Private Equity 3 Days

Last updated: July 24, 2026, 11:30 PM ET

Private Equity Firms Active Across Sectors

Private equity firms have been actively deploying capital across a diverse range of industries. Longshore invested in health tech firm Prochant to fuel its next phase of growth. GTCR-backed Dentalcorp acquired Northstar Dental Partners, expanding its dental support organization. In the sports sector, Harbinger took a minority ownership stake in the MLB's Athletics as part of equity financing for a new ballpark in Las Vegas. Sky Knight is set to invest in infusion services provider Apex Infusion, with FFL Partners remaining a minority investor. Providence Equity invested in SCG, a UK communications and IT provider serving approximately 35,000 small and medium-sized businesses. Bain Capital agreed to acquire UK vitamin company Vitabiotics for international expansion, with the company selling its nutrition and supplement brands across over 70 countries. Nazca Capital acquired Madrid Artes Digitales, an operator of immersive cultural experiences. Investindustrial is investing in Italian flavors and fragrances maker PA Aromatics, which supplies over 8,000 products to multinational and Italian customers. Oaktree-backed GA Group acquired family law litigation support firm Trampe Settles. Bregal Sagemount will take a majority stake in Luxembourg’s ATOZ Services, an administration and governance provider serving over 800 clients. TJC is acquiring electrical power firm Sunbelt Solomon from Trilantic North America; Sunbelt Solomon operates 42 locations across the US, Canada, and Chile. Cinven will acquire software firm Salsify, which has established a network of over 2,000 customers. Goldman Sachs Alternatives is acquiring fintech firm Aegis Hedging Solutions, with Greenbelt Capital Partners and Baird Capital exiting Aegis. Madison River invested in construction firm Pro-Max to support its geographic expansion and service capabilities. Knox Lane acquired health tech firm Cross Country Healthcare Inc, with Joel Tremblay appointed CEO. Crest Rock invested in civil contracting firm Andrew Site Work, which performs retrofit, installation, and emergency repair activities for local entities. KKR 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. Inflexion will take a minority stake in Salto Systems, a designer and manufacturer of electronic access control technology.

Venture Capital and Startup Funding Landscape

Startup investors have been channeling significant capital into various sectors, including physical AI, biotech, cybersecurity, AI infrastructure, and fintech. General Catalyst led in backing fintech deals of $5 million or more in Q2, overtaking Y Combinator for the first time in several quarters. Crunchbase News reported that startup investors poured capital into a varied lineup of large rounds this week, with physical AI startup Atoms leading the pack. Edtech platform Imagi announced a $4.5 million seed round to help students learn coding, with investors including Brighteye Ventures, Day One Capital, and Will.i.am raises $4.5M. Cascade raised $3.5 million in a seed round with investments from a16z Speedrun, Ada Ventures, and Snowball VC, aiming to help construction firms find and win projects. Softbank is reportedly eyeing the acquisition of ETH spinout Gravis. In the AI space, 34 companies joined The Crunchbase Unicorn Board in June, collectively adding over $110 billion in value, with 10 of those being AI labs valued at $65 billion. Menlo Ventures' Matt Murphy highlighted the unprecedented growth of AI startups like Anthropic, which achieved a $47 billion revenue run rate by May. Sifted reported that Samsung is in talks to back Mistral's Series D funding round.

Investment Trends in Veterinary Care, Health Tech, and Infrastructure

Private equity firms are demonstrating significant interest in the veterinary care sector, with seven deals reported in this area, involving firms such as Warburg Pincus, Great Point Partners, Axcel, and Bansk Group. The health tech sector also saw notable activity. Decathlon invested in health tech firm Health Endeavors. Truehelm-backed Wildflower Health acquired maternity and women’s pelvic health platform Every Mother. Equality Asset-backed Mindoula picked up Janus Healthcare Partners and Valera Health to enhance its services for hard-to-engage individuals and families. In infrastructure, Ridgewood Infrastructure-backed MN8 is set to acquire power producer Greenbacker for $375 million, with MN8 developing, owning, and operating energy assets. Partners Group closed its fourth direct infrastructure program above $15 billion, marking its largest infrastructure raise to date Partners Group closes fourth direct infrastructure programme. Apollo is targeting up to $20 billion of private credit deployment in Mexico, extending its franchise into the country's nearshoring-driven infrastructure build-out Apollo targets up to $20bn.

