Private Equity 3 Days

Last updated: August 18, 2026, 9:00 PM ET

M&A Activity

Warburg Pincus has completed its exit from Certified Group, the North American laboratory testing business it backed, through a sale to food safety specialist Mérieux Nutri Sciences. In a separate transaction, LEO Pharma agreed to acquire dersimelagon rights from Bain-owned Tanabe for $435m, expanding its portfolio in medical dermatology serving close to 100 million patients across more than 70 countries annually. Stellex-backed Crest acquired manufacturer Dukane, bolstering its position as an industrial technology manufacturer. Bluejack, backed by Agellus, snapped up Phillips Fire & Life Safety, extending its national footprint in fire and life safety services from its Houston headquarters. CheckedUp was sold by Rockbridge to Providence Equity, with Varsity Healthcare Partners joining as a strategic minority investor alongside the company's existing management team. Epiq was divested by Veritas Capital to TTM Technologies for $1.1bn, closing out a four-year hold; Epiq was acquired in the same transaction. Vigor Marine Group changed hands as Lone Star completed its sale to Antin Infrastructure Partners. Ardentis Cliniques Dentaires exited Columna Capital's portfolio through a sale to Medbase, marking a strategic exit from the integrated group of dental clinics in Western Switzerland. Queue-It was acquired by THL from GRO Capital, representing the firm's second investment out of THL Automation Fund II. Barracuda Specialty Services became the first acquisition on Gen Nx360's NVI platform, with Barracuda completing the add-on acquisition of the Gulf Coast inspection specialist providing magnetic particle testing and rope access services. Dyna Scan was purchased by Shore Capital's Guidant Power to expand its presence in healthcare infrared electrical inspections. Craig Wire Products was acquired by Salt Creek Capital, adding a manufacturer of custom-specification shaped magnet wire for electric motor, generator, and transformer OEMs. INVL backed a €200m fish processing merger in the Baltics, acquiring Lithuanian fish processors Nordian Group and Norvelita. OFS received an investment from Exponent, supporting the Ireland-based provider of specialist technical services for the global power generation industry. Nourish Care secured growth investment from Hg, with Livingbridge retaining a minority stake in the Bournemouth-based software provider serving care teams. InfraXmedia sold a majority stake to Bowmark Capital, valuing the B2B media and intelligence platform serving the global data center and AI infrastructure sector. Weave agreed to go private under Francisco Partners in a $650m deal, serving small and medium-sized healthcare businesses. Humata was acquired by Tower Brook and CD&R-backed R1, expanding the healthcare revenue management company's capabilities in prior-authorization AI. Carepoint Pharmacy received investment from New Heritage Capital to support its growth as the first platform combining 50-state pharmacy dispensing with patient access support services. Toob came under Ares Management control through a debt-for-equity restructuring of the loss-making UK fibre broadband operator backed by the government's National Wealth Foundation. Lingxi Games was acquired by Trustar Capital from Alibaba in a carve-out potentially valuing the gaming arm at more than $1.5bn.

Fundraising & Capital Markets

General Atlantic has revived its IPO plans, reengaging JPMorgan, Goldman Sachs, and Morgan Stanley to lead a potential initial public offering after years of preparation. Reach Capital closed an oversubscribed $265 million Fund V to back AI founders focused on expanding human potential. Quantum Light successfully closed $500m for its second VC fund, led by Nik Storonsky. Partners Group secured a $1bn Asia private credit mandate from a major institutional investor, reflecting deepening regional allocations. Hesta, one of Australia's top private equity investors with around A$4.9bn allocated to the asset class, experienced leadership changes with the departure of its unlisted assets head. SEMA is seeking domestic blind-pool private equity and venture capital funds for 2026, planning to commit 460bn Korean won to the asset class. Quincy Retirement System has issued a request for proposal for a private equity manager. Novo Holdings is actively seeking Asian managers as part of its regional expansion, with the $37bn investment arm of Denmark's Novo Nordisk Foundation building a roster of homegrown GPs across Asia.

