Private Equity 3 Days

Last updated: June 21, 2026, 11:30 AM ET

Large-Cap Buyouts and Sovereign Backing

EQT has secured backing from the Abu Dhabi Investment Authority and Mubadala for its £10.9bn take-private of the testing conglomerate Intertek. This massive deal highlights a growing appetite among Middle Eastern sovereign wealth funds for European industrial assets, even as the broader market grapples with valuation uncertainty. Meanwhile, interest in Uniper is mounting among top-tier private equity players, including KKR, Brookfield, and CDPQ, with approximately 10 parties currently circling the state-owned German utility as the government seeks to offload its holding.

Industrial and Technology Strategy

EQT continues its expansion into the aerospace and tech sectors by acquiring Exolaunch, a German specialist in satellite deployment and mission management. This marks the firm's first foray into the space industry, signaling a broader trend of private capital seeking to monopolize niche technical infrastructure. Similarly, FSG has expanded its footprint in the defense and nuclear navy supply chains by acquiring Custom Alloy Corporation, a move orchestrated by its backer, JF Lehman. In the chemical sector, Mutares has initiated a carve-out of Synthomer, a producer of acrylic acids and esters, reflecting a persistent focus on industrial restructuring as firms seek to streamline portfolios in a high-rate environment.

Private Credit and Infrastructure

Apollo is in advanced talks to provide a $574m private debt package to refinance Eolo, a fixed wireless and fiber operator held by Partners Group. This transaction underscores the increasing reliance on private credit to manage capital structures for infrastructure assets as traditional bank lending remains constrained. On the institutional front, investors are recalibrating their approach to evaluating portfolio performance, with a growing emphasis on benchmarking infra secondaries. This sub-asset class remains notably undercapitalized despite high growth projections, prompting firms to look closer at the structural complexities inherent in secondary market liquidity for long-term infrastructure projects.

Sports, Media, and Niche Growth

MSP Sports Capital has expanded its portfolio by acquiring a majority stake in the New Zealand Sail GP team, marking a strategic entry into the global sailing league. This move follows a broader pattern of private equity firms targeting high-growth, high-visibility sports properties as alternative revenue generators. In the lower-middle market, Rosser Capital has invested in a Re-Bath franchisee to fuel expansion across Pittsburgh, Cleveland, Columbus, and Indianapolis, demonstrating that sector-specific roll-up strategies remain a viable way to capture regional market share in the home services industry.

Venture Capital and Market Sentiment

Large deal activity has cooled compared to previous periods, though the market saw a $310m round for the world-model startup Odyssey, which led a diverse week of funding across fintech, quantum computing, and cybersecurity. Investors are still finding high-value opportunities, with select startups from the Spring 2026 YC batch commanding valuations exceeding $175m. Despite the focus on innovation, operational challenges persist, as evidenced by allegations of toxic culture at Cleo and regulatory warnings regarding unapproved share trades at Legora. Proponents of the current technological expansion, such as those behind the Supertrends platform, argue that the AI build-out is fundamentally different from the dot-com era, suggesting that owners of scarce infrastructure assets will benefit from decades of persistent asset inflation.