Private Equity 3 Days

Last updated: July 23, 2026, 11:30 PM ET

Deal Activity and Fundraises Signal Robust Private Equity Appetite

Blackstone is set to divest its battery storage developer Aypa Power to Brookfield for approximately $7 billion, encompassing Aypa's operational, under-construction, and contracted project portfolio, along with its development platform. In a significant energy sector transaction, Matador Resources Company has agreed to acquire EnCap-backed Paloma Permian for nearly $1.3 billion, which includes undeveloped acreage in West Texas and Southeast New Mexico. Meanwhile, I Squared-backed Liberty Tire Recycling is expanding its operations by acquiring All American Tire, Tire Recycling, and Genan Inc., bolstering its position in the tire recycling market. TJC is also set to acquire electrical power firm Sunbelt Solomon from Trilantic North America, a deal that includes Sunbelt Solomon's 42 operational locations across the US, Canada, and Chile.

In the technology and services sectors, Cinven is acquiring software firm Salsify, which boasts a network of over 2,000 customers. Goldman Sachs Alternatives is broadening its fintech exposure with the acquisition of Aegis Hedging Solutions, marking an exit for Greenbelt Capital Partners and Baird Capital. Searchlight and Abry have completed the take-private buyout of IoT company Kore, with Ron Totton continuing as president and CEO. Nazca Capital has acquired Madrid Artes Digitales, a company focused on immersive cultural experiences.

New Spring-backed Vybe Urgent Care is expanding its footprint in the greater Philadelphia market by acquiring two Liberty Urgent Care PA centers. Oaktree-backed GA Group is enhancing its litigation support services with the acquisition of family law firm Trampe Settles. Fundamental Advisors has acquired aerial services operator Blue Sky Helicopters, which serves utility, government, and public safety clients in the Western US. Crest Rock is investing in civil contracting firm Andrew Site Work, which handles retrofit, installation, and emergency repair activities for local governments. Madison River is injecting capital into construction firm Pro-Max to support its expansion and service capabilities.

In the health and wellness space, Truehelm-backed Wildflower Health has acquired maternity and women’s pelvic health platform Every Mother. Equality Asset-backed Mindoula is growing its healthcare engagement services by acquiring Janus Healthcare Partners and Valera Health. Knox Lane has acquired health tech firm Cross Country Healthcare Inc., with Joel Tremblay appointed CEO. PE-backed Premier Care Dental Management is expanding its cosmetic dentistry offerings with the acquisition of Brookline Smile Artists. Carbyne-backed Suan Nutra is set to acquire specialty ingredients businesses from IFF, creating an enlarged natural ingredients platform.

Bregal Sagemount is taking a majority stake in Luxembourg-based ATOZ Services, an administration and governance provider for private equity, credit, and real estate clients. Inflexion is acquiring a minority stake in Salto Systems, a designer and manufacturer of electronic access control technology. Bowmark Capital is becoming a shareholder in building standards software platform SFG20. Vesterra Capital has acquired facilities maintenance platform PHFM, establishing it as an independent provider. O2-backed 4M is expanding its commercial janitorial services with the acquisition of Bluegrass Commercial Cleaning and Rainbow Maintenance Services.

Secondaries Market Surges Amidst Investor Demand and Record Fundraising

The secondaries market continues its record-breaking streak, with volumes extending their run in the first half of 2026. Blackstone's Strategic Partners Fund X is actively fundraising and is the second-largest secondaries fund by target, aiming for $22.5 billion. Step Stone's venture capital secondaries fund has surpassed $1 billion, attracting significant interest from limited partners, including a $50 million commitment from Ohio's public school employees' pension. Townsend has raised $2 billion for its real estate secondaries strategy, with $1 billion already deployed, focusing initially on data center investments.

Clipway's debut fund has surpassed its target, reaching $6.4 billion, exceeding its initial $4 billion goal launched in June 2023. More than half of secondaries investors are now operating evergreen vehicles, indicating a broadening adoption of this structure across the buyer universe, with capital increasingly deployed into diverse opportunities. Lead Edge and Hamilton Lane are leading a $625 million deal for Ninja One, a Saa S provider that has generated substantial returns for its investors, offering LPs options to roll over or cash out during the continuation vehicle process.

AI and Tech Investments Drive Startup Funding and Strategic Shifts

Artificial intelligence continues to be a dominant force in startup funding, with 10 frontier AI labs joining the Crunchbase Unicorn Board in June, collectively valued at $65 billion and contributing significantly to the over $110 billion in value added by 34 new unicorns that month. Dimension Capital's latest fund, at $800 million, highlights the booming intersection of science and compute, with its third vehicle being 60% larger than its predecessor. Imagi has secured a $4.5 million seed round for its edtech platform aimed at teaching coding, with investors including Brighteye Ventures and Day One Capital.

The European fintech sector is heavily influenced by AI, with a significant portion of startups seeking funding prioritizing AI integration, as "if you're not AI-native, you're not getting funded" becomes a prevailing sentiment in H1 funding figures. Menlo Ventures' Matt Murphy noted Anthropic's rapid growth to a $47 billion revenue run rate, a pace he described as unprecedented in his 25 years of investing. Dell Technologies Capital's Daniel Docter discussed how AI is reshaping Saa S, maintaining that the business model is not headed for extinction, despite the rise of AI.

In other tech-related activity, Falfurrias is injecting capital into work risk AI firm Factor Lab, which focuses on transforming high-risk work planning and delivery. Enlightenment Capital is investing in govtech firm Quorum, aiming to accelerate its product roadmap and enhance its agentic AI capabilities. Coalesce Capital has acquired cybersecurity provider Workstreet, capitalizing on the expanding cybersecurity spending and growing complexity of regulatory compliance, particularly in the age of AI. Sifted reported on AI disruption risk as a potential deal killer, with SpaceX's backers returning to market and Apollo alum Harris persuading an LP to cross the aisle.

Market Dynamics, Investor Sentiment, and Sector Focus

Private real estate managers are actively rewriting the playbook with the use of secondaries, signaling that the real estate secondaries market is moving beyond its reputation as a last resort for distress-driven strategies. Investors are maintaining a "risk-on" stance but are demanding that managers clearly distinguish their strategies, with a close eye on AI, defense, and liquidity dynamics, according to conversations at PEI Group's London Investor Council.

In terms of investor intentions, Worcester Retirement System is seeking a general investment consultant. Discussions at the London Investor Council also touched upon the growing importance of exit optionality for mid-market companies to maximize choices amidst a volatile macro backdrop. Astorg's Judith Charpentier also noted that while valuation gaps are slightly reducing, the volatile macro backdrop makes exit optionality even more critical.

Apollo is targeting up to $20 billion of private credit deployment in Mexico, extending its private credit franchise into the country's nearshoring-driven infrastructure build-out Apollo targets up to $20bn of private credit deployment in Mexico. KKR has appointed Roy Gori as a senior advisor to focus on strategic opportunities across global financial services and insurance, with an emphasis on Asia Pacific and international markets.

In fund management appointments, Epiris has named Owen Wilson as managing partner, succeeding Bill Priestley who will retire in October 2026. Athena Capital has recruited Karim Bousta as an investment partner and appointed Francesca Cornelli to its Council of operating partners. Angeles Equity Partners has tapped Kyle Huffman as VP of finance for its operations group to help build scalable finance organizations and support acquisitions. Visionaries is shaking up its investment team ahead of a new fund launch.

Sector-Specific Investments and Deals

Ridgewood Infrastructure-backed MN8 is acquiring power producer Greenbacker for $375 million, expanding its portfolio of energy assets. Blackstone, Apollo, and KKR