Private Equity 3 Days

Last updated: July 26, 2026, 8:30 AM ET

Private Equity Dealmaking and Valuations

Elon Musk's tunneling startup, The Boring Company, is reportedly in talks for a significant new funding round, aiming for a valuation of $20 billion. In a diverse week for large investment rounds, a physical AI startup called Atoms led the pack, with investors injecting capital into various sectors including physical AI, biotech, cybersecurity, AI infrastructure, and fintech. Softbank is reportedly eyeing the acquisition of ETH spinout Gravis.

Sector-Specific Investments and Acquisitions

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 Bluestone's inaugural $350 million fund leads $55m growth round. GTCR-backed Dentalcorp has acquired Northstar Dental Partners, a Toronto-based dental support organization. Bain Capital has agreed to acquire UK vitamin company Vitabiotics for international expansion; Vitabiotics, founded in 1971, sells nutrition and supplement brands across more than 70 countries. Nazca Capital has acquired Madrid Artes Digitales, a creator and operator of immersive cultural experiences, and also picked up an immersive experience operator. Investindustrial has agreed to invest in PA Aromatics, an Italian developer and manufacturer of flavors and fragrances for various industries.

Infrastructure, Energy, and Real Estate Transactions

Blackstone Infrastructure has extended its merger deadline with TXNM Energy to May 2027, seeking to clear outstanding regulatory approvals in New Mexico Blackstone Infrastructure extends. Blackstone is also set to sell battery storage developer Aypa Power to Brookfield for $7 billion, which will acquire Aypa's operating, under-construction, and contracted project portfolio, along with its development platform. Ridgewood Infrastructure-backed MN8 plans to acquire power producer Greenbacker for $375 million; MN8 is a New York-headquartered power platform that develops, owns, and operates energy assets. Shore Capital has fully realized its inaugural real estate fund with the $268 million sale of a 102-property veterinary portfolio to Four Corners Property Trust Shore Capital realises.

Sports and Entertainment Investments

Private equity is increasingly targeting the sports sector, with Blue Owl acquiring a stake in the Cavaliers Blue Owl buys into. 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.

Financial Services and Technology Investments

Longshore has invested in health tech firm Prochant to fuel its next phase of growth. Sky Knight plans to invest in infusion services provider Apex Infusion, with FFL Partners remaining a minority investor. Providence Equity is investing in SCG, a UK communications and IT provider that supports approximately 35,000 small and medium-sized businesses. Decathlon is investing in health tech firm Health Endeavors. Tayeh Capital is investing in C-suite advisory firm Council Advisors, which has over 160 professionals across three practice groups. Tocqueville Asset Management has secured growth capital from Leon Financial Network to generate long-term enterprise value.

Veterinary Care and Healthcare Services

The veterinary care sector is seeing significant private equity activity, with Warburg Pincus, Great Point Partners, Axcel, and Bansk Group among firms transacting in veterinary services. New Spring-backed Vybe Urgent Care has acquired two Liberty Urgent Care centers in the greater Philadelphia market.

Fundraising and Fund Activity

Harbour Vest has closed its seventh co-investment program at $4.75 billion, exceeding its target Harbour Vest closes. Blackstone is targeting $22.5 billion for its Strategic Partners Fund X, making it the second-largest active fundraise in the secondaries market according to Secondaries Investor data. Step Stone's VC secondaries fund has surpassed $1 billion, with Ohio's public school employees' pension fund committing $50 million.

Mergers, Acquisitions, and Divestitures

Matador Resources Company is set to acquire EnCap-backed Paloma Permian for nearly $1.3 billion, along with undeveloped acreage in West Texas and Southeast New Mexico from Ridge Runner Resources. Oaktree-backed GA Group has acquired family law litigation support firm Trampe Settles; GA Group provides financial advisory, valuation, asset disposition, and investment banking services. Bregal Sagemount is taking a majority stake in Luxembourg’s ATOZ Services, an administration and governance provider serving over 800 private equity, private credit, and real estate clients. Monomoy is reportedly in advanced talks to sell concrete manufacturer Cast-Crete. Fundamental Advisors has acquired aerial services operator Blue Sky Helicopters, which serves utility, government, and public safety customers in the Western US.

Other Notable Deals and Trends

Perpetual has rejected EQT's raised A$2.5 billion approach for a second time due to a persistent price gap Perpetual rejects EQT's. General Catalyst overtook Y Combinator in Q2 for participating in the most fintech deals of $5 million or more. An edtech platform called Imagi has raised a $4.5 million seed round to teach students coding, with investors including Brighteye Ventures, Day One Capital, and Will.i.am Edtech platform. Coalesce Capital has made an investment in cybersecurity provider Worksheet.

Emerging Trends and Challenges

The burgeoning use of leverage in continuation funds is seeing increased acceptance from lenders and buyers, though divisions remain regarding its application. The potential for carry payouts to represent a small fraction of an investment executive's net worth raises questions about incentivization structures when stratospheric net worth meets LP-GP alignment. Secondaries volumes are breaking records, while Europe is accumulating a significant war chest and Astorg is achieving multiple exits. AI, dual-use technologies, and spacetech are emerging as key areas for debt funding. The resilience of AI talent, rather than speed, is identified as the biggest challenge, with a recommendation for building adaptable, vendor-agnostic infrastructure over relying on expensive proprietary hyperscalers. The landscape of venture capital is also shifting, with 14 investors reportedly joining startups.