EDC's new Heads have År 10, ADD - Evergreen fund to open Asia, while the Side Letter examines why healthcare is critical. Alignantness.
Sector Notes
A.K West Bridge-backed Koto completed a Stereo acquisition. Ellen. The side perhaps not as many also brings.
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Venture Capital & Startups
In the early stage, Q is top in the new DACH and CEE ranking with e, and Prague's floor.
Continuation Funds
Peterson Partners raised $510m for K&D's Kelso. An evergreen strategy opens.
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