Private Equity 3 Days

Last updated: August 13, 2026, 11:31 PM ET

Private Equity Dealmaking and Investment Activity

Private equity firms continue to demonstrate robust activity across various sectors. Thoma Bravo is taking the specialty insurance risk exchange platform Accelerant private in a deal valued at over $4 billion, with Altamont Capital Partners and Accelerant's founders retaining equity stakes. Separately, Thoma Bravo also completed a $466 million take-private of validation software firm Kneat. Reverence Capital-backed Sunstar has acquired insurance agency RJR Faribo. In the industrial sector, Astara Capital has acquired Dynatec, an industrial wastewater treatment firm. RF Investment Partners has invested in drilling company RJ Underground, while Braemont Capital has invested in consulting firm Thought Logic. Granite Creek-backed DCG is merging with digital and tech firm Urban Emu, expanding its capabilities. Clearlake-backed Prime Source Brands has acquired Starborn Industries, a provider of specialty branded building products. Vance Street-backed Keltec has acquired AJF Filtration, a filtration solutions provider. Altamont-backed Big Top Manufacturing has scooped up Coast to Coast Contracting, a provider of engineered fabric structures. Godspeed-backed BNP Group has acquired cost management firm US Cost Incorporated. THL Partners has invested in pavement maintenance services firm PaveMasters. Dune Glass-backed Phase 1 Equity has acquired a North Dakota orthodontic practice. Baymark has acquired healthy meal prep and delivery company Meal Prep Sunday. CCMP Growth-backed Airo has acquired specialty plumbing and HVAC firm Legrande’s Enterprises. Quad-C has invested in Paradigm, an occupational safety and health platform. New Heritage has invested in manufacturer PowerRail. Ardian co-CEO Mark Benedetti noted mispricing opportunities in European assets and secondaries, while Apollo Sports Capital has invested in Yankee Global Enterprises for $2.6 billion to support the franchise and refinance debt. HIG Capital has completed the acquisition of UK engineering firm Phoenix ME. Exponent has closed a single-asset continuation vehicle of about $867 million (€750 million) for H&MV Engineering, tapping Apollo, Pantheon, and SQ Capital. Private equity is also showing interest in the growing European HVAC market.

Sector-Specific Investments and Trends

The technology and AI sectors continue to attract significant investment. OpenAI-backed Thrive Holdings has raised $2 billion at a $12 billion valuation from investors including SoftBank, D1 Capital Partners, and Altimeter Capital for enterprise AI. EQT and Digital Garage have raised their tender offer for Kakaku.com to ¥3,570 a share, approximately $22.40, to outflank a rival offer. Resurgens Technology Partners has invested in quality compliance platform Qarma to accelerate its AI roadmap and international expansion. Silver Lake and Digital Bridge are reportedly exploring an exit for Vantage Data Centers, potentially valuing the hyperscale operator at around $100 billion through an IPO or sale. EQT Life Sciences is investing $17.5 million in Vaderis Therapeutics as part of a $152 million Series B round. Bank of America has agreed to invest up to $1.9 billion for a stake of up to 49.9% in Jio Credit, the lending arm of Jio Financial Services. Lovable has raised $400 million backed by the EU’s Scaleup Fund. Drone startup Uforce is reportedly targeting an upwards of $4 billion valuation in a new funding round. Accel has raised $800 million for its ninth early-stage Europe fund and has also closed an oversubscribed $550 million India fund. Scaleup Europe, a public-private fund with a $5.7 billion target, has made its first investment in Finnish satellite company ICEYE. In the healthcare sector, Marlin’s Radar Healthcare has completed an add-on acquisition of patient experience platform Cemplicity. Mountaingate has exited its investment in healthcare commercialization platform Relevate. PE-backed CHG Healthcare has acquired medical staffing firm Krewe Anesthesia. Gridiron Capital is investing in life sciences back-office solutions provider van den Boom & Associates. Astorg has completed the buyout of Thermo Fisher’s microbiology business. In the energy sector, Bernhard-backed Optimum Energy has acquired Hussung Mechanical Contractors and HMC Service Company. One Rock is set to sell environmental services firm EnviroServe for $470 million to Clean Harbors. Providence has agreed to sell its live entertainment business, ATG, to Mari.

Fundraising and Investor Strategies

Private equity firms are actively raising new funds and refining their investment strategies. Hollyport Capital has chosen to remain independent, accepting backing from Blue Owl, which has acquired a passive stake representing approximately 25% of the firm's economic interests. New 2ND Capital is targeting $1.25 billion for its Fund IV, which has already closed on its first deal. Korea's National Pension Service (NPS) has increased its secondaries exposure by $1 billion, with its secondary funds and co-investments growing 36% to approximately $3.7 billion. NPS also reported a 12% rise in its private equity AUM, though overall growth momentum has slowed. LA Fire & Police Pension has reaffirmed its commitment to the lower mid-market and emerging managers, believing its portfolio distributions have performed well. A former APG PE veteran emphasized the importance of internal vs. external benchmarks for performance assessment. Harbour Vest is deploying its seventh flagship co-investment fund, HCF VII, which recently closed at $4.75 billion, focusing on AI and healthcare innovation. Harbour Vest also revealed its deployment strategy for the $4.75bn flagship. Goldman Sachs is set to acquire ETFs provider Neos Investments for $2.25 billion. CVC Credit has priced Apidos LVIII, a new $550 million CLO. US investors are raising questions regarding credit secondaries valuations. In other news, EQT and Digital Garage have raised their bid for Kakaku.com.

Market Trends and Outlook

The private equity market is navigating evolving trends, with a growing emphasis on AI and data in certain sectors, while other areas see dealmaking slumps. Six key areas of private equity market have been analyzed for their development this year and future outlook. Investors are increasingly looking at local economy themes. The SEC is intensifying its scrutiny of private funds' valuations, with examiners requesting information on specific funds and enforcement actions picking up. Blackstone is exploring a broader push into the US retirement market, considering the incorporation of private markets into target-date funds and managed accounts. Investors are being advised on how to secure fair deals in deeptech, as founders are dictating term sheets in 2026. There is a focus on "AI-native" companies, where AI is integrated into core business operations rather than being an add-on feature. In the fitness sector, venture investors are showing renewed interest, with startup investment totaling over $3.6 billion in the first half of the year, favoring AI and data-driven companies. The European tech landscape is being shaped by three key trends, according to South Summit 2026. There is also a focus on "physical AI" startups, with VCs watching 17 physical AI startups. Underrated areas in deeptech are being highlighted by investors. The venture lab in London's Docklands is building deeptechs to save the planet. Spanish startup Multiverse Computing is vying to be Europe's next AI champion. Work is underway to make compute an asset class, with major firms like Apollo, Blackstone, Brookfield, and KKR backing NVIDIA. An ex-LocalGlobe trio is plotting a new VC firm.