Private Equity 3 Days

Last updated: July 8, 2026, 11:30 AM ET

Dealmaking Activity

Private equity firms continued to demonstrate robust dealmaking across various sectors. CVC Capital Partners is investing in music distributor Distro Kid, with existing investor Insight Partners retaining a minority stake. River Associates acquired auto parts provider Horsepower Automotive Group, which specializes in performance parts for off-road and adventure vehicles River Associates acquires. Ardian closed a $1 billion deal for HR Path, a firm focused on HR consulting and outsourcing Ardian closes. Shore Capital purchased HR tech firm Thrive Pass Shore Capital acquires, while Lightyear invested in HR tech firm Corestream to support its growth Lightyear invests. Bregal Sagemount inked an investment in Pandion Optimization Alliance to aid its expansion Bregal Sagemount inks.

In the digital infrastructure space, Recognize made a majority investment in digital infrastructure services firm Smartlink, which operates across all 50 states Recognize makes majority. Agellus Capital-backed Compass MSP acquired managed IT and cybersecurity firm The Logic Group CompassMSP acquires, and NMS-backed Surplus Solutions scooped up health tech firm DCM Bio Services Surplus Solutions scoops up. Renovus-backed TJP acquired life sciences commercial operations firm FX2 Virtual TJP acquires.

The healthcare and life sciences sector also saw significant activity. Frazier Healthcare is set to acquire health tech firm Matrix Care from Resmed Frazier Healthcare acquire. Summit Partners exited Dreampath Diagnostics, a company that designs systems for pathology labs, to Halma Summit Partners exits. EQT is acquiring Corza Medical's biosurgery unit, which includes the Tacho Sil product portfolio, from GTCR EQT buys.

Sector-Specific Investments

The sports industry continues to attract private equity interest, with Blue Owl Capital acquiring a minority stake in the Cleveland Cavaliers through its Home Court Partners fund. This marks the sixth NBA franchise the vehicle has backed. Bruin Capital is selling golf simulation company Full Swing to Versant Media for $530 million Bruin Capital sell. The World Cup has also illuminated a broader trend of PE firms investing in soccer, with firms like Apollo, KKR, and Avenue Sports making deals in the sector World Cup shines light.

In the industrial and energy sectors, Blackstone is acquiring Dresser Utility Solutions from First Reserve, marking the first deal from its new energy transition fund. Lone Star Funds is set to purchase Conti Tech, Continental's industrial materials arm, in a €4 billion deal Lone Star Funds to buy. I Squared is acquiring Milestone Environmental from SK Capital, which operates 15 disposal facilities for oil and gas waste streams I Squared acquire. Capmont is carving out Dyneon, a fluoropolymer manufacturer, from 3M Deutschland Capmont carve out. Permira is backing Iberian engineering group Quadrante with an investment focused on energy transition Permira backs Iberian. Avance is backing infrastructure firm Lexxel, with the founders reinvesting alongside Avance Avance backs infrastructure.

Environmental services and infrastructure are also seeing PE engagement. Sallyport invested in pipeline erosion remediation firm Submar. HIG is acquiring a majority stake in Germany's Terras Group, which provides infrastructure engineering and construction services in the DACH region HIG agrees acquire. Arlington has rolled out a new naval services platform, Highwater, by combining portfolio companies Eptec Defence and AMP United Arlington rolls out.

Fundraising and Investor Strategies

Investor intentions and fundraising remain active, albeit with evolving strategies. L1 Impact is targeting $100 million across four funds with a social impact focus, particularly in the Middle East and India. Temasek aims to increase allocations to AI, private credit, and infrastructure by 2031. Rest, Australia's pension fund, is increasing its private markets exposure, with a focus on PE and infrastructure Rest looks to. Mubadala Capital has opened its $25 billion credit platform to outside investors.

In the secondaries market, Eurazeo surpassed its target for its largest-ever secondaries vehicle, raising €2.3 billion. JRT Partners intends to increase its exposure to secondaries across the US, Australia, and Western Europe. Patria's Patrick Knechtli noted that dealflow in secondaries continues to unlock, with the firm's focus on smaller deals differentiating its latest $677 million fund Patria’s Knechtli.

CVC Capital Partners closed its European mid-market fund, Catalyst III, at €3 billion, nearly double its target. Chemistry Ventures, a firm founded by alums from Bessemer, Index Ventures, and Andreessen Horowitz, is raising $500 million for its second fund.

Venture Capital and Technology

Venture capital activity shows a continued focus on technology, with AI being a prominent theme. Nvidia is backing voice AI startup Gradium, bringing its seed round to over $100 million. Anne Glover of Amadeus Capital Partners believes AI will transform Saa S providers. AI law startup Norm raised $120 million in a 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 Hive raises.

Cleantech startup funding has stabilized, with investors pouring $15 billion into seed- through growth-stage rounds in the first half of the year Cleantech Startup Funding. Accel has doubled down on energy startup Axle.

Personnel and Market Commentary

American Pacific promoted Luchi Mmegwa to managing director. AEA Investors tapped Adam Biren as partner and head of capital formation for the Americas AEA Investors taps. Bridge Growth appointed Prosper Vignone as senior principal Bridge Growth appoints. Halifax has tapped Rob Holcomb as an operating executive Halifax taps.

Market commentary suggests a shift in LP behavior, with some concentrating investments in megafunds perceived as safer, potentially sacrificing higher returns Misplaced Fear. The private equity model is not broken, but the illusion of uniform success is fading, according to Scott Hart of Step Stone Group Bad habits. The shape of a fund matters, but trust between managers and investors is paramount in fundraising new rules fundraising.