Last updated: August 16, 2026, 6:09 AM ET
Private Equity
Thoma Bravo has agreed to acquire Accelerant, a specialty insurance risk exchange, for more than $4 billion, marking one of the largest take-private deals in the insurtech space this year. The transaction values Accelerant at roughly 4.5 times its trailing revenue and reflects growing appetite among software-focused buyout firms for recurring-revenue platforms in adjacent verticals. Altamont Capital Partners, Accelerant’s largest existing investor, along with the company’s founders, will retain equity stakes alongside Thoma Bravo, ensuring continuity during the transition. The deal underscores a broader trend among PE-backed insurtech platforms leveraging AI-driven underwriting and real-time risk modeling to command premium valuations in an increasingly competitive market.
Apax has completed the sale of Tosca, a food supply chain logistics provider, to Goldman Sachs Alternatives for an undisclosed sum, concluding a six-year holding period during which Apax supported Tosca’s expansion into reusable packaging solutions across Europe and North America. The exit comes amid heightened interest in ESG-aligned logistics assets, particularly those reducing waste through circular economy models. Tosca, which serves clients including Walmart and Carrefour, reported revenue growth of 12% annually under Apax ownership, driven by demand for sustainable packaging alternatives. Goldman Sachs Alternatives plans to leverage Tosca’s platform to build a broader portfolio of environmentally focused supply chain investments.
EQT and Digital Garage have raised their joint tender offer for Japanese online comparison shopping site Kakaku.com to ¥3,570 ($22.40) per share, surpassing a competing bid from local investment firm SoftBank Vision Fund. The bidding war highlights renewed optimism around Japan’s digital transformation sector, where legacy platforms are attracting renewed attention from global PE firms seeking stable cash flows and regulatory clarity. If successful, the acquisition would mark EQT’s largest entry into Asia-Pacific’s consumer internet market, aligning with its €100 billion-plus fundraising ambitions for regional tech investments.
Silver Lake is reportedly in advanced talks to take enterprise software giant Workday private in a transaction that could exceed $30 billion, positioning it among the largest leveraged buyouts in tech history. The potential deal signals renewed confidence in enterprise Saa S valuations, which have faced pressure amid rising interest rates and macroeconomic uncertainty. Workday, known for its cloud-based HR and financial management tools, has seen its stock decline over 20% since January, creating an opportunity for private equity sponsors to acquire assets at discounted multiples. A successful bid would represent a major coup for Silver Lake, reinforcing its reputation as a premier buyer of mission-critical enterprise software franchises.
CVC DIF has agreed to acquire a significant majority stake in firstcolo, a Frankfurt-based colocation data center operator, from Cube Infrastructure, reflecting surging demand for European digital infrastructure amid AI-driven compute scaling. The acquisition adds approximately 120MW of IT capacity across Germany and Austria to CVC DIF’s portfolio, supporting hyperscalers’ need for low-latency connectivity and energy-efficient facilities. Financial terms were not disclosed, though sources estimate the deal values firstcolo at around €400 million. The move follows a wave of infrastructure M&A activity, with European data centers commanding premium pricing due to proximity to major cloud provider hubs and favorable power costs.
EQT Life Sciences has joined a $152 million Series B funding round for Vaderis Therapeutics, a Swiss biotech developing gene therapies targeting rare metabolic diseases. EQT’s commitment includes a $17.5 million direct investment, signaling continued momentum in life sciences investing despite earlier concerns about clinical trial volatility and regulatory headwinds. Vaderis plans to initiate Phase II trials for its lead candidate in early 2026, supported by proceeds from the round. The raise reflects growing institutional interest in orphan drug pipelines, where high unmet medical needs and limited competition create pathways to outsized returns for specialized PE health funds.
Bank of America has agreed to invest up to $1.9 billion (₹18,268 crore) for a stake of up to 49.9% in Jio Credit, the lending arm of Mukesh Ambani’s Jio Financial Services, marking one of the largest foreign investments in India’s shadow banking sector. The deal grants Bof A access to Jio Credit’s extensive distribution network and customer base of over 200 million users, positioning the U.S. lender to capitalize on India’s $1.5 trillion credit market. Regulatory approvals are expected by mid-2026, with Jio Credit projected to disburse over $10 billion in loans annually post-investment. The partnership exemplifies Wall Street’s deepening ties with Asia’s fintech ecosystem, where digital lenders offer faster credit assessment and lower default rates compared to traditional banks.
