Private Equity 3 Days

Last updated: August 15, 2026, 9:23 PM ET

M&A Activity

Thoma Bravo has agreed to acquire Accelerant, a specialty insurance risk exchange platform, for more than $4bn, with Altamont Capital Partners and the company's founders retaining equity stakes alongside the buyer. Thoma Bravo also recently took risk exchange business Accelerant private for $4bn in a separate transaction. Accelerant Meanwhile, Providence Equity has agreed to acquire Hometrack, a property valuation data firm that supplies digital valuation and property risk data to mortgage lenders across the UK and Netherlands. Hometrack Apax is set to sell food supply chain logistics provider Tosca to Goldman Sachs Alternatives, marking a significant exit after Apax's 2017 acquisition. Tosca

Healthcare & Life Sciences

Marlin's Radar Healthcare has completed the add-on acquisition of Cemplicity, a patient experience and patient-reported outcomes platform operating across Australia, New Zealand, the Middle East, and the UK. Cemplicity EQT Life Sciences has joined a $152m raise for Vaderis Therapeutics, investing $17.5m in the Swiss biotech's Series B round to fund rare-disease trials. Vaderis Resurgens Technology Partners has invested in Qarma, an AI-powered quality and compliance platform that connects brands, retailers, manufacturers, suppliers, and inspectors across complex global supply chains. Qarma

Infrastructure & Real Assets

CVC DIF, the infrastructure arm of private markets group CVC, has agreed to acquire a significant majority stake in firstcolo, a Frankfurt-based colocation data centre operator, from Cube Infrastructure. firstcolo The acquisition reflects the broader trend of AI infrastructure demand driving deal momentum in engineering sectors. Cube Infrastructure Bernhard-backed Optimum Energy has expanded its footprint by picking up Hussung Mechanical Contractors and HMC Service Company, which serve healthcare systems, universities, manufacturers, and mission-critical facilities. Optimum Energy

Fundraising & Capital Markets

EQT's €5bn Scaleup Europe Fund has debuted with a €450m cheque to back ICEYE, a satellite operator valued at €10bn. EQT New 2ND Capital is nearing a $1.25bn fund close for Fund IV, having recently activated the vehicle and closed its first deal, according to Secondaries Investor. 2ND Capital Korea's NPS has added another $1bn of secondaries exposure, with its secondary funds and co-investments growing 36% to approximately $3.7bn. Korea NPS The pension's private equity assets under management rose 12% as growth momentum slows, with PE representing about 7.2% of the total portfolio as of December. NPS PE AUM

Technology & Software

Silver Lake is in talks to take Workday private in one of software's biggest buyouts, a deal that would rank among the largest software acquisitions ever. Workday EQT and Digital Garage have raised their tender offer for Kakaku.com to ¥3,570 per share, approximately $22.40, topping a competing proposal. Kakaku.com Battery Ventures has backed Vetspire, a veterinary AI operating system, to accelerate product innovation and AI development for veterinary teams of every size. Vetspire

Financial Services & Banking

Bank of America has agreed to invest up to $1.9bn for a stake of up to 49.9% in Jio Credit, the fast-growing lending arm of Mukesh Ambani's Jio Financial Services. Jio Credit Pimco and Pollen Street are among suitors circling the riskiest portions of a €1.2bn ($1.4bn) non-performing loan package being sold by Italy's BFF Bank. BFF Bank West Bridge has agreed to buy a majority stake in Beckett Investment Management, an English financial planning business, from Foresight Group. Beckett

Energy & Industrials

Behrman-backed Shurco has acquired Heavy Motions Inc, expanding its capabilities in cargo covering, cargo control, and containment systems manufacturing. Shurco Astara Capital has snapped up Dynatec, an industrial wastewater treatment firm serving food & beverage, automotive, data center, waste, and general manufacturing markets. Dynatec RF Investment Partners has invested in RJ Underground, a drilling company serving municipal, utility, commercial, and residential customers. RJ Underground

Strategic Shifts & Market Commentary

Saudi Arabia's Public Investment Fund (PIF) has set out a 2026-2030 strategy shifting emphasis from rapid capital deployment toward active ownership and a larger role for private investors. PIF La Caisse's private equity portfolio fell 4.3% in the first half of 2026, badly lagging a benchmark that gained 8.0%. La Caisse Thrive's Joshua Kushner has chided Silicon Valley VCs over AI euphoria, warning that letting excitement weaken investment discipline would be a grave error. Joshua Kushner

Co-Investments & Secondary Activity

Hollyport Capital has chosen to remain independent, accepting backing from Blue Owl in a move reflecting how the industry's growth is likely to be fueled by strategic partnerships. Hollyport Capital The Weymouth Retirement Board has issued an RFP for private equity co-investment managers, seeking services to deploy its pension assets. Weymouth Retirement

Venture Capital & Growth Equity

Databricks is back raising another $5 billion, just eight months after its previous funding round of the same size. Databricks Forty companies joined the Crunchbase Unicorn Board in July, marking the highest count in four years. Unicorn Board ASML, Amadeus, and others have committed to backing Mistral's data centre buildout. Mistral

Real Estate & Property

Blackstone is exploring a broader push into the US retirement market, incorporating private markets into target-date funds and managed accounts. Blackstone Butterfly Equity, Graham Partners, and Wise Equity are among firms transacting with nutraceuticals assets, driven by demand for antimicrobial testing. Butterfly Equity

Strategic Moves & Exits

Silver Lake and Digital Bridge are exploring an exit from Vantage Data Centers that could value the hyperscale operator at about $100bn, weighing either a stock market listing or a sale. Vantage Data Centers Braemont Capital has invested in Thought Logic, a consulting firm, to accelerate the company's next phase of growth. Thought Logic Granite Creek-backed DCG has merged with digital and tech firm Urban Emu, expanding its technology capabilities. DCG

Regulatory & Compliance

The SEC is zeroing in on private funds valuations, with examiners asking about funds by name in opening requests and enforcement activity picking up. SEC

Market Overview

Over 127,000 workers at U.S.-based tech companies were laid off in mass job cuts in 2025, with layoffs continuing into 2026. Tech Layoffs European fintech faces a culture problem as the sector grapples with scaling challenges and talent retention issues. European Fintech Northern Gritstone, a UK spinout investor, is opening a San Francisco office to expand its reach into North American markets. Northern Gritstone

Emerging Players

Multiverse Computing, the Spanish startup vying to be Europe's next AI champion, is nearing a $500m Series C funding round. Multiverse Computing Trunk Tools, an AI construction startup founded by teenage carpenter Sarah Buchner, represents the growing trend of non-tech founders securing venture funding. Trunk Tools London's Docklands is home to an under-the-radar venture lab building deeptechs to save the planet. London Docklands

European Focus

Europe's 30 most active public funds in H1 2026 showcase the region's continued appetite for private market investments despite macroeconomic headwinds. European Public Funds Investors are increasingly looking at local economy themes, with a former heavyweight LP turned consultant noting the shift in private equity allocations. Local Themes

Industry Outlook

PE dealmaking has slumped once again as market conditions remain challenging for large transactions, though infrastructure and technology sectors continue to see activity. PE Dealmaking Advent approaches its flagship target as private equity firms navigate a complex fundraising environment. Advent The mid-year take on market hot topics reveals six key areas where private equity has evolved so far in 2026. Market Outlook