Private Equity 3 Days

Last updated: July 1, 2026, 8:30 PM ET

Software & Tech Acquisitions Lead Private Equity Activity

Private equity firms have been highly active in the software and technology sectors, with a notable IPO and several strategic acquisitions. Italian technology group Bending Spoons successfully priced its U.S. initial public offering at $29.00 per share, above its marketing range, raising $1.68 billion and marking a significant success for its backers who are cashing in. The company, which has a private equity-style model for acquiring and revamping established internet brands, saw its shares surge 40% on its first day of trading. Simultaneously, KKR is taking control of a new renewable energy platform in South Korea valued at approximately $1.3 billion, aiming to establish the country's largest clean power business in partnership with SK, with a focus on powering the nation's AI build-out. In another major energy deal, KKR has agreed to acquire the North American renewable energy operations of French utility EDF for $4.2 billion, with potential additional payments of up to $390 million.

Retail & Consumer Brands See Diverse PE Activity

The retail and consumer brand sectors experienced a range of private equity actions, from acquisitions of established franchises to the exits of children's entertainment brands. Monomoy Capital acquired the quick lube and car service franchise Jiffy Lube from a subsidiary of Shell USA, Inc. for $1.3 billion. In the automotive aftermarket, WILsquare-backed Automotive Color & Supply expanded its footprint by acquiring Ohio Paint Supply, adding to its distribution network across Indiana, Illinois, and Ohio. Meanwhile, IVEST and Cloverlay have agreed to sell the popular children's franchise Care Bears to Authentic Brands Group, having quadrupled the business's revenue in the three years since their acquisition. This exit is expected to close in the third quarter of 2026.

Infrastructure & B2B Services Attract Significant Investment

Investment in infrastructure and business-to-business services remains strong, with several firms backing companies in critical sectors. Warburg Pincus is set to acquire Network Plus, a U.K. utility and infrastructure service provider, from OMERS Private Equity. In the energy sector, KKR is also acquiring operations and assets of U.S. and Canada EDF power solutions for $4.2 billion. Ardian plans to invest over €3 billion in Nordic data centers through its portfolio company Verne, signaling a major push into digital infrastructure. Elsewhere, CVC Credit has led the refinancing and merger of German infrastructure groups KSG and Sasti, creating a pan-European critical infrastructure services platform.

Niche Sectors Draw PE Focus and New Funds Launch

Private equity interest is extending into more specialized sectors, including music catalogs, pet nutrition, and specialized industrial services, alongside the launch of new venture capital funds. Firebird has unveiled a music catalog acquisition platform with backing from Ares and Raine Group, boasting over $750 million in purchasing power. In the pet care market, Verlinvest and Five Seasons are backing Years, a company producing ambient-stored, fresh-ingredient dog meals. The firm Volpi Capital has taken a majority stake in archiving software firm kgs, which provides legally compliant document archiving for enterprise SAP environments. On the fundraising front, Tapestry VC launched an $80 million fund aimed at backing repeat European founders, while ex-Speedinvest partner Rick Hao closed a $50 million solo GP fund for deeptech startups Hao.

Firm-Specific Deals and Strategic Moves

Numerous firms have been active in executing specific deals and making strategic personnel changes. Bridgepoint is entering the U.S. real estate market with a $1.4 billion acquisition of Kayne Anderson Real Estate (KARE), a move that expands its global footprint. CVC Capital Partners agreed to acquire Italian industrial automation group Clevertech, with the founding family reinvesting as a minority shareholder. In the testing, inspection, and certification sector, Triton entered exclusive talks to acquire Bureau Veritas’ fuel testing unit, which operates a global network of 320 sites. On the operational side, Blue Wolf appointed Vanessa Generelli as Chief Financial Officer, with Eve Mongiardo transitioning to partner and chief compliance officer.

Venture Capital Landscape and AI's Influence

The venture capital landscape continues to evolve, with a strong emphasis on artificial intelligence and new models for startup support. Ashton Kutcher is departing Sound Ventures to launch a new venture capital firm with Morgan Beller, focusing on AI infrastructure. Meanwhile, GV noted a shift in AI software as companies grapple with soaring computing costs. The ongoing impact of AI is also evident in HR and finance departments, prompting them to think as one AI and HR. In a novel approach to fostering innovation, AI software company Omnea is offering employees $250,000 to openly plan their next startup, challenging traditional venture models.

Fundraising and Investor Activity

Fundraising remains a key activity, with significant capital being deployed and investor intentions shaping the market. Hamilton Lane closed its sixth direct equity fund at $3.8 billion, its largest to date. Ardian is packaging secondhand fund stakes into approximately $1 billion of debt through a collateralized fund obligation. In the public pension space, the MWRA has issued an RFP for a private equity buyout mandate, planning to commit up to $20 billion. Large institutional investors continue to show conviction in private equity, with the top 10 investors on the Global Investor 150 ranking holding $1.1 trillion allocated to the asset class.

Sector-Specific Investments and Growth Opportunities

Private equity is finding opportunities across various specialized sectors, including healthcare, energy, and niche industrial services. FPE has backed utility software business BMA, which provides decision intelligence for utility companies. In healthcare, Frazier Healthcare Partners named Stephen Krupa as an executive in residence for its buyout team, while Martis Capital is backing healthcare marketing agency Deerfield Group. THL-backed Headlands Research acquired Clinical Trials Research, a clinical trial site network. In the energy sector, San Mateo Midstream is set to acquire EnCap-backed Cardinal Midstream for $752 million.

Market Trends and Investor Sentiment

Broader market trends indicate a resilient lower mid-market and a growing comfort with fund financing in continuation vehicles. Fengate's Jennifer Pereira highlighted that the lower mid-market is resilient, driven by operational improvement and rewarding cash discipline. Secondaries buyers are increasingly comfortable with fund financing for continuation vehicles to optimize returns Secondaries investors. The PEI 300 ranking suggests a comeback in fundraising, with firms showing strong conviction in the asset class despite market turbulence. The healthcare sector, after a difficult period, is showing signs of recovery, with asset-level data indicating the sector is on the mend Healthcare investments.

Layoffs and Economic Headwinds

Despite investment activity, the tech sector continues to experience significant job cuts. Over 127,000 workers at U.S.-based tech companies were laid off in 2025, and these cuts have persisted into 2026, with companies continuing to reduce their workforces. This ongoing trend of layoffs underscores the challenging economic conditions some parts of the technology industry are facing, even as venture capital firms seek new investment opportunities.