Private Equity 3 Days

Last updated: July 23, 2026, 5:30 PM ET

Private Equity Dealmaking and Fundraises

Blackstone is set to sell its battery storage developer Aypa Power to Brookfield for $7bn. The deal encompasses Aypa's operating, under-construction, and contracted project portfolio, along with its development platform. In a significant energy sector transaction, Matador Resources Company will acquire EnCap-backed Paloma Permian for nearly $1.3bn Matador to acquire. Concurrently, Ridgewood Infrastructure-backed MN8 plans to purchase power producer Greenbacker for $375m. TJC is acquiring electrical power firm Sunbelt Solomon from Trilantic North America, while I Squared-backed Liberty Tire Recycling is acquiring All American Tire, Tire Recycling, and Genan Inc. Recycling acquires. Searchlight and Abry have completed the take-private buyout of IoT company Kore.

In other M&A activity, Cinven is acquiring software firm Salsify, which boasts over 2,000 customers. Apax Partners will acquire techoraco and Institutional Investor from Delinian, focusing on events and data intelligence platforms. Nordic Capital is looking to sell life sciences software provider Aris Global, which serves a client base including pharmaceutical, biotech, and regulatory companies. IK Partners plans to sell MDT technologies to BU Bregal Unternehmerkapital; MDT manufactures smart building automation components.

Healthcare and technology sectors are also seeing significant investment. Knox Lane is acquiring health tech firm Cross Country Healthcare Inc. Knox Lane, while Truehelm-backed Wildflower Health is acquiring maternity and women’s pelvic health platform Every Mother. Equality Asset-backed Mindoula is expanding its reach by picking up Janus Healthcare Partners and Valera Health. Goldman Sachs Alternatives is set to acquire fintech firm Aegis Hedging Solutions, with Greenbelt Capital Partners and Baird Capital exiting. Falfurrias is injecting capital into work risk AI firm Factor Lab, which focuses on transforming high-risk work planning. Carbyne-backed Suan Nutra will acquire specialty ingredients businesses from IFF, creating an enlarged natural ingredients platform.

Growth Capital and Strategic Investments

Tocqueville Asset Management has secured growth capital from Leon Financial Network to foster long-term enterprise value. Tayeh Capital is investing in C-suite advisory firm Council Advisors, which has over 160 professionals across three practice groups. Decathlon is investing in health tech firm Health Endeavors, led by CEO David Derrick. Tinicum is backing specialty chemicals distributor Graco Roberts, previously supported by CM Equity Partners. Bluestone is backing Delphinus Engineering, with Roby Lentz appointed as CEO.

In the education sector, Camden-backed Triumph Higher Education is acquiring the Culinary Institute of Barcelona. New Spring-backed Vybe Urgent Care is expanding its footprint by acquiring two Liberty Urgent Care PA centers in the greater Philadelphia market. Valeas Capital Partners is investing in My Pension Expert, which has grown to around £2 billion in assets under administration since Palatine's initial investment four years ago.

Secondaries Market Activity and Investor Sentiment

The secondaries market continues to break records, with volumes extending their run in the first half of the year. Blackstone's Strategic Partners Fund X is actively fundraising, targeting $22.5bn, making it the second-largest active fundraise in the secondaries market. Step Stone's VC secondaries fund has surpassed $1bn, attracting investment from Ohio's public school employees' pension fund with a $50m commitment. Clipway's debut fund has soared past its target, reaching $6.4bn soars past. Townsend has raised $2bn for its real estate secondaries strategy, with $1bn already deployed, focusing initially on data centers.

More than half of secondaries investors are now running evergreen vehicles, indicating a broadening adoption across the buyer universe. Private real estate managers are also rewriting the playbook with secondaries, as continuation vehicles signal a move away from distress-driven strategies. In China, the RMB secondaries market has concluded its first full cycle, presenting both opportunities and risks for investors.