Secondaries Market Activity and Fundraises

The secondaries market continues to see robust activity and significant fundraises. Blackstone is reportedly seeking up to $22.5 billion for its Strategic Partners Fund X, making it the second-largest active fundraise by target in the secondaries market. Townsend has raised $2 billion for real estate secondaries, having already deployed $1 billion out of its latest fund and related vehicles, with an early focus on data center investments. More than half of secondaries investors are now running evergreen vehicles, with this capital increasingly deployed into a broadening set of opportunities, according to a report from Evercore. Harbour Vest closed its seventh co-investment program at $4.75 billion, exceeding its target Harbour Vest closes seventh co-investment programme. Step Stone's VC secondaries fund has surpassed $1 billion, with Ohio's public school employees' pension committing $50 million to the fund. Private real estate managers are increasingly leveraging the secondaries market, with continuation vehicles signaling a shift away from distress-driven strategies. The European secondaries market has amassed a war chest, and Astorg is noted for racking up exits.

Exits and Acquisitions in Focus

Blackstone is set to sell battery storage developer Aypa Power to Brookfield in a $7 billion deal, which includes Aypa's operating, under-construction, and contracted project portfolio, along with its development platform. Matador Resources Company is acquiring EnCap-backed Paloma Permian for nearly $1.3 billion, along with acreage from Ridge Runner Resources. Nordic Capital plans to sell life sciences software provider Aris Global, which serves pharmaceutical and biotech companies and regulatory authorities. Monomoy is reportedly in advanced sale discussions for concrete manufacturer Cast-Crete, which could be valued at up to $850 million given recent multiples for building products companies.

Strategic Investments and Valuations

In a significant deal, Lead Edge and Hamilton Lane led Summit Partners’ $625 million transaction for Ninja One, a Saa S provider that has generated substantial returns for investors. Valeas Capital Partners is investing in My Pension Expert, with Palatine exiting the firm after its investment four years ago, during which My Pension Expert grew to around £2 billion of assets under administration. Hg is making a growth investment in UK proptech company Street Group at a valuation of over £200 million, with plans to deepen its AI capabilities. In a notable valuation, Revolut reportedly hit a $115 billion valuation in an employee share sale.

Talent, AI, and Market Dynamics

The private equity industry is grappling with talent and market dynamics, with investors indicating a "risk-on" stance but demanding clear differentiation in strategies, particularly in AI, defence, and liquidity. The AI talent challenge is focused on resilience and adaptability, advocating for vendor-agnostic infrastructure over proprietary hyperscalers. There is a growing perception that on-premise systems may be making a comeback due to long-term security considerations, contrasting with the previous trend of cloud migration. AI is expected to fundamentally reshape the global financial value chain, driving down operating costs and enabling personalized products. The risk of AI disruption is identified as a potential "deal killer" in some transactions.

Fundraising and Investor Sentiment

Investor caution marked the first half of 2026, with 67% of investors across all institution types keeping allocations unchanged, according to PEI's H1 2026 Investor Report. There are ongoing discussions regarding private equity benchmarks, with concerns raised about the inclusion of private debt allocations and the exclusion of energy investments in some benchmarks, such as the Alaska Permanent fund. The London Investor Council signaled a willingness to invest but emphasized the need for managers to clearly justify their strategies and demonstrate value.

Sector-Specific Deals and Developments

In the cybersecurity space, Coalesce Capital acquired Workstreet, a move driven by the expansion of cybersecurity spending and the growing complexity of regulatory compliance in the