Last updated: August 6, 2026, 10:07 PM ET

Private Equity Briefing

Mega-Buyouts & Take-Privates

Apollo secured a recommended cash offer for easyJet valuing the FTSE 100 airline at approximately £5.7bn, ending a fast-moving four-week bidding contest. KKR agreed to acquire Integer Holdings in an all-cash transaction that values the NYSE-listed company at approximately $5.7bn, marking a major medical device carve-out. KKR 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. The competing proposals value Bodycote, a heat treatment and metallurgical services provider, at approximately £1.56bn.

The San Diego Padres are set to change hands in the most expensive franchise sale in Major League Baseball history, with Clearlake co-founder Feliciano nearing a record $3.9bn deal. Partners Group agreed to acquire a majority stake in AVK Power, which has delivered more than 20,000 projects and installed approximately 3.5GW of power for data centers across Europe's FLAP-D markets. Nordic Capital struck a deal to acquire BWX Technologies' medical business in a transaction valued at up to $800m, a significant bet on the radiopharma sector. Sunoco agreed to acquire Court Square-backed oil transporter Offen Petroleum for $600m, a target that operates a fuel distribution network delivering approximately 2.5 billion gallons annually to approximately 7,000 customers. Bain Capital to acquire Gong cha from TA Associates, with the tea beverage chain serving milk tea, fruit tea and other cold drinks.

Apollo is also backing Texas water infrastructure with its agreement to acquire Maverick Water Group, the Houston-based operator of alternative non-potable water systems, from Crosstimbers Capital Group. Mutares completed its largest-ever deal with the $450m acquisition of Sabic's engineering thermoplastics business in the Americas and Europe. The business, rebranded Nex Point Materials under a new chemicals and materials division, employs about 2,800 people and generates roughly $2.5bn in annual revenue. PE-backed Context Logic agreed to acquire chemicals manufacturer gChem from Eagle Tree for $850m, which will become Context Logic's second operating business following its early 2026 acquisition of US Salt. TSG Consumer took a majority stake in Saltair, valuing the body care brand at the top of its category after three years of rapid growth.

Healthcare & Life Sciences Deals

Ares Management is leading a $2.2bn direct loan to finance Med Impact Holdings' planned acquisition of Puerto Rico-based Medical Card System, according to Bloomberg. Tortuga Growth Partners invested in Advanced eClinical Training out of Tortuga Growth Partners Fund I, L.P., marking a continued push into healthcare education and clinical training. Veritas agreed to acquire Greenbelt-backed Saber Power Services, a vertically integrated power infrastructure services platform that helps customers build, modernize and maintain critical electrical systems. Veritas is also set to acquire environmental consultant Trinity Consultants from Oak Hill, which acquired the firm in 2021 from LLCP for undisclosed terms. Wind Point Partners took ECI off H.I.G. Capital's hands in a financial services MSP handover, with ECI serving alternative asset managers and regulated financial firms.

Advent HarbourVest agreed to acquire FNZ Bank in Germany, an independent wealth management banking and infrastructure provider offering banking, custody, transaction execution and regulatory services. FNZ Bank connects more than 50,000 financial advisers, 200 asset managers and over 400 distribution partners across Germany. backed 10x Banking, which provides cloud-native core banking technology that enables financial institutions to modernize legacy infrastructure. Sheridan Capital Partners acquired Carolina Components Group, a provider of custom-engineered bioprocessing assemblies, with the firm anticipating strong interest when it eventually goes to sell. Investments backed workforce compliance service provider Thomas & Company, partnering with CEO Nate Kenney and the broader leadership team to support the company's next phase of growth.

Secondaries Market Surge

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. Met Life Investment 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. Squared secured $2.3bn for its seventh flagship fund, which is about twice the size of its previous vehicle and took half as long to raise. Adams Street its fund size with the latest flagship secondaries raise, closing $2.7bn for Fund 8 as part of a $5bn secondaries programme.

new Adams Street vehicle seeks a 50/50 split for LP-led and GP-led deployment, with a focus on North America and Europe. Pantheon backed a BlackRock BDC's credit CV, with the new vehicle housing over $500m of debt positions held by TCPC at pricing of 95% of gross fair value as of 31 December 2025. LGT Capital 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 Ryan Moore closed on $78.5m for Revenant Ventures' debut fund, a regulatory filing shows, targeting venture secondaries. Carlyle increasingly 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.

Market volatility only 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. The 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. Assessing a quick-flip continuation vehicle on the asset's hold period alone is an imperfect metric, according to industry analysis. tailwinds buoying secondaries will persist for the "next several years," according to Carlyle's Harvey Schwartz.

Fundraising & LP Commitments

Apollo is roughly halfway to target for Fund XI, having begun raising capital for its latest flagship, which has a target of $22bn-$25bn, in February. TPG nabbed the lion's share of a $17bn target for TPG X and its third healthcare fund, with both funds launched in mid-2025 as part of TPG's $94bn Capital platform. Nextalia held a first close of more than €1.1bn on Nextalia Private Equity II (NPE II), pulling in commitments from over 200 investors in the five months since it opened fundraising in February. The Italian platform has now pushed past €3.4bn in total assets under management. The EQT-managed Scaleup Europe Fund made its first investment, co-leading a €450m round into Finnish satellite imaging company ICEYE, backing the operator at a €10bn valuation.

The EU's €5bn tech superfund is officially open for business, with the EQT-managed vehicle debuting alongside broader European tech investment initiatives. Mega-firms are largely defying fundraising and exit headwinds, while OMERS is plotting a fivefold increase of its PE portfolio, according to PE International's Side Letter analysis. Shoaib Khan, CIO and director of the New Jersey Division of Investment, says re-ups and new opportunities are being looked at on equal footing, despite being spared liquidity concerns. Some investors have been "housing capital" in evergreens before redeeming to fund a Hamilton Lane SMA, co-chief Erik Hirsch said on a Tuesday earnings call, suggesting evergreen hesitancy is only temporary.

Italian pension ENPAV released an RFP for private equity co-investment opportunities. MMAA looks to commit 300bn Korean won to domestic blind pool private equity and venture capital funds for 2026. Korea Post seeks to commit 60bn Korean won to domestic blind-pool venture capital funds for 2026. Boston Retirement issued a request for proposal for up to an $85m private equity mandate. Carry communication, or a lack thereof, is causing headaches among limited partners, according to PE International's Side Letter. LPs are seeking to enshrine better GP reporting standards, while impact investing is being unfairly tarred with the ESG brush, warn GPs.

Venture Capital & Tech

Global venture showed no signs of slowing in July, with startup capital totaling $65 billion, up 100% year over year, as the month notched the highest-ever number of billion-dollar venture rounds. record 14 billion-dollar rounds in July pushed venture's historic run higher. Bending Spoons a $2.25bn Airtable deal in its first acquisition since IPO. backed HappyRobot at a $1.2bn valuation, according to Sifted. Fintech startup was crowned Europe's newest unicorn with a €30m Series C. After a decade of turning down VCs, Oxylabs hit a $3.6bn valuation, with founders citing "right timing, right partner."