Last updated: August 7, 2026, 2:33 AM ET
Private Equity: Dealmaking Heats Up Amid Record Fundraising and Secondaries Boom
Mega-Deals and Take-Privates Reshape European and US Markets
The past three days have witnessed a flurry of transformative private equity transactions, headlined by Apollo securing a £5.7bn recommended cash offer for FTSE 100 airline easy Jet, ending a fast-moving four-week bidding contest. In the medical device sector, KKR has agreed to take Integer Holdings private in an all-cash transaction valuing the NYSE-listed company at approximately $5.7bn. Meanwhile, Bodycote plc confirmed receipt of two competing conditional cash proposals from CVC and Veritas Capital Fund IX, with the offers valuing the heat treatment specialist at around £1.56bn.
The healthcare sector continues to attract significant capital, with KKR acquiring Medicover India, adding a 24-hospital multi-specialty network to its portfolio. In a related radiopharma bet, Nordic Capital has struck a deal to acquire BWX Technologies' medical business in a transaction valued at up to $800m. The payments and financial infrastructure space also saw action as Advent and HarbourVest agreed to acquire FNZ Bank in Germany, a platform connecting more than 50,000 financial advisers.
Private equity's appetite for consumer brands remains robust, with Bain Capital moving to acquire Gong cha from TA Associates, adding the bubble tea chain to its consumer portfolio. In the beauty space, TSG Consumer has taken a majority stake in Saltair, valuing the body care brand at the top of its category. The software sector also saw continued consolidation as Thoma Bravo agreed to sell Command Alkon to Francisco Partners, a provider of platform technology for the heavy building materials industry.
Fundraising Momentum: Record Vehicles and Institutional Commitments
Fundraising activity has shown remarkable resilience despite broader market headwinds, with mega-firms largely defying fundraising and exit headwinds during the latest earnings season. Apollo is roughly halfway to its target for Fund XI, having begun raising capital for its latest flagship targeting $22bn-$25bn in February. Meanwhile, TPG has nabbed the lion's share of a $17bn target for its TPG X and third healthcare fund, part of its $94bn Capital platform.
European fundraising has been particularly active, with Nextalia raising €1.1bn for its second flagship fund in just five months, pushing the Italian platform past €3.4bn. The new EQT-managed Scaleup Europe Fund has made its debut investment, co-leading a €450m round into Finnish satellite operator ICEYE at a €10bn valuation. This comes as the EU's €5bn tech superfund officially opened for business, marking a significant milestone for European venture funding.
In the secondaries market, G Squared has secured $2.3bn for its seventh flagship fund in record time, roughly twice the size of its previous vehicle. Adams Street has doubled its fund size with a $2.7bn secondary raise, part of a $5bn secondaries programme. MetLife Investment Management closed its third private equity fund at approximately $1.2bn, with Lexington Partners serving as lead investor in the managed secondary transaction.
Secondaries Market Surge: GP-Leds and Continuation Vehicles Dominate
The secondaries market continues to experience unprecedented activity, with GP-leds dominating the market in H1 as fundraising and expansion into new asset classes drive growth. Carlyle's chief executive Harvey Schwartz said cyclical tailwinds buoying secondaries will persist for the "next several years," with the firm increasingly viewing Alp Invest as more of a corporate finance business. In a significant transaction, Pantheon has backed BlackRock BDC's credit continuation vehicle, which will house over $500m of debt positions.
Singapore's sovereign wealth fund GIC is preparing to offload around $1bn worth of private equity fund stakes on the secondary market, according to sources. MetLife closed a $1.2bn managed fund deal with Lexington, having shopped a portfolio with a net asset value of $1.8bn. In the venture secondaries space, DraftKings seed investor Ryan Moore has closed on $78.5m for Revenant Ventures' debut fund.
The market is also seeing new entrants, with LGT Capital Partners launching its debut credit secondaries strategy, seeking to invest in LP-led, GP-led and opportunistic deals with an emphasis on senior lending. Danish pension fund Industriens Pension is mulling adding more infra secondaries exposure, favouring indirect over direct investment in the asset class. Meanwhile, New Jersey's pension fund sees opportunity in the slow exit market, with CIO Shoaib Khan saying re-ups and new opportunities are being looked at on equal footing.
