Private Equity 3 Days

Last updated: August 6, 2026, 9:27 PM ET

Mega-Deals & Take-Privates Reshape European and US Landscapes

Apollo has secured a recommended cash offer for easy Jet, valuing the FTSE 100 airline at approximately £5.7bn and ending a fast-moving four-week bidding contest in a landmark European take-private. KKR agreed to acquire Integer Holdings in an all-cash transaction that values the NYSE-listed medical device company at approximately $5.7bn, marking one of the year's largest healthcare carve-outs. KKR has also agreed to acquire Medicover India, the Indian hospital operations of Nasdaq Stockholm-listed Medicover AB, adding a scaled multi-specialty network to its healthcare portfolio. Bodycote plc confirmed receipt of two competing conditional cash offer proposals, from CVC and Veritas Capital Fund IX, in a Rule 2.4 statement issued to the London Stock Exchange on 5 August, with both proposals valuing the heat treatment and metallurgical services provider at approximately £1.56bn. The competing bids for Bodycote pit CVC against Veritas Capital in a rare auction scenario for a UK-listed industrial services company. Clearlake Capital co-founder José Feliciano is nearing a record $3.9bn deal for the San Diego Padres, which would mark the most expensive franchise sale in Major League Baseball history. Bending Spoons has struck a $2.25bn deal to acquire Airtable, marking the Italian app developer's first acquisition since its IPO. Nordic Capital has struck a deal to acquire BWX Technologies' medical business in a transaction valued at up to $800m, representing a significant bet on the radiopharma sector.

Energy, Power & Infrastructure Deals Accelerate

Sunoco is set to acquire Court Square-backed oil transporter Offen Petroleum for $600m, with the target operating a fuel distribution network delivering approximately 2.5 billion gallons annually to roughly 7,000 customers. LS Power has agreed to acquire the Brazos Valley gas-fired power plant from Constellation, a transaction that satisfies a regulatory divestiture commitment tied to Constellation's 2025 acquisition of Calpine. Partners Group set to acquire a majority stake in AVK Power Solutions, which has delivered more than 20,000 projects and installed approximately 3.5GW of power for data centers across Europe's FLAP-D markets. Apollo has agreed to acquire Maverick Water Group, the Houston-based operator of alternative non-potable water systems, from Crosstimbers Capital Group, marking a new bet on Texas water infrastructure. Veritas Capital set to acquire Saber Power Services from Greenbelt, a vertically integrated power infrastructure services platform that helps customers build, modernize and maintain critical electrical systems. Private equity interest in naval shipbuilding is growing, with the US Navy budget exceeding $300bn—a figure larger than the GDP of over 75% of the world's countries—according to Ben Ramundo, a managing director at a leading PE firm. Sheridan Capital has acquired Carolina Components Group, a provider of custom-engineered bioprocessing assemblies, with partner and co-founder Sean DeLaney anticipating strong interest when the asset comes to market.

Secondaries Market Surges on Multiple Fronts

Pantheon has backed a new credit continuation vehicle from BlackRock's BDC, which will house over $500m of debt positions held by TCPC, with pricing coming in at 95% of gross fair value as of 31 December 2025. Singapore's GIC is preparing to offload around $1bn worth of private equity fund stakes on the secondary market, according to sources cited by Bloomberg, as sovereign wealth funds keep tapping the market. Met Life Investment Management has closed its third managed secondary transaction, raising approximately $1.2bn for Met Life Investment Private Equity Partners Fund III, with Lexington Partners as lead investor. The insurer had shopped a portfolio of funds and co-investments with a net asset value of $1.8bn, according to Secondaries Investor. G Squared secured $2.3bn for its seventh flagship secondaries vehicle, which is about twice the size of its previous fund and took half as long to raise, underscoring the heat in venture secondaries. Adams Street doubled its fund size with a $2.7bn Fund, raised as part of a $5bn secondaries programme, seeking a 50/50 split for LP-led and GP-led deployment with a focus on North America and Europe. Carlyle increasingly views Alp Invest as more of a corporate finance business than a standalone secondaries unit, chief executive Harvey Schwartz said on the firm's Q2 2026 earnings call, while noting that cyclical tailwinds buoying secondaries will persist for the "next several years." Carlyle's US buyout strategy distributed capital at more than double the industry rate, Schwartz added on the firm's latest results call. LGT Capital has launched a debut credit secondaries strategy, seeking to invest in LP-led, GP-led and opportunistic deals with an emphasis on senior lending. VC investor Moore, an early Draft Kings backer, has closed on $78.5m for Revenant Ventures' debut secondaries fund, according to a regulatory filing. Danish retirement scheme Industriens Pension favours indirect over direct investment in secondaries and has made commitments to all five infra secondaries vehicles managed by Pantheon. Hamilton Lane Erik Hirsch said some investors have been "housing capital" in evergreens before redeeming to fund a separate managed account, describing "evergreen hesitancy" as only temporary. Assessing a quick-flip continuation vehicle on the asset's hold period alone is an imperfect metric, according to analysis from PE International. Market volatility tells part of the story of the GP-led market's domination in the first six months of the year, with fundraising and expansion into new asset classes also driving growth.

Fundraising Momentum Builds Across Flagships and New Vehicles