Private Equity 3 Days

Last updated: August 11, 2026, 11:44 AM ET

Mega-Deals & AI Infrastructure

A consortium of the world’s largest private capital firms, including Apollo, Blackstone, Brookfield and KKR, has lined up behind NVIDIA in a $500bn move to transform computing into an investable asset class. The initiative, which also involves BlackRock and Goldman Sachs, will create new financing platforms that make full-stack AI infrastructure accessible to global capital. Separately, Apollo landed a recommended £5.7bn offer for easy Jet in what would be a landmark European take-private. In the venture world, a wave of major AI IPOs could return significant liquidity to limited partners, potentially fueling a new fundraising cycle rather than just reshaping public-market valuations.

Sports & Entertainment

The New York Yankees’ parent company, Yankee Global Enterprises, secured a $2.6bn capital infusion from Apollo Sports Capital, with proceeds earmarked for franchise growth and debt refinancing. Apollo has agreed to provide the same $2.6bn through its sports platform, marking a significant bet on live sports assets.

Continuation Vehicles & Secondaries

Exponent has closed a single-asset continuation vehicle of about €750m ($867m) to hold on to H&MV Engineering, with Apollo, Pantheon and SQ Capital co-leading the deal. The transaction values H&MV at €1.4bn, reflecting strong demand for high-voltage electrical engineering services tied to data centers and renewables. Exponent itself is a global provider in the space. Meanwhile, continuation fund activity is outstripping traditional secondaries, according to a Side Letter analysis. Ardian co-CEO Mark Benedetti sees the most mispricing opportunities in European assets and secondaries.

European Private Equity Activity

Ardian’s co-CEO also detailed mispricing opportunities across Europe, noting more family-owned firms seeking international expansion partners. HIG Capital completed its acquisition of UK engineering firm Phoenix ME, which provides mechanical and electrical services to blue-chip clients. The entrepreneurial ecosystem in Spain is drawing dealmakers to the mid-market, with many family-owned companies approaching succession decisions. Meanwhile, private equity is actively playing in Europe’s growing HVAC market, a trend underscored by several bolt-on acquisitions.

Amberjack Capital closed its carve-out of Flowserve’s PMV Automation group, including facilities in Houston and Sweden. CPP Investments teamed up with HSI in a $143m Brazilian hotels deal, acquiring a 49.5% stake in two Hilton properties. In Romania, Provectus Capital made its debut by acquiring a majority stake in Seatbelt Consulting, the country’s largest occupational health and safety provider. I Squared Capital agreed to a $733m take-private of oOh!media, an out-of-home advertising operator, at a 100% premium.

Mid-Market M&A in the Americas

Godspeed-backed BNP Group acquired cost management firm US Cost Incorporated from Schneider S.E. Clearlake-backed PrimeSource Brands acquired Starborn Industries, a provider of specialty building products. Vance Street-backed Keltec snapped up AJF Filtration, adding filtration solutions. Altamont-backed Big Top Manufacturing scooped up Coast to Coast Contracting, expanding its engineered fabric structures business.

CCMP Growth-backed Airo acquired specialty plumbing and HVAC firm Legrande’s Enterprises. Quad-C invested in occupational safety and health platform Paradigm, formed from a combination of three companies. Trinity Hunt backed management consulting firm Fisher Management Partners, with Todd Fisher remaining in leadership. New Heritage invested in manufacturer PowerRail, which serves the global rail industry. New Mountain will acquire fire safety provider Jensen Hughes from Gryphon for an undisclosed sum. VSS closed a minority stake in Cordoba, betting on infrastructure transformation and viewing AI as a net positive.

Bernhard Capital agreed to take-private Bowman Consulting Group for $1bn, with a 35-day go-shop period. KKR took a strategic stake in Crowe Advisory, the tax and advisory arm of the global accounting firm. TPG struck a $925m deal for control of South Korea’s Lotte Rental, the country’s largest car-rental operator. Private equity dealflow had its worst Q2 since 2020, led by a drop in the TMT sector, while VSS also took a minority stake in Cordoba.

Fundraising & LP Activity

Brookfield Asset Management raised a record $77bn in Q2, led by private equity, infrastructure, and credit franchises. Step Stone surpassed $20bn in private wealth AUM, with its SPRING vehicle attracting nearly $1.7bn in subscriptions during the quarter. Sovereign wealth funds are leading the AI investing charge, while PE talent is increasingly flowing to Spain. Plymouth County Retirement Association issued an RFP for a PE manager focused on North America. Korea’s Employment Insurance Fund seeks to commit 120bn won to blind-pool PE and VC funds for 2026.

Venture & Startups

Tony Blair’s son is seeking $200m for a new defense startup. Monashees, one of Latin America’s oldest VC firms, is crossing into Silicon Valley by opening a San Francisco office. AI is a business change, not a tech change—companies unlock productivity by redesigning around AI rather than layering on tools. South Summit 2026 highlighted three trends shaping European tech. VCs are watching 17 physical AI startups. First Momentum’s cofounder identifies the most underrated deeptech areas. Global new unicorn counts in H1 2026 have already surpassed 2025 totals, with 195 companies joining the board. A shakeup at Deep Mind tests the UK’s AI ambitions. Its future has become critical for the UK tech ecosystem. Nabla’s new CEO Brian Manning says he’s not here to be acquired. King’s Cross, once a red-light district, is now one of the world’s top AI hubs.