Private Equity 3 Days

Last updated: August 3, 2026, 2:30 PM ET

Private Equity Dealmaking and Fund Closures

KKR has successfully closed its largest-ever infrastructure fund, KKR Global Infrastructure Investors V, at $19.2bn. This fund is the largest infrastructure fund the firm has ever raised. KKR also agreed to acquire a 50% stake in a 1.2 GW portfolio of onshore solar and wind assets across Europe from Total Energies for €1.8bn. deal follows KKR's late 2025 acquisition of Total Energies' North American solar business for $1.25 billion. In another significant transaction, CVC and Partners Group are set to fully exit their investment in Żabka Group, Poland's largest convenience retailer, as Alimentation Couche-Tard bids $8.6bn for the company.

Adams Street Partners has secured over $5bn in capital commitments for its latest Secondaries Investment Program. This program was anchored by the close of Global Secondary Fund 8 at $2.7bn. The specialist impact investing firm Blue Earth has raised an additional $100m and held a second close for its debut dedicated secondaries fund, with U.S. investors driving its progress. KKR is also exploring the launch of a GP-led strategy, believing it can establish a "world-class" business in this market segment, according to CFO Robert Lewin.

Permira has agreed to sell its portfolio company Bio Catch, a provider of behavioral-based fraud intelligence, to Visa for $2.4bn. BioCatch currently protects over 760 million consumers across more than 350 financial institutions globally. Permira also achieved a partial exit from its investment in sustainable fashion brand Reformation, which raised $210.9m in an IPO priced at the lower end of its expected range. Ardian has arranged new unitranche financing for Arche MC2, supporting a shareholding reorganization that will place Montefiore Investment and Activa in joint control of the French software publisher.

Venture Capital and Emerging Technologies

Menlo Ventures' Matt Murphy indicated that the firm is increasingly pursuing larger deals due to the rapid advancements in artificial intelligence. The firm is preparing to deploy $3bn in new capital and is focusing on AI's next wave of opportunities, drawing lessons from its relationship with Anthropic. Index Ventures raised a fresh $2bn, doubling down on its investment strategy in artificial intelligence. June, a startup aiming to simplify AI adoption, has emerged from stealth with a $20m pre-seed funding round.

New research from Imperial College and Emlyon Business School suggests that venture-backed startups commit more fraud, and the study proposes reasons for this trend, including the role of investors. The largest funding rounds of the week included a reported $5bn Nvidia-backed financing for Safe Superintelligence and a $1bn investment in Commonwealth Fusion. The article "Why The Product Manager To CEO Pipeline Is The Underrated Crash Course For Leadership In Tech" argues that the skills developed in product management are highly relevant for tech leadership, often overlooked compared to traditional executive titles.

Market Trends and Investor Strategies

New York Common Retirement Fund (NYSTRS) plans to allocate up to $2.7bn to private equity for fiscal year 2027, signaling its pacing for commitments to the asset class. Top commercial firms are considering private equity investment amidst concerns about artificial intelligence, according to Lincoln. The PUSU deadline for Castlelake's pursuit of Easyjet has been extended to align with Apollo's deadline of August 7. Kong's new listed alternative investment trusts present potential use cases, investment horizons, fee models, and likely adopters, according to industry participants. The PE Club founded by Nicolas Paulmier, has transformed a network of former private equity executives into an LP platform, attracting serial entrepreneurs and former partners from large PE firms as investors.