Private Equity 3 Days

Last updated: July 7, 2026, 11:30 PM ET

Deal Activity & Fundraisings

Private equity firms continue to pursue a broad range of acquisitions across various sectors, from industrial components and IT services to food production and specialized manufacturing. Wynnchurch-backed Principal Industries acquired GENLED Brands, a provider of LED components. In the managed IT and cybersecurity space, Agellus Capital-backed CompassMSP acquired The Logic Group, while NMS-backed Surplus Solutions acquired health tech firm DCM Bio Services. Life sciences also saw activity, with Renovus-backed TJP acquiring FX2 Virtual, a commercial operations firm.

The industrial and energy sectors remain active. I Squared agreed to acquire Milestone Environmental from SK Capital, a company managing waste disposal facilities for oil and gas operations. Blackstone agreed to acquire Dresser Utility Solutions from First Reserve, marking the first deal for its new energy transition fund. Separately, Blackstone is acquiring Dresser Utility Solutions, a utility metering equipment company, through its Blackstone Energy Transition Partners V fund. Lone Star Funds agreed to acquire Conti Tech, the rubber and thermoplastics unit of Continental, in a significant €4bn industrials deal Lone Star Funds to buy. This €4bn deal for Conti Tech was also noted in a report on Foresight eyeing industrial decarbonization.

Other industrial acquisitions include Investcorp-backed KSS acquiring Strack Scale Service, a provider of calibration and maintenance for industrial weighing systems, and Allied Industrial-backed Mat Tech Hook Set Transportation, an industrial hauling company. Rotunda-backed RMH Systems snapped up Top Shelf, a material handling integrator. In a carve-out transaction, Capmont is to carve out Dyneon, a fluoropolymer manufacturer, from 3M Deutschland.

Several firms are expanding their service offerings through acquisitions. Arlington rolled out a new naval services platform, Highwater, by combining portfolio companies Eptec Defence and AMP United. Unity Partners acquired Meaden & Moore Advisors, a professional services firm specializing in forensic and accounting services, with expectations for further add-on acquisitions Exclusive: Unity Partners buys. Capitol Meridian is scooping up national security infrastructure firm Westway Enterprises, aiming to accelerate its expansion and broaden access to classified work.

In the consumer and leisure sectors, Thirty-5 Capital-backed Paddletek acquired performance paddle company PIKKL, a pickleball brand. Sentinel scooped up cake decorations supplier Deco Pac from Kohlberg. Apheon acquired Alma, a French frozen snack group, and is seeking expansion in Benelux, Germany, and the UK.

Firms are also investing in technology and specialized services. Lightyear is investing in HR tech firm Corestream to support its growth. Avance is backing infrastructure firm Lexxel, with management reinvesting alongside the firm. Argosy is taking a controlling stake in logistics firm K&L Freight Management, which specializes in time-sensitive freight services.

Venture capital continues to be a significant source of funding for startups. Chemistry Ventures is raising $500 million for its second fund. AI law startup Norm has raised a $120 million Series C round led by Khosla Ventures, achieving a $1.2 billion valuation AI law startup Norm. Hive raised $15 million for its "silicon brain" technology.

In the secondaries market, Patria’s Knechtli noted that deal flow continues to unlock as distributions-in-kind persist. Patria’s focus on smaller secondaries has differentiated its latest fund, which closed on $677 million ahead of its target. Eurazeo is surpassing its target for its largest-ever secondaries vehicle, with Fund V raising €2.3 billion, more than double its predecessor. JRT Partners plans to increase its exposure to secondaries, considering opportunities across the US, Australia, and Western Europe.

Fund Management & Firm Appointments

Firms are expanding their investment teams and capital formation capabilities. AEA Investors tapped Adam Biren as partner and head of capital formation for the Americas, based in its New York office. Bridge Growth appointed Prosper Vignone as senior principal to support sourcing, due diligence, and deal execution. Halifax tapped Rob Holcomb as an operating executive.

