Private Equity 3 Days

Last updated: June 20, 2026, 5:30 PM ET

Infrastructure & Large-Cap Transactions

EQT’s £10.9bn take-private of testing giant Intertek has secured critical backing from the Abu Dhabi Investment Authority and Mubadala, signaling continued Middle Eastern appetite for major European industrial assets. The deal, which values the FTSE 100 group at approximately £11 billion, represents a major consolidation move as private equity firms continue to deploy record levels of dry powder. Meanwhile, the utility sector is seeing increased deal flow as roughly 10 bidders circle the German state-owned utility Uniper, with major players such as KKR, Brookfield, and CDPQ among those signaling formal interest in the asset.

Space, Defense & Industrial Growth

EQT expanded its reach into the aerospace sector by agreeing to acquire Exolaunch, a Berlin-based specialist in satellite deployment and mission management technology. This first space-sector bet for the firm underscores a broader trend of private capital moving into mission-critical aerospace infrastructure. Complementing this, FSG has acquired the Custom Alloy Corporation, a move backed by JF Lehman & Company that significantly strengthens the firm’s exposure to the U.S. nuclear navy and high-specification defense forging markets. To support this industrial expansion, Arsenal Capital appointed Max Schechter as head of industrial growth business development to sharpen the firm’s market coverage and execution capabilities across the industrial ecosystem.

Infrastructure Secondaries & Debt Markets

Apollo is in advanced talks to provide a $574m private debt package to refinance Eolo, an Italian fiber operator currently controlled by Partners Group. The transaction highlights the growing role of private credit in managing the capitalization of large-scale telecommunications infrastructure. At the same time, Allianz Global Investors is focusing on the undercapitalized infrastructure secondaries market, identifying a high volume of attractive entry points as the asset class matures. Institutional interest in this space is driven by structural growth and the need for more sophisticated benchmarking, as investors increasingly seek to evaluate the performance of these complex, long-term private market portfolios.

Software & Tech Mid-Market Activity

Omni Partners-backed Infoshare has acquired DEF Software, a provider of local authority software that supports more than 60 councils across the UK. This bolsters the firm’s presence in the public sector software space, while Riverside Company invested in Asset Intel, a software firm that assists federal agencies and transit authorities in the management and inspection of critical infrastructure. In the startup ecosystem, Flagright raised $12.5m to fuel its U.S. expansion, demonstrating that even in a slower environment for massive venture rounds, niche fintech and regulatory-tech players continue to attract capital to scale across borders.

Venture Capital & Market Sentiment

World-model startup Odyssey led the week’s funding activity with a $310m round, a notable highlight in a broader market characterized by a slower pace of large-scale deals. Despite the tempered volume, VCs identified 11 standout startups from the latest YC Demo Day, some of which commanded valuations exceeding $175 million, suggesting that high-quality, AI-integrated software remains in high demand. Industry observers, including AT&T Ventures head Vikram Taneja, argue that while AI has lowered the barriers to software development, the new rule for seed-stage defensibility requires founders to prove deep, proprietary value rather than just leveraging existing models.

Operational Shifts & Portfolio Management

Mutares has moved to carve out Synthomer, a significant player in the acrylic acids and esters market, marking another step in the firm’s ongoing effort to streamline industrial asset portfolios. Similarly, Platinum Equity is preparing to sell the HVAC equipment supplier Heat Controller, an asset acquired just last year as part of a broader investment in Motors & Armatures. These divestments occur as firms hold record amounts of dry powder, yet remain cautious in executing new buyouts, leading to a market where the rate of companies testing the waters remains high even as actual deal completions lag. Smaller growth investments continue, such as BGF’s capital infusion into the adventure travel group Wild Frontiers and Rosser Capital’s investment in a Re-Bath franchisee to support expansion in the Pittsburgh and Cleveland markets.

Governance & Institutional Strategy

Charterhouse is nearing a final close for its twelfth flagship fund, having already surpassed its €1.5bn target, indicating that established European firms still command significant institutional loyalty. As the industry evolves, ICG’s Louis Dawant emphasizes that inclusion and diversity in leadership are no longer peripheral concerns but core elements of building resilient, high-performing investment businesses. These strategic shifts coincide with growing institutional curiosity regarding the best ways to benchmark private equity performance, a concern that remains central to the future of the asset class as it grapples with the complexities of AI-driven disruption and the need for better transparency in portfolio valuation.