Private Equity 3 Days

Last updated: July 14, 2026, 5:30 AM ET

Deal Activity and Sector Focus

Private equity firms have been active across a range of sectors, with notable activity in healthcare, defense, and industrial services. Inflexion is set to acquire Primed Group from Paragon Partners, marking its sixth DACH investment and third in healthcare in the region. Battery Ventures-backed Whitevision acquired Documation, expanding its purchase-to-pay automation technology in the UK. Similarly, Battery Ventures-backed ORTEC completed an add-on acquisition of TOBA HR Solutions, broadening its healthcare client base. In the industrial space, CAI Capital exited HVAC provider Custom Air to Service Logic Holdings Canada after an eight-year holding period, during which it completed five add-on deals. Warburg-backed Bond Vet merged with Small Door Veterinary, creating an entity with over 55 clinics across multiple US markets. Atlas Holdings-backed Stryten Energy acquired KPS-backed C&D Trojan Battery, which will result in Stryten operating 15 battery manufacturing and component facilities across the U.S. Stryten Energy. AE Industrial acquired powder spray producer Powder Alloy, establishing a specialty materials platform. Broadwing-backed Lehr acquired emergency vehicle upfitting assets of Pro Logic ITS, marking its tenth add-on acquisition. Wynnchurch exited flow control specialist Flo Works to Ferguson for $1.6 billion, representing an acquisition multiple of 10x LTM adjusted EBITDA. HIG Capital’s OB Streem completed the acquisition of Med Frigo in Greece, which operates cold-chain facilities. Mill Point Capital acquired Total Safety Supplies & Solutions from Littlejohn & Co. portfolio company Total Safety US.

Emerging Technologies and Investment Trends

Investment in artificial intelligence and defense technology continues to draw significant capital. Peter Sarlin’s Nest AI aims to reduce Europe’s reliance on foreign AI models for defense applications. Defence tech Project Q secured €15 million in a Series A round just 11 months after its previous raise. Peec rival Promptwatch raised €6 million in a seed round. Hermes agent maker Nous Research is reportedly in talks for new funding at a $1.5 billion valuation, seeking at least $75 million. Anthropic recruited Monzo cofounder Tom Blomfield for its AI compute team. Helsing, an AI company, raised $1.8 billion backed by Goldman Sachs and Lightspeed. Sapphire Ventures partner Anders Ranum discussed how institutional capital is navigating the valuation gap between public market software multiples and private market AI valuations. In the broader tech landscape, a founder who previously sold his startup to Klarna for €110 million has raised €12 million to build a new venture.

Secondaries Market and LP Activity

The secondaries market is experiencing a surge in activity, driven by various factors including market conditions and investor intentions. Ardea Partners has tapped a managing director from PJT for its secondaries advisory team. Moelis is building out its LP-led secondaries business with a team from Evercore, led by a former Evercore vice-president. A podcast featuring senior leaders from LGT Capital Partners, Dawson Partners, and Pomona Capital discussed how current market conditions are encouraging sellers to enter the secondary market. Arctos achieved a $6.2 billion GP financing debut through its "self-liquidating" strategy, which is expected to remain relevant across fundraising cycles. On the LP side, Chicago FABF is issuing an RFP for investment consultants to manage its $1.66 billion AUM. KBIZ, a Korean pension fund, is seeking domestic blind-pool PE/VC funds for 2026, intending to commit 300 billion won.

European Investment Landscape and Policy

European investment is seeing strategic focus in areas like water treatment, defense, and battery storage, with policy and infrastructure playing a role in market shifts. Nordic Capital sees attractiveness in the water treatment sector due to significant infrastructure investment needs and skilled labor constraints. Bridgepoint is set to acquire a majority stake in Danish defense company UMag. Ardian plans to acquire a majority stake in German battery-tech firm Munich Electrification, with fresh capital earmarked for expansion. Ardian will take a majority stake in German battery-tech firm Munich Electrification. The Mansion House Accord, one year on, highlights that the UK pension schemes’ shift towards private markets is supported by policy and regulation, though the pace depends on fee mechanics and closing the growth capital gap. Data center development in the UK, such as Nscale's £2 billion project, is facing delays due to grid issues. In policy discussions, the people set to influence tech policy in the UK have been identified. Europe’s entrepreneurs are pushing for growth, but the question remains when capital markets will respond. Sixth Street is exploring sports deals in Asia as part of its regional expansion, having already looked at opportunities in Japan and India.

Other Notable Developments

Late-stage secondary offerings are transforming private market access. Harvey’s VP of EMEA discussed M&A, hiring, and pushing beyond law. Reed Jobs' firm Yosemite is focusing on biotech, with the venture outfit having made progress since its inception Reed Jobs. GIC's leadership rejig and Goldman's view on AI underwriting are among other developments.