Private Equity 3 Days

Last updated: June 20, 2026, 11:30 AM ET

Take-Private Activity and M&A

Large-cap sponsors are aggressively hunting value in public markets, as evidenced by a consortium led by Blackstone that has taken control of Medallia from Thoma Bravo, a move that forces the latter to absorb a $5bn loss on the investment. Meanwhile, EQT has secured backing from the Abu Dhabi Investment Authority and Mubadala to execute a £10.9bn take-private of the FTSE 100 testing giant Intertek. In the healthcare space, Altaris is set to acquire Simulations Plus in a take-private transaction valued at $375m, with shareholders slated to receive $18.50 per share. These maneuvers arrive as private equity firms sit on record levels of dry powder, keeping the rate of companies testing the market high despite a broader sluggishness in deal closures.

Infrastructure and Space Tech

The infrastructure sector continues to attract significant capital, with KKR, Brookfield, and CDPQ among roughly 10 parties currently circling Germany’s state-owned utility Uniper. In a move highlighting the growing convergence of private equity and the space economy, EQT has agreed to acquire Exolaunch, a specialist in satellite deployment and mission management, marking the firm's first foray into the sector. Concurrently, KPS Capital has invested in the infrastructure products provider Jennmar, while Falcon Point Partners retains a minority stake. Beyond direct equity, AllianzGI has identified a growing volume of attractive opportunities in infrastructure secondaries, a sub-asset class that remains significantly undercapitalised relative to the high growth projections for the space.

Private Debt and Corporate Refinancing

Credit markets remain a vital engine for portfolio management, as Apollo leads advanced talks to provide a $574m private debt package to refinance Eolo, the Italian fibre operator currently under the control of Partners Group. This appetite for structured credit extends to the tech and industrial landscapes, where Nordic Capital is set to acquire the finance platform Liberis. Additionally, Omni Partners-backed Infoshare has expanded its footprint by picking up DEF Software, a provider serving over 60 local authorities across the UK. These deals illustrate a broader trend of sponsors using debt to optimize capital structures as they navigate high interest rate environments.

Industrial and Specialized Acquisitions

Industrial consolidation remains a steady theme, with JFLCO-backed FSG acquiring Custom Alloy Corporation, a move that bolsters the firm’s exposure to the US nuclear navy and aerospace supply chains. In the residential services market, Rosser Capital has invested in a Re-Bath franchisee to support expansion across Pittsburgh, Cleveland, Columbus, and Indianapolis. Similarly, Bertram Capital-backed Ridgeline Roofing has grown its operations by snapping up Freedom Roofing & Construction. To support these complex industrial strategies, Arsenal Capital has tapped Max Schechter as head of industrial growth business development, tasking him with deepening market coverage across the wider industrial ecosystem.

Venture Capital and AI Growth

The venture landscape is undergoing a recalibration, as General Atlantic holds early talks to lead a financing round exceeding $2bn for Kling AI, the video generation arm of Kuaishou Technology. Despite a slower week for large deals, startups are still commanding high valuations; for instance, 11 standout YC startups from the recent Demo Day reached valuations exceeding $175m, according to investor feedback. While PayPal Ventures has shuttered its corporate arm after a decade, other investors are pivoting to new models, as AT&T Ventures focuses on seed-stage defensibility in an environment where AI has lowered the barrier to software creation. Meanwhile, Flagright has raised $12.5m to fuel its US expansion, and MSP Sports Capital has acquired a majority stake in New Zealand’s Sail GP team, broadening its portfolio in the competitive sports sector.

Operational and Strategic Shifts

Internal management and performance benchmarking are becoming central to investment success as institutional investors demand better ways to evaluate private equity portfolio performance. This focus on operational excellence comes as Mutares confirms the carve-out of acrylic acid producer Synthomer, and Riverside Company invests in the infrastructure software firm Asset Intel to help municipalities manage critical assets. Some firms are also doubling down on niche markets, with BGF investing in the adventure travel operator Wild Frontiers, while others, like Platinum Equity, plan the sale of its HVAC supplier Heat Controller. As the industry evolves, leaders like Louis Dawant of ICG emphasize that inclusion remains a necessary component for building resilient and competitive investment businesses.