Private Equity 3 Days

Last updated: July 25, 2026, 11:30 PM ET

Private Equity Dealmaking and ValuationsElon Musk’s Boring Company is reportedly in talks for a new funding round that could value the tunneling startup** at $20 billion. In other venture activity, startup investors poured capital into a varied lineup of large rounds this week, targeting sectors including physical AI, biotech, cybersecurity, AI infrastructure and fintech, with Atoms leading the pack. General Catalyst took the lead over Y Combinator in backing fintech deals of $5 million or more in the second quarter. Meanwhile, Harbour Vest closed its seventh co-investment program at $4.75 billion, surpassing its target harbourvest closed.*

Sector-Specific Investments and Acquisitions

Bluestone Equity Partners led a $55 million growth round in Poolhouse, a cue sports platform founded by the creators of Topgolf bluestone equity partners. Shore Capital realized its first real estate fund with the $268 million sale of a veterinary portfolio comprising 102 properties to Four Corners Property Trust shore capital realised. In the sports sector, Blue Owl is buying into the Cavaliers, underscoring sports' growing appeal as an alternative asset class blue owl buys, while Harbinger took a minority ownership stake in MLB’s Athletics as part of the club’s equity financing for a new ballpark. Bain Capital agreed to acquire UK vitamin company Vitabiotics for international expansion. Nazca Capital acquired Madrid Artes Digitales, an operator of immersive cultural experiences, and also picked up an immersive experience operator as part of broader dealmaking. Investindustrial agreed to invest in Italian flavors and fragrances maker PA Aromatics, which operates four production plants and supplies over 8,000 products.

Infrastructure and Energy Deals

Blackstone Infrastructure extended the merger deadline for TXNM Energy to May 2027 to allow time for outstanding regulatory approvals in New Mexico blackstone infrastructure extends. In a significant energy transaction, Blackstone is set to sell battery storage developer Aypa Power to Brookfield for $7 billion, acquiring its operating, under-construction, and contracted project portfolio along with its development platform. Ridgewood Infrastructure-backed MN8 is acquiring power producer Greenbacker for $375 million, adding to MN8's portfolio of energy assets.

Technology and Healthcare Sector Activity

Longshore invested in health tech firm Prochant to support the company's next phase of growth. GTCR-backed Dentalcorp acquired Northstar Dental Partners, a Toronto-based dental support organization. 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. Coalesce Capital invested in cybersecurity provider Worksheet, with sources indicating Monomoy is in advanced sale talks for concrete manufacturer Cast-Crete. In a related deal, Coalesce is acquiring Workstreet, positioning it at the intersection of cybersecurity spending growth and regulatory compliance complexity. Decathlon invested in health tech firm Health Endeavors. New Spring-backed Vybe Urgent Care acquired two Liberty Urgent Care PA centers in the greater Philadelphia market. Oaktree-backed GA Group acquired family law litigation support firm Trampe Settles. Tinicum is backing specialty chemicals distributor GracoRoberts. Fundamental Advisors acquired aerial services operator Blue Sky Helicopters, which serves utility, government, and public safety customers in the Western US. Vesterra Capital acquired facilities maintenance platform PHFM. Bowmark Capital will become a shareholder in building standards software platform SFG20. IK Partners is selling MDT technologies, which makes KNX-based smart building automation components, to BU Bregal Unternehmerkapital.

Private Equity Fundraises and Strategic Moves

Blackstone is crossing the $14 billion mark for its latest flagship raise, with its Strategic Partners Fund X being the second-largest active fundraise in the secondaries market by target at $22. 5 billion. Step Stone’s VC secondaries fund has surpassed $1 billion, with Ohio's public school employees' pension committing $50 million to the fund. Bregal Sagemount is taking a majority stake in Luxembourg’s ATOZ Services, an administration and governance provider with over 800 clients in private equity, private credit, and real estate. Tocqueville Asset Management secured growth capital from Leon Financial Network to drive long-term enterprise value. Valeas Capital Partners is investing in My Pension Expert, which has grown to around £2 billion of assets under administration since Palatine's investment four years ago. Epiris appointed Owen Wilson as managing partner, succeeding Bill Priestley who retires in October 2026.

Valuation Gaps and Market Dynamics

Perpetual has rejected EQT's raised A$2.5 billion approach, citing a persistent price gap perpetual rejects. Astorg's co-managing partner noted that while the valuation gap is "slightly reducing," the volatile macro backdrop makes exit optionality even more critical. Investors are keeping a close eye on AI, defense, and liquidity dynamics, requiring managers to clearly distinguish their strategies from others available in the market. The strong growth of continuation vehicles signals that the real estate secondaries market is moving beyond its reputation as a last resort for distress-driven strategies. Lenders and buyers have grown more accepting of leverage use in continuation funds, though divisions remain on its application.

Emerging Trends and Talent

The European startup scene is seeing high salaries being offered. AI, dual-use technology, and spacetech are emerging as key areas for debt funding. The performance paradox in China presents both opportunities and risks for the secondaries market, which has concluded its first full RMB cycle. There's a growing trend of VCs joining startups. The biggest AI talent challenge is resilience, not speed, with advice to build adaptable, vendor-agnostic infrastructure. Some decision-makers are perceiving localized systems as offering superior long-term security compared to cloud migration is on-prem.

Sports and Entertainment Investments

Bluestone Equity Partners led a $55 million growth round in Poolhouse, a cue sports platform founded by the creators of Topgolf bluestone equity partners. Blue Owl is buying into the Cavaliers, highlighting the increasing attractiveness of sports as an alternative investment blue owl buys. Harbinger has taken a minority ownership stake in MLB’s Athletics as part of the club’s equity financing for a new ballpark on the Las Vegas Strip. Camden-backed Triumph Higher Education acquired the Culinary Institute of Barcelona, a private international culinary school. Nazca Capital acquired Madrid Artes Digitales, a creator, producer, licensor, and operator of immersive cultural experiences.