Private Equity 3 Days

Last updated: June 13, 2026, 5:32 AM ET

Fundraising & Investor Appetite

Carlyle Group has launched its ninth flagship buyout fund targeting approximately $15 billion, aiming to match the $14.8 billion predecessor vehicle that closed in 2024. The fundraising push comes as Ares Management secured $12.7 billion for its Pathfinder III closed-end strategy focused on asset-based finance, representing one of the largest recent closes in the credit space. Meanwhile, Partners Group reached a $650 million first close toward its $1.5 billion real estate secondaries program, signaling continued demand for mature private equity assets despite market volatility. EQT gained additional time to finalize its £9.4 billion takeover of Intertek, extending the deadline to convert its pursuit into a binding offer after initial shareholder resistance.

BlackRock's decision to cap redemptions on its $13 billion private credit fund for a second consecutive quarter reflects sustained retail investor outflows, according to the Financial Times, as institutional investors maintain their allocation discipline amid higher-for-longer interest rate expectations. The move underscores the divergent paths between retail and institutional private equity participation, with the former showing signs of fatigue while pension funds like CalPERS double down on the asset class.

M&A Activity Heats Up Across Sectors

Private equity firms are executing acquisitions across healthcare, technology, and industrial sectors. SK Capital-backed Spectrum Vascular acquired medical device firm Piccolo Medical, expanding its vascular access and medication management portfolio in the specialty healthcare space. In Europe, KKA and Winterberg-backed Healthcare Holding Schweiz purchased Compet Medical, a supplier of harm reduction products to professional organizations and public institutions. KKR made its first institutional capital partnership with accounting firm Crowe, investing in the firm's advisory business to expand its professional services footprint.

Warburg Pincus is nearing a deal to acquire JSB, the Kyoto-based Japanese housing company, in what would mark a significant cross-border residential real estate play. Nordic Capital agreed to acquire Flowa from Swedish industrial group Vestum, gaining a leading engineered water infrastructure solutions provider across the UK and Nordics. Stonepeak and Energy Equation Partners struck a deal to buy Poland's Anwim, the largest independent fuel marketer and owner of the MOYA station network, for an undisclosed amount.

Talent Moves & Leadership Changes

CalPERS promoted Anton Orlich to deputy chief investment officer for private markets, placing him in charge of one of the most closely watched institutional portfolios following top-quartile private equity returns. Great Hill Partners tapped Lauren Reddy as head of people after her tenure as chief talent officer at L.E.K. Consulting, where she led the Americas people function. Graham Kantor joined Verix as principal based in Delray Beach, Florida, adding to the firm's investment team. Ocean Sound appointed Kenneth Wolff as partner and chief legal officer, bringing experience from Skadden, Arps, Slate, Meagher & Flom where he co-headed the private equity group.

Portfolio Company Restructuring & Growth

Pleo implemented its latest round of layoffs, cutting 50 employees as the expense management company continues adjusting to post-pandemic growth realities. Mistral is reportedly in talks to raise capital at a €20 billion valuation, potentially making it one of Europe's most valuable artificial intelligence startups. L Catterton led a Series A round in Remedy Science, a dermatologist-developed skincare brand, betting on the clinically-grounded beauty market's continued expansion.

TPG and Hollywood talent agency CAA committed $250 million to a new fund backing online creators, marking a strategic bet on the next generation of media entrepreneurs. Permira made its first Energy Transition strategy investment by taking a stake in CDP, the world's largest environmental disclosure system, as ESG-focused assets attract private capital.

Secondaries Market Evolution

The secondaries market is experiencing a shift in investor preferences, with some limited partners expressing skepticism about LP-led secondaries while showing increased interest in continuation vehicles. Market participants are watching the Next Gen Leaders list for clues about future growth trajectories, as secondaries funds adjust their exposure targets to around 15-20% Saa S compared to previous highs of 40%. Kirkland & Ellis reclaimed the top spot in fund formation league tables, leading by both number of funds advised and aggregate capital raised in 2025.

Apollo offered concessions to creditors on a $1.15 billion junk bond for Shutterfly, attempting to calm investors worried about AI disruption and the company's widening losses. The move highlights how private equity firms are adapting capital structures to address market concerns about technology disruption in traditional business models.

Special Situations & Strategic Exits

Blackstone agreed to sell Interplex's information and communications technology unit to Taiwan's Bizlink Holding for approximately $850 million, exiting the Singapore-based components maker's ICT division. Sentinel sold electrical products maker NSI Industries to Hubbell Incorporated for $3 billion, generating substantial returns on its November 2024 acquisition. These exits demonstrate private equity firms' ability to realize gains even amid challenging market conditions.

Starbucks is weighing options for its Japanese arm, including a potential stake sale that could fetch $2.5 billion to $3.1 billion, attracting private equity interest in the coffee chain's Asia-Pacific operations. The potential transaction would represent one of the largest consumer-focused private equity opportunities in the region this year.

Sector-Specific Opportunities

Private equity firms are increasingly targeting pediatric speech therapy assets, with General Atlantic, Aquitaine Capital, Avesi Partners and PPC Enterprises among active investors in the specialized healthcare segment. The trend reflects broader interest in high-margin, recession-resistant healthcare services with long-term demographic tailwinds.

Industrial focus remains strong as buyers reduce software exposure targets, creating opportunities in traditional sectors. Astorg-backed IPCOM announced its intention to acquire a majority stake in Le Froid Pecomark, a French distributor of refrigeration, heat pump and ventilation equipment. This follows continued interest in industrial service providers, with Audax, Harvest, MSouth, Olympus and Snowdon among firms preparing to test the market.

Base10 Partners closed two funds totaling $850 million to invest in real economy automation, focusing on logistics, payroll, construction and other traditional sectors ripe for technological transformation. The San Francisco-based firm's fundraising demonstrates continued appetite for industrial technology investments despite broader market caution.

Technology & Innovation Investing

General Atlantic led a funding round of more than $1.15 billion (€1 in ICEYE, the Finnish satellite intelligence company, at a $12 billion valuation. Samsung backed industrial robotics startup Theker in an €85 million round, joining the growing