Private Equity 3 Days

Last updated: June 19, 2026, 8:30 PM ET

Private Credit and Infrastructure

Sovereign wealth funds are backing the £10.9bn take-private of FTSE 100 testing group Intertek by EQT, as the industry sees a surge in high-value exits. Meanwhile, Apollo is in advanced talks to provide a $574m private debt package to refinance Eolo, an Italian operator controlled by Partners Group. Demonstrating the scale of current infrastructure plays, CPP Investments committed $715m to India’s Ctrl S Datacenters, while I Squared Capital partnered with the U.S. International Development Finance Corporation to create a $3bn platform targeting energy infrastructure across South and Southeast Asia.

Blackstone has launched a new credit platform dubbed Sable Pointe to expand its asset-based lending capabilities, marking a strategic pivot as the firm chases growth in private credit. This move coincides with broader market shifts, as GIC nears a $2bn sale of private credit assets, signaling that sovereign investors are actively tapping the booming secondaries market to rebalance their portfolios. In the mid-market, Flexstone agreed to acquire Glouston Capital Partners, creating a combined platform managing more than $15 billion in assets as it accelerates secondaries growth within the sub-asset class.

Large-Cap Buyouts and Corporate Strategy

Clearlake Capital closed its eighth flagship fund at $14.8bn, a massive capital haul that highlights a flight to quality among institutional investors facing a difficult fundraising environment. In the utility and industrial sectors, roughly 10 bidders are circling state-owned German utility Uniper, including heavyweights KKR and Brookfield. Similarly, Altaris agreed to acquire health tech firm Simulations Plus in a take-private deal valued at $375m, while Arcline will take AstroNova private in a transaction with an enterprise value of approximately $272 million.

A consortium led by Blackstone has successfully taken control of Medallia from Thoma Bravo—a deal that forces the latter to absorb a $5bn loss on the asset. Consolidation remains a central theme, as Montagu prepares to acquire the BMC Helix platform in a carveout from BMC Software, and Mutares reached an agreement to carve out acrylic acid producer Synthomer. Reflecting on past successes, Nordic Capital’s $8.9bn sale of Clario to Thermo Fisher Scientific stands as one of the largest full exits in global private equity, showcasing how a decade of digital transformation in pharma can drive massive returns.

Industrial and Specialized Investments

EQT made its first space sector bet by agreeing to acquire Exolaunch, a company specializing in mission management and satellite deployment technology. This focus on specialized industrial tech continues elsewhere, as KPS Capital invested in Jennmar, a provider of infrastructure products, with existing shareholder Falcon Point Partners retaining a minority stake. Furthermore, JF Lehman’s-backed FSG acquired custom manufacturer Custom Alloy Corporation, expanding its exposure to high-specification forgings for the aerospace and defense sectors.

KKR committed an additional $1.4bn to its aircraft leasing partnership with Altavair, bringing its total commitment to more than $8 billion since the venture began in 2018. In the technology services space, Clearlake-backed Quest Software acquired cybersecurity firm Anetac, while Omni Partners-backed Infoshare picked up local authority software provider DEF Software. Additionally, New Mountain Capital invested in power engineering firm Commonwealth Associates to support growth amid heightened demand for grid infrastructure.

Venture Capital and Growth Equity

World-model startup Odyssey secured $310M in a week characterized by a slower pace of large-scale funding rounds, though sectors like quantum computing and cybersecurity continue to attract capital. In the AI space, General Atlantic is in early talks to lead a $2bn-plus financing round for Kling AI, the video generation unit of Kuaishou Technology. Meanwhile, three former Palantir engineers raised $60m from Index Ventures and Iconiq Capital to develop an agentic operating system, and Flagright raised $12.5m to fuel its U.S. expansion.

Series D funding surged 308% during the first half of 2026, suggesting that firms are increasingly willing to back mature startups despite a generally cautious environment. However, not all corporate venture units are expanding; PayPal Ventures is shuttering after a decade of operations and 80 total investments as the parent company continues its restructuring. Elsewhere, CVC Catalyst acquired a majority stake in prosthetics manufacturer Willow Wood, and BGF invested in adventure travel business Wild Frontiers, demonstrating the persistent appetite for niche, high-growth mid-market assets.

Market Trends and Operational Shifts

Institutional investors are increasingly curious about the best way to evaluate portfolio performance as fundraising timelines extend, forcing GPs to find new ways to keep LPs engaged. Addressing the human element of the industry, Louis Dawant of ICG noted that inclusive investment strategies are vital for building resilient businesses, while Cleo employees have alleged a toxic workplace culture, highlighting the risks of rapid scaling. Meanwhile, Arsenal Capital tapped Max Schechter to lead its industrial growth business development, a move aimed at deepening the firm’s relationships across the industrial ecosystem.

The AI build-out looks nothing like the dot-com era, according to industry analysts who argue that investors should focus on owning scarce infrastructure assets rather than speculative application-layer software. This sentiment is echoed by venture capitalists who suggest that the real AI winners won’t be selling AI, but rather those solving deep technical hurdles at the infrastructure level. As boards face pressure to address these shifts, strategic advisers urge against waiting for poor performance before confronting the impact of disruptive technologies like quantum computing and AI on their core business models.