Private Equity 3 Days

Last updated: June 19, 2026, 11:30 AM ET

Megadeals and Take-Privates

EQT secured backing from the Abu Dhabi Investment Authority and Mubadala for its £10.9bn take-private of the testing group Intertek, a move that underscores the continued appetite for large-scale public-to-private transactions. In a separate multi-billion dollar consolidation, a Blackstone-led consortium—which includes Apollo and KKR—has moved to take control of Medallia from Thoma Bravo, effectively absorbing a $5bn loss for the incumbent firm. Meanwhile, Altaris will acquire the health tech firm Simulations Plus in a $375m deal that offers shareholders $18.50 per share, while Arcline has agreed to take the tech company Astro Nova private in a transaction valued at approximately $272 million.

Private Credit and Asset-Based Lending

Apollo is in talks to provide a $574m private debt package to refinance Eolo, an Italian fiber operator controlled by Partners Group, highlighting the aggressive push into bespoke credit solutions. Competition in this space is intensifying, as Blackstone has launched Sable Pointe Credit Strategies to capitalize on the rapid growth of asset-based lending. This pivot toward credit is further evidenced by GIC finalizing the sale of roughly $2bn in private credit assets, as the Singaporean sovereign fund looks to tap into the high demand currently circulating within the booming secondaries market.

Infrastructure and Industrial Expansion

CPP Investments committed $715m to scale the Ctrl S data center platform in India, a move that deepens the pension fund’s exposure to one of the most rapidly growing digital infrastructure markets. Simultaneously, I Squared Capital teamed up with the U.S. International Development Finance Corporation to establish a $3bn platform focused on critical energy infrastructure across South and Southeast Asia. In the industrial sector, KPS Capital invested in the infrastructure products provider Jennmar, while New Mountain Capital provided funding to Commonwealth Associates to support power engineering growth amid surging demand for electricity.

Tech, AI, and Space Ventures

SpaceX acquired the AI coding tool Cursor for $60bn, marking the largest startup M&A deal of the year and signaling a major shift in how enterprise software development is conducted. EQT has also expanded its portfolio by acquiring Exolaunch, a German specialist in satellite deployment technology, representing the firm’s inaugural investment in the space sector. Meanwhile, General Atlantic is in talks to lead a $2bn-plus funding round for the Chinese video generation business Kling AI, even as PayPal Ventures shutters its corporate arm after a decade of operations and 80 individual investments.

Secondaries and Fund Performance

Flexstone agreed to acquire the secondaries firm Glouston, a move that will create a combined platform managing more than $15 billion in assets and accelerate the firm’s growth in the sub-asset class. This strategy is mirrored by larger players, as Allianz Global Investors identified a growing pipeline of attractive infrastructure secondaries opportunities. As fundraising timelines remain protracted, Clearlake Capital closed its eighth flagship fund at $14.8bn, a result that demonstrates how institutional investors are increasingly funneling capital toward large, established managers who can provide stability in a volatile market.

Mid-Market M&A and Add-on Activity

CVC Catalyst acquired a majority stake in the prosthetics manufacturer Willow Wood, marking a significant move for the group’s dedicated mid-market arm. Add-on activity remains a primary driver of deal flow, with Audax-backed Belmont Medical Technologies acquiring the bone healing unit Xstim, and Omni Partners-backed Infoshare picking up the software provider DEF Software. In the aerospace and defense sector, JFLCO-backed FSG acquired the manufacturer Custom Alloy Corporation, while Aptus Aero snapped up aircraft repair firm EMC Aerospace as part of a broader industrial consolidation strategy.

Strategic Shifts and Market Observations

KKR committed an additional $1.4bn to aircraft leasing deals with Altavair, building on the $8 billion the two firms have deployed through their partnership since 2018. While traditional dealmaking continues, BDO warned that tax strategy remains an underutilized tool in current negotiations, even as firms like Platinum Equity move to sell assets such as the HVAC supplier Heat Controller. As the market evolves, institutional investors are increasingly scrutinizing the methodologies used to benchmark their private equity portfolio performance, seeking greater transparency in a landscape where traditional valuation models are being challenged by rapid technological disruption.