Private Equity 3 Days

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

Large-Cap M&A and Take-Privates

Private equity firms are aggressively pursuing take-private opportunities, with EQT securing support from Abu Dhabi’s ADIA and Mubadala for its £10.9bn acquisition of the FTSE 100 testing group Intertek. This transaction highlights the firm's recent appetite for specialized assets, as EQT also finalized its entry into the space sector through the acquisition of the German satellite mission management firm Exolaunch. Meanwhile, the healthcare technology sector is seeing similar consolidation, as Altaris agreed to acquire Simulations Plus in a take-private transaction valued at $375m, offering stockholders $18.50 per share.

Infrastructure and Industrial Strategy

Infrastructure remains a primary focus for long-term capital deployment, with KKR joining a field of 10 bidders for Germany’s state-owned utility Uniper. The sector is also seeing specialized debt activity, as Apollo leads advanced talks to provide a $574m private debt package to refinance Eolo, a fixed wireless and fiber operator currently controlled by Partners Group. To further bolster industrial capabilities, KPS Capital invested in the infrastructure products provider Jennmar, while Falcon Point Partners retained a significant minority stake in the business. Strategic growth continues at the firm level, where Arsenal Capital appointed Max Schechter to lead industrial growth business development, aiming to expand the firm’s relationships across the broader manufacturing ecosystem.

Sector-Specific Acquisitions

Middle-market firms are actively carving out and integrating assets to drive operational efficiency. Mutares initiated a carve-out of chemical producer Synthomer, while Riverside Company invested in Asset Intel to target the growing demand for infrastructure management software used by transit authorities and federal agencies. In the defense and aerospace supply chain, FSG acquired Custom Alloy Corporation to increase its exposure to high-specification forgings, a move that complements broader industrial consolidation trends. Furthermore, Avista-backed EBI expanded its bone growth stimulation portfolio by acquiring the Xstim unit from Precision Medical Products. These moves coincide with Platinum Equity’s decision to sell its HVAC equipment supplier Heat Controller, following its initial investment in the business in 2024.

Private Equity Trends and Operations

Investors are increasingly scrutinizing the metrics used to judge fund performance, as benchmarking methodologies evolve to keep pace with the complexity of private market portfolios. Secondaries are also gaining traction as a critical liquidity tool, with AllianzGI identifying strong opportunities in infrastructure secondaries as the market matures and firms work to achieve scale within this undercapitalized sub-asset class. Fundraising activity remains robust, with Charterhouse Capital Partners surpassing its €1.5bn target for its twelfth flagship fund, signaling continued institutional confidence in established European managers. This sentiment is echoed by the ongoing expansion of BGF into the adventure travel sector through its investment in Wild Frontiers, demonstrating that firm interest remains diversified far beyond traditional industrial or tech targets.

Venture Capital and Growth Equity

The venture ecosystem is navigating a period of valuation recalibration, as demonstrated by the standout startups from YC’s Demo Day, some of which commanded valuations exceeding $175m. While large-scale funding has slowed, Odyssey led a $310M round in a week characterized by a mix of fintech, biotech, and quantum computing investments. Growth-stage companies are also seeking international scale, as Flagright raised $12.5m to fuel its expansion into the US market. These capital flows are accompanied by significant governance shifts, such as Roelof Botha joining the board of SpaceX following the company's high-profile public listing.

Market Risks and Governance

Governance and workplace culture have become focal points for investors assessing the long-term viability of their portfolio companies. Allegations regarding toxic workplace culture at Cleo highlight the risks inherent in high-growth startup environments, while regulatory warnings from Legora regarding unapproved share trades underscore the necessity of strong compliance frameworks. As boards face pressure to address disruption from AI and quantum computing, strategic advisers emphasize the danger of ignoring technical shifts until performance metrics begin to slide. This cautious approach to innovation is shared by industry veterans like Chi-Hua Chien, who posits that the most successful AI-related investments will be found in companies that utilize the technology rather than those merely selling it, a view that contrasts with the optimistic outlook on AI build-outs and asset inflation currently held by other market participants.