Private Equity 3 Days

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

AI and Tech Investments Dominate Funding Rounds

The artificial intelligence sector continues to be the primary driver of major startup funding, with a significant portion of the week's largest U.S. rounds focused on AI companies. Biotech also saw substantial investment, though it lagged behind AI in deal volume. Amid this AI-fueled spree, Berlin-based Peec AI is reportedly targeting a $200 million valuation in its latest fundraising effort. Demonstrating the insatiable demand for AI-related technologies, agent-testing startup Patronus AI, founded by former Meta AI researchers, has secured $50 million to build "digital worlds" for stress-testing AI agents. XCures, a startup using AI to streamline medical records, also closed a $46 million Series B round led by Innovius Capital. Deep Mind has also selected a startup for its robotics accelerator, which has now raised an $11.7 million seed round.

Major Fundraises and Strategic Advisors

Private equity firms are actively raising substantial capital, with MGX raising close to $50 billion for one of the largest AI funds ever assembled, aiming for rapid expansion in AI infrastructure and technology. In a unique move, General Atlantic has appointed tennis legend Novak Djokovic as a global strategic advisor, where he will work with the firm's leadership, portfolio companies, and investors. Valor Equity Partners is reportedly looking to raise $2.5 billion for its seventh fund. Dutch manager Main Capital Partners has closed two new funds totaling over €5.25 billion in under six months, marking the largest private equity buyout fundraise in the Netherlands' history, with plans to open a London office. Key Acquisitions and Exits

The market saw a flurry of acquisitions across various sectors. Warburg Pincus is set to acquire Network Plus, a UK utility and infrastructure service provider. Partners Group-backed Sure Werx acquired Italy's Genesi, a provider of work-at-height and confined space safety products. In the healthcare space, Archimed, HCAP, Hg, and Kain Capital are among private equity firms pursuing radiology assets, with multiple deals announced in the sector. Permira is nearing an exit from the womenswear brand Reformation, which has filed for a New York Stock Exchange IPO. L Catterton is exploring a sale of Thorne, a U.S. supplements maker, potentially valuing the business at up to $4 billion, with Unilever reportedly among interested bidders. CVC Capital Partners is investing in Chess.com, the world's largest online chess platform, with existing backer General Atlantic retaining a stake. Large-Scale Transactions and Infrastructure Investments

A Permira and Warburg Pincus-led investor group has completed the $8.4 billion take-private of Clearwater Analytics, a U.S. investment management software provider, with support from Francisco Partners and Temasek. Blackstone is preparing to invest $30 billion in Japan's AI data center infrastructure over the next three to five years. Blackstone and Bain Capital are also advancing in the bidding for Fuji Media's $6.3 billion property arm, a deal that could be Japan's largest real estate transaction on record. In a significant move for the automotive sector, Bain Capital is acquiring a 51% majority stake in Everllence, a provider of propulsion and decarbonization products for the maritime and industrial sectors, from Volkswagen Group for €7.4 billion, 57.

Sector-Specific Investments and Strategic Partnerships

In the digital advertising space, Kline Hill led a deal for Plaza Ventures' stake in Stack Adapt, a move providing Plaza more time with the company amid AI disruptions and considered one of Canada's highest-returning venture deals. CPP Investments and Blackstone Credit & Insurance have established a strategic relationship with Element Fleet Management, committing to provide flexible funding. Quadrivio & Pambianco, alongside Capdesia Group, are acquiring Alice Pizza, Italy's largest fast-casual pizza chain, which has 231 sites across Italy and internationally. In the defense sector, Carlyle has launched its dedicated Defense and Reindustrialization Partners fund.

Public Markets and Investor Intentions

Public pension funds are outlining their private equity pacing plans. Ohio Teachers' Retirement System is setting a private equity pacing plan for fiscal year 2027, aiming to invest up to $1.5 billion in new commitments, prioritizing liquidity to address a $4 billion annual deficit. JFLCO-backed Doncasters has listed on the New York Stock Exchange under the ticker "DPC". Separately, 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. KB Securities, a South Korean investment bank, is open to LP and GP-led secondaries partnerships, particularly within South Korea, Japan, Hong Kong, Singapore, and the U.S. .

