Private Equity 3 Days

Last updated: June 15, 2026, 2:31 PM ET

AI Infrastructure and Private Credit

Private equity’s AI spending spree widened as Apollo and Blackstone closed a $35bn deal to finance Anthropic’s chip purchases, putting private credit sponsors at the center of capital-intensive artificial intelligence infrastructure. The transaction shows how buyout firms are shifting from traditional leverage to project-level financing for compute demand, where AI developers need billions in chips before revenue visibility is fully settled.

Venture funding patterns reinforce the same split. U.S. startups have drawn nearly 80% of global AI financing this year from seed through growth stage, according to Crunchbase data, leaving Europe and Asia with a smaller share of the AI boom. That concentration is feeding buyout demand for infrastructure, as sponsors such as Apollo and Blackstone seek exposure without taking direct startup risk.

Healthcare and Life Sciences Deal Flow

Healthcare assets drew heavy PE attention as H.I.G. Capital sold Celerion for $1.8bn to funds affiliated with THL Partners, pricing a clinical pharmacology contract research organization at a level that signals continued demand for regulated, recurring-revenue healthcare services. The deal comes as investors sort through reimbursement pressure, technology adoption, and a narrower pool of assets that can still deliver durable margins.

Abry Partners also kept control of a healthcare platform through an oversubscribed $780m continuation fund for Centauri Health Solutions, with Apollo’s S3 secondaries arm and Neuberger among investors. Continuation vehicles are being used less as exit substitutes and more as tools to hold high-performing assets while giving limited partners liquidity.

New capital is also targeting healthcare technology. Prime Radiant Partners made a first $50m growth investment in Cellares, backing the life sciences company as PE advisers seek earlier exposure to automation, manufacturing, and biotech infrastructure. PE Hub’s healthcare coverage also points to a crowded field of bidders, with firms including Bain Capital, EQT, H.I.G., Permira and Vistria weighing where technology change and reimbursement disruption create winners.

Consumer, Retail and Activism

Consumer brands are becoming a fresh battleground for leverage, activism, and sponsor control. Birkenstock, controlled by L Catterton, is preparing a €900m bond sale to fund buybacks, marking the German footwear maker’s first bond sale in more than five years and showing how sponsor-backed public companies are using debt markets to support shareholder returns.

L Catterton is also looking at growth assets beyond listed equities, with the LVMH-backed firm in exclusive talks for Hyrox, the fast-growing fitness brand. The interest sits alongside activist pressure in consumer distribution, where Elliott has built an almost 5% Bunzl stake and is pushing for larger buybacks and a review of the company’s structure.

Secondaries, Continuation Funds and LP Strategy

Secondaries investors are moving deeper into GP-led structures and smaller-ticket strategies. Argosy raised a $145m fund for its small-deal secondaries unit, targeting check sizes from $100,000 to $10m, a sign that the market is broadening beyond large continuation vehicles into smaller liquidity solutions for founders, family offices, and niche funds.

Blue Owl led Veld Capital’s €355m credit continuation vehicle, designed to provide follow-on capital for an existing pipeline. The deal reflects demand for private credit assets that can be refinanced or extended through GP-led structures, while LPs continue to scrutinize alignment, valuation, and whether continuation funds offer genuine optionality.

CalPERS’ alternatives program is under fresh scrutiny as the pension fund’s new alts head takes oversight of a $250bn portfolio. The role matters because public pensions are balancing private credit, secondaries, and evergreen products against liquidity needs, fee pressure, and the need to explain private-market exposure to trustees and beneficiaries.

Take-Privates, Exits and Add-On Acquisitions

Take-private activity remains selective, but large platforms are still changing hands. Advent-backed Nuvei agreed to buy Payoneer in a $2.75bn take-private deal, combining two global payments businesses as sponsors seek scale in payments processing and cross-border financial services.

Morgan Stanley closed its exit from Brazos Delaware II for $1.6bn, a price equal to an 8x EBITDA multiple based on projected 2027 EBITDA. The transaction shows lenders and sponsors are still willing to pay for growth, but only where forward earnings can justify leverage and exit assumptions.

Operational add-ons also remain active. Littlejohn-backed Ardurra acquired Kelly Engineers, expanding its engineering services footprint in the Northeast. Separately, Inflexion made a majority investment in Ranger, with Hyperion Equity Partners reinvesting alongside the sponsor, as private equity continues to favor fragmented service businesses where consolidation can lift margins.

Europe, Industrials and Public-Market Pressure

European deal activity showed mixed signals. Sycamore Partners’ sale process for Boots lost one bidder after Sigma Healthcare withdrew, complicating efforts to sell the UK pharmacy chain amid valuation gaps and regulatory scrutiny. The setback is a reminder that healthcare retail assets can attract interest but still face tough pricing when buyers face margin and compliance risks.

In industrials, Aurelius sold SEG Electronics to Arteche, exiting a protection relay business that serves more than 300 customers across over 50 countries. The sale highlights continued appetite for niche power-grid suppliers as European infrastructure spending supports demand for grid resilience and electrification equipment.

Venture, Saa S and Corporate Innovation

Software founders are being pushed to prove more than recurring revenue. AI and large language models are changing the SaaS playbook, with investors asking companies to show measurable business outcomes, workflow ownership, and defensibility beyond generic software subscriptions.

Funding rounds remain uneven. Ninja One led the week’s biggest U.S. financings with a $400m round, while large deals also went to blockchain, cloud infrastructure, biotech, and robotics. Orbio raised $21m in Series A funding led by Dawn Capital to automate hiring and onboarding for frontline workers, showing that venture capital is still flowing to vertical software when the use case is narrow and measurable.

Corporate venture programs are also narrowing their search. Amazon is looking for the next climate tech startups, seeking companies that can fit into its logistics, energy, and cloud infrastructure needs. The push gives startups a potential strategic buyer, but it also raises the bar for commercial fit and scale.

Founder Wealth and European Tech Sentiment

European tech sentiment has improved, with European tech gaining swagger after years of weaker valuations and scarce exits. The shift is still fragile, but stronger IPO windows and strategic buyers could help sponsors recycle capital from older technology holdings.

Founder-led wealth is also being restructured. Partners Group co-founder Urs Wietlisbach is splitting his family office in a succession move, according to Bloomberg-sourced reporting. The move reflects a broader pattern among European PE founders as they separate operating legacies, family wealth, and next-generation investment mandates.