Private Equity 3 Days

Last updated: August 6, 2026, 5:30 AM ET

Dealmaking Activity and Valuations

KKR has agreed to acquire Medicover India, a multi-specialty hospital operator with 24 facilities and approximately 4,800 beds across India. This move signifies continued private equity interest in the healthcare sector, particularly in emerging markets. Bain Capital is set to acquire Gong cha, a tea beverage chain, from TA Associates. Partners Group is reportedly in discussions to acquire beauty business Aroma-Zone from Eurazeo. Veritas Capital is acquiring environmental consultant Trinity Consultants from Oak Hill. Bodycote plc has confirmed receiving two competing conditional cash offer proposals from CVC and Veritas Capital, with the company valuing the heat treatment and metallurgical services provider at £1.56 billion.

In the technology sector, KKR-backed FGS is acquiring the bipartisan government affairs firm Rich Feuer Anderson, marking FGS's second such acquisition. GSAM is preparing to sell Divcon Controls, a provider of building management and electrical power monitoring systems for data centers. 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 approximately $2.5 billion in annual revenue and employs around 2,800 people.

The music industry is experiencing significant deal activity, with Reed Smith's Josh Love noting "some of the biggest deals the music industry has ever seen". AI is seen as a key driver, with potential to improve administration, metadata management, royalty processing, and licensing efficiency within the sector. Thoma Bravo has agreed to sell Command Alkon, a software provider for the heavy building materials industry, to Francisco Partners. 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.

In the consumer and retail space, TSG Consumer has taken a majority stake in body care brand Saltair, valuing the company at the top of its category. CVC and Partners Group are exiting their investment in Żabka Group, Poland's largest convenience retailer, as Alimentation Couche-Tard bids $8.6 billion for the company. Axum Capital agreed to acquire beverage brand Barcode, a Los Angeles-based plant-based hydration drink brand.

Fundraising and Investor Activity

The European venture capital market is seeing significant new fund launches, with 144 new funds established this year, indicating a dynamic investment landscape. Sifted highlights Paris as a key location for founders and VCs to meet, suggesting continued European hub activity. Yann LeCun joined a new VC firm backed by 244 limited partners (LPs). Robinhood is launching a fund that will allow retail investors to back Y Combinator startups, democratizing access to early-stage venture investments. Ryan Moore a venture investor and seed investor in Draft Kings, has closed on $78.5 million for Revenant Ventures' debut fund.

In the secondaries market, Carlyle's chief executive Harvey Schwartz indicated that cyclical tailwinds buoying the secondaries market are expected to persist for "the next several years". Singapore's sovereign wealth fund GIC is preparing to offload approximately $1 billion worth of private equity fund stakes on the secondary market. MetLife Investment has closed its third managed secondary transaction, raising around $1.2 billion for Met Life Investment Private Equity Partners Fund III, with Lexington Partners serving as the lead investor. Adams Street doubled its fund size with its latest flagship secondaries raise, securing $2.7 billion as part of a $5 billion program. LGT Capital Partners is launching its debut credit secondaries strategy, focusing on LP-led, GP-led, and opportunistic deals. US investors are backing Blue Earth's impact secondaries strategy, with the firm raising an additional $100 million for its debut dedicated secondaries fund.

European fundraising includes EQT's Scaleup Europe Fund, which has made its first investment with a €450 million check into Finnish satellite imaging company ICEYE at a €10 billion valuation. Nextalia has held a first close of over €1.1 billion for its second flagship fund, Nextalia Private Equity II (NPE , attracting commitments from more than 200 investors. TPG is raising $17 billion for its third healthcare fund, TPG X, as part of its larger $94 billion Capital platform. Apollo is roughly halfway to its target for Fund XI, which aims for $22 billion to $25 billion and began fundraising in February.

Emerging Trends and Sector Focus

Artificial intelligence is a significant theme across various sectors Blackstone, TPG, and EQT are actively partnering with AI businesses. Njord Partners' Arvid Trolle stated that AI is now a "natural part" of how the firm operates and a "key part" of operational improvements, noting resilience in the value segment suggests that the rise of AI content could lead to a re-rating of companies with "rights-clean" data, as this data is a critical input for AI development. WindBorne Systems raised a $37 million Series B round to scale its weather balloons and AI-powered forecasts. A Marc Benioff-backed startup, June, has raised $20 million to simplify AI adoption. Menlo Ventures' Matt Murphy highlighted AI's role in driving larger deals and sees significant opportunities in its continued development.

The tech sector has experienced significant layoffs, with over 127,000 workers at U.S.-based tech companies laid off in 2025, and these cuts have continued into 2026. Despite this funding remains strong, with July seeing a record 14 billion-dollar rounds and total startup capital reaching $65 billion, a 100% year-over-year increase. Lightspeed partners have discussed strategies for building a social media presence and their podcast, Lightwork.

The U.S. Navy budget of over $300 billion is attracting private equity interest, with PE firms seeing opportunities in naval investments due to the substantial government spending. Sheridan Capital has acquired Carolina Components Group, a provider of custom-engineered bioprocessing assemblies. KKR is taking medical device company Integer Holdings private in a $5.7 billion all-cash transaction.

In other sector-specific news, Nordic Capital is acquiring BWX Technologies' medical isotopes business for up to $800 million. Clearlake is partnering with OpenAI. Moove has raised $250 million to support its autonomous vehicle fleet management business, with plans to eventually own robotaxis.