Private Equity 3 Days

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

Private Equity Dealmaking and Sector Focus

Private equity firms continued to be active across a range of sectors. Trive Capital Kittyhawk to Machine Sciences, a portfolio company of Viking Global. In healthcare, Summit Kids Bowel & Bladder, backed by Avathon. Health Wave Partners Alamar Senior Living, while Serent-backed Raintree Spike Technologies. One Equity Epic Piping from Bernhard Capital Partners, and Guardian sold manufacturer Precision Roll Solutions to American Roller Company. Ardian acquired majority in German digital healthcare recruitment platform Pflegia, and Bridgepoint bought majority stake in laboratory testing business GBA Group from Ardian. In addition, H.I.G. Capital launched €1bn German residential platform Highground Living, and Ares Management completed $1.7bn take-private of Whitestone REIT.

Technology and AI Investments

The technology sector, particularly artificial intelligence, saw significant investment activity. Fora, an AI-powered travel agency with a $60 million Series D round, valuing it at $1 billion. Verdane acquired stakes from Trifork Labs, including cybersecurity and digital health companies. EQT's €5 billion Scaleup Fund a funding round for Mistral AI, and Blackstone, Hellman & Friedman, and Anthropic named Ode with Anthropic, backed by multiple large PE firms. Apollo, Blackstone, and KKR for Williams projects, further highlighting PE's deepening involvement with AI specialists. Meanwhile, Germany's KENFO plans to increase its private markets allocation to 30% over two years, though it will trim its private equity exposure, reflecting a broader trend in institutional investor strategy.

Fundraising, Secondaries, and Strategy Shifts

LP intentions and fund strategies are evolving. Germany's KENFO intends to increase its private markets allocation to 30% from 25%, while trimming private equity exposure. Partners Group warned of potential evergreen outflows totaling $20 billion and disclosed that private equity constitutes two-thirds of its underperforming assets. CalPERS reported a 14.8% net investment return for the year ended June 30, 2026, with private equity as a strong contributor. In the secondaries market, M&G is building infrastructure secondaries exposure and targeting continuation vehicles. Carlyle AlpInvest on $1.7 billion, surpassing its target. High Vista appointed Ramit as principal for its GP-led secondaries team, which launched earlier this year. Louisiana Teachers will explore private equity secondaries sales to reduce its buyout asset allocation and cull GP relationships. Serent-backed Raintree purchased VC-backed healthcare AI firm Spike Technologies.

Regional and Sectoral Activity

Activity was observed across various geographies and specialized sectors. Advantage Partners plans to focus on Japanese firms shielded from foreign takeovers, aligning with economic security concerns. In the US, H.I.G. Capital established Highground Living, a German residential platform valued at €1 billion. Tailwater is backing Pickton Gas Storage, led by former Nor Tex Midstream Partners management. One Equity agreed to acquire Epic Piping from Bernhard Capital Partners. Zoetis is set to acquire Vital Rads, a vet teleradiology services firm owned by Thrive Pet Healthcare. CD&R-backed White Cap will acquire concrete distributor Gierke Robinson. In the UK, Arlington Capital agreed to take Gooch & Housego private for £345.6 million. KKR is marketing Europe's first debt deal backed by PayPal's buy now, pay later loans.

Consolidation and Niche Markets

The broader private markets industry is experiencing consolidation. KKR agreed to acquire a 51% stake in Thomson Reuters’ global print business for $500 million, with Thomson Reuters retaining a 49% stake. Apollo, Clearlake, and KKR acquiring other private markets firms. Stone Point Capital and Further Global, with Permira backing, acquired Kroll, a firm advising on competition, regulatory, and dispute matters. In niche markets, Cutting Edge and royalties from composer Brian Tyler, and Pophouse acquired a stake in Iron Maiden's music and NIL rights. The music rights sector is seeing increased PE interest. In a notable venture capital development, Founders Fund Ryan Beiermeister as a partner.