Mubadala Capital has opened its $25 billion credit platform to outside investors for the first time, following the transfer of its credit business onto its own platform Mubadala Capital opens.

Sector Focus & Trends

The cleantech sector is showing signs of stabilization in funding. In the first half of the year, investors poured $15 billion into seed- through growth-stage rounds for cleantech, EV, and sustainability-focused companies Cleantech Startup Funding Stabilizes.

Sports franchises are emerging as a new alternative investment class. Blue Owl Capital acquired a minority equity stake in the Cleveland Cavaliers through its Home Court Partners fund, its sixth NBA franchise backing.

The accounting and professional services sector continues to attract private equity interest. Unity Partners acquired Meaden & Moore Advisors, a professional services firm.

Private equity firms are also actively engaged in the energy transition. Permira is backing Iberian engineering group Quadrante in its second Energy Transition deal. Blackstone acquired Dresser Utility Solutions for its energy transition fund.

The European mid-market is seeing significant fundraising activity. CVC closed its European-focused mid-market fund, Catalyst III, at €3 billion, nearly double its target.

In the financial advice sector, KKR and TA Associates-backed Söderberg acquired Schroders' advice arm, Benchmark Capital.

The HR technology sector is also a focus, with Bridgepoint backing Skello with a €200 million minority investment. Skello provides AI-powered HR management software for frontline workforce teams.

The European space and defense sector is also seeing investment, with Advent taking a 7% stake in Avio to support its solid rocket motor expansion.

Exits & Divestitures

Several firms have exited investments. HCPI sold Epicurean Butter to Solina USA, having partnered with the founders in 2019. Summit Partners exited Dreampath Diagnostics to Halma. Dreampath designs systems for pathology labs. Warburg Pincus is exiting Singular Bank, with ING leading a consortium to acquire its stake. Warburg Pincus's stake in Singular Bank is being sold to a consortium led by global bank ING Foresight eyes industrial decarbonization.

Market Commentary & Investor Intentions

Commentary from industry leaders suggests a shift in investor behavior. The illusion of uniform success in private equity is fading, and a more disciplined approach is emerging Bad habits era. Some venture capital LPs are concentrating investments in megafunds, mistaking perceived safety for better returns and potentially sacrificing higher upside Year Misplaced Fear.

The shape of a fund matters, but the trust between a manager and investors is paramount new rules fundraising.

Fundraising & Investor Strategy

CVC closed its European-focused mid-market fund, Catalyst III at €3 billion, nearly double its target. This demonstrates continued investor appetite for mid-market strategies in Europe.

Eurazeo surpassed its target for its largest-ever secondaries vehicle, with Fund V raising €2.3 billion. This highlights the growing interest and capital flowing into the secondaries market.

Novo Holdings is ramping up its planetary health deal plans and is considering an allocation for private equity GPs to manage. The manager of Novo Nordisk Foundation’s investments is expanding its planetary health portfolio and exploring GP allocations.

Strategic & Operational Moves

Thoma Bravo closed a merger combining Hypergene with Stratsys, uniting their software platforms for FP&A, portfolio management, and GRC.

EQT is acquiring Corza Medical's biosurgery unit from GTCR, including the Tacho Sil product portfolio. Separately, EQT is acquiring parking technology group Orikan as part of its mid-market push in Asia Pacific.

Public Market & Startup Valuations

IQM investors applauded its "very good" debut on public markets. Meanwhile, Thought Machine has hit $100 million in annual recurring revenue and its CEO aims to double it before going public.

Almost 90 new unicorns have been minted so far this year, with AI igniting investor frenzy Almost 90 new unicorns.

UK Tech Policy

UK tech secretary Liz Kendall expressed her desire to remain in her role, indicating a potential for continued focus on the technology sector's growth and policy Liz Kendall: ‘I’d love.