Private Equity 3 Days

Last updated: June 16, 2026, 2:32 AM ET

Private Equity Mega-Deals & Credit Markets

Apollo Global and Blackstone closed a $35 billion private credit facility to fund Anthropic's AI chip development, marking one of the largest private capital commitments to artificial intelligence infrastructure this year. The massive facility reflects growing competition among alternative asset managers to secure exposure to the AI revolution, with both firms positioning themselves as primary financiers for next-generation computing platforms. Meanwhile, Morgan Stanley completed its exit from Brazos Delaware II at a $1.6 billion valuation, representing an 8x EBITDA multiple based on projected 2027 earnings for the industrial distribution platform. The sale underscores continued appetite for well-performing middle-market assets, particularly those with strong recurring revenue streams in essential sectors.

Healthcare Investment Surge

Abry Partners closed an oversubscribed $780 million continuation vehicle for Centauri Health Solutions, allowing the Boston-based firm to retain one of its strongest healthcare assets amid accelerating consolidation in the sector. The deal comes as private equity investors intensify focus on healthcare technology and services, with Prime Radiant making its inaugural $50 million growth equity investment in Cellares, a life sciences company specializing in automated cell therapy manufacturing. Separately, H.I.G. Capital sold Celerion, a clinical pharmacology contract research organization, to THL Partners funds for $1.8 billion, reflecting the premium valuations available for specialized healthcare service providers. Industry executives from Arlington, Bain Capital, EQT and Permira noted in PE Hub's Healthcare Sector Spotlight that investors are seeking companies that can navigate both technological transformation and shifting reimbursement landscapes.

Buyout Activity Across Sectors

Nuvei Corporation, backed by Advent International, acquired Payoneer in a $2.75 billion take-private transaction, bringing together two major players in cross-border payment solutions. The deal values the New York-headquartered Payoneer at approximately 12x trailing revenue, reflecting strong demand for fintech infrastructure companies with global reach. In the United Kingdom, Inflexion made a majority investment in Ranger Fire and Security, with Hyperion Equity Partners committing substantial reinvestment alongside the transaction, while L Catterton prepared German footwear maker Birkenstock for a €900 million bond offering to fund shareholder buybacks. The fitness sector also attracted attention as L Catterton entered exclusive talks for a stake in Hyrox, the extreme fitness brand that has expanded rapidly across European markets.

Activist Investing & Corporate Restructuring

Elliott Investment Management accumulated nearly a 5% stake in distribution company Bunzl and is pressing management to initiate substantial buybacks while reviewing potential structural changes to unlock shareholder value. The activist position reflects broader market sentiment favoring capital return over growth investments in mature businesses with strong cash generation. Separately, Aurelius completed the sale of SEG Electronics to Arteche Group, exiting the protection relay manufacturer that serves over 300 customers across 50 countries in medium-voltage power grid applications. The exit demonstrates continued interest in specialized industrial technology companies with defensive characteristics and global customer bases.

Secondaries & Fundraising Momentum

Argosy doubled its fund size with a $145 million raise, positioning the secondaries specialist to write checks between $100,000 and $10 million as demand for smaller deal opportunities grows among institutional investors seeking diversified exposure. Blue Owl led Veld Capital's €355 million credit commitment vehicle, which includes follow-on capital to capitalize on an existing pipeline of opportunities in the European credit markets. These fundraising announcements come alongside broader secondaries market activity, with investors increasingly focused on evergreen structures and alignment mechanisms as highlighted by ILPA discussions referenced in PE International's coverage of CalPERS' $250 billion alternatives portfolio oversight transition.

Technology & AI Investment Landscape

European technology investors are pursuing Mistral-style startup bets according to ASML's CEO, signaling a shift toward earlier-stage artificial intelligence investments following the success of France's Mistral AI. This approach contrasts with the United States' dominance in AI funding, where Crunchbase data shows nearly 80% of global seed-through-growth stage financing has flowed to American companies in 2026. Otro Capital invested in University of Utah's Crimson Brand Partners to manage commercial operations across athletics and broader university activities, representing a different model of sports-related private equity investment focused on collegiate licensing and media rights. The divergence in AI investment patterns reflects fundamental questions about whether Europe can compete with American capital intensity in frontier technology development.

Portfolio Company Acquisitions

Littlejohn-backed Ardurra acquired Kelly Engineers, building upon recent expansion into Northeastern markets and adding engineering capabilities to complement existing environmental and infrastructure services. The add-on acquisition strategy reflects continued consolidation among mid-market private equity-backed platforms seeking geographic density and service line diversification. Meanwhile, Sycamore Partners saw its effort to sell Boots lose a bidder after Australia's Sigma Healthcare withdrew from the process for the UK pharmacy chain, highlighting the challenges facing retail healthcare assets in cross-border sale processes amid evolving consumer behavior and reimbursement dynamics.

Market Structure Evolution

Partners Group co-founder Urs Wietlisbach is carving out a separate unit within his family office as part of a succession planning move, potentially creating an independent vehicle for direct investment activities separate from the publicly traded firm he helped build. This separation reflects broader trends among private equity founders seeking to maintain investment flexibility while transitioning away from day-to-day management responsibilities. The move comes as traditional private equity models face pressure from both sides - large institutional investors demanding more customized solutions and founders seeking alternative structures for wealth transfer and legacy building.