Private Equity 3 Days

Last updated: July 7, 2026, 5:30 PM ET

Fundraising & Strategy

Private equity firms are navigating a complex fundraising environment, with some focusing on specialized strategies and others adapting to evolving investor demands. CVC Capital Partners held a €3bn final close for its European mid-market fund, Catalyst III, nearly doubling its initial target, demonstrating continued investor appetite for well-defined mid-market strategies. In the secondaries market, Eurazeo surpassed its target with a €2.3bn fund, more than double its predecessor, signaling strong demand for liquidity solutions. Patria also saw success with a $677 million secondaries fund, focusing on smaller deals, while Mubadala Capital opened its $25bn credit platform to outside investors. Meanwhile, Chemistry Ventures is raising $500 million for its second fund, and Novo Holdings is considering allocating capital to private equity GPs as it expands its planetary health portfolio and targets energy and Asian markets. Asante Capital noted that while fund structure matters, trust between managers and investors is paramount in fundraising. However, challenges persist, with Step Stone Group suggesting that some private equity models are struggling with the "illusion of uniform success" carried over from an era of easy money.

Deal Activity: Industrials & Energy

The industrial and energy sectors remain active M&A targets, with several significant transactions announced. Lone Star Funds agreed to acquire Continental's rubber and thermoplastics unit, Conti Tech, for €4bn, a substantial deal in the industrial materials space. Blackstone is set to acquire utility metering equipment company Dresser Utility Solutions from First Reserve through its energy transition fund, marking its first deal with that vehicle. I Squared is acquiring Milestone Environmental, which operates 15 disposal facilities for oil and gas waste. Permira is backing Iberian engineering group Quadrante with a strategic investment under its energy transition strategy. Foresight is observing a strong flow of opportunities in decentralized energy systems, despite higher financing costs. In a carve-out, Capmont is acquiring Dyneon, a fluoropolymer manufacturer, from 3M.

Deal Activity: Technology & Services

Technology and services sectors continue to attract significant private equity investment, with a focus on specialized software and IT services. Thoma Bravo merged Hypergene with Stratsys, combining financial planning and analysis software with governance, risk, and compliance tools. Bridgepoint is backing HR tech firm Skello with a €200 million minority investment, supporting its AI-powered HR management software. Unity Partners acquired Meaden & Moore Advisors, a professional services firm, highlighting PE's growing interest in accounting and insurance services, with plans for further add-on acquisitions. Agellus Capital backed Compass MSP in its acquisition of managed IT and cybersecurity firm The Logic Group. In the AI space, Khosla Ventures led a $120 million Series C round for AI law startup Norm, valuing it at $1.2 billion. Lightyear invested in HR tech firm Corestream to support its growth.

Deal Activity: Diversified & Niche Sectors

Private equity firms are also active across a range of other sectors, including healthcare, consumer goods, and niche industrial services. Wynnchurch backed Principal Industries' acquisition of GENLED Brands, a provider of LED components. Renovus backed TJP's acquisition of life sciences commercial operations firm FX2 Virtual. HCPI sold Epicurean Butter to Solina USA. Sentinel acquired cake decorations supplier Deco Pac from Kohlberg. In the sports sector, Blue Owl Capital acquired a minority stake in the Cleveland Cavaliers through its Home Court Partners fund, continuing its strategy of backing NBA franchises. Arlington rolled out a new naval services platform, Highwater, by combining portfolio companies Eptec Defence and AMP United. Thirty-5 Capital backed Paddletek's acquisition of performance paddle company PIKKL. NMS backed Surplus Solutions in its acquisition of health tech firm DCM Bio Services. Rotunda-backed RMH Systems acquired material handling integrator Top Shelf. Allied Industrial backed Mat Tech in its acquisition of industrial hauling company Hook Set Transportation. Argosy took a controlling stake in logistics firm K&L Freight Management.

Exits & Portfolio Management

Several portfolio companies have been divested, and firms are making strategic appointments to manage their holdings. Summit Partners exited Dreampath Diagnostics to Halma. Warburg Pincus is selling its stake in Singular Bank to a consortium led by ING. EQT agreed to acquire Corza Medical's biosurgery business from GTCR, and is also acquiring parking technology group Orikan to expand its Asia Pacific mid-market presence. CVC agreed to sell D-Marin, which operates 28 marinas, to Infra Via. KKR and TA Associates-backed Söderberg is acquiring Benchmark Capital from Schroders. Apheon acquired French frozen snack group Alma, seeking expansion in the Benelux, Germany, and the UK. HCPI sold Epicurean Butter to Solina USA. In terms of personnel, AEA Investors appointed Adam Biren as partner and head of capital formation for the Americas. Bridge Growth appointed Prosper Vignone as senior principal to its investment team. Halifax tapped Rob Holcomb as an operating executive.

Venture Capital & Deeptech

Venture capital continues to fund innovation, particularly in AI and deeptech. AI law startup Norm raised $120 million at a $1.2 billion valuation, led by Khosla Ventures. Hive raised $15 million for its "silicon brain" technology aimed at reducing machine operating costs. IQM saw a positive debut on public markets. While Tech Crunch Venture reported nearly 90 new unicorns minted this year, driven by AI, there are also observations about venture capital LPs concentrating investments in megafunds, potentially missing out on higher returns from smaller funds Crunchbase News. Cleantech funding has stabilized in the first half of the year, with $15 billion invested across seed to growth stages Crunchbase News.

UK & European Market Notes

In the UK, Liz Kendall expressed a desire to remain as the UK tech secretary, indicating potential continuity in government support for the sector. In Europe, Apheon acquired French frozen snack group Alma, and Bridgepoint backed HR tech firm Skello with a €200 million investment. CVC closed its European mid-market fund at €3bn. Eurazeo also surpassed its target for a secondaries vehicle. PE International noted that China's private equity market is repositioning, potentially offering a more disciplined opportunity set.

Fundraising & Strategy Insights

Commentary on fundraising and strategy suggests a shift in investor sentiment and approach. PE International highlighted that the private equity model is not broken, but the illusion of uniform success is fading. PE International observed that GPs eyeing retail capital must tread carefully, while some European GPs are defying headwinds. In terms of investor intentions, PE International reported that JRT Partners plans to increase its exposure to secondaries, and CNPADC is seeking experienced investment consultants across asset classes PE International.