Private Equity 3 Days

Last updated: June 11, 2026, 8:31 PM ET

Fundraising & Capital Deployment

Partners Group secured $650m at first close for its fifth real estate secondaries programme, putting the Swiss firm on track to reach its $1.5bn target. The fundraising comes amid growing investor appetite for continuation vehicles, with some LPs expressing renewed interest despite earlier skepticism around LP-led secondaries returns. Meanwhile, Ares Management closed its Pathfinder III fund at an $8.5bn hard cap, bringing total capital raised for asset-based finance to approximately $12.7bn as the firm expands beyond traditional credit strategies. In London, Pictet Alternative Advisors raised $1.53bn for its sixth private equity co-investment fund, marking the largest vehicle in the series and exceeding initial targets amid strong institutional demand for direct exposure.

Strategic Acquisitions & Portfolio Moves

Nordic Capital agreed to acquire Flowa from Swedish industrial group Vestum for an undisclosed sum, adding the water and wastewater infrastructure specialist to its portfolio as the firm targets environmental services growth across Northern Europe. The transaction follows Stonepeak and Energy Equation Partners' acquisition of Poland's Anwim, the country's largest independent fuel marketer operating the MOYA station network, in a deal valuing the business at approximately $5.7bn. In a significant exit, Sentinel sold NSI Industries to Hubbell Incorporated for $3bn just eight months after acquiring the electrical products maker in November 2024, delivering a swift return to investors. Blackstone completed the sale of Interplex's ICT unit to Taiwan's Bizlink Holding for about $850m, divesting the Singapore-based components maker's information and communications technology arm.

AI Infrastructure & Technology Investments

KKR launched a $10bn AI infrastructure venture called Helix in partnership with Nvidia and Vistra, creating a dedicated platform to finance artificial intelligence data center buildouts across the United States. The massive commitment reflects institutional confidence in AI demand, with Permira investing in CDP, the world's largest environmental disclosure system, marking the firm's first deal from its Energy Transition strategy. Thoma Bravo agreed to take Kneat private for $466m, acquiring the digital validation and quality process automation platform serving life sciences industries. In venture capital, Base10 Partners closed two funds totaling $850m focused on real economy automation across logistics, payroll, and construction sectors.

Market Consolidation & Platform Expansion

Clearlake Capital completed its acquisition of Pathway Capital Management, folding the $95bn private markets specialist into its platform to create an entity overseeing more than $185bn in assets. The deal represents the latest consolidation wave in private markets, with Clearlake also adding 31 CLOs through its takeover of LCM Asset Management's credit portfolio worth over $5bn. EQT gained additional time to finalize its £9.4bn take-private bid for Intertek, extending negotiations as the Swedish firm pursues the testing and inspection company amid challenging market conditions. Partners Group considers a $231m capital injection into debt-laden Emeria, as the portfolio company struggles with leverage that has outpaced earnings growth.

Healthcare & Specialty Services

Bain Capital backed PartsSource's acquisition of SkillNet, expanding the clinical technology performance platform's health tech capabilities. In life sciences software, Thoma Bravo moved to acquire Kneat for $466m, adding validation software to its substantial healthcare technology portfolio. CapMan Growth exited Silmäasema for €574m, selling Finland's largest private eye care and optical retail operator after building the business through multiple add-on acquisitions. Permira's Silvia Oteri emphasized integration and clinical trust as critical success factors for healthcare businesses navigating the AI era.

Industrial & Infrastructure Services

HIG Capital expanded its industrial maintenance platform Coriant through the acquisition of Wescott, a UK-based provider of coatings, rope access, and asset integrity services. Platte River Equity completed its 100th acquisition since 2006, scooping up electrical equipment supplier Tallman Equipment Company in a milestone transaction. In water infrastructure, Nordic Capital's Flowa purchase adds engineered solutions capabilities across the UK and Nordics to the buyout firm's environmental services focus. Mutares sold F.lli Ferrari's Netherlands distribution arm to HMF Group, divesting part of the crane manufacturer's European operations.

People Moves & Leadership Changes

Cal PERS promoted Anton Orlich to oversee its entire private markets portfolio, expanding his remit to include private credit, real estate, infrastructure and other alternative investments beyond his current private equity responsibilities. EQT appointed Gustav Segerberg as CFO, promoting from within to replace outgoing finance chief Christian Henriksson as the firm manages its largest ever fundraising cycle. Kenneth Wolff joined OceanSound as partner and chief legal officer, bringing experience from Skadden Arps where he co-headed the private equity group. Graham Kantor joined Verix as principal based in Delray Beach, Florida, bolstering the firm's deal execution capabilities.

Market Trends & Performance Metrics

Continuation fund performance continues to outpace buyout funds according to Evercore's latest study, with 396 CVs formed between 2018 and 2024 showing superior returns compared to traditional private equity vehicles. However, zombie funds have surpassed $1trn in assets five years ahead of schedule, representing 20% of global PE holdings that have been retained for more than seven years. In secondaries markets, funds are reducing Saa S exposure targets from 40% to 15-20% in LP-led deals amid concerns over software valuations. CalPERS confirmed private equity remains its top-performing asset class as the $219bn pension transitions to a total portfolio approach in July.

Geographic Expansion & Cross-Border Activity

British Business Bank plans to deploy £2bn annually to venture capital and growth equity investors, marking a fivefold increase in investment pace as the UK development bank seeks to accelerate domestic innovation funding. In Asia-Pacific, EQT's APAC co-heads highlighted significant opportunities remaining in the region, with early-stage strategies serving as proof of concept for dedicated approaches. BlueFive acquired a 49% stake in UAE fleet management firm Lease Plan Emirates, which operates approximately 7,000 vehicles across the Emirates. General Atlantic led a $1.15bn funding round for Finnish satellite intelligence company ICEYE, valuing the business at $12bn amid growing defense technology demand.