Last updated: August 20, 2026, 1:12 AM ET
Private Equity
KKR has offered to acquire UGI, the US natural gas and electricity distributor, for $9bn, according to a report by the Wall Street Journal, marking a data centre-driven power play in the energy infrastructure space. Brookfield moved to acquire Reliance Worldwide Corporation (RWC), an ASX-listed Australian manufacturer of plumbing products, in an all-cash proposal valuing the company at about A$4.1bn ($2.9bn) after a fourth bid cleared the board. General Atlantic has reengaged banks including JPMorgan, Goldman Sachs, and Morgan Stanley to lead a potential initial public offering, reviving a listing effort that has been years in the making, according to a report by the Wall Street Journal. Clearlake co-founder José E. Feliciano and his wife secured a record $3.9bn sale of the San Diego Padres in a unanimous Major League Baseball vote, setting a new benchmark for sports franchise valuations. Veritas Capital has agreed to sell EPIQ Design Solutions to TTM Technologies for $1.1bn, closing out a four-year hold in the defence radio technology firm. Warburg Pincus is exiting Certified Group, the North American laboratory testing business it has backed, through a sale to food safety specialist Mérieux Nutri Sciences. Stone Point and Genstar are each investing new capital and will hold equal stakes in fintech firm Ascensus, taking co-controlling positions in a deal that underscores continued private equity appetite for financial technology platforms. Francisco Partners has agreed to acquire Weave in a $650 million take-private transaction, signaling PE's renewed return to household products and health tech sectors. River Associates acquired personal care products manufacturer Diamond Wipes, expanding its footprint in the consumer goods space. CataCap has acquired a majority stake in B4Restore, a Danish provider of data protection services, reflecting growing interest in cybersecurity and data governance assets. Hg agreed a growth investment in Nourish Care, a UK-based care services software provider, as Livingbridge retained a minority stake, highlighting continued momentum in health tech investing. Bowmark Capital acquired a majority stake in Infra Xmedia, a B2B media and intelligence platform serving the data center and AI infrastructure sector, positioning the firm to capitalize on surging demand for digital infrastructure insights. Trustar Capital has agreed to buy Lingxi Games, the gaming arm of Alibaba, in a transaction that may value the studio at more than $1.5bn, representing one of the largest carve-outs from a Chinese tech giant in recent years. EQT has bought a majority stake in the Melbourne Storm, one of Australia's top rugby league clubs, in a transaction that values the club at A$150m ($106m), marking the firm's entry into the sports franchise market. EQT is considering a sale of its two English-language education businesses in Vietnam, in a potential exit that could value the assets at about $500m, according to sources cited by Bloomberg. Thoma Bravo is navigating concessions as Sophos, the cybersecurity firm it owns, turns to lenders for $2bn in refinancing after attempts to secure private credit backing fell through. Ardian is weighing a sale of Swissbit, the Swiss maker of industrial data storage and security hardware, in a process that could fetch a multibillion-dollar valuation. Ares Management is seizing control of Toob, a loss-making UK fibre broadband operator backed by the government's National Wealth Fund, through a debt-for-equity restructuring. Apollo put $2.6bn into the New York Yankees owner through its sports platform, further cementing private equity's presence in professional sports ownership. Partners Group has closed a $1bn private credit mandate with a major Asian institutional investor, reflecting deepening allocations to the asset class across the region. INVL has signed agreements to acquire Lithuanian fish processors Nordian Group and Norvelita, combining them into one of the largest players in the Baltic seafood processing market with a €200m deal. BNPP AM Prime’s Pascal Christory notes that concentration at the top of the fundraising charts is driving interest in GP stakes, as capital becomes increasingly scarce for emerging managers.
Venture Capital
Travis Kalanick kicked off another round of VC bashing, saying only 1% of investors are helpful, after raising $1.7 billion for his new robotics company Atoms. Rillet became a unicorn, raising $100M in a Series C at a $1B valuation, led by Iconiq, after it doubled its ARR in the past three months. Reach Capital closed an oversubscribed $265 million Fund V to back AI founders building to "expand human potential." Quantum Light raised $500m for its second VC fund, led by Nik Storonsky, signaling continued momentum in European fintech and AI investing. Gravis Robotics hit a $1bn valuation with a $200m investment from SoftBank, underscoring investor confidence in robotics and automation technologies. Domyn CEO Uljan Sharka says the company is "a few quarters away from $1bn ARR" and is leading a European AI consortium focused on advancing enterprise AI adoption. OpenAI clarified that its "acquisition" offer for an Irish teen's startup idea was a joke, after the proposal went viral on social media. Klarna lost two more senior executives in a leadership shakeup, as the buy-now-pay-later giant continues to restructure its executive team amid financial pressures. Revolut increased the borrowing limit for its CEO to $250m against his shares, according to reports, providing additional financial flexibility for the fast-growing fintech. Silicon2 saw CVC agree to take an approximately 9% stake in the South Korean beauty distributor at the center of K-beauty's export boom, in a deal valuing the company at about $2.1bn. Hollyport led a €160m convertible voucher round for Talentech, a recruitment software platform that has already undergone a continuation fund process earlier this year. Semiconductor giants are busy backing startups this year, with massive AI spending pushing earnings and valuations for industry leaders to record levels and prompting record investment in artificial intelligence and robotics ventures. VCs poured billions into physical AI as the next wave of AI investing takes shape, with global venture funding in the space totaling $47.4 billion across 521 deals in the first half of 2026, up almost 4x compared to the second half of 2025. 250 companies have joined the unicorn ranks through August 15, 2026, up from 193 companies in 2025, with leading sectors including robotics, AI labs, healthcare, biotech, financial services, and AI. DOJ is probing Andreessen Horowitz over rival board seats, a move that has baffled VCs who view occasional conflicts of interest as unