Private Equity 3 Days

Last updated: June 20, 2026, 8:30 AM ET

Public to Private Transitions

A consortium led by Blackstone has successfully secured control of customer-experience software provider Medallia from Thoma Bravo in a transaction that leaves the latter firm absorbing a $5bn loss on the asset. This move coincides with EQT’s £10.9bn take-private of testing firm Intertek, which has garnered backing from major Middle Eastern sovereign investors, including the Abu Dhabi Investment Authority and Mubadala. Meanwhile, Altaris is acquiring health tech firm Simulations Plus in a deal valued at $375m, with stockholders set to receive $18.50 per share, while Arcline is taking enterprise tech firm Astro Nova private for $29 per share in a transaction carrying an enterprise value of approximately $272m.

Infrastructure and Energy Capital

The market for critical infrastructure is seeing significant movement as I Squared Capital is teaming with the U.S. International Development Finance Corporation to establish a $3bn platform targeting energy projects across South and Southeast Asia. In India, CPP Investments is committing up to $715m to scale the Ctrl S data center platform, reflecting a broader institutional appetite for digital infrastructure in high-growth regions. Additionally, New Mountain is investing in power engineering firm Commonwealth Associates to bolster capacity amid rising demand for electricity, while TPG is acquiring Waste Eliminator and Liberty Waste Solutions from Allied Industrial Partners to expand its footprint in the environmental services sector.

Strategic Acquisitions and Carve-outs

Corporate divestitures remain a steady source of deal flow, as Mutares has agreed to carve out acrylic acid producer Synthomer. In the industrial sector, JFLCO-backed FSG is acquiring Custom Alloy Corporation to enhance its capabilities in high-specification forgings for aerospace and defense, while Platinum Equity is selling HVAC equipment supplier Heat Controller. Elsewhere, EQT has made its first foray into the space sector by acquiring Exolaunch, a mission management specialist, as the firm strengthens its satellite deployment capabilities. This trend of niche industrial consolidation is echoed by Riverside Company’s investment in infrastructure tech firm Asset Intel and KPS Capital’s entry into Jennmar, a provider of infrastructure products.

Private Credit and Secondary Markets

Refinancing activity is intensifying as Apollo is in advanced talks to provide a $574m private debt package to refinance Eolo, an Italian operator controlled by Partners Group. As managers look to optimize balance sheets, GIC is finalizing the sale of up to $2bn in private credit assets to tap into the booming secondaries market. This growth in secondary strategies is further highlighted by Flexstone’s acquisition of Glouston Capital Partners, a move that accelerates its secondaries growth and expands its combined platform to manage over $15bn in assets. These activities occur as institutional investors continue to scrutinize benchmarking methods to better evaluate performance across their private market portfolios.

Venture Capital and Growth Equity

The venture landscape continues to see selective deployment, with General Atlantic in early talks to lead a $2bn-plus funding round for Chinese video generation startup Kling AI. In the sports and travel sectors, MSP Sports Capital has acquired a majority stake in the New Zealand Sail GP team, while BGF has invested in adventure travel operator Wild Frontiers, which conducts over 375 tours annually. Meanwhile, Flagright has raised $12.5m to fuel its U.S. expansion, and three former Palantir engineers secured $60m from investors including Index and Iconiq to build an agentic operating system. Amid this activity, PayPal Ventures is shuttering its operations after a decade of activity as the parent company continues its broad corporate restructuring.

Strategic Portfolio Management

Private equity firms are actively managing their existing holdings through bolt-on acquisitions to drive scale and market presence. Audax-backed Belmont Medical Technologies has picked up health tech firm Arcos, while Omni Partners-backed Infoshare acquired DEF Software, a provider serving more than 60 local authorities. In the construction space, Bertram Capital-backed Ridgeline Roofing has scooped up Freedom Roofing & Construction, and Stephens Group-backed Aptus Aero added aircraft repair firm EMC Aerospace to its portfolio. Meanwhile, Rosser Capital is investing in a Re-Bath franchisee to support expansion across Ohio and Pennsylvania, and Investcorp has taken a strategic stake in UAE-based IT distributor Metra to deepen its exposure to the MENA region.

Market Outlook and Fundraising

Fundraising remains challenging, though some established players continue to find success; Charterhouse has surpassed its €1.5bn target for its latest flagship fund and expects a final close later this year. Firms are also emphasizing internal development, as Arsenal Capital has tapped Max Schechter to lead industrial growth business development to strengthen market coverage. While large funding deals were slower this week, investors are keeping a close watch on 11 standout startups identified during YC’s demo day, some of which commanded valuations exceeding $175m. As AllianzGI identifies attractive opportunities in infrastructure secondaries, the broader industry continues to debate how to keep limited partners aligned during extended fundraising cycles.