Private Equity 24 Hours

Last updated: September 24, 2026, 6:03 AM ET

Private Equity

Deal Activity

Private equity activity remained brisk across sectors, with CVC agreeing to acquire a minority stake in CDN77, an internet infrastructure firm operating more than 230 global edge locations with 330Tbps of capacity. The deal underscores continued investor appetite for digital backbone assets. In the food sector, Perwyn and PAI merged UK premium pizza brand Crosta Mollica with Nestlé’s pizza spin-off, creating a €1bn group. The transaction highlights consolidation momentum in European food manufacturing, with the combined entity expected to target cross-channel distribution growth.

Healthcare deals also featured prominently. Duke Street exited UK pharma distributor Kent Pharma to Phoenix Labs, while Apollo-backed Forge agreed to acquire Becker’s Healthcare from Pamlico Capital. The Becker’s deal, founded by Scott Becker, adds a specialized healthcare media and data platform to Forge’s portfolio. In the life sciences supply chain, Arlington-backed AVS Bio acquired UK bioreagent supplier Biorbyt, a Cambridge-based company founded in 2011, in an add-on deal that expands AVS Bio’s distribution network across European research laboratories.

Industrial and technical services saw multiple transactions. Pfingsten acquired precision bearings distributor Next Point Bearing Group, based in Valencia, California, which supplies standard, specialized and custom bearings. GHK Capital-backed WSB purchased Alabama-based engineering firm Poly, founded in 1959, specializing in architecture and civil engineering. Meanwhile, Bertram Capital’s Ridgeline Roofing acquired Advantage Roofing & Exteriors, a Kalamazoo, Michigan-based company founded in 1998, strengthening Ridgeline’s presence in the Midwest roofing installation market.

Fundraising and Capital Formation

Fundraising activity accelerated as investors continued allocating capital to alternative assets. Blackstone is targeting $8.5bn for its latest energy transition fund, up from the $5.58bn raised by the previous vintage in February last year. The vehicle will focus on renewable power, storage and grid infrastructure, reflecting persistent demand for energy transition exposure. DTCP raised €455m at first close for its defence-focused fund, with plans to launch additional vehicles. The raise signals growing institutional appetite for defence technology, a segment that has historically traded at a discount but is now attracting mainstream PE interest.

Growth-stage funding remained resilient. Bessemer Venture Partners raised an additional $5.75bn earmarked for AI investments, with the firm noting that AI-native companies are growing faster than any technology cohort in recent memory. The fundraising environment for top-quartile managers remains constructive, even as LPs show increased selectivity toward mid-tier funds. Magic AI raised £8m to bring its AI-powered fitness mirror to the US market, a niche but growing segment of connected fitness hardware.

Energy and Infrastructure

Energy infrastructure M&A gained momentum. Ares Management acquired an 80% stake in a 384 MW California solar and battery storage portfolio from EDPR, marking one of the larger renewable asset transactions in the state this year. The deal provides Ares with immediate cash-flow-generating capacity and a pipeline for additional storage co-location. In the software-enabled energy management space, LLR Partners took a stake in Energy CAP, which serves more than 750 organizations across government, education and healthcare, positioning the platform for expansion into broader sustainability reporting.

The European Investment Bank provided €19m in venture debt to grid-technology firm Reactive Technologies, supporting the company’s work on grid inertia measurement and power system stability. The debt facility reflects growing policy support for grid modernization technologies critical to renewable integration.

Technology and AI

AI continued to dominate both deal flow and strategic dialogue. Anthropic and Nvidia co-led a $140m round in Basecamp Research, a biotech data platform using AI to map protein structures. The investment highlights how frontier AI labs are increasingly acting as strategic investors in upstream data and research infrastructure. Anthropic also clarified its position on startup competition, arguing it is not seeking to displace early-stage companies but rather to build complementarity with the broader ecosystem. The comments come amid ongoing debate over whether foundation model labs will vertically integrate into application layers.

On the startup side, Simon Kohl, a Deep Mind alum, said “pushing the frontier is best done outside” Big Tech, a view increasingly shared by top AI researchers departing large labs for venture-backed startups. The trend is reshaping talent flows and potentially accelerating the pace of innovation across the AI stack. Meanwhile, Index Ventures’ Shardul Shah outlined the firm’s thesis on AI-native cybersecurity, arguing that traditional signature-based defenses are being displaced by autonomous threat-hunting systems. Shah’s comments come as AI agents gain access to enterprise data, creating a new attack surface that is driving M&A activity in the agent security space.

The AI talent drain has also raised questions about AI-led performance reviews, with experts warning that “you cannot hide from AI” in future evaluation processes. The debate reflects broader uncertainty over how AI will transform knowledge work and corporate culture.

Fintech and Payments

Revolut launched facial recognition payments in the UK, marking one of the first major rollouts of biometric authentication for point-of-sale transactions by a digital bank. The move could accelerate consumer adoption of passwordless payments and pressure traditional card networks to accelerate their own biometric initiatives. In the B2B mobility space, Tikehau Capital-backed EYSA acquired corporate mobility platform Joinup, which manages taxis, parking, EV charging and carpooling, as part of a €300m growth plan. The acquisition positions EYSA to consolidate fragmented corporate travel and mobility spend management.

Software and Business Services

Software M&A remained active. Main Capital Partners agreed to acquire a majority stake in Confirma Software, a Stockholm-based company founded in 2019 providing mission-critical software for the Nordic market. The deal reflects continued PE interest in vertical application software with recurring revenue models. Renovus Capital-backed CloudFirst acquired Forvis Mazars’ IT and cybersecurity unit, bringing an established team of IT and cybersecurity professionals into Cloud First’s managed services platform. The transaction underscores the ongoing consolidation of mid-market IT services, where scale is becoming increasingly important for client retention and margin expansion.

In the distribution sector, May River Capital sold environmental monitoring platform Dickson to Blackstone-backed Copeland. Founded in 1923 and based in Addison, Illinois, Dickson provides environmental monitoring solutions for healthcare and life sciences, a niche with defensible recurring revenue characteristics.

Consumer and Retail

Consumer-focused PE activity showed resilience. Butterfly agreed to acquire food packager Sabert, while Main Post and Cap Vest invested in snacking companies. The sector saw 65 snacking M&A transactions completed in H1 2026, up from 50 during the same period last year, indicating that consumer confidence is gradually returning despite persistent inflation headwinds. The deal sizes remain modest relative to historical averages, suggesting that sponsors are focusing on bolt-on acquisitions rather than transformative platform deals.

Fundraising and LP Activity

Institutional investors continued to allocate capital to private markets. The New Hampshire Retirement System issued an RFP for an investment consultant with proposals due by 7 October, signaling continued due diligence on private market allocations. The RFP comes as public pensions face renewed pressure to meet return assumptions in a lower-return environment. Meanwhile, jumbo Series A rounds hit record highs in 2026, with at least 114 rounds of $50m or more completed year-to-date. The trend suggests that VCs are concentrating capital into fewer, larger bets, particularly in AI and deep tech, where capital intensity is higher.

Industry Events

Investors looking to network can still save up to $200 on Tech Crunch Disrupt 2026 tickets, with a 50% discount on additional passes. The event will feature a StrictlyVC track examining the changing rules of venture capital, including LP-GP dynamics, carry structures and the rise of continuation funds. As the private markets continue to evolve, both LPs and GPs are adapting to a landscape defined by higher interest rates, concentrated AI capital formation and an increasingly competitive exit environment.