Private Equity 3 Days

Last updated: July 6, 2026, 8:30 PM ET

Fundraising & Investor Activity

The private equity secondaries market is seeing significant capital deployment, with Eurazeo closing its fifth program at €2.3bn, exceeding its €2bn target. This follows a strong showing from CVC, which raised €3bn for its European mid-market Catalyst III fund, nearly doubling its initial goal. In Asia, Singaporean family office JRT Partners signaled intentions to increase its exposure to secondaries, targeting opportunities in the US, Australia, and Western Europe. Meanwhile, CNPADC is seeking experienced consultants for due diligence across various asset classes, indicating a focus on rigorous selection processes. These developments signal a robust, albeit selective, fundraising environment where investor trust and manager experience are paramount, as highlighted by Fraser van Rensburg and Warren Hibbert of Asante Capital in their analysis of fundraising rules.

Energy Transition & Infrastructure Deals

Blackstone Energy Transition Partners is making its first deal from its latest fund by acquiring Dresser Utility Solutions from First Reserve. The Houston-based company supplies equipment for natural gas and water measurement and infrastructure. This move aligns with a broader trend of energy transition investments, as seen with Permira backing Iberian engineering group Quadrante for its second Energy Transition strategy deal. Permira's investment in Quadrante, a firm specializing in engineering and environmental consulting, signals a strategic focus on infrastructure and sustainability. Elsewhere, backing infrastructure firm Lexxel, with founders reinvesting alongside the firm, underscoring confidence in the infrastructure sector's future.

Major Transactions & Exits

CVC Capital Partners has agreed to sell its stake in D-Marin, a premium marina operator across the EMEA region, to Infra Via Capital Partners. D-Marin manages 28 marinas and serves over 50,000 customers annually. In a significant industrials transaction, Lone Star Funds will acquire Conti Tech from Continental for €4bn. Conti Tech, a rubber and thermoplastics unit, operates in various industrial material sectors. In the defense sector, Advent-backed Cobham Ultra for $3.45bn, marking a substantial exit for the aerospace and defense company.

Sector-Specific Investments

The AI boom continues to fuel startup valuations, with nearly 90 new unicorns minted this year, driven by investor frenzy. This surge is prompting software companies to rethink their business models, as noted by PE Hub. In cleantech, funding has stabilized, with investors pouring $15 billion into seed- to growth-stage rounds in the first half of the year, according to Crunchbase News data on cleantech, EV, and sustainability. This indicates a continued investor appetite for green technologies. In HR technology, Bridgepoint is backing Skello with a €200m minority investment. Skello provides AI-powered HR management software to 25,000 businesses across Europe.

Secondary Market & Fund Closures

Eurazeo has successfully closed its fifth secondaries program at €2.3bn, significantly surpassing its €2bn target and more than doubling the size of its previous fund. This substantial capital raise reflects strong investor demand for secondary market opportunities. Concurrently, CVC Capital Partners has finalized its third mid-market fund, Catalyst III, at €3bn, nearly doubling its initial fundraising goal. These closings underscore a healthy appetite for diversified private equity strategies.

Market Commentary & Strategic Shifts

Scott Hart, partner and CEO at Step Stone Group, suggests that while the private equity model is not broken, the perception of uniform success is an illusion stemming era easy money. This sentiment is echoed by analysis from Crunchbase News suggesting investors may be sacrificing higher returns by concentrating on megafunds amid economic uncertainty, mistaking perceived safety for superior performance. In China, a private equity reset is underway, potentially creating a more disciplined opportunity set for investors willing to maintain conviction in the market.

Public Market & Take-Private Activity

set to carve out from 3M Deutschland. Dyneon is a fluoropolymer manufacturer serving critical sectors like semiconductors and electric vehicles. In a potential major take-private transaction, Castlelake has secured easy Jet board backing for a proposal that would value the UK budget carrier at approximately $7.3bn. This move signals a willingness by private equity to pursue large-scale public company acquisitions.

Asset Management & Portfolio Performance

The Government Pension Investment Fund of Japan (GPIF) saw its private equity portfolio grow by approximately $1.4bn year-on-year, reaching a total value of $1.8trn, despite a "challenging" market environment. This growth indicates resilience and successful value creation within its PE holdings. Meanwhile, Warburg Pincus is exiting, selling its stake to a consortium led by ING, marking a profitable exit from the private banking advisory firm.

Geographic Expansion & Niche Markets

EQT is expanding its mid-market presence in Asia Pacific by acquiring the Melbourne-based parking technology group Orikan. This acquisition includes integrated parking, enforcement, and compliance technology. In a different niche, selling golf simulation company to Versant Media for $530m. Versant Media owns media networks including the Golf Channel, suggesting a strategic integration of the simulation technology into media offerings.

Diversified Investments & Divestitures

HIG Capital is acquiring, a provider of infrastructure engineering and construction services across mobility, energy, and digital sectors in the DACH region. This investment highlights continued interest in infrastructure development. In a move signaling sector specialization, eyeing industrial decarbonization opportunities, with managing director Dan Wells noting a "strong flow of opportunities across decentralized energy systems." Despite macroeconomic headwinds and higher financing costs, these underlying structural drivers remain robust.