Private Equity 3 Days

Last updated: June 23, 2026, 11:30 PM ET

Fundraising & Capital Markets

Venture capital firm Menlo Ventures raised $3 billion across two new funds, marking its largest capital raise in 50 years, to fuel AI startups from seed to growth stages. This significant capital deployment follows their earlier $750 million bet on AI company Anthropic. Elsewhere, early-stage investor Seedcamp closed $320 million across two funds to expand its U.S. footprint, with a $220 million main fund and a $100 million select fund to back winners from the core. In the secondaries market, Pantheon's infrastructure funds surpassed targets, joining Ardian's flagship funds as some of the largest in the sector ahead of final closes. Allianz Global Investors also held a first close for its third Asia Pacific private credit fund, gathering $744 million.

Deal Activity & Sector Focus

Private equity firms continue to show robust activity across various sectors. Acorn Capital is selling Berry Aviation to Bristow Group for $105 million, while Teleo Capital acquired the pharma manufacturing intelligence platform Modersys from Applied Materials. Mangrove Equity launched its new platform, Peak Pavement Group, adding two businesses to bolster its market presence. In the live events sector, Apollo, Hellman & Friedman, and Platinum Equity are investing, capitalizing on the industry's resurgence, with the global market expected to exceed $1.2 trillion by 2032.

Strategic Investments & Acquisitions

Brightstar Capital acquired healthcare architecture firm Erdman, integrating it into its portfolio company KZF Design. Reverence Capital plans to invest in CPA firm Eide Bailly, aiming to accelerate its strategy and expand client services. Apheon is set to acquire Belgian managed IT services provider Easi, which serves over 1,500 clients. In the defense sector, Advent-backed Cobham Ultra Group is selling its defense tech business to Booz Allen for $720 million.

Technology & AI Investments

The venture capital landscape is increasingly focused on AI. Menlo Ventures' substantial $3 billion fundraise underscores this trend, building on its reputation as an AI investor. Discussions around AI valuations and ARR inflation are ongoing among venture capitalists. Europe is actively rebuilding its tech stack and doubling down on its own AI infrastructure, with a focus on AI-native, industry-specific platforms. Robotics startups, in particular, are experiencing a surge in funding, raising $18.8 billion globally in 2026, surpassing previous records.

Exits & Divestitures

CVC Capital Partners is considering a €6 billion exit from Cooper Consumer Health, with Stada emerging as a potential buyer. Platinum Equity is the sole bidder for Nestlé's water business after CD&R withdrew. In a significant exit, TPG Capital is selling its Australian business Made Group to Danone for $1.4 billion. CVC also exited its stake in Philippine logistics leader Fast Logistics Group, with the founding family taking full control.

Fundraising & Investor Sentiment

Beyond venture capital, institutional investors are navigating shifts in private equity allocations. The Virginia pension system has cut its private equity target for the first time in over 15 years, citing volatility concerns. Limited partners are also increasingly worried about "zombie funds" – tail-end vehicles holding legacy assets – amid liquidity pressures and difficulties for general partners in differentiating themselves . Separately, INVL Family Office launched a PE secondaries fund with Adams Street Partners, offering clients access to the secondary market.

Sector-Specific Deals

Private equity interest is extending to niche sectors. Great Hill is investing in pet grooming franchise Woof Gang Bakery & Grooming, while Incline Equity is backing medical and health physics testing provider West Physics. Laundry services are drawing significant attention from firms like The Sterling Group, Cornell Capital, and others, as the sector is seen as relatively insulated from AI disruption. L Catterton took a significant minority stake in clean haircare brand RŌZ.

Deal Valuations & Firm Moves

Berkshire Partners is investing in Harbourfront Wealth Group in a deal valued at C$1.775 billion. AppsFlyer reportedly landed $1 billion at a $2.7 billion valuation in a Series E round. In personnel changes, TPG appointed Axel André as its new CFO, with Jack Weingart transitioning to lead the firm's wealth solutions business. Littlejohn promoted Charles Leung to managing director.

Emerging Trends & Challenges

The market is grappling with the persistent "zombie fund" problem, with concerns about tail-end assets and GP selection. The potential impact of Japan's tax overhaul on succession opportunities in private equity is also being monitored, with a possible short-term boost to M&A transactions ahead of 2027 changes. Furthermore, investors are expressing concerns about "vibe-coded product slop" and the need for clear product strategies.

Public Market Aspirations & Deal Structures

Italian software acquirer Bending Spoons is seeking up to $1.62 billion in an IPO, alongside some of its backers. This move highlights a potential path for private companies to access public markets. In terms of deal structures, the use of bespoke Special Purpose Vehicles (SPVs) is creating back-office challenges for general partners, even as limited partners increasingly expect continued CV activity regardless of exit market improvements.

Geographic Focus & Expansion

Seedcamp, a European investor, is expanding its U.S. presence, raising $320 million across two funds. The firm has reached $1 billion in assets under management. In Europe, there's a push to rebuild the tech stack and strengthen AI capabilities by addressing issues like non-compete clauses. Investcorp is acquiring a majority stake in UK facilities management firm Smart Managed Solutions in a deal valued at over $200 million.

Sector Diversification & Niche Plays

Private equity firms are exploring diverse opportunities. Apollo's flagship retail credit fund is facing redemption requests, meeting only a fraction of them due to quarterly limits. Castlelake has taken its takeover proposal for easy Jet directly to shareholders after the airline's board rejected previous offers. Flexstone is set to acquire Glouston Capital Partners, forming a $15 billion private markets platform.

Company-Specific Transactions

Apheon is acquiring managed IT business Easi, a Belgian provider of business software and managed IT services. Greybull Stewardship has acquired manufacturer Genesys Industries, consolidating three American manufacturing brands. LDC is investing in Nu-Style Products, which designs and manufactures laminate wall panels. HIG-backed Axis CLC is acquiring Fieldway Group, a specialist in fire safety and compliance services.

Infrastructure & Real Assets

KKR-owned Arctos is backing a $288 million stadium district in Tennessee, part of its expansion into college sports infrastructure. This move aligns with a broader PE interest in college sports. Separately, Brookfield is seeking a $525 million loan to fund a dividend recapitalization for its Australian lender La Trobe Financial and refinance existing debt.

Healthcare & Life Sciences

PE-backed Life Science Connect is acquiring biopharma brands PharmaSource and CDMO Live, aiming to create a comprehensive biopharma outsourcing platform. AI is significantly impacting drug discovery by enabling faster compound screening. Meanwhile, Tandem Health CEO stated the company is not dependent on OpenAI or Anthropic.

Consolidation & Platform Plays

Signal Hill-backed Aeterna Group has launched, formed by uniting five architecture and engineering firms. This platform approach aims to consolidate expertise and market presence. Similarly, PE-backed Hyve acquired C-suite community platform Virtuosi League, further expanding its network.

Private Credit & Lending

Allianz GI has gathered $744 million at the first close of its third Asia Pacific private credit fund. This indicates continued investor appetite for private debt strategies in the region.

Strategic Exits & Divestitures

MBK Partners' Godiva Japan is seeking an extension on its $464 million buyout loan, signaling potential refinancing needs.

Technology & Software Investments

Juniper Capital is backing AV systems design firm Bug ID. The founder and CEO will retain a significant equity stake and continue leading the business.

Retail & Consumer Investments

Investcorp is taking a majority stake in UK facilities management firm Smart Managed Solutions in a deal exceeding $200 million.