Fund Finance and Secondaries Market Developments

The fund finance market is evolving with a broader toolkit and increased institutional investor appetite, leading to greater liquidity and proliferation of bespoke structures, according to panelists at the European Fund Finance Association conference. The secondaries market, however, may be facing a benchmarking problem due to a lack of standardization, raising questions about how the strategy should be measured against traditional private equity benchmarks. Painswick Capital is focusing on single-asset continuation vehicles, viewing them as a core private equity business. NAV financing is also maturing, with evolving use cases and a wider lender universe creating a more flexible, albeit complex, ecosystem.

Geographic and Sectoral Focus

In Europe, there is a growing investor interest in nuclear startups amid a "massive scramble" for sovereign energy solutions. The British tech sector is facing scrutiny over potential tax policies, with concerns raised about taxing businesses heavily. On the startup front, health unicorn Alan has raised a €480 million Series G round led by Prosus, and car subscription company Finn has become Germany's newest unicorn. N26 has achieved profitability following a leadership shakeup.

Other Notable Transactions and Ventures

Harbour View has acquired the publisher's share of certain songs written by the Wolf Cousins collective, which includes prominent songwriters and producers. Juggernaut Capital Partners is teaming up with former footballer Gareth Bale to pursue a controlling stake in a football club, with plans to expand into golf and women's sports. Blue Owl Capital is in advanced talks to acquire a minority stake in the NBA's Cleveland Cavaliers. Ambienta has exited its investment in Cap Vert, a French environmental services provider, to Gimv. In the restaurant sector, Bessemer-backed Mas Restaurant Group sold 43 Ohio locations to Southpaw. Inflexion-backed Ranger Fire and Security has made two add-on acquisitions. Omni-backed Infoshare has acquired 3C Consultants and Infoboss, providers of data governance and compliance software. New Mountain has invested in engineering firm RRC Companies. Quad-C has invested in logistics platform Armstrong Transport Group. Light Bay Capital is backing IT managed services provider Centre Technologies. Chicago Pacific Founders is supporting health tech firm Attune. One Equity-backed PGW has acquired automotive glass firm Windshield Surgeons. Huron Capital-backed Exigent has acquired Superior Building Services, a mechanical contractor. ACP-backed Schneider Geospatial has acquired govtech firm New England GeoSystems. HiGro Group-backed Daida has acquired intelligent document processing firm Scan-Optics.

Investor Activity and Firm Appointments

HIG Capital has appointed Carlos Couret as managing director and head of lower mid-market private equity in Spain. KKR has indicated to investors that income from monetization activities exceeded $900 million between March 31 and June 24, suggesting an acceleration in exits and capital returns to clients. Temasek's Sea Town and Oman's sovereign fund have anchored a $255 million Vinpearl private credit deal. HSG has completed the acquisition of Golden Goose, with Temasek and True Light Capital joining as minority shareholders. Tikehau is selling Aubert & Duval to Airbus and Safran. Ara Partners is set to sell Vacuumschmelze, an advanced magnetics company, to Energy Fuels in a $1.9 billion deal.

Startup Ecosystem and Operational Insights

The discussion around scaling AI in Europe highlights that the best founders are not solely focused on the next funding round, but rather on building sustainable businesses. Insights from investors suggest that more capital needs to be directed towards Black-founded startups, with advice offered for overlooked founders and how the venture industry can improve. The emergence of smart city assets offers long-term growth opportunities with strong valuation outcomes, according to Lincoln International. There is also a focus on the advantages operators bring to private equity's AI strategies, as new capabilities and vendor landscapes constantly evolve, raising the bar for execution. The voice-controlled drone startup backed by Lakestar and Seedcamp has raised an undisclosed amount.