Private Equity 3 Days

Last updated: June 21, 2026, 2:30 AM ET

Consolidation and Deal Activity

Private equity firms are aggressively pursuing carve-outs and take-privates, even as the broader market experiences a measured pace in large-ticket transactions. EQT is executing a £10.9bn take-private of the FTSE 100 testing group Intertek, a move bolstered by co-investment from the Abu Dhabi Investment Authority and Mubadala. This deal highlights a continued appetite for large-scale industrial assets, a trend further evidenced by Mutares agreeing to carve out Synthomer, a producer of acrylic acids and esters. Meanwhile, KKR, Brookfield, and CDPQ are among roughly 10 bidders currently circling the German state-owned utility Uniper, signaling that infrastructure and energy assets remain highly contested in the current environment.

Sector-Specific Expansion

Strategic capital is flowing into specialized niches, particularly within the space and industrial sectors. EQT has marked its first foray into the space sector with the acquisition of the German satellite deployment specialist Exolaunch, a move that consolidates EQT’s position in satellite mission management. Simultaneously, JFLCO-backed FSG has acquired Custom Alloy Corporation, a manufacturer of high-specification forgings for aerospace and defense, as the firm seeks to deepen its exposure to the U.S. nuclear navy. This focus on industrial growth is mirrored by Arsenal Capital’s appointment of Max Schechter as head of industrial growth business development, reflecting a broader effort to strengthen market coverage across the industrial ecosystem.

Infrastructure and Technology Gains

The infrastructure and software markets are seeing a flurry of middle-market activity as firms look to scale through bolt-on acquisitions. Omni Partners-backed Infoshare has acquired DEF Software, which provides essential local authority technology to over 60 councils across the UK. In a similar vein, Riverside Company has invested in AssetIntel, a software provider that enables transit authorities and federal agencies to manage critical infrastructure. The infrastructure secondaries market is also emerging as an undercapitalized strategy, with Allianz Global Investors identifying significant opportunities in a market that has grown substantially in recent years, prompting institutional investors to rethink their benchmarking and performance evaluation strategies for these assets.

Venture Capital and Growth Equity

Despite a slower volume of large-scale deals, the venture landscape remains active in niche technology sectors. World-model startup Odyssey secured $310M, leading a week that saw diverse funding across fintech and cybersecurity. Y Combinator’s latest demo day produced several standout startups, with some commanding valuations exceeding $175 million, while Flagright raised $12.5m to fuel its U.S. expansion. This capital intensity coincides with evolving definitions of seed-stage defensibility in an era where AI has lowered the barriers to software development, forcing boards to confront disruptive technologies like quantum computing rather than waiting for performance failures to trigger a strategic pivot.

Portfolio Management and Debt Markets

Private credit remains a critical tool for refinancing and optimizing capital structures. Apollo is in advanced talks to provide a $574m private debt package to refinance Eolo, an Italian fixed wireless operator currently controlled by Partners Group. As firms manage their existing portfolios, Bertram Capital-backed Ridgeline Roofing has acquired Freedom Roofing & Construction to expand its footprint, while Avista-backed EBI has picked up the bone-healing unit Xstim to bolster its medical device offerings. Further, Rosser Capital is supporting the growth of a Re-Bath franchisee through a capital infusion intended to drive expansion into new markets, and BGF has invested in the adventure travel provider Wild Frontiers, illustrating the continued diversification of PE-backed assets.

Market Outlook and Governance

As firms navigate the current environment, fundraising and internal governance remain top priorities. Charterhouse Capital Partners has surpassed its €1.5bn target for its latest flagship fund and is eyeing a final close following the summer months. While Nordic Capital is set to acquire the finance platform Liberis, other firms are navigating operational hurdles, including allegations of toxic culture at Cleo and warnings from the platform Legora regarding unapproved share trades. Industry leaders like ICG’s Louis Dawant underscore that inclusion is vital for building resilient investment businesses, a sentiment that Charterhouse’s recent fundraising success may reflect as the firm re-establishes its market presence. Meanwhile, Platinum Equity is moving to sell Heat Controller, an HVAC supplier acquired in 2024, as the firm looks to capitalize on companies that continue to test the market despite broader deal-flow constraints.