PIF has outlined a new 2026–2030 strategy that shifts focus from rapid capital deployment to active ownership and value creation, signaling a maturation of Saudi Arabia’s sovereign wealth fund model. Under the plan, PIF aims to involve more private investors in flagship projects like NEOM and the Red Sea Project, reducing reliance on internal capital while enhancing operational oversight. The pivot coincides with increased scrutiny over transparency and governance standards, prompting PIF to adopt Western-style reporting frameworks and third-party advisory structures. These changes may attract greater co-investment interest from global PE firms, potentially unlocking billions in additional capital for megaproject financing.
New 2ND Capital is nearing a $1.25 billion close on its fourth flagship fund, targeting secondary market opportunities in mid-market buyouts and growth equity. Having already deployed capital into two secondary transactions, the firm expects to finalize fundraising by Q4 2026, buoyed by strong LP demand for illiquid asset arbitrage strategies. The vehicle focuses on acquiring limited partnership interests in mature portfolios, often at discounts to net asset value, allowing investors to benefit from portfolio-level momentum without bearing startup risk. With secondary volumes projected to reach $120 billion globally in 2026, New 2ND Capital joins peers like Hollyport Capital in expanding dedicated secondaries capabilities amid persistent bid-ask spreads.
Korea’s NPS has added another $1 billion in secondaries exposure, growing its secondary funds and co-investments to approximately $3.7 billion—a 36% increase from the previous year. The pension fund’s aggressive allocation to secondary markets reflects a strategic push to deploy capital swiftly while mitigating volatility associated with primary fund commitments. NPS joins other Asian institutional investors embracing secondary strategies, driven by aging demographics and tighter liquidity conditions across regional markets. The latest purchases include stakes in North American buyout vehicles and European infrastructure funds, diversifying exposure while locking in immediate NAV upside.
La Caisse reported a 4.3% decline in its private equity portfolio during the first half of 2026, significantly underperforming public equities, which rose 8.0% over the same period. The shortfall stems largely from markdowns in late-stage venture holdings and energy infrastructure assets affected by fluctuating commodity prices and delayed IPO timelines. Despite the downturn, La Caisse remains committed to its long-term PE allocation target of 10%, citing resilience in core portfolio companies and improved exit environments. The performance gap highlights challenges facing institutional LPs navigating volatile valuation cycles while maintaining disciplined capital deployment rhythms.
Blackstone is exploring a broader push into the U.S. retirement market, evaluating opportunities to integrate private markets into target-date funds and managed accounts offered through defined contribution plans. The initiative leverages Blackstone’s growing Alternatives platform and seeks to tap into the $9 trillion U.S. retirement savings pool, where DC participants increasingly seek diversified returns beyond traditional stocks and bonds. Early discussions involve partnerships with major record keepers and insurance companies to structure hybrid products combining guaranteed income features with exposure to private equity and credit. Such moves mirror similar expansions by KKR and Apollo, who have already launched retail-focused private market vehicles.
Providence Equity has agreed to acquire Hometrack, a UK-based provider of property valuation data and risk analytics, in a move aimed at bolstering its fintech and real estate intelligence offerings. Hometrack supplies mortgage lenders across the UK and Netherlands with automated valuation models and fraud detection tools, processing over 10 million property valuations annually. The acquisition enhances Providence’s ability to serve evolving regulatory requirements around mortgage lending and consumer protection, particularly in markets experiencing rapid price fluctuations. Terms of the deal were not disclosed, though industry estimates place the valuation near £300 million.
Resurgens Technology Partners has invested in Qarma, an AI-powered quality and compliance platform serving global supply chains, as part of a strategic push into vertical Saa S solutions addressing manufacturing inefficiencies. Qarma connects brands, retailers, manufacturers, and inspectors through a unified system that automates audits, tracks corrective actions, and flags potential risks using machine learning algorithms. The funding will support product development and international expansion, particularly in Southeast Asia, where labor shortages and rising compliance mandates are driving adoption. Resurgens’ investment aligns with growing demand for digitized quality control systems amid increasing scrutiny of ethical sourcing practices.
Braemont Capital has made a growth equity investment in Thought Logic, a management consulting firm specializing in digital transformation and workforce optimization, to accelerate its scaling efforts and expand service offerings. Thought Logic advises Fortune 500 clients on enterprise automation, analytics implementation, and organizational change management, generating revenue primarily through long-term consulting contracts. The capital infusion will fund recruitment of senior talent and development of proprietary methodologies integrating generative AI tools into client engagements. Braemont’s move reflects broader PE interest in boutique consultancies offering niche expertise at lower costs than traditional advisory giants.
Wolf-Gordon has acquired two interior surfaces providers—Andor Willow and Walls & Interiors—to strengthen its position in architectural materials and expand geographic reach across commercial construction markets. The acquisitions add complementary product lines including acoustic panels, specialty wallcoverings, and custom surfacing solutions to Wolf-Gordon’s existing portfolio. Financial terms were not disclosed, though insiders suggest combined revenues exceed $150 million annually. Backed by Charger, Wolf-Gordon continues consolidating fragmented segments of the building products industry, leveraging centralized procurement and branding synergies.