Private Credit: Record Packages and Infrastructure Deals
Private credit continues to play an increasingly prominent role in financing large transactions, with Ares Management leading a $2.2bn direct loan to finance Med Impact Holdings' acquisition of Puerto Rico-based Medical Card System. The credit market's expansion into new asset classes is evident, with Apollo backing Texas water infrastructure through the acquisition of Maverick Water Group from Crosstimbers Capital Group. In the energy sector, LS Power has agreed to acquire the Brazos Valley gas-fired power plant from Constellation, satisfying a regulatory divestiture commitment.
Infrastructure and energy services continue to attract significant PE interest, with Partners Group acquiring a majority stake in AVK Power, a provider of power solutions for data centers across Europe's FLAP-D markets. Veritas Capital is acquiring Saber Power Services from Greenbelt, adding a vertically integrated power infrastructure services platform to its portfolio. The firm is also acquiring environmental consultant Trinity Consultants from Oak Hill, continuing its expansion into environmental services.
Venture Capital: Record Rounds, AI Investments, and European Unicorns
The venture capital market is experiencing a historic run, with global venture funding totaling $65 billion in July, up 100% year over year and notching the highest-ever number of billion-dollar rounds. In the mobility sector, Moove has raised $250M to become the backbone of the robotaxi industry, scaling up its autonomous vehicle fleet management operations. A16z has backed HappyRobot at a $1.2bn valuation, continuing its aggressive investment pace in European tech.
European venture continues to produce new unicorns, with fintech startup Moss crowned Europe's newest unicorn following a €30m Series C round. Oxylabs has hit a $3.6bn valuation after a decade of turning down VCs, citing "right timing, right partner." In a notable deal, Bending Spoons has struck a $2.25bn Airtable deal in its first acquisition since going public.
AI continues to drive venture activity, with WindBorne Systems raising a $37 million Series B round to scale its weather balloons and AI forecasts. Yann LeCun has joined a new VC firm, bringing his AI expertise to the investment world. The intersection of AI and venture continues to evolve, with Clearlake partnering with OpenAI and PE firms like Blackstone, TPG and EQT increasingly active in AI partnerships.
Sector Spotlight: Energy, Industrials, and Specialized Services
Energy and power infrastructure deals have been particularly prominent, with Sunoco acquiring Court Square-backed oil transporter Offen Petroleum for $600m, which operates a fuel distribution network delivering approximately 2.5 billion gallons annually. Mutares has completed its largest-ever deal with the $450 million acquisition of Sabic's engineering thermoplastics business, rebranded Nex Point Materials. In the industrial services sector, Waterland has taken a majority stake in Danish firm Norisol, which posted an operating margin of over 13% in 2025.
The built environment and infrastructure services continue to see consolidation, with Arlington-backed TRP Infrastructure closing five add-on deals to form a new highway plastics division called Gulf Highway Materials. Nexa Equity-backed Facility Grid has acquired autonomous commissioning company PingCx, introducing a new product strategy centered on three integrated offerings. Wynnchurch-backed Trimlite has bought doormaker Barnett Millworks, expanding its geographic footprint into the Southeast market.
Professional services and consulting continue to attract PE interest, with Broad Sky growing Smith + Howard 4x before exiting to TPG, with the CEO noting "tax and audit advisory are needed in good and bad times." KKR-backed FGS has scooped up government affairs firm Rich Feuer Anderson, marking its second acquisition of a bipartisan government affairs firm. RedBird's Affinia has added Wilson Partners in a UK accounting tie-up. Copley Equity-backed FMG Leading has snapped up Broadbranch Advisors.
Investor Activity: Pension Funds, Sovereign Wealth, and LP Trends
Institutional investors are increasingly active in private markets, with Italian pension fund ENPAV releasing an RFP for private equity co-investment. MMAA is seeking domestic blind-pool PE/VC funds for 2026, looking to commit 300bn Korean won to domestic blind pool funds. Korea Post Insurance is also targeting domestic blind-pool VC funds with a 60bn Korean won commitment. Boston Retirement Systems has issued an RFP for a private equity manager for up to a $85m mandate.
LP sentiment remains cautiously optimistic, with Hamilton Lane suggesting evergreen hesitancy is only temporary, as some investors have been "housing capital" in evergreens before redeeming. OMERS is plotting a fivefold increase of its PE portfolio, according to recent reports. LPs are seeking to enshrine better GP reporting standards, while impact investing is being "unfairly tarred with the ESG brush," warn GPs.
