Private Equity 3 Days

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

Infrastructure & Sovereign Backing

Sovereign investors are backing EQT’s £10.9bn take-private of the testing giant Intertek, with the Abu Dhabi Investment Authority and Mubadala providing significant capital for the deal. This move into the testing sector coincides with EQT’s broader strategy as the firm targets the space sector for the first time through its acquisition of Germany’s Exolaunch, a firm specializing in satellite deployment and mission management. Meanwhile, infrastructure secondaries remain undercapitalized despite high growth expectations, leading firms like Allianz Global Investors to identify attractive opportunities within this niche as they seek to scale strategies in a market that continues to evolve.

Corporate M&A & Private Debt

Apollo is in advanced talks to provide a $574m private debt package to refinance Eolo, an Italian fiber and wireless operator currently under the control of Partners Group. The appetite for large-scale utility assets remains strong, as roughly 10 bidders are circling the German state-owned utility Uniper, with KKR, Brookfield, and CDPQ among the prominent firms vying for a stake. In the UK, Omni Partners-backed Infoshare acquired DEF Software, a local authority provider to more than 60 councils, while Nordic Capital moved to acquire the finance platform Liberis, signaling a continued push for consolidation in the European software and fintech spaces.

Industrial & Specialized Acquisitions

JFLCO-backed FSG expanded its reach in the aerospace and defense sectors by acquiring Custom Alloy Corporation, a manufacturer of high-specification forgings based in the UK. This sector remains a primary focus for private equity, as evidenced by Arsenal Capital tapping Max Schechter to lead industrial growth business development and strengthen market coverage across the ecosystem. Adding to the industrial activity, Platinum Equity intends to sell its HVAC equipment supplier Heat Controller, while Riverside Company invested in AssetIntel, a technology firm providing infrastructure management software to transit authorities and federal agencies.

Portfolio Growth & Carve-outs

Mutares agreed to carve out Synthomer, a producer of acrylic acids and esters, as part of its ongoing efforts to restructure industrial assets. Smaller-scale operational growth also remains a priority, with Rosser Capital investing in a Re-Bath franchisee to fund expansion across four major U.S. markets, and Bertram Capital-backed Ridgeline Roofing acquiring Freedom Roofing & Construction to scale its regional residential presence. Additionally, Avista-backed EBI expanded its portfolio by purchasing the bone healing unit Xstim from Precision Medical Products, highlighting the continued trend of bolt-on acquisitions in the healthcare and industrial services spaces.

Venture Capital & Market Trends

Large funding rounds were scarce this week, though the AI and quantum sectors saw activity, led by the $310M raised by world-model startup Odyssey. Despite the slower pace of massive deals, investors identified 11 standout startups during YC’s Demo Day, with some early-stage ventures commanding valuations exceeding $175 million. The focus on AI remains intense, as capital is finding its way into scarce assets that avoid the volatility of the dot-com era, while Flagright raised $12.5m to fuel its U.S. expansion, demonstrating that seed-stage software companies are still finding ways to prove defensibility in an increasingly crowded market.

Professional Standards & Firm Developments

Charterhouse surpassed its €1.5bn target for its latest flagship fund, signaling a successful fundraising cycle for one of the market's oldest firms. As firms raise capital, institutional investors are increasingly questioning the best ways to benchmark their private equity portfolio performance, a concern that coincides with industry efforts to promote inclusion and diversity as a means to build more resilient investment businesses. However, the industry is not without operational friction, as legora warned investors against unapproved share trades and reports emerged regarding toxic workplace culture allegations at the startup Cleo, reminding market participants that human capital management remains as critical as financial engineering.