Private Equity 3 Days

Last updated: July 23, 2026, 8:30 PM ET

Deal Activity Surges Across Sectors

Private equity firms have been active across a wide range of industries, with significant deals announced. Blackstone is set to sell its battery storage developer Aypa Power to Brookfield for $7 billion, encompassing operating, under-construction, and development assets. In the oil and gas sector, Matador Resources Company agreed to acquire EnCap-backed Paloma Permian for nearly $1.3 billion, alongside additional acreage from Ridge Runner Resources. Healthcare and technology continue to be attractive areas, with Decathlon investing in health tech firm Health Endeavors, New Spring-backed Vybe Urgent Care acquiring two urgent care centers, and Tayeh Capital investing in C-suite advisory firm Council Advisors. Cybersecurity also saw investment, with Coalesce Capital investing in cybersecurity provider Worksheet, and also acquiring Workstreet amidst proliferating cybersecurity challenges.

Infrastructure and Energy Investments Gain Momentum

Infrastructure and energy projects are drawing substantial capital. Ridgewood Infrastructure-backed MN8 is acquiring power producer Greenbacker for $375 million. Apollo is targeting up to $20 billion for private credit deployment in Mexico, focusing on nearshoring infrastructure build-out Apollo targets. Blackstone, Apollo, and KKR are committing $5.34 billion to Williams' power projects, taking a 49% non-controlling interest Blackstone, Apollo, and KKR commit. I Squared-backed Liberty Tire Recycling is acquiring All American Tire, Tire Recycling, and Genan Inc. as part of its expansion. TJC is set to acquire electrical power firm Sunbelt Solomon from Trilantic North America, which operates 42 locations across the US, Canada, and Chile.

Secondaries Market Continues Record-Breaking Run

The private equity secondaries market is experiencing a sustained period of high activity. Blackstone's Strategic Partners Fund X is actively fundraising, seeking $22.5 billion, making it the second-largest active fundraise in the market. Step Stone's VC secondaries fund has surpassed $1 billion, with growing LP interest evident from commitments like Ohio's public school employees' pension fund investing $50 million. Townsend has raised $2 billion for its real estate secondaries strategy, with $1 billion already deployed, focusing initially on data centers. Overall secondaries volume extended its record-breaking run in the first half of the year, with Jefferies noting the remarkable volume despite market volatility. Fundraising in the secondaries market also surpassed $50 billion in the first half, marking the second-strongest six-month period in six years.

AI and Tech Remain Key Investment Theses

Artificial intelligence and technology sectors are central to current investment strategies, with significant fundraises and strategic investments occurring. Dimension Capital's latest fund closed at $800 million, reflecting a booming intersection of science and compute. AI labs are a significant driver of unicorn valuations, with 10 AI labs joining the Crunchbase Unicorn Board in June, collectively valued at $65 billion. European fintech funding is heavily influenced by AI, with "AI-native" startups being prioritized for funding. Menlo Ventures' Matt Murphy highlighted the unprecedented growth of AI companies like Anthropic, which reached a $47 billion revenue run rate.

Mid-Market and Platform Investments Drive Growth

Mid-market focus is seen as a strategy to maximize exit optionality, particularly in a volatile macro environment. This is complemented by a trend of platform investments and bolt-on acquisitions, particularly in sectors like healthcare and education. Camden-backed Triumph Higher Education acquired the Culinary Institute of Barcelona, and Valeas Capital Partners is investing in My Pension Expert as Palatine exits its investment. Bregal Sagemount is taking a majority stake in Luxembourg’s ATOZ Services, an administration and governance provider.

Leverage and LP-GP Dynamics Under Scrutiny

Discussions around leverage in continuation funds continue, with ongoing divisions on appropriate usage between lenders and buyers. The alignment between Limited Partners (LPs) and General Partners (GPs) is also being examined, especially when potential carry payouts represent a small fraction of an executive's net worth. Investor sentiment indicates a "risk-on" approach but with a demand for managers to clearly differentiate their strategies. Fundraising trends show increased caution, with a majority of investors keeping allocations unchanged in the first half of 2026.

Sector-Specific Deals and Strategic Appointments

Specific sector deals include Nazca Capital acquiring Madrid Artes Digitales, a creator of immersive cultural experiences. Oaktree-backed GA Group is acquiring family law litigation support firm Trampe Settles. Fundamental Advisors has acquired aerial services operator BlueSky Helicopters. Tinicum is backing specialty chemicals distributor GracoRoberts, and Vesterra Capital has acquired facilities maintenance platform PHFM. In terms of personnel, Epiris has appointed Owen Wilson as managing partner, and KKR has tapped Roy Gori as a senior advisor.

Real Estate Secondaries Evolve Beyond Distress

The private real estate secondaries market is evolving, shedding its reputation as a last resort for distressed strategies, with continuation vehicles signaling strong growth. More than half of secondaries investors are now running evergreen vehicles, deploying capital into a widening array of opportunities. In China, the RMB secondaries market is navigating its first full cycle, presenting both opportunities and risks for investors.

Fintech and Software Acquisitions Continue

Goldman Sachs Alternatives is acquiring fintech firm Aegis Hedging Solutions, with Greenbelt Capital Partners and Baird Capital exiting. Cinven is acquiring software firm Salsify, which has over 2,000 customers. Apax Partners will acquire techoraco and Institutional Investor, two events and data intelligence platforms. Searchlight and Abry have completed the take-private buyout of IoT company Kore. Inflexion is taking a minority stake in Salto Systems, a designer and manufacturer of electronic access control technology.

Healthcare and Life Sciences Investments

Healthcare and life sciences continue to be active investment areas. Truehelm-backed Wildflower Health has acquired maternity and women’s pelvic health platform Every Mother. Equality Asset-backed Mindoula is acquiring Janus Healthcare Partners and Valera Health. Knox Lane has acquired health tech firm Cross Country Healthcare Inc. Nordic Capital is looking to sell life sciences software provider Aris Global, which serves pharmaceutical, biotech, and regulatory companies. Carbyne-backed Suan Nutra plans to acquire specialty ingredients businesses from IFF to expand its natural ingredients platform.