Private Equity 3 Days

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

European Private Equity Activity Heats Up

German utility Uniper is drawing significant interest, with approximately 10 parties, including KKR, Brookfield, and CDPQ, signalling their intent to bid. This comes as German industry grapples with energy security and state ownership, making Uniper a prime target for large infrastructure investors. In parallel, French private equity firm Mutares has agreed to acquire the specialty chemicals producer Synthomer, a move that signals continued activity in carve-outs from larger conglomerates seeking to streamline operations.

Dealmaking in Sports and Tech Sectors

MSP Sports Capital has acquired a majority stake in the New Zealand Sail GP team, marking its expansion into the high-stakes world of professional sailing. This investment underscores the growing appetite for sports assets among private equity firms seeking unique growth opportunities. Meanwhile, EQT is making its first foray into the space sector with the acquisition of German satellite deployment specialist Exolaunch. This move, alongside EQT's £10.9bn take-private of testing group Intertek with backing from Abu Dhabi's ADIA and Mubadala, highlights the firm's diverse investment strategy across burgeoning and established industries.

Debt Refinancing and Fund Launches

Apollo is in advanced discussions to provide a private debt package of $574m to refinance Eolo, an Italian telecommunications operator controlled by Partners Group. This transaction reflects the ongoing demand for private credit solutions to manage corporate debt, particularly in the infrastructure and technology sectors. Separately, Eric Slesinger’s 201 Ventures is planning a second defence fund, indicating a strategic focus on the defense industry, a sector often benefiting from geopolitical tailwinds and sustained government spending.

AI's Impact on Private Capital

The burgeoning artificial intelligence sector is presenting a unique investment thesis, distinct from previous tech booms. Futurists argue that the current AI infrastructure build-out is characterized by scarcity, suggesting "decades of asset inflation" for investors who can identify and acquire what is in limited supply during the AI build-out. This perspective suggests a long-term, fundamental shift in how private capital is deployed, prioritizing ownership of critical, hard-to-replicate assets over speculative growth.

Venture Capital and Startup Ecosystems

European venture capital activity continues to evolve, with a focus on navigating regulatory frameworks and fostering growth. Discussions at Viva Tech, for instance, emphasized the need for European solidarity in the tech sector, suggesting a collaborative approach to scaling startups. Elsewhere, EU Inc.'s Iwona Anna Biernat is noted for her influence in shaping startup regulations within the European Union, pointing to the increasing sophistication of the continent's venture ecosystem.

Workplace Culture and Investor Warnings

Amidst dealmaking and strategic shifts, internal company dynamics are also coming under scrutiny. Employees at Cleo have alleged a toxic workplace culture, describing a "directionless and deeply unhappy" environment. Such allegations can impact a company's reputation and its attractiveness to investors. In a separate matter, Legora has issued warnings to investors regarding unapproved share trades, highlighting the importance of regulatory compliance and transparent dealings within investment firms. The fast-paced environment at companies like Nabla, described as demanding with significant travel, also underscores the intense operational pressures within the tech startup sphere.