Private Equity 3 Days

Last updated: July 24, 2026, 2:30 AM ET

Deal Activity and Fundraises

Private equity firms continue to be active, marked by a $7 billion deal where its battery storage developer Aypa Power to Brookfield. Matador Resources Company is set to acquire EnCap-backed Paloma Permian for nearly $1.3 billion, indicating ongoing consolidation in the energy sector. In tech Salsify, a software firm with over 2,000 customers, while Searchlight and Abry are finalizing a take-private buyout of IoT company Kore. Health tech also saw significant movement, with Knox Lane acquiring Cross Country Healthcare Inc. Knox Lane, and Truehelm-backed Wildflower Health purchasing the maternity and women’s pelvic health platform Every Mother.

Several large fundraises are underway, with Blackstone aiming for over $14 billion for its latest flagship fund. Step Stone's venture capital secondaries fund has surpassed $1 billion, attracting commitments from institutional investors like Ohio's public school employees' pension. Partners Group has closed its fourth direct infrastructure program above $15 billion, marking its largest infrastructure raise to date Partners Group closes. Meanwhile, Clipway has launched its debut fund with $6.4 billion, exceeding its initial target.

Sector Focus and Investment Trends

Artificial intelligence continues to be a dominant theme, with AI labs accounting for 10 of the 34 companies that joined the Crunchbase Unicorn Board in June, collectively valued at $65 billion. Startups are increasingly being required to demonstrate AI integration, with one report stating, "'If you're not AI-native, you're not getting funded'". AI's impact is also being felt in debt funding, with AI, dual-use technology, and spacetech emerging as new areas of interest. However, concerns persist about the potential for an AI bubble, with various factors identified as potential triggers for a burst.

The secondaries market is experiencing record-breaking volume, with Jefferies noting the remarkable resilience of this trend amidst market volatility. More than half of secondaries investors are now utilizing evergreen vehicles, deploying capital into a widening array of opportunities. Townsend has raised $2 billion for its real estate secondaries fund, with an early focus on data centers. Private real estate managers are also adapting their strategies, with continuation vehicles signaling a shift away from distress-driven approaches.

Strategic Moves and Executive Appointments

In executive news, Epiris has appointed Owen Wilson as its new managing partner. KKR has brought on Roy Gori as a senior advisor to focus on strategic opportunities in global financial services and insurance, particularly in the Asia Pacific region. Astorg's co-managing partner, Judith Charpentier, emphasized the importance of mid-market focus to maximize exit choices amidst a volatile macro backdrop.

Several firms are making strategic investments to bolster their capabilities or expand their portfolios. Hg is backing UK proptech company Street Group, aiming to deepen its AI capabilities, and also made a growth investment in the company at a valuation exceeding £200 million. Enlightenment Capital is investing in govtech firm Quorum to accelerate its product roadmap and expand its agentic AI capabilities. Meanwhile, Blackstone, Apollo, and KKR are jointly committing $5.34 billion to Williams' power projects, taking a significant non-controlling interest Blackstone, Apollo, and KKR commit.

Emerging Trends and Investor Sentiment

Investor sentiment indicates a cautious but "risk-on" approach, with a strong emphasis on managers clearly differentiating their strategies. While allocations have largely stabilized, investors are closely monitoring AI, defense, and liquidity dynamics. The role of AI in shaping startup funding is becoming increasingly pronounced, with some investors suggesting that AI-native startups are more likely to secure funding. The debate continues on the future of Saa S in the age of AI, with some arguing the business model is not headed for obsolescence.

The European venture capital landscape is also seeing shifts, with a notable number of investors making the move to join startups themselves. High salaries are being offered by European startups, particularly in sectors like AI and spacetech. The growth capital market is active, with Tocqueville Asset Management securing funding from Leon Financial Network to generate long-term enterprise value.

Leverage and Deal Structures

Discussions around leverage in continuation funds are ongoing, with differing views among lenders and buyers on appropriate usage. The potential for carry payouts to become a minor factor for executives with stratospheric net worth raises questions about incentive structures and GP-LP alignment.

Sector-Specific Acquisitions and Investments

In the infrastructure and energy sectors, Ridgewood Infrastructure-backed MN8 is set to acquire power producer Greenbacker for $375 million. TJC is acquiring electrical power firm Sunbelt Solomon from Trilantic North America, which operates across the US, Canada, and Chile. Apollo is targeting up to $20 billion for private credit deployment in Mexico, focusing on the country's nearshoring-driven infrastructure development Apollo targets up to $20bn.

Within financial services and technology, Goldman Sachs Alternatives is acquiring fintech firm Aegis Hedging Solutions, with Greenbelt Capital Partners and Baird Capital exiting their positions. In the cybersecurity space, Coalesce Capital has invested in cybersecurity provider Worksheet, highlighting the proliferation of cybersecurity challenges in the age of AI.