Private Equity 3 Days

Last updated: August 4, 2026, 11:30 AM ET

Fundraising and Deal Activity

Met Life Investment Management has closed its third managed secondary transaction, raising approximately $1.2 billion for Met Life Investment Private Equity Partners Fund III, with Lexington Partners serving as the lead investor. This deal involved the insurer shopping a portfolio of funds and co-investments with a net asset value of $1.8 billion. In a separate development, Adams Street Partners has raised more than $5 billion in capital commitments for its latest Secondaries Investment Program, anchored by the close of Global Secondary Fund 8 at $2.7 billion. The Chicago-based firm's $2.7 billion Fund, raised as part of a $5 billion secondaries program, seeks a 50/50 split for LP-led and GP-led deployment, with a focus on North America and Europe. Apollo is roughly halfway to its target for Fund XI, which has a goal of $22 billion to $25 billion and began raising capital in February.

Nordic Capital has struck a deal to acquire BWX Technologies' medical business in a transaction valued at up to $800 million, with the intention to scale the business's capabilities and market presence in radiopharmaceuticals. In another significant transaction, KKR has agreed to acquire Integer Holdings in an all-cash deal that values the NYSE-listed company at approximately $5.7 billion, marking a carve-out of the medical device business. KKR is also set to acquire a 50% stake in Total Energies' European onshore solar and wind business for €1.8 billion, a move that deploys insurance capital into a 1.2 GW portfolio of renewable assets. This follows KKR's late 2025 acquisition of Total Energies' North American solar business for $1.25 billion.

BV Investments is partnering with CEO Nate Kenney and the leadership team to support the next phase of growth for workforce compliance service provider Thomas & Company. Sheridan Capital has acquired Carolina Components Group, a provider of custom-engineered bioprocessing assemblies, with expectations of strong market interest upon sale due to its scaling asset and reputation. Waterland has taken a majority stake in Danish industrial services firm Norisol, which posted an operating margin of over 13% in 2025 and expects revenue to exceed DKr1 billion in 2026. TSG Consumer has acquired a majority stake in body care brand Saltair, valuing the company at the top of its category.

Mutares has completed its largest deal to date with the $450 million acquisition of Sabic's engineering thermoplastics business in the Americas and Europe, which will be rebranded as Nex Point Materials under a new chemicals and materials division. This business employs approximately 2,800 people and generates roughly $2.5 billion in annual revenue. Ash Grove has backed 10x Banking, a company that provides cloud-native core banking technology to enable financial institutions to modernize legacy infrastructure. Apollo has agreed to acquire Maverick Water Group, an operator of alternative non-potable water systems, from Crosstimbers Capital Group.

Venture Capital and Emerging Technologies

Global venture funding showed no signs of slowing in July, with startup capital totaling $65 billion, a 100% increase year over year, and the month recorded the highest-ever number of billion-dollar venture rounds. Menlo Ventures' Murphy highlighted that AI is pushing the firm towards larger deals, drawing lessons from its Anthropic relationship and identifying new opportunities. Index Ventures doubled down on AI with a fresh $2 billion fundraise, signaling continued investment in the sector. Marc Benioff-backed startup, June, has emerged from stealth with a $20 million pre-seed round aimed at simplifying AI adoption.

robotics startups have collectively raised more in the first six months of the year than in the previous two years combined, indicating a surge in investment in this field. Zurich-based Exclaim has also come out of stealth, raising a $4.95 million seed round. Plural has backed a $43 million round for next-generation battery startup Ore Energy. Nscale will compute resources to AI researchers at Oxford, UCL, and Imperial.

A16z has backed Happy Robot at a valuation of $1.2 billion. Bending Spoons struck a $2.25 billion deal for Airtable, marking its first acquisition since its IPO. The European Union's €5 billion tech superfund is now officially open for business.

Market Trends and Investor Strategies

Private equity showing growing interest in naval-centric deals, with the U.S. Navy budget exceeding $300 billion, a figure larger than the GDP of over 75% of the world's countries and most economic sectors within the U.S. Limited partners are seeking to enshrine better GP reporting standards, while GPs warn that impact investing is being unfairly associated with ESG concerns. Blue Owl is bolstering its talent in Tokyo, and PEI Group's latest podcast installment analyzes the investment strategies of the world's largest PE investors based on the Global Investor 150 ranking. The PE Club has transformed a network of former private equity executives into an LP platform, with its LPs typically comprising serial entrepreneurs, ex-CEOs, and partners from large European private equity firms.

The rise of AI-generated content could lead to a re-rating of assets with "rights-clean" data, as these businesses provide critical inputs for AI development. Permira has agreed to sell Bio Catch, a behavioral-based fraud intelligence provider protecting over 760 million consumers globally, to Visa for $2.4 billion. Permira also achieved a partial exit from its investment in Reformation, a sustainable fashion brand, which raised $210.9 million in an IPO priced at the lower end of its projected range.

The public pension fund NYSTRS is setting its private equity pacing for FY 2027, with plans to commit up to $2.7 billion to the asset class. Kong's new listed alternative investment trusts are seeing participants outline potential use cases, investment horizons, fee models, and likely adopters. CVC and Partners Group are set for a full exit from Żabka Group, as Alimentation Couche-Tard bids $8.6 billion for Poland's largest convenience retailer. EnCap Flatrock sold Momentum Midstream, which operates a large natural gas system including over 4,000 miles of pipelines, to Williams for $5.5 billion.

Other Notable Transactions and Developments

KKR and Arctos are considering launching a GP-led strategy, believing they can build a significant business in this market segment. Ardian has arranged new unitranche financing for Arche MC2, backing a shareholding reorganization that will result in Montefiore Investment and Activa jointly controlling the French software publisher. Cortec Group is preparing to sell A1 Garage Door Service, a portfolio company since 2019, while McNally Capital has made a majority investment in Tenica amid growing demand for defense and intelligence services. Amerit Fleet is expanding its Canadian footprint with the acquisition of Triple Diamond Truck and Trailer Repair, a provider of commercial truck and trailer maintenance.