Private Equity 3 Days

Last updated: June 18, 2026, 5:30 PM ET

Fundraising & Capital Allocation

Large-cap managers are commanding significant liquidity despite a challenging macroeconomic environment, as evidenced by Clearlake Capital closing its eighth flagship fund at $14.8bn. This capital raise, which places a heavy focus on AI, reflects a broader trend of investors consolidating their commitments with established firms. Meanwhile, Charterhouse Capital Partners has surpassed its €1.5bn target for its latest flagship fund, with a final close expected after the summer. As fundraising timelines extend, GPs are increasingly scrutinized by LPs, forcing many to adapt their strategies to maintain investor confidence in a market where the evergreen fund segment has doubled in size.

Infrastructure & Secondary Markets

The infrastructure secondaries market is experiencing a surge in activity as institutional investors look to optimize their portfolios. Singapore's sovereign wealth fund GIC is finalizing a $2bn sale of private credit assets, reflecting the booming demand in the secondaries space. This appetite for secondary assets has prompted Flexstone to acquire Glouston Capital Partners, a move that will create a platform managing over $15bn in assets and accelerate the firm's geographic footprint in the US. Furthermore, the Japan Science and Technology Agency has begun investing in infrastructure secondaries, though the endowment noted that personnel shortages remain a hurdle for building out internal direct investment capabilities.

Corporate M&A & Private Equity Exits

Consolidation in the software and services sectors remains a primary driver of dealflow. Blackstone, Apollo, and KKR have taken control of Medallia from Thoma Bravo in a transaction that follows a $5bn loss for the former owner, while Altaris is acquiring Simulations Plus in a $375m take-private deal. In the aerospace and defense sector, JFLCO-backed FSG has acquired Custom Alloy Corporation, and EQT is moving to acquire Exolaunch to bolster its satellite deployment technology capabilities. Meanwhile, Platinum Equity is preparing to sell Heat Controller, an HVAC equipment supplier acquired just last year, as firms continue to test the market for exits despite a general slowdown in deal completions.

Retail & Industrial Consolidation

The restaurant and industrial sectors have seen high-profile activity, led by Long Range Capital's acquisition of Pizza Hut in a deal valued at $1.5bn, excluding the chain's Chinese operations. This follows a period of elevated activity for companies testing the market, even as actual deal fruition remains sluggish. In the industrial sphere, KPS Capital has invested in Jennmar, with existing shareholder Falcon Point Partners retaining a minority stake. Similarly, New Mountain Capital has invested in Commonwealth Associates to support growth in the power engineering sector, where demand is spiking due to increased electrification and infrastructure investment.

Venture Capital & AI Infrastructure

The venture landscape is undergoing a structural shift as software becomes easier to build but harder to defend. Three former Palantir engineers have raised $60m from investors including Index and Iconiq for an agentic operating system, while YC-backed Flagright secured $12.5m to fuel its US expansion. Despite the hype, PayPal Ventures is shuttering after a decade and 80 investments as the parent company continues a broad restructuring. Meanwhile, General Atlantic is in early talks to lead a $2bn-plus round for Kling AI, as investors increasingly prioritize companies solving technical challenges at the infrastructure layer over simple application-level products.

Niche Markets & Specialized Services

Private equity continues to penetrate specialized verticals, including healthcare, software, and professional services. CVC Catalyst is acquiring a majority stake in Willow Wood, a US-based maker of prosthetic limbs, while Alantra Private Equity has added two dental laboratories to its AIVORIQ platform in Spain. In the software space, Francisco Partners has acquired EfficientIP, and Omni Partners-backed Infoshare has picked up DEF Software, a provider serving over 60 local authorities across the UK. These bolt-on acquisitions and platform builds reflect a strategy of scaling niche providers to achieve greater operational efficiency.

Global Shifts & Strategic Pivots

Conglomerates are increasingly adopting private equity-like models to unlock value within their portfolios. Jardine Matheson is recasting itself as an active investor through a $500m buyback and asset sales, a departure from its traditional role as a 194-year-old holding company. Similarly, EQT’s potential take-private of Intertek has attracted £5bn in financing proposals from banks, highlighting the scale of debt available for large-scale transactions. As firms navigate this environment, BDO has noted that tax strategy remains underutilized in dealmaking, providing an opportunity for sponsors to extract additional value during the structuring of complex exits and acquisitions.