Private Equity 3 Days

Last updated: June 18, 2026, 2:30 AM ET

Mega-Deals and Take-Privates

The private equity landscape is witnessing a wave of significant take-private activity, headlined by Blackstone leading a consortium to seize control of customer-experience software group Medallia, a move that coincides with Thoma Bravo absorbing a $5bn loss on the asset. Simultaneously, Advent-backed Nuvei is acquiring global payments firm Payoneer in a $2.75bn transaction, while Altaris is taking health tech firm Simulations Plus private in a $375m deal that offers stockholders $18.50 per share. These maneuvers reflect an aggressive push by sponsors to consolidate software and financial service providers despite a challenging macroeconomic backdrop.

In the industrial and consumer sectors, Long Range Capital has agreed to acquire the bulk of the Pizza Hut restaurant chain from Yum! Brands for $1.2bn, excluding the brand's Chinese operations, as the firm looks to revitalize a high-profile but struggling global asset. Meanwhile, Arcline is taking tech company Astro Nova private at $29 per share in a deal valuing the enterprise at approximately $272 million, and CVC Catalyst is acquiring a majority stake in Willow Wood, a leading manufacturer of prosthetic limbs, from Blue Sea.

Infrastructure and Energy Capital

Strategic infrastructure remains a primary focus for long-term capital, with CPP Investments committing $715m to scale the Ctrl S data center platform in India, marking a deeper foray into one of the world's most rapidly expanding digital infrastructure markets. This appetite for power and connectivity is mirrored by I Squared Capital teaming up with the US International Development Finance Corporation to establish a $3bn platform dedicated to energy infrastructure across South and Southeast Asia. Supporting this trend, New Mountain Capital is investing in power engineering firm Commonwealth Associates to bolster capacity amid the rising demand for electricity grid upgrades.

The aerospace and defense sectors are also attracting substantial commitment, as KKR commits an additional $1.4bn to its ongoing aircraft leasing partnership with Altavair, building on the $8 billion already deployed since 2018. Furthermore, TPG is acquiring Waste Eliminator and Liberty Waste Solutions from Allied Industrial Partners, while Inflexion is making a majority investment in Ranger Fire and Security, supported by a significant re-investment from Hyperion Equity Partners.

Secondaries and Private Credit

The secondaries market is experiencing a massive uptick in activity, as GIC nears a $2bn sale of private credit assets, signaling a desire by sovereign wealth funds to rebalance portfolios amid the current liquidity cycle. To capitalize on this trend, Flexstone is acquiring secondaries specialist Glouston, creating a combined platform that manages more than $15 billion in assets as it accelerates growth. In a similar vein, Abry Partners closed a $780m continuation fund for Centauri Health Solutions, allowing the firm to retain a key healthcare asset through an oversubscribed vehicle backed by Apollo S3 and Neuberger Berman.

Private credit continues to expand into new frontiers, as Blackstone launches Sable Pointe to focus on asset-based lending, a segment now viewed as one of the most promising areas for credit managers. This institutional focus is complemented by Blue Owl leading a €355m credit continuation vehicle for Veld Capital, which includes follow-on capital to exploit an existing investment pipeline. Meanwhile, Japan Science and Technology Agency is beginning to allocate capital to infrastructure secondaries, although the university endowment notes that personnel shortages remain a hurdle for its direct investment strategy.

Venture Capital and Growth Equity

The venture ecosystem is undergoing a recalibration, as PayPal Ventures shutters its operations after a decade of activity and 80 investments, reflecting the broader restructuring underway at the parent company. Conversely, General Atlantic is in talks to lead a $2bn-plus financing round for Kling AI, the video generation business of China’s Kuaishou Technology, which would represent the firm’s first major external capital injection. In the deep tech space, three former Palantir engineers raised $60m from Index Ventures, Iconiq, and SAP to develop an agentic operating system, while Prime Radiant Partners made its debut with a $50m growth equity bet on Cellares to support healthcare and life sciences innovation.

The hardware and defense tech sectors are seeing increased interest, with French startup Comand AI raising €32m from Blossom Capital and Saab to advance its battlefield software. This follows a broader trend where BAE Systems invested €50m into VCs Lakestar and Expeditions to foster a self-reliant European defense ecosystem. Meanwhile, CuspAI is reportedly nearing a $2.6bn valuation with backing from Jeff Bezos, and ASML is eyeing further bets on startups that mirror the open-source ethos of companies like Mistral.

Strategic Shifts and Management Moves

Corporate structures are evolving to mimic private equity models, as Jardine Matheson initiates a $500m buyback and asset sales, effectively pivoting the 194-year-old conglomerate toward an active investment strategy. In the financial services realm, Elliott Investment Management has built a 5% stake in Bunzl and is pressuring the company to launch buybacks and conduct a structural review. Additionally, L Catterton-backed Birkenstock is preparing a €900m bond issuance to fund buybacks, while Peter Yordán and Kyle Griswold note that financial services investing now demands deeper sector expertise, technology integration, and AI-driven value creation.

Leadership changes and internal promotions continue to shape firm operations, as Gen Nx360 Capital promoted Pratik Rajeevan to partner following a tenure that included over ten platform investments and 30 add-on deals. At a higher level, Urs Wietlisbach is carving out a separate unit within his family office, a succession move for the Partners Group co-founder, while Anton Orlich is expanding his oversight at CalPERS to manage private credit, real estate, and infrastructure programs alongside his existing responsibilities for the pension giant’s private equity turnaround.