Private Equity 3 Days

Last updated: June 19, 2026, 5:30 AM ET

Mega-Deals and Take-Privates

Private equity firms are aggressively pursuing large-scale acquisitions, as evidenced by EQT’s pursuit of Intertek, a deal that has already attracted £5bn in bank financing proposals to support the potential £11bn takeover. Meanwhile, a consortium led by Blackstone has successfully taken control of customer-experience software group Medallia, marking a significant transition as Thoma Bravo absorbs a $5bn loss on the asset. In the retail sector, Long Range Capital has agreed to acquire the bulk of the Pizza Hut restaurant chain from Yum! Brands for $2.7bn, a transaction that underscores a broader trend of PE firms targeting established but challenged consumer brands.

Infrastructure and Industrial Expansion

Capital continues to flow into the industrial and infrastructure sectors as firms position themselves for long-term growth. I Squared Capital is teaming up with the US International Development Finance Corporation to launch a $3bn platform focused on critical energy infrastructure across South and Southeast Asia. In the data center space, CPP Investments has committed $715m to scale the Ctrl S platform in India, while Lead Edge Capital has acquired the electric components procurement platform Elektrik, reflecting a strategic push into the supply chains powering the AI-driven data center boom. Furthering this focus on infrastructure, New Mountain Capital is investing in Commonwealth Associates to capitalize on the surging demand for power engineering services.

Secondaries and Fund Performance

The secondaries market is evolving rapidly as institutional investors seek both liquidity and new avenues for deployment. Flexstone is acquiring Glouston Capital Partners to create a platform managing over $15bn in assets, a move designed to accelerate the firm’s growth in the private equity secondaries space. Market participants are increasingly focused on the undercapitalized nature of infra secondaries, with Allianz Global Investors identifying a growing pipeline of opportunities in the asset class. As fundraising timelines lengthen, Clearlake Capital has successfully closed its eighth flagship fund at $14.8bn, highlighting a flight to quality where investors prioritize large, established managers over emerging players.

AI, Technology, and Venture Capital

The venture capital ecosystem is recalibrating as AI-driven startups command massive valuations despite a slower overall deal environment. Odyssey, a world-model startup, led the week’s funding activity with a $310M round, while SpaceX has acquired the AI coding tool Cursor for $60bn, representing the largest startup M&A deal of the year. Amid this fervor, General Atlantic is in early talks to lead a $2bn-plus financing round for China’s Kling AI, a move that signals continued confidence in high-growth generative AI models. However, the sector is not without friction; PayPal Ventures is shuttering its corporate arm after a decade of operations, reflecting a broader shift in how major corporations manage their innovation portfolios.

Strategic Acquisitions and Add-ons

Mid-market firms remain active in executing bolt-on acquisitions to bolster their existing platforms. CVC Catalyst has agreed to acquire a majority stake in Willow Wood, a manufacturer of prosthetic products, as part of a push into specialized medical technology. In the tech services segment, Montagu is carving out BMC Helix from BMC Software, while Francisco Partners has acquired cybersecurity firm Efficient IP. Meanwhile, Riverside Company is investing in Asset Intel, an infrastructure tech provider, and Clearlake-backed Quest Software has acquired cybersecurity specialist Anetac, demonstrating the ongoing consolidation within enterprise software and cybersecurity markets.

Operational Shifts and Corporate Governance

Structural changes and leadership moves are reshaping the internal dynamics of major investment firms. Jardine Matheson is recasting itself into a private equity-style model, initiating a $500m buyback and a series of asset sales to enhance shareholder returns. Professional development remains a focal point, with Gen Nx360 Capital promoting Pratik Rajeevan to partner following his role in over 40 platform and add-on transactions. As firms refine their portfolios, BDO has warned that tax strategy remains underutilized in dealmaking, urging GPs to adopt more sophisticated approaches to value creation. This call for rigor mirrors the increasing institutional demand for better benchmarking methods to evaluate portfolio performance in an era of higher interest rates and complex market conditions.