Private Equity 3 Days

Last updated: June 20, 2026, 2:30 AM ET

Large-Cap Buyouts & Take-Privates

Private equity firms are aggressively pursuing take-private opportunities, with EQT securing backing from the Abu Dhabi Investment Authority and Mubadala for its £10.9bn acquisition of the FTSE 100 testing group Intertek. This transaction highlights the firm's ambition in the public markets, which extends to its first space sector entry via the acquisition of German satellite deployment specialist Exolaunch. Meanwhile, a consortium led by Blackstone has taken control of customer-experience software group Medallia, a move that allows Thoma Bravo to exit the asset after absorbing a $5bn loss. Smaller public entities are also drawing interest, as Altaris agreed to acquire health tech firm Simulations Plus in a take-private deal valued at $375m, offering stockholders $18.50 per share.

Infrastructure & Energy Shifts

The appetite for critical infrastructure remains high, evidenced by CPP Investments committing $715m to scale the Ctrl S data center platform in India, marking a deeper push into high-growth digital markets. In the energy sector, I Squared Capital is partnering with the U.S. International Development Finance Corporation to establish a $3bn platform focused on energy projects across South and Southeast Asia. Simultaneously, state-owned assets are drawing a crowded field of suitors, as roughly 10 parties including KKR, Brookfield, and CDPQ consider bids for the German utility Uniper. The sector is also seeing consolidation through TPG acquiring two waste firms from Allied Industrial Partners, as private equity continues to consolidate essential industrial and utility services.

Private Credit & Debt Markets

Private credit is expanding into complex financing structures, with Apollo in advanced talks to provide a $574m debt package to refinance Eolo, an Italian fiber operator backed by Partners Group. This appetite for asset-backed strategies is further confirmed by Blackstone launching Sable Pointe, a new credit platform explicitly designed to originate asset-based loans. The secondary market for debt is equally active, as GIC is finalizing the sale of up to $2bn in private credit assets to capitalize on current market valuations. These moves occur as firms seek to navigate a challenging fundraising environment where GPs must work harder to maintain institutional investor support through prolonged cycles.

Fundraising & Strategic Expansion

Capital formation remains robust for established managers despite broader economic headwinds, as Clearlake Capital closed its eighth fund at $14.8bn with a heavy emphasis on AI-driven investment strategies. Other long-standing firms are also hitting their marks, with Charterhouse surpassing a €1.5bn target for its twelfth flagship vehicle, signaling strong demand for proven European mid-market strategies. Expansion continues in the secondaries space, where Flexstone agreed to acquire Glouston to bolster its $15bn asset management platform, while AllianzGI is scaling its focus on infrastructure secondaries to capture what it views as a growing volume of attractive market opportunities.

Industrial & Healthcare Consolidations

Industrial buyouts are characterized by specialized add-on activity, such as JFLCO-backed FSG acquiring the UK manufacturer Custom Alloy Corporation to expand its high-specification forging capabilities for aerospace and defense. This trend of niche consolidation is mirrored in the Riverside Company investing in AssetIntel, which provides critical infrastructure inspection software, and KPS Capital acquiring Jennmar, a provider of infrastructure products where Falcon Point Partners will retain a minority stake. In healthcare, Audax-backed Belmont Medical Technologies expanded its footprint by acquiring Xstim, a bone-healing technology unit, while CVC Catalyst acquired a majority stake in prosthetic limb manufacturer Willow Wood, signaling a continued premium on specialized medical device providers.

Venture Capital & Tech Innovation

The venture landscape is seeing a recalibration as PayPal Ventures shutters after a decade of operations, reflecting a broader shift in corporate venture strategies. Conversely, startups continue to draw significant capital for specialized AI and defense initiatives, with Comand AI raising €32m from Blossom Capital and Saab to advance battlefield software. While General Atlantic holds early talks to lead a $2bn-plus round for China’s Kling AI, other platforms are targeting infrastructure-level innovation, as seen by three ex-Palantir engineers raising $60m from Index and Iconiq. Despite slower large funding rounds, high-growth segments remain active, with Flagright raising $12.5m to fuel its U.S. expansion after graduating from YC.

Portfolio Management & Governance

Investor scrutiny over performance benchmarking continues to intensify, as institutional investors increase their curiosity regarding the precise evaluation of private equity portfolio returns. This focus on operational excellence is shared by Arsenal Capital tapping Max Schechter to head industrial growth business development, a move aimed at refining market coverage and investment execution. Governance remains a critical pillar for firms like ICG, which emphasizes inclusion as a means to build resilient investment businesses by influencing leadership and management teams. Such rigor is increasingly necessary as boards face pressure to confront disruptive technologies like quantum computing and AI rather than waiting for performance to decline before reacting.