Bernhard has backed Optimum Energy’s acquisition of Hussung Mechanical Contractors and HMC Service Company, two prominent HVAC and mechanical services firms serving healthcare systems, universities, and industrial facilities across the Midwest. The combined entity strengthens Optimum Energy’s presence in energy-efficient facility maintenance and smart building technologies, areas experiencing strong demand due to ESG mandates and rising utility costs. Hussung brings decades of experience in complex mechanical installations, while HMC adds field service capabilities in refrigeration and controls. Together, they form a platform poised for further roll-ups in the fragmented mechanical contracting space.
Granite Creek has supported DCG’s merger with Urban Emu, a digital design and technology consultancy, to enhance DCG’s capabilities in strategic communications and interactive media services. The merger creates a hybrid firm combining DCG’s policy advisory strengths with Urban Emu’s creative and technical talent, enabling integrated campaigns for government agencies and private sector clients navigating complex stakeholder landscapes. Financial terms were not disclosed, though sources indicate the combined workforce exceeds 300 professionals across Washington, D.C., and San Francisco. The deal illustrates how specialized PE firms are backing consolidations in communications and creative industries undergoing rapid digitization.
RF Investment Partners has acquired RJ Underground, a drilling contractor serving municipal, utility, and residential customers in the upper Midwest, expanding its footprint in essential infrastructure services. RJU specializes in horizontal directional drilling, micro-tunneling, and pipeline rehabilitation, techniques critical to modernizing aging water and sewer systems without disruptive excavation. The acquisition adds roughly $40 million in annual revenue and 150 skilled operators to RF Investment’s portfolio, which already includes several civil construction and environmental remediation firms. The deal capitalizes on federal infrastructure spending and state-level initiatives promoting trenchless technology adoption.
Astara Capital has acquired Dynatec, a German manufacturer of industrial wastewater treatment systems serving food & beverage processors, automotive plants, and data centers. Dynatec’s modular solutions help clients reduce water consumption and comply with stringent discharge regulations, positioning the company favorably in markets prioritizing sustainability. The acquisition broadens Astara’s reach in environmental technology and resource efficiency sectors, where demand for clean-tech solutions continues to outpace supply. Terms were not disclosed, though estimates suggest a purchase price of approximately €120 million, reflecting Dynatec’s consistent double-digit EBITDA margins.
Shurco has acquired Heavy Motions Inc., a South Dakota-based manufacturer of heavy-duty cargo control and containment systems, to expand its product portfolio and strengthen manufacturing capacity in North America. Heavy Motions’ tarps, load bars, and safety equipment complement Shurco’s existing line of protective covers and tie-down hardware used in transportation, agriculture, and construction. The acquisition supports Shurco’s strategy of vertical integration and localized production, reducing dependency on offshore suppliers amid ongoing supply chain disruptions. Financial details were not released, though the deal marks Shurco’s third acquisition in the past 18 months.
Charger continues to play a pivotal role in supporting Wolf-Gordon’s acquisition-driven growth strategy, providing both capital and operational guidance to navigate integration challenges and drive margin improvements. The PE firm’s involvement reflects broader trends among middle-market sponsors focusing on fragmented manufacturing niches with resilient demand profiles and defensible market positions.
Butterfly Equity, and Wise Equity are among several PE firms actively pursuing nutraceutical assets, driven by consumer preferences for functional foods and preventive health products. The sector has attracted over $2 billion in PE-backed deals this year alone, with sponsors targeting brands offering clinically validated ingredients and transparent supply chains. Concurrently, Astorg has completed its $1 billion carve-out of Thermo Fisher Scientific’s microbiology business, betting on rising demand for antimicrobial testing and pathogen detection services in food safety and pharmaceutical quality assurance markets.
Northern Gritstone has opened a San Francisco office to deepen engagement with U.S.-based deep-tech startups and co-invest alongside West Coast VCs in frontier technologies such as quantum computing, advanced materials, and synthetic biology. The UK-based investor, known for backing IP-rich spinouts from universities, aims to replicate its success model in North America by partnering with tech transfer offices and early-stage funds. The move signals growing cross-border collaboration in innovation-heavy sectors, where public markets’ skepticism toward long-development-cycle companies has left room for patient capital.
Mistral AI has secured enterprise backing from ASML, and other European tech leaders to fund its next-generation data center buildout, essential for training large language models at scale. The consortium-backed infrastructure will be powered entirely by renewable energy and located in France and Sweden, aligning with EU sustainability goals and reducing dependence on U.S.-based cloud providers. Mistral’s approach mirrors that of other AI-native companies opting for private data centers to ensure sovereignty and performance optimization.
