Private Equity 3 Days

Last updated: August 14, 2026, 8:31 PM ET

Venture Capital & AI Focus

Joshua Kushner, co-founder of Thrive Capital, has urged Silicon Valley venture capitalists to temper their enthusiasm for Artificial Intelligence, warning against a weakening of investment discipline amidst the current AI euphoria. He emphasized the significant opportunity in AI but stressed the importance of maintaining rigorous evaluation. This sentiment comes as OpenAI-backed Thrive Holdings raised $2 billion at a $12 billion valuation. Meanwhile, venture investors are showing renewed interest in the fitness sector, with startup investments totaling over $3.6 billion in the first half of the year, though they are prioritizing companies with AI and data capabilities over traditional hardware like treadmills. In a notable funding round, Databricks is seeking another $5 billion, eight months after a similar raise. Battery Ventures is backing Vetspire, an AI operating system for veterinary practices, to fuel product innovation and AI development.

Dealmaking and Acquisitions

Private equity firms are actively engaged in a variety of acquisitions. Shurco, backed by Behrman, has acquired manufacturer Heavy Motions Inc. In the industrial sector, Astara Capital has acquired Dynatec, a firm specializing in industrial wastewater treatment. Wolf-Gordon, with Charger backing, has purchased interior surfaces providers Andor Willow and Walls & Interiors. Reverence Capital-backed Sunstar has acquired insurance agency RJR Faribo. Thoma Bravo is set to take the specialty insurance risk exchange platform Accelerant private in a deal valued at over $4 billion, with Altamont Capital Partners and the company's founders retaining equity. In another significant transaction, Apax is selling its food supply chain logistics provider Tosca to Goldman Sachs Alternatives.

Infrastructure and Data Centers

The demand for AI infrastructure is driving significant activity in the data center sector. CVC DIF, the infrastructure arm of CVC, has agreed to acquire a majority stake in firstcolo, a German colocation data center operator, from Cube Infrastructure. Separately, Silver Lake and Digital Bridge are reportedly exploring a potential $100 billion exit for Vantage Data Centers, considering either an IPO or a sale. Mistral AI is securing enterprise backing for its data center buildout from companies including ASML and Amadeus.

Fundraising and Investment Strategies

EQT's Scaleup Europe Fund has debuted with a €450 million investment in ICEYE, a satellite operator valued at €10 billion. The Public Investment Fund of Saudi Arabia is shifting its strategy towards active ownership and increasing the role of private investors. Meanwhile, La Caisse's private equity portfolio experienced a 4.3% decline in the first half of 2026, significantly underperforming a benchmark that gained 8.0%. HarbourVest has revealed its deployment strategy for its $4.75 billion flagship co-investment fund, HCF VII, focusing on AI and healthcare innovation. Korea's National Pension Service (NPS) has increased its private equity assets under management by 12%, though overall growth is slowing. The NPS also added another $1 billion in secondaries exposure.

Financial Services and Credit

Private credit heavyweights are reportedly considering the acquisition of a €1.2 billion ($1.4 billion) distressed loan portfolio from Italy's BFF Bank. Pimco and Pollen Street are among the potential suitors for this package of non-performing loans. In a significant move within the financial services sector, 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. Goldman Sachs is set to acquire ETF provider Neos Investments for $2.25 billion. Neos manages $30 billion in assets across 19 options-based income ETFs.

Market Trends and Valuations

The U.S. Securities and Exchange Commission (SEC) is increasing its scrutiny of private funds' valuations, with examiners requesting specific fund information and enforcement actions reportedly on the rise. In Europe, the fintech sector is facing cultural challenges, according to a recent analysis. The number of companies joining the Crunchbase Unicorn Board in July reached, the highest count in four years, with financial services, robotics, and AI being prominent sectors. In London, Northern Gritstone, an investor in UK spinouts, is planning to open a new office in San Francisco.

Sector-Specific Investments

Private equity firms are actively investing across various sectors. In the nutraceuticals space, Butterfly Equity, Graham Partners, and Wise Equity are reportedly transacting with assets. Astorg has completed its acquisition of Thermo Fisher's microbiology business, a deal valued at $1 billion. In the beverage sector, Bain, Platinum Equity, and Monogram are among firms involved in recent deals. Riverside-backed Western Botanicals has invested in Yellow Emperor, a dietary supplement developer. In the energy sector, solar energy is drawing private equity interest, while Providence has agreed to sell its live entertainment business, ATG, to Mari.

Emerging Managers and Niche Strategies

The LA Fire and Police Pension fund has reaffirmed its commitment to the lower mid-market and emerging managers, believing their portfolio distributions have performed well. Hollyport Capital has decided to remain independent, securing backing from Blue Owl. New 2ND Capital is nearing a $1.25 billion close for its Fund IV, which has already completed its first deal. Investors are also showing interest in niche areas like drone technology, with Uforce reportedly targeting a valuation upwards of $4 billion in its current fundraising round. Accel has raised $800 million for its ninth early-stage Europe fund.

Venture Capital and AI Startups

In the realm of AI startups, Mistral AI is gaining traction with enterprise backing for its data center expansion. Index Ventures is reportedly in talks to lead a $500 million round for a new AI lab founded by a former Deep Mind researcher. Multiverse Computing, a Spanish startup, is positioning itself as a potential European AI champion and is nearing a $500 million Series C funding round. Sarah Buchner, a carpenter by background, has founded Trunk Tools, an AI construction startup aiming to improve efficiency in the industry.

Private Equity Activity and Exits

One Rock is set to sell its environmental services firm Enviro Serve to Clean Harbors for $470 million, with the transaction expected to close in the latter half of 2026. Mountaingate has exited its investment in Relevate, a healthcare commercialization platform, after partnering with the company in 2020. TDR Capital is reportedly exploring the sale of Arrow Global, a British private credit manager it acquired five years ago.

Other Notable Investments

Pimco and Pollen Street are among the entities reportedly interested in acquiring a €1.2 billion distressed loan portfolio from BFF Bank. In the UK, Northern Gritstone is establishing a presence in San Francisco. In the financial planning sector, West Bridge has agreed to purchase a majority stake in Beckett Investment Management from Foresight Group. Beckett has seen its assets under management grow significantly from £800 million to £2.1 billion since 2021.