Private Equity 3 Days

Last updated: June 21, 2026, 8:30 AM ET

Mega-Deals and Sovereign Capital

EQT secured backing from the Abu Dhabi Investment Authority and Mubadala for its £10.9bn take-private of the FTSE 100 testing group Intertek, marking a significant consolidation in the testing and certification sector. This massive transaction, which values the target at approximately £11bn, highlights the continued willingness of sovereign wealth funds to deploy capital alongside major private equity houses in large-scale public-to-private plays. Meanwhile, roughly 10 bidders have signaled interest in acquiring Germany’s state-owned utility Uniper, with firms such as KKR, Brookfield, and CDPQ among those reportedly evaluating the asset.

Space, Defense, and Industrial Infrastructure

The aerospace and defense sectors are attracting aggressive private equity interest, as evidenced by JFLCO-backed FSG expanding its footprint through the acquisition of the UK-based manufacturer Custom Alloy Corporation. This deal bolsters the group’s exposure to nuclear navy and aerospace supply chains, a trend mirrored by EQT’s entry into space via the acquisition of German satellite deployment specialist Exolaunch. The firm’s first space sector bet signals a broader institutional pivot toward mission-critical technology, while Eric Slesinger’s 201 Ventures is reportedly moving to launch a second defense-focused fund to capitalize on the heightened demand for regional security and industrial resilience.

Middle-Market Growth and Carve-outs

Strategic portfolio management remains a priority for mid-market firms, with Mutares agreeing to carve out Synthomer, a supplier of acrylic acids and esters, as part of a ongoing trend of industrial divestitures. In the consumer and services space, Rosser Capital has injected new funds into a Re-Bath franchisee to support expansion across Ohio and Indiana, while Bertram Capital-backed Ridgeline Roofing continues a roll-up strategy by acquiring Freedom Roofing & Construction. This pursuit of scale is also evident in the software sector, where Omni Partners-backed Infoshare has added DEF Software to its portfolio, granting the firm a foothold in the local government technology market serving over 60 councils across the UK.

AI, Technology, and Infrastructure Tech

Investment in the AI and infrastructure technology stack is increasingly defined by the search for scarcity, as proponents of the AI build-out argue that the current cycle will drive decades of asset inflation for those who control essential, hard-to-replicate resources. This trend is visible in Riverside Company’s investment in Asset Intel, a software provider that helps federal and transit authorities manage critical infrastructure, and in the broader VC interest in YC-backed startups, some of which commanded valuations exceeding $175 million during recent demo sessions. While larger deals have slowed, World-Model startup Odyssey managed to secure $310 million in a week characterized by a diverse, if cautious, mix of funding rounds across fintech, biotech, and quantum computing.

Debt Markets and Portfolio Management

Private credit is playing an increasingly vital role in corporate refinancing, with Apollo in advanced talks to provide a $574 million debt package to refinance Eolo, an Italian fixed wireless operator currently controlled by Partners Group. As institutional investors question traditional benchmarking for private equity performance, the industry is also grappling with the complexities of scaling infra secondaries, a sub-asset class that remains significantly undercapitalized despite high growth projections. Amidst this activity, Platinum Equity has moved to sell the HVAC supplier Heat Controller, while firms are navigating a market where record highs of dry powder are clashing with a slower velocity of deal closures.

Regulatory and Operational Oversight

Operational scrutiny is tightening across the private capital ecosystem, as evidenced by Legora warning investors against the risks of unapproved share trades. Internal culture and management practices are also under the microscope, with employees at the startup Cleo alleging a toxic workplace culture and describing the environment as directionless. These challenges persist even as European firms navigate complex solidarity-focused initiatives at events like Viva Tech, while individual leaders like Iwona Anna Biernat work to rewrite startup rulebooks. For teams operating at high-growth firms like Nabla, the pace of the industry requires managing both rapid scaling and the physical toll of a globalized, high-stakes deal environment.