Battery Ventures has led a funding round for Vetspire, a veterinary practice management platform incorporating AI diagnostics and telehealth features, to accelerate product innovation and expand market penetration. Vetspire’s cloud-based software helps animal hospitals streamline appointment scheduling, billing, and clinical documentation while offering predictive insights based on patient history and breed-specific health trends. The investment highlights growing interest in pet care tech, where aging pet populations and humanization of companion animals are fueling double-digit revenue growth. Battery Ventures views Vetspire as a consolidator in a fragmented $50 billion global veterinary software market.
2ND Capital continues to gain traction in the secondaries market, joining forces with Blue Owl and other institutional players to meet soaring demand for flexible liquidity solutions. As more LPs seek exits from underperforming funds and GPs look to recycle capital efficiently, secondary transactions are becoming a cornerstone of modern portfolio management.
Silver Lake and DigitalBridge are weighing a potential IPO or sale of Vantage Data Centers, a move that could value the hyperscale operator at approximately $100 billion and rank among the largest tech IPOs in recent memory. The duo acquired Vantage in 2020 for $8.5 billion and have since expanded its footprint across North America, Europe, and Asia-Pacific, adding over 2GW of capacity. Any exit would provide substantial returns to LPs while validating the thesis behind private infrastructure investing in the age of AI and edge computing.
Securities and Exchange Commission examiners are intensifying scrutiny of private fund valuations, requesting detailed information on specific funds and portfolio companies as part of broader oversight initiatives targeting transparency and investor protection. The uptick in enforcement activity suggests mounting pressure on GPs to justify pricing methodologies and defend valuation assumptions amid volatile market conditions and lagging exits.
Thrive, led by Joshua Kushner, has issued its inaugural investment letter cautioning against excessive exuberance in the AI startup ecosystem, urging investors to maintain discipline despite record funding inflows. While acknowledging AI’s transformative potential, Kushner warns that inflated valuations and speculative bets could erode returns if not grounded in sustainable business fundamentals.
Databricks has returned to the fundraising circuit just eight months after closing a prior $5 billion round, securing fresh capital to fuel expansion in enterprise AI analytics and data science platforms. The company’s ability to raise repeatedly at higher valuations speaks to investor confidence in its position atop the data warehouse stack, even as competition intensifies from cloud-native rivals like Snowflake and emerging open-source alternatives.
Crunchbase recorded 40 new unicorns in July—the highest count in four years—as sectors including AI orchestration, robotics, semiconductors, and energy attracted substantial venture capital inflows. Nearly half of these newly minted unicorns hail from the United States, underscoring continued dominance in late-stage tech investing despite geopolitical uncertainties and shifting monetary policies.
London’s startup scene is witnessing a surge in funding activity, with Q3 deal volumes approaching pre-pandemic highs thanks to renewed optimism around deep-tech innovation and government-backed R&D incentives. Founders and investors are reconnecting at bustling meetups across Shoreditch and Canary Wharf, fostering collaborations that span fintech, climate tech, and health intelligence.
Drone startups are capturing venture dollars at an accelerated pace, with VCs betting on autonomous delivery networks, industrial inspection tools, and defense applications powered by next-gen sensors and edge AI chips. Ten standout ventures are being closely watched in 2026, spanning logistics automation, aerial surveying, and swarm robotics designed for hazardous environments.
European public funds dominated H1 2026 fundraising leaderboards, with thirty top-performing vehicles collectively raising over €18 billion in new commitments. Investors favored multipronged strategies combining venture, growth, and buyout legs, reflecting a preference for flexibility amid uncertain exit windows and fluctuating valuation multiples.
PE dealmaking has slowed once again in 2026, weighed down by tighter credit conditions, geopolitical tensions, and extended hold times for portfolio companies awaiting favorable public market exits. However, certain niches—including healthcare IT, renewable energy infrastructure, and business services—continue to attract robust interest from both strategic and financial buyers.
Advent International is nearing its next flagship fund target, adapting its playbook to emphasize localized economic themes and community-centric investments that resonate with regional LPs and stakeholders. This shift reflects a growing belief that hyper-localized strategies can deliver superior risk-adjusted returns in an era marked by supply chain localization and policy divergence.
Investor sentiment is increasingly shaped by macroeconomic realism, with LPs favoring managers capable of navigating downturns while identifying pockets of secular growth. Themes centered on domestic consumption, infrastructure renewal, and workforce development are gaining prominence, supplanting earlier enthusiasm for global mega-trends like space exploration and longevity science.