Private Equity 3 Days

Last updated: July 24, 2026, 5:30 PM ET

Private Equity Fundraises and Large-Cap Activity

Harbour Vest has closed its seventh co-investment program at $4.75 billion, surpassing its target raising $4.75bn. Blackstone is targeting up to $20 billion for its private credit deployment in Mexico, aiming to capitalize on the nation's nearshoring-driven infrastructure build-out targeting $20bn. In infrastructure, Partners Group has closed its fourth direct infrastructure program above $15 billion, marking its largest raise to date and now more than 40% committed closing above $15bn. Meanwhile, Step Stone's venture capital secondaries fund has surpassed $1 billion, with Ohio's public school employees' pension fund being a recent investor, committing $50 million surpassing $1bn.

Sector-Specific Investments and Acquisitions

Private equity firms continue to deploy capital across diverse sectors. In health tech, Longshore has invested in Prochant to fuel its next growth phase invests in Prochant, while Sky Knight is set to invest in infusion services provider Apex Infusion, with FFL Partners remaining a minority investor. Providence Equity has invested in SCG, a UK communications and IT provider supporting approximately 35,000 small and medium-sized businesses. Bain Capital is acquiring UK vitamin company Vitabiotics for international expansion acquires Vitabiotics. Nazca Capital has acquired Madrid Artes Digitales, an operator of immersive cultural experiences, and Camden's Triumph has acquired the Culinary Institute of Barcelona.

In the technology and AI space, GTCR-backed Dentalcorp is acquiring Northstar Dental Partners. Cinven is acquiring software firm Salsify, which has over 2,000 customers acquires Salsify. Goldman Sachs Alternatives is acquiring fintech firm Aegis Hedging Solutions, with Greenbelt Capital Partners and Baird Capital exiting the company. Hg is making a growth investment in UK proptech company Street Group at over a £200 million valuation, aiming to deepen its AI capabilities. TJC is acquiring electrical power firm Sunbelt Solomon from Trilantic North America, with Sunbelt Solomon operating 42 locations across the US, Canada, and Chile.

Veterinary Care and Niche Market Activity

The veterinary care sector remains a focus for private equity, with Warburg Pincus, Great Point Partners, Axcel, and Bansk Group among firms transacting in services. In other niche markets, Fundamental Advisors has acquired aerial services operator Blue Sky Helicopters, which serves utility, government, and public safety customers. Tinicum is backing specialty chemicals distributor Graco Roberts backs GracoRoberts, and Vesterra Capital has acquired facilities maintenance platform PHFM acquires PHFM.

Sports and Entertainment Investments

Private equity is also making inroads into sports and entertainment. Harbinger has taken a minority ownership stake in MLB's Athletics as part of the club's equity financing for a new ballpark in Las Vegas. Former NY Giants quarterback Eli Manning, now a private equity investor, discussed Brand Velocity Group's recent investment in RCX Sports.

Fintech and Startup Funding

General Catalyst has taken the lead over Y Combinator in backing fintech deals of $5 million or more in the second quarter. In early-stage funding, Imagi has announced a $4.5 million seed round for its edtech platform focused on coding education, with investors including Brighteye Ventures and Day One Capital. Cascade has raised $3.5 million for its platform that helps construction firms find and win projects, with participation from a16z Speedrun and Ada Ventures.

AI and Technology Trends

Artificial intelligence continues to drive significant investment and discussion. This week saw a varied lineup of large funding rounds, including for a physical AI startup. Ten frontier AI labs joined the Crunchbase Unicorn Board in June, collectively valued at $65 billion, adding to a total of 34 companies joining the board. The potential for AI to fundamentally rewrite the global financial value chain, leading to near-zero marginal operating costs and personalized products, was highlighted. However, concerns also persist about AI disruption risk potentially killing deals, and discussions are ongoing about the challenges of AI talent and building resilient infrastructure, as well as potential AI bubble bursts.

Secondaries Market Activity

The secondaries market is experiencing robust activity. Blackstone's Strategic Partners Fund X is the second-largest active fundraise in the secondaries market, targeting $22.5 billion targets $22.5bn. Townsend has raised $2 billion for its real estate secondaries fund, having already deployed $1 billion with an early focus on data centers. More than half of secondaries investors are running evergreen vehicles, with Evercore reporting an increasing deployment of this capital into a broadening set of opportunities. The real estate secondaries market is also seeing private real estate managers rewrite the playbook, with continuation vehicles signaling a shift away from distress-driven strategies.

Fundraising and Exit Strategies

Softbank is reportedly eyeing the acquisition of ETH spinout Gravis. In terms of exits, Nordic Capital plans to sell life sciences software provider Aris Global plans to sell. Astorg's co-managing partner emphasized that a mid-market focus will maximize exit choices amidst a volatile macro backdrop.

Other Notable Transactions

Blackstone is selling battery storage developer Aypa Power to Brookfield in a $7 billion deal. Matador Resources Company is set to acquire EnCap-backed Paloma Permian for nearly $1.3 billion. Investindustrial has agreed to invest in Italian flavors and fragrances maker PA Aromatics. Oaktree-backed GA Group has acquired family law litigation support firm Trampe Settles. Bregal Sagemount is taking a majority stake in Luxembourg’s ATOZ Services, an administration and governance provider for private equity, private credit, and real estate clients. IK Partners is selling MDT technologies to BU Bregal Unternehmerkapital.

Investor Sentiment and Strategic Moves

Investors at the London Investor Council are "risk-on" but require managers to clearly demonstrate differentiated strategies, with close attention paid to AI, defense, and liquidity dynamics. KKR has tapped Roy Gori as a senior advisor to focus on strategic opportunities across global financial services and insurance, particularly in Asia Pacific and international markets. Athena Capital has recruited Karim Bousta as an investment partner and Francesca Cornelli to its operating partners council. Eli Manning also shared insights on investing in sports, highlighting lessons learned from youth sports.