Private Equity 3 Days

Last updated: July 7, 2026, 2:30 AM ET

Fundraising & Investor Activity

CVC Capital Partners has closed its European-focused mid-market private equity fund, Catalyst III, at approximately €3bn, nearly double its initial target. This follows Eurazeo's successful €2.3bn final close for its fifth-generation private equity secondaries program, surpassing its €2bn goal and more than doubling the size of its predecessor fund. In contrast, Mubadala Capital has opened its $25bn credit platform to outside investors for the first time after consolidating its parent company's credit business. Meanwhile, Singaporean family office JRT Partners plans to increase its exposure to the secondaries market, actively seeking opportunities across the US, Australia, and Western Europe. The ongoing debate around fundraising strategies is highlighted by Fraser van Rensburg and Warren Hibbert of Asante Capital, who argue that while fund structure is important, the trust between managers and investors is paramount new rules fundraising.

Energy Transition & Infrastructure

Blackstone has entered the energy transition space with its acquisition of Dresser Utility Solutions from First Reserve. This marks the first deal for Blackstone Energy Transition Partners V, a provider of natural gas and water measurement, control, and infrastructure equipment. Permira has also made its second deal under its Energy Transition strategy, backing Iberian engineering group Quadrante. In a related move, Foresight is actively pursuing industrial decarbonization opportunities, noting a strong flow of deals in decentralized energy systems despite macroeconomic headwinds. Avance is backing infrastructure firm Lexxel, with the company's founders reinvesting alongside the firm. HIG Capital is acquiring a majority stake in Germany's Terras Group, which provides infrastructure engineering and construction services across mobility, energy, digital, water, and urban development sectors.

Buyouts & Acquisitions

Lone Star Funds is set to acquire Conti Tech, Continental's industrial materials arm, for €4bn. This significant industrials deal sees Lone Star taking over the rubber and thermoplastics unit. In the healthcare technology sector, NMS-backed Surplus Solutions has acquired DCM Bio Services, expanding its equipment lifecycle management solutions for the life sciences industry. Rotunda-backed RMH Systems has acquired Top Shelf, a material handling integrator specializing in automation, packaging, and industrial scale solutions. Argosy has taken a controlling stake in logistics firm K&L Freight Management, which focuses on time-sensitive freight services for food & beverage, life sciences, and energy sectors.

CVC has been active on both the buy and sell sides. The firm has agreed to sell its premium marina operator D-Marin to Infra Via Capital Partners, a business operating 28 marinas across nine countries. Separately, CVC acquired ingredients group Irca from Advent after the latter's revenue quadrupled. EQT is expanding its Asia Pacific mid-market presence with the acquisition of parking technology group Orikan. In a potential blockbuster deal, Castlelake has secured easy Jet's board backing for a take-private offer that could value the UK budget carrier at approximately $7.3bn.

Technology & Software Investments

Hive has raised $15m for its AI-powered "silicon brain" technology, which promises to cut the hourly cost of running machines by 80%. This development comes as AI continues to fuel a surge in startup valuations, with nearly 90 new unicorns minted so far this year new unicorns. In the HR software space, Bridgepoint has invested €200m in Skello, an AI-powered HR management software provider serving 25,000 businesses across Europe. IQM has successfully debuted on public markets, with investors applauding its performance. Thought Machine has reached $100m in annual recurring revenue and aims to double it before a potential public offering.

Divestitures & Exits

CVC is divesting its stake in D-Marin, a premium marina operator, to Infra Via Capital Partners. Advent International is preparing to sell Ultra Maritime, a provider of undersea warfare solutions, for $3.45bn via its Cobham Ultra subsidiary. Warburg Pincus is exiting its investment in Singular Bank, a private banking and wealth advisory firm, selling its stake to a consortium led by ING. Bruin Capital plans to sell golf simulation company Full Swing to Versant Media for $530m.

Investor Strategies & Market Commentary

Novo Holdings, the investment manager for the Novo Nordisk Foundation with $36bn in assets, is expanding its planetary health portfolio and considering allocations to private equity GPs. The firm is targeting investments in energy and larger deal sizes, with plans for further Asian expansion. 3M Deutschland is set to carve out its Dyneon fluoropolymer business, with Capmont reportedly in line to acquire the unit, which serves sectors including semiconductors, medical technology, and electric vehicles.

The private equity model is not broken, but the perception of uniform success is challenged, according to Scott Hart, CEO of Step Stone Group Private Take. He suggests that LPs have reacted to economic uncertainty by concentrating investments in megafunds, mistaking perceived safety for better returns and potentially sacrificing higher upside from smaller, more agile funds misplaced fear. Meanwhile, China's private equity market is undergoing a reset, potentially creating more disciplined opportunities for investors who maintain conviction in the region Chinese PE. The cleantech sector has seen funding stabilize in the first half of the year, with investors pouring $15 billion into seed- through growth-stage rounds for companies focused on sustainability and electric vehicles cleantech startup funding.

Other Notable Deals

CVC Capital Partners is also reportedly nearing a deal to sell its ingredients group Irca to Advent. CNPADC is seeking experienced investment consultants across various asset classes, emphasizing a strong track record in due diligence. The Japanese Government Pension Investment Fund (GPIF), with $1.8 trillion in assets, saw its private equity portfolio grow by approximately $1.4bn year-on-year, reaching a value of $7.1bn, despite a "challenging" market environment GPIF's PE portfolio.