Private Equity 3 Days

Last updated: July 25, 2026, 5:30 PM ET

Private Equity Fuels Diverse Sectors Amidst Valuation Jockeys and Strategic Exits

Private equity firms have been actively deploying capital across a wide array of industries, from sports franchises to critical infrastructure. Bluestone Equity Partners led a $55 million growth round for Poolhouse, a cue sports platform founded by the creators of Topgolf, marking the tenth deal from its inaugural $350 million fund. In the sports arena in the MLB's Athletics as part of their equity financing for a new ballpark. Blue Owl also purchased a stake in the Cavaliers, signaling a growing trend of private equity investment in sports as an alternative asset class. Meanwhile, Blackstone Infrastructure extended the merger deadline for TXNM Energy to May 2027, aiming to secure outstanding regulatory approvals in New Mexico. Separately, Blackstone set its battery storage developer Aypa Power to Brookfield for a substantial $7 billion, encompassing a portfolio of operating, under-construction, and contracted projects.

Dealmaking Continues in Healthcare, Technology, and Infrastructure

The healthcare sector has seen significant private equity activity, with Longshore investing in health tech firm Prochant to fuel its next growth phase. Similarly, Decathlon invested in health tech firm Health Endeavors. In the dental space Northstar Dental Partners, expanding its footprint as a dental support organization. Cybersecurity remains a hot area, with cybersecurity provider Worksheet, and exclusive reports indicating Coalesce's acquisition of Workstreet to capitalize on increasing cybersecurity spending and regulatory compliance complexities. SkyKnight set in infusion services provider Apex Infusion, with FFL Partners retaining a minority stake. In the infrastructure and facilities management domain facilities maintenance platform PHFM, establishing it as an independent provider. Bowmark Capital a shareholder in building standards software platform SFG20.

Valuation Gaps Persist as Firms Navigate Market Dynamics

Disagreements over valuation continue to impact deal closures, as exemplified by Perpetual rejecting EQT's raised A$2.5 billion approach for the second time due to a persistent price gap. This recalcitrance underscores a broader market sentiment where sellers may be holding out for higher valuations, even as macroeconomic instability persists. Astorg's co-managing noted that while valuation gaps are "slightly reducing," the volatile backdrop makes exit optionality crucial, with a mid-market focus seen as key to maximizing these choices. Investors, as highlighted by conversations at PEI Group events, are "risk-on, but you'd better earn it," demanding clear differentiation in strategies, particularly in burgeoning fields like AI and defense PE International.

Secondaries Market Shows Robust Growth and Evolving Strategies

The secondaries market is experiencing significant momentum, with Blackstone crossing the $14 billion mark for its latest flagship raise, Strategic Partners Fund X, which is targeting $22.5 billion. StepStone's VC has surpassed $1 billion, attracting investment from institutional investors like Ohio's public school employees' pension fund. Private real estate managers are actively rewriting the playbook with secondaries, shedding the market's former reputation as a last resort for distress-driven strategies Secondaries Investor. However, challenges remain, particularly regarding leverage. Lenders and buyers are increasingly accepting leverage in continuation funds, but divisions persist over its appropriate usage Secondaries Investor. Meanwhile, the Chinese RMB secondaries market is navigating its first full cycle, presenting both opportunities and risks for achieving sought-after returns Secondaries Investor.

Venture Capital Activity and Emerging Trends in Funding

Venture capital continues to flow into a diverse range of startups, with raising funds at a $20 billion valuation. The week's funding rounds included a significant focus on physical AI, biotech, cybersecurity, AI infrastructure, and fintech Crunchbase News. General Catalyst has notably in Q2 for participating in the most fintech deals exceeding $5 million. Edtech platforms are also attracting capital, with Imagi announcing a $4.5 million seed round for its coding education platform Tech Crunch Venture. AI talent remains a critical focus, with advice to build adaptable, vendor-agnostic infrastructure rather than relying on expensive proprietary hyperscalers Crunchbase News. Softbank is reportedly exploring the acquisition of ETH spinout Gravis, while Mistral AI is reportedly evolving towards a Palantir-like model Sifted.

Strategic Acquisitions and Fund Performance Highlight Market Activity

Several strategic acquisitions and fund performances underscore the dynamic nature of the private equity landscape. agreed acquire UK vitamin company Vitabiotics for international expansion. planning sell life sciences software provider Aris Global. Shore Capital realized its first real estate fund with the $268 million sale of a veterinary portfolio comprising 102 properties. Harbour Vest closed its seventh co-investment program at $4.75 billion, exceeding its target. In the energy sector power producer Greenbacker for $375 million. Resources Company EnCap-backed Paloma Permian for nearly $1.3 billion, along with additional acreage.

Other Notable Transactions and Fundraisings

Activity also spans various niche markets. Nazca Capital Madrid Artes Digitales, an operator of immersive cultural experiences, following Nazca's earlier acquisition in the immersive experience sector PE Hub. Providence Equity SCG, a UK communications and IT provider. Oaktree-backed GA family law litigation support firm Trampe Settles. Bregal Sagemount a majority stake in Luxembourg’s ATOZ Services, an administration and governance provider for private equity, credit, and real estate clients. Valeas Capital in My Pension Expert, marking Palatine's exit after four years of investment that saw the firm grow to approximately £2 billion of assets under administration. Partners set MDT technologies to Bregal Unternehmerkapital. Tinicum backed specialty chemicals distributor Graco Roberts. Advisors acquired aerial services operator Blue Sky Helicopters. In a significant move for the financial advisory sector growth capital from Leon Financial Network. Tayeh Capital C-suite advisory firm Council Advisors.