VC & Growth Investing

Physical AI attracted $47.4 billion in global venture funding across 521 deals in the first half of 2026, representing nearly 4x growth compared to the second half of 2025. Gravis Robotics reached a $1bn valuation following a $200m investment from SoftBank. Semiconductor giants increased their startup backing this year, leveraging record earnings and valuations driven by massive AI spending. Account farms have emerged as a growing concern, with verified customer profiles being sold in underground markets. University of Glasgow spinouts are actively seeking funding opportunities to commercialize research innovations. Revolut is weighing whether to expand into physical infrastructure, including potential airport lounge ventures.

Sports & Entertainment

Chelsea FC may see further changes as Mark Walter explores selling his stake to Clearlake Capital, which already holds majority control of the London club. Liverpool FC sold a significant minority stake to 1892 Holdings, a consortium led by Amit Bhatia and backed by Jeff Bezos and Facebook co-founder Eduardo Saverin, at a record $7bn valuation. San Diego Padres completed a record $3.9bn sale approved unanimously by MLB owners, with an investor group led by Clearlake Capital co-founder José E. Feliciano and his wife acquiring the team.

Personnel & Strategy Moves

UBS bolstered its EMEA advisory capabilities by tapping DC Advisory for a director hire, reuniting with Michael Wieczorek who previously led UBS's EMEA secondaries advisory unit. Great Hill appointed Sam Liu as director of AI for its growth team to further develop the firm's artificial intelligence capabilities. DJ Deb of Francisco Partners discussed the firm's complexity arbitrage strategy and outlook on exits, noting that 2021-24 may prove challenging vintages while 2025-28 could deliver stronger returns. Pascal Christory of BNPP AM Prime highlighted the concentration at the top of fundraising charts as a driver of GP stakes interest, suggesting capital constraints will favor established players.

Secondary Market Insights

Ardian is exploring a multibillion-dollar sale of Swissbit, the Swiss maker of industrial data storage and security hardware, following a Bloomberg report. Ardian's Mark Benedetti identified infrastructure secondaries as a mispricing opportunity within private markets, noting that while more capital is entering the space, much is being deployed by relatively new entrants. Novo Holdings has shown interest in Asian continuation funds, having previously invested alongside KKR in a private equity continuation vehicle. Hollyport supported Viking Growth's €160m continuation vehicle for Talentech, a recruitment software platform that had previously been moved into a multi-asset vehicle by joint owner Verdane.

Energy & Commodities

Court Square and Five Point have placed new bets on oil and gas, joining a broader trend of private equity renewed interest in the sector. PE's renewed oil and gas interest is evidenced by 8 major deals involving firms like Carlyle, Post Oak Energy Capital, Warburg Pincus, and EnCap Flatrock Midstream. Exponent is investing in OFS, an Ireland-based provider of specialist technical services for the global power generation industry, while Columna Capital exits its majority stake in Ardentis Cliniques Dentaires. GRO Capital divested Queue-It to THL amid growing interest in agentic commerce platforms.

Fund Finance & Structures

Fund finance is reinventing the subscription line market, with lenders and lawyers turning to hybrid structures that blend sub-line mechanics with parallel vehicles to extract more leverage from uncalled commitments. Blackstone's 2024 Jersey Mike's deal exemplifies these evolving structures as deploying capital becomes increasingly challenging. Side Letter discussions highlight the case for European GP stakes, portfolio stress measurement techniques, and a GP's deeper Middle East engagement. Sector selectors note that a $66 billion LP advocates for leaving sector selection to experts, while Greater China PE receives renewed attention and LPs support GPs on climate initiatives.

Regulatory & Compliance

Andreessen Horowitz faces a DOJ probe regarding board seats that has puzzled venture capitalists, though investors generally view occasional conflicts of interest as unavoidable for large VC firms given portfolio company pivots and market expansion. Sports PE firms are learning through costly experiences that treating sports like traditional investments invites intense scrutiny from media, fans, and regulators requiring fundamentally different communication approaches.

Weekly Roundup

Top private equity news of the week included Apollo's $2.6bn investment in the New York Yankees owner through its sports platform, alongside continued momentum in healthcare, technology, and infrastructure sectors.