European Tech Ecosystem: Talent, Funds, and Company Building
The European tech ecosystem continues to evolve, with Andreessen Horowitz expanding its European scout network to more than 30 venture scouts hunting for deals. The UK has expanded its talent visa to more than 100 companies, aiming to attract global tech talent. Europe's 50 most active equity investors in H1 2026 have been identified. 144 new funds launched this year reveal insights into Europe's investment market.
In the company-building space, Lendable is chasing the superapp dream, noting "we are more constrained by capacity than ideas." QMUL spinouts are looking to raise funding. Pleo faces a culture crisis amid executive exodus, unhappy staff and sale speculation. The Robinhood platform is listing a fund that lets anyone back Y Combinator startups, democratizing access to venture investments.
Special Situations and Notable Transactions
Several notable transactions have emerged across various sectors, with Wind Point Partners taking ECI off H.I.G. Capital's hands in a financial services MSP handover. Verdane has made a majority investment in Factbird, a Danish IoT and recurring software company. EIP and OceanSound-backed Convey has acquired Selectron, bringing together two companies providing omnichannel communications and engagement operating systems.
In the sports and entertainment space, Clearlake co-founder Feliciano nears a record $3.9bn MLB deal for the San Diego Padres, which would be the most expensive franchise sale in Major League Baseball history. The music industry continues to attract significant investment, with Reed Smith's Josh Love noting "exceptionally active" market conditions and "some of the biggest deals the music industry has ever seen." PE-backed ContextLogic has agreed to acquire chemicals manufacturer gChem from Eagle Tree for $850m.
Emerging Trends: AI Integration, Naval Investments, and Market Dynamics
Private equity firms are increasingly integrating AI into their operations, with Njord Partners' Arvid Trolle noting AI is now a "natural part" of how the firm operates. Graphite's Mike Tilbury highlights the rise of AI content could lead to "rights-clean" data re-rating. AI is impacting physical environments and science sectors. The legaltech sector saw Wordsmith raise a $14m Series B extension from Index and FT Ventures.
Naval shipbuilding is attracting increasing private equity interest, with the US Navy budget over $300bn, larger than the GDP of over 75% of the world's countries. Sheridan Capital Partners has acquired Carolina Components Group, a provider of custom-engineered bioprocessing assemblies. The GSAM is teeing up Divcon Controls for sale, which provides building management and electrical power monitoring systems to data centers.
Market Outlook and Strategic Considerations
The private equity market continues to demonstrate resilience and adaptability, with Carlyle's realisations driving a strong earnings quarter, distributing capital at more than double the industry rate. Apollo downplays M&A amid PE consolidation, a year after acquiring a GP. The shorter the hold, the higher the burden when assessing quick-flip continuation vehicles, according to industry analysis.
The venture ecosystem continues to evolve, with Y Combinator seeing a growing class of repeat founders, with 454 repeat founders identified in the latest dataset. MagicSchool AI has raised $63M from VCs, founded by an educator fascinated by Chat GPT's educational potential. However, an AI strategy may be destroying exit value, argues tech strategic adviser Itay Sagie, as integrating AI into product strategy can inadvertently reduce valuation.
The market continues to see significant activity in specialized niches, with Ridgemont acquiring remediation services firm Entact from JFLCO. Axum Capital has agreed to acquire beverage brand Barcode, a plant-based and hydration drink company. BV Investments has backed workforce compliance service provider Thomas & Company. AshGrove has backed 10x Banking, a cloud-native core banking technology provider.
The broader market context includes Nik Storonsky facing a lawsuit over a €350m superyacht, adding a personal dimension to the fintech founder's story. The language of founder praise continues to evolve, with terms like "sweaty" and "insanely cracked" becoming part of startup vernacular. Nscale is providing compute to Oxford, UCL and Imperial AI researchers. AI weather prediction company WindBorne looks to make the technology lucrative.
The private equity landscape continues to evolve with Partners Group in talks to buy beauty business Aroma-Zone from Eurazeo. CVC and Veritas Capital vie for Bodycote. The music industry is seeing unprecedented deal activity, with AI's potential to improve administration, metadata management, royalty processing and licensing efficiency. The secondaries market's cyclical tailwinds are expected to persist. Evergreen hesitancy is only temporary, according to industry leaders.