Private Equity 3 Days

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

Mega-Deals and Take-Privates

Global private equity activity remains centered on large-scale public-to-private transactions, with sovereign wealth funds backing EQT’s £10.9bn takeover of FTSE 100 testing group Intertek. The deal, supported by the Abu Dhabi Investment Authority and Mubadala, underscores a broader trend of Middle Eastern capital facilitating major European buyouts. Simultaneously, a consortium led by Blackstone has secured control of customer-experience software firm Medallia, a move that coincides with Thoma Bravo absorbing a $5bn loss on the original investment. Meanwhile, in the healthcare technology sector, Altaris will acquire Simulations Plus in a take-private transaction valued at $375m, with stockholders set to receive $18.50 per share.

Infrastructure and Energy Transitions

Infrastructure assets continue to draw significant capital as investors seek exposure to critical national systems. CPP Investments committed $715m to scale the Ctrl S data center platform in India, reflecting a deepening interest in the region's rapidly growing digital infrastructure. This push is mirrored by I Squared Capital partnering with the US International Development Finance Corporation to establish a $3bn Indo-Pacific energy platform. In the utility space, competition is heating up for Germany’s state-owned Uniper, which has attracted roughly 10 bidders, including KKR, Brookfield, and CDPQ. Furthermore, TPG will acquire Waste Eliminator and Liberty Waste Solutions from Allied Industrial Partners, highlighting the continued consolidation of essential service providers.

Private Credit and Asset-Based Lending

The private debt market is experiencing a significant surge in volume and complexity as firms pivot toward asset-based lending. Blackstone launched Sable Pointe to expand its origination capabilities in this high-growth frontier, while Apollo is in talks to provide a $574m refinancing package for Partners Group-controlled Eolo. Institutional appetite is also fueling the secondary market for credit; GIC is finalizing the sale of as much as $2bn in private credit assets to capitalize on the booming secondaries environment. As fundraising timelines stretch, fund managers are navigating a rigorous environment where institutional investors are scrutinizing every stage of the allocation process.

Tech, AI, and Industrial Growth

Investment in artificial intelligence and industrial technology remains a primary focus for managers looking to secure long-term value. Clearlake Capital closed its eighth flagship fund at $14.8bn, with a heavy emphasis on AI-driven opportunities. In the satellite sector, EQT agreed to acquire Exolaunch, marking the firm’s first foray into space mission management and deployment technology. Meanwhile, Montagu will carve out the BMC Helix AI Service Ops platform from BMC Software. Industrial innovation is also attracting mid-market attention, as Arcline will take tech firm Astro Nova private for $29 per share in a deal valued at approximately $272m.

Venture Capital and Startup Ecosystems

Early-stage investment activity reflects a shift in defensibility as AI changes the software landscape. Despite a slower week for mega-rounds, World-Model startup Odyssey led the pack with $310m in funding, while Flagright secured $12.5m to fuel its US expansion. The venture sector is also seeing a shift in corporate strategy, as PayPal Ventures shutters following a decade of operations and 80 total investments. Meanwhile, the Y Combinator Spring 2026 batch produced standout startups with some valuations exceeding $175m, even as sector veterans like Chi-Hua Chien argue that the most significant AI winners will not necessarily be the companies selling AI directly.

Strategic Add-ons and Portfolio Management

Private equity firms are aggressively using add-on acquisitions to scale existing platforms across niche markets. Riverside Company invested in infrastructure tech firm Asset Intel, while Omni Partners-backed Infoshare picked up UK local authority software provider DEF Software. In the industrial and defense sectors, JFLCO-backed FSG acquired Custom Alloy Corporation to bolster its high-specification forging capabilities. Other notable consolidation moves include Bertram Capital-backed Ridgeline Roofing purchasing Freedom Roofing & Construction, and Stephens Group-backed Aptus Aero snapping up aircraft repair firm EMC Aerospace, as firms focus on route-based service expansion and technical expertise.

Market Trends and Institutional Outlook

Investors are increasingly focused on benchmarking and performance evaluation as the private equity market matures. The sub-asset class of infrastructure secondaries remains undercapitalized despite high growth projections, while Allianz Global Investors is increasing its focus on these opportunities to capture attractive market discounts. As firms look to the future, Clearlake’s recent fundraise and the doubling of the evergreen market suggest a shift toward more permanent capital structures. Amid these changes, BDO warns that tax strategy remains an underutilized tool in dealmaking, which could prove critical as firms navigate a landscape where companies are testing the market at record levels despite a slower pace of deal closures.