Investor sentiment remains cautiously optimistic, with a significant majority of investors keeping allocations unchanged in the first half of 2026, according to PEI's H1 2026 Investor Report. At the London Investor Council, members indicated a "risk-on" appetite but emphasized the need for managers to clearly differentiate their strategies. Discussions at PEI events also highlighted concerns over AI disruption risk as a potential deal killer.

AI and Technology Investments

Artificial intelligence continues to be a major driver of investment, with AI labs collectively valued at $65 billion in June, contributing to 10 new unicorns on the Crunchbase Unicorn Board. Venture capital firms are increasingly focusing on AI-native startups, with some suggesting that companies not built around AI may struggle to secure funding in Europe's fintech sector. Dimension Capital’s $800M third fund highlights the booming intersection of science and compute. Menlo Ventures' Matt Murphy noted unprecedented growth rates in AI companies like Anthropic.

Dell Technologies Capital's Daniel Docter discussed how AI is reshaping Saa S, arguing that the business model is not headed for extinction. The potential for AI to fundamentally rewrite the global financial value chain, driving marginal operating costs near-zero and enabling personalized products, is a key theme. However, the rapid growth also brings risks, with seven ways the AI bubble could potentially burst being analyzed.

In specific AI-related investments, Coalesce Capital is investing in cybersecurity provider Worksheet, with a founder noting the company's fit at the intersection of cybersecurity spending and regulatory compliance. Enlightenment Capital is investing in govtech firm Quorum, aiming to accelerate its product roadmap and expand its agentic AI capabilities. Falfurrias is injecting capital into work risk AI firm FactorLab. Hg is backing UK proptech company Street Group, with plans to deepen its AI capabilities.

Other Notable Transactions and Firm Developments

In the infrastructure space, Apollo is targeting up to $20bn of private credit deployment in Mexico, leveraging the country's nearshoring-driven build-out Apollo targets. Partners Group has closed its fourth direct infrastructure program above $15bn, its largest infrastructure raise to date Partners Group closes. Blackstone, Apollo, and KKR are committing $5.34bn to Williams power projects, taking a 49% non-controlling interest Blackstone, Apollo, and KKR. AIP, MGX, and BlackRock’s GIP are acquiring Aligned Data Centers from sellers including Macquarie Asset Management.

Kayne Anderson and Warburg Pincus are set to sell Wild Fire Energy for over $4bn, focusing on oil and gas assets in South Texas. Carlyle's Pooja Goyal discussed building platforms from scratch as a deliberate investment strategy. Epiris has appointed Owen Wilson as managing partner, succeeding Bill Priestley. KKR has tapped Roy Gori as a senior advisor to focus on strategic opportunities in global financial services and insurance, particularly in Asia Pacific. Athena Capital has recruited Karim Bousta as an investment partner.

In the venture capital landscape, Imagi has raised $4.5 million in a seed round for its edtech platform. Cascade has raised $3.5 million to help construction firms find and win projects. Bluecore Energy has raised $10 million in a pre-seed round to build portable nuclear reactors on barges.

Furthermore, Eli Manning is sharing insights on investing in sports, discussing Brand Velocity Group's investment in RCX Sports. Matador Resources Company is acquiring undeveloped acreage in West Texas and Southeast New Mexico from Ridge Runner Resources as part of its larger acquisition. Oaktree-backed GA Group is acquiring family law litigation support firm Trampe Settles. Fundamental Advisors has acquired aerial services operator BlueSky Helicopters. Vesterra Capital has acquired facilities maintenance platform PHFM. Crest Rock is investing in civil contracting firm Andrew Site Work. Madison River is investing in construction firm Pro-Max to support its expansion. RFE-backed Launch Pad is acquiring home inspection firm Top to Bottom Services. O2-backed 4M is acquiring commercial janitorial service providers Bluegrass Commercial Cleaning and Rainbow Maintenance Services.