Private Equity 3 Days

Last updated: June 26, 2026, 8:30 AM ET

Dealmaking & Fundraises

Private equity firms are actively deploying capital across diverse sectors. CVC Capital Partners is investing in the online chess platform Chess.com, with existing backer General Atlantic retaining a stake. Simultaneously, Bain Capital is preparing a bid alongside LY Corporation for Japanese price-comparison group Kakaku.com, potentially challenging EQT's existing offer. In a significant move, Permira and Warburg Pincus completed an $8.4 billion take-private of U.S. investment management software provider Clearwater Analytics, a transaction supported by Francisco Partners and Temasek.

Main Capital Partners has closed a record €5.25 billion in software funds, the largest such fundraise in the Netherlands, and plans to open a London office. MGX has raised nearly $50 billion from regional and global investors to fuel expansion in artificial intelligence infrastructure and technology. Meanwhile, Menlo Ventures has raised $3 billion across two funds, marking its largest capital raise in 50 years, specifically to back AI startups from seed through growth stages.

Sector Focus & Strategic Investments

The radiology sector is attracting considerable private equity attention, with Archimed, HCAP, Hg, and Kain Capital reportedly pursuing transactions. Elsewhere, Apollo, Hellman & Friedman, and Platinum Equity are investing in the live events sector, capitalizing on its resurgence in popularity. In the realm of defense and reindustrialization, Carlyle has launched a dedicated fund focused on these areas.

Blackstone is planning a substantial $30 billion investment in Japan's AI data center infrastructure over the next three to five years. This move follows Blackstone and Bain Capital advancing in the bidding process for Fuji Media's $6.3 billion property arm. General Atlantic has appointed tennis champion Novak Djokovic as its global strategic advisor, a role in which he will engage with the firm's leadership, portfolio companies, and investors.

Exits & Monetizations

Permira is nearing an exit from the sustainable womenswear brand Reformation, which has filed for an initial public offering on the New York Stock Exchange after approximately seven years of backing. KKR has indicated an acceleration in exits, reporting that monetisation activity from March 31 to June 24 has already exceeded $900 million, signaling increased capital returns to clients. In another potential exit, Providence Equity Partners is in exclusive talks to sell theatre group ATG Entertainment to media mogul Ari Emanuel's Mari Group for approximately $6 billion.

Fund Finance & Secondaries

The fund finance sector is evolving, with panellists at the European Fund Finance Association conference noting a shift towards a multi-instrument, life cycle-wide toolkit driven by increased institutional investor appetite. Developments in use cases and a broader lender universe are creating a more flexible yet complex ecosystem for NAV financing which is coming of age. In the secondaries market, Pantheon's infrastructure secondaries fund has surpassed its target, with its and Ardian's latest flagship funds ranking among the largest infrastructure secondaries vehicles. However, the lack of standardization in benchmarking secondaries raises questions about strategy measurement.

Geographic & Emerging Market Activity

In Japan, Advent is acquiring home care operator JWB from MBK Partners, marking its debut in the Japanese market. The country's tax overhaul could also impact private equity succession opportunities, potentially boosting M&A transactions this year ahead of tax changes in 2027 which could impact PE succession. In Europe, Quadrivio & Pambianco and Capdesia Group are acquiring Alice Pizza, Italy's largest fast-casual pizza chain.

Portfolio Company Acquisitions & Add-ons

ParkSouth Ventures-backed Infinite has acquired Greentarget UK, a communications agency specializing in financial and professional services. Norwest is investing in East Range Group, a firm focused on high-purity water systems, to fund investments in its people, customers, capabilities, and growth opportunities. In the commercial landscape services sector, Southfield-backed Osprey Landscape Group has acquired Land Graphics.

Omni-backed Infoshare has acquired 3C Consultants and Infoboss, both providers of data governance and compliance software. Brightstar Capital has acquired healthcare architecture firm Erdman, which will operate as an add-on to its portfolio company KZF Design. In the IT managed services space, LightBay Capital is backing Centre Technologies, which serves over 750 clients across Texas and Oklahoma.

Specific Deals & Valuations

Bessemer-backed Mas Restaurant Group has sold 43 Taco Bell locations in Ohio to Southpaw. In a deal valued at C$1.775 billion, Berkshire Partners is investing in Harbourfront Wealth Group. Acorn Capital is selling Berry Aviation to Bristow Group for $105 million.

Strategic Partnerships & Advisor Appointments

General Atlantic has appointed tennis champion Novak Djokovic as its global strategic advisor. In an operational capacity, HIG Capital has appointed Carlos Couret as managing director and head of lower mid-market private equity in Spain.

Venture Capital & Startup Funding

Agent-testing startup Patronus AI has secured $50 million in a Series B round, with investors citing nearly insatiable demand for its AI agent stress-testing capabilities. Menlo Ventures has raised $3 billion across two new funds to invest in AI startups, leveraging its previous success with a $750 million investment in Anthropic. In the UK, the British Business Bank is backing 10 venture capital funds with a £90 million allocation and is considering a stake in the EU’s €5 billion Scaleup Fund offering a £90m boost.

Stark, a drone startup, has confirmed a €500 million raise backed by Sequoia and Founders Fund. In the hard tech sector, Gigascale Capital founder Mike Schroepfer highlighted infrastructure as a strategic moat and discussed breakthroughs in battery technology. XCures, an AI startup focused on medical records, has closed a $46 million Series B round led by Innovius Capital.

Market Commentary & Trends

Smart city assets are experiencing strong growth tailwinds, leading to "very strong outcomes" from a valuation perspective, according to insights from Lincoln International and Apollo. The live events sector is enjoying a wave of private equity interest, with firms like Apollo, Hellman & Friedman, and Platinum Equity investing. The growing focus on sustainability is also evident, with Ambienta exiting Cap Vert, a French environmental services provider, to Gimv.

Bain Capital is exploring a stake in Dubai Holding for its data center builder Hscale, indicating continued investment in digital infrastructure. In Japan, Blackstone is preparing to invest $30 billion in AI data center infrastructure. The ongoing development of AI capabilities necessitates constant adaptation, with AI's advantage in private equity being built by operators.

Pension Fund & Investor Allocations

Ohio Teachers is prioritizing liquidity as it plans its private equity pacing for FY 2027, aiming to address a $4 billion annual deficit. Conversely, the Virginia pension fund has cut its private equity target, marking its first reduction in over 15 years due to volatility concerns. Allianz Global Investors has held the first close of its third Asia Pacific private credit fund, securing $744 million in commitments.