Private Equity 3 Days

Last updated: July 16, 2026, 11:30 AM ET

Deal Activity & Sector Focus

Private equity firms have been active across a range of sectors, with significant activity in energy infrastructure, healthcare, and technology. Tailwater has backed Pickton Gas Storage, while KKR and Energy Capital Partners have increased their takeover bid for Irish energy distributor DCC to £5.81bn KKR and Energy Capital Partners raise DCC takeover bid. In the healthcare space, Archi Med is taking biopharma firm Esperion Therapeutics private for $1.1bn ArchiMed takes, and Warburg Pincus-led investors are acquiring a controlling stake in pharmacy Pantherx Rare. Verdane has acquired a portfolio of minority stakes in technology businesses from bp Verdane buys portfolio of technology stakes, and Francisco Partners is nearing a $1.3bn buyout of construction software maker Command Alkon Francisco Partners closes in on $1.3bn Command Alkon buyout.

Fund Allocations & Investor Strategies

Institutional investors are adjusting their private markets allocations. Germany's KENFO plans to increase its overall private markets exposure to 30% from 25%, though it will trim its private equity allocation KENFO to lift private markets allocation. CalPERS reported a preliminary net investment return of 14.8% for the year ended June 30, 2026, with private equity being a significant contributor Private equity lifts CalPERS to 14.8% return. Partners Group has warned that evergreen outflows could reach $20bn, and private equity comprises two-thirds of the firm's underperforming assets. Meanwhile, the Louisiana Teachers' Retirement System is exploring a sale of private equity secondaries assets to reduce its buyout allocation.

Secondaries Market & Continuation Vehicles

The secondaries market continues to evolve, with continuation vehicles (CVs) playing a prominent role. M&G is building its infrastructure secondaries exposure and targeting CVs for assets requiring more time and capital for growth. Carlyle Alp Invest has closed its second single-asset fund at $1.7bn, surpassing its target and its predecessor fund, benefiting from increased LP sophistication around CVs. Credit manager Serone has launched a buyout secondaries strategy with a debut fund, hiring from Ardian and UBS to lead the initiative. Real estate secondaries are also seeing increased activity, with rising confidence fueling deal flow and institutional investors seeking exposure to in-demand asset classes.

Consolidation & Platform Building

The private markets industry is experiencing consolidation, with several firms acquiring other players or building out platforms. KKR is acquiring a 51% stake in Thomson Reuters’ global print business for $500m, and AE Industrial has acquired powder spray producer Powder Alloy to establish a specialty materials platform. H.I.G. Capital has launched Highground Living, a German residential platform valued at €1bn H.I.G. Capital launches €1bn German residential platform. Bridgepoint is acquiring a majority stake in GBA Group, a Hamburg-based laboratory testing business Bridgepoint buys majority stake in Germany's GBA Group.

Venture Capital & Emerging Technologies

Venture capital funding is seeing shifts, with a focus on larger rounds and specific sectors like AI. Overall, investors poured $42.8 billion into startup funding rounds across Asia in Q2 2026, led by China's $7.4 billion DeepSeek raise. Fintech funding surged nearly 23% year-over-year in H1 2026, with investors concentrating bets on AI and financial infrastructure. Despite attention-grabbing AI mega-seed rounds, historical data suggests very large first financings rarely produce venture-scale returns due to high entry valuations. OpenAI researcher Miles Wang is reportedly in talks to launch an AI drug discovery startup valued at $2 billion, signaling investor interest in applying AI to life sciences breakthroughs.

Deal Flow Highlights

Numerous smaller deals and add-on acquisitions have been reported. One Equity is acquiring pipe fabrication and distribution firm Epic Piping from Bernhard Capital Partners. Guardian has sold manufacturer Precision Roll Solutions to American Roller Company. Inspirit Equity-backed Sizemore is acquiring Carlson Building Maintenance. Ridgewood and Coogee Bay have acquired senior relocation services firm Caring Transitions. CD&R-backed White Cap is acquiring concrete distributor Gierke Robinson.

Sector-Specific Transactions

Specific transactions highlight continued interest in niche markets. Zoetis is acquiring vet teleradiology services firm Vital Rads, which is backed by TSG Consumer Partners. Ground Force Capital is investing in agricultural testing platform Rock River Laboratory. Cutting Edge has acquired the music rights and royalties of film composer Brian Tyler's catalog. Pophouse has acquired a stake in Iron Maiden's music and NIL rights.

Fundraising and Operational Moves

Firms are also making strategic hires and launching new funds. High Vista has launched its GP-led secondaries strategy and tapped Ramit Malhotra as principal for this team. Banyan has promoted Simon Gélinas to managing director and head of investments. Vance Street has appointed Jason Burmer as managing director and head of business development. Gen Nx360 has tapped Adam Feuer as an operating partner.

Regulatory and Governance Scrutiny

Amidst market pressures, fund governance is facing increased scrutiny. New research indicates that limited partners (LPs) are seeking greater control, improved economics, and stronger protections against succession and zombie fund risks. This heightened attention comes as fundraising pressures mount for general partners (GPs).

Geographic Focus

Activity is also noted across different regions. Capital has established Highground Living, a €1bn residential platform in Germany H.I.G. Capital launches €1bn German residential platform. Bridgepoint's acquisition of GBA Group is another significant German transaction Bridgepoint buys majority stake in Germany's GBA Group. Ardian has arranged unitranche financing for Astorg's buyout of Barkene, a French technical services provider Ardian arranges unitranche financing.

AI and Technology Integration

Private equity firms are increasingly partnering with AI specialists. Blackstone, Hellman & Friedman, and Anthropic have launched an AI services provider called Ode with Anthropic, with backing from Apollo Global Management and others. KKR is also marketing Europe's first debt deal backed by PayPal's buy now, pay later loans in Germany KKR markets Europe's first debt deal.

LP Benchmarking and Investment Intentions

LP approaches to benchmarking private equity investments show significant variation among large investors. Separately, Chicago FABF is issuing a request for proposals for investment consultants for its $1.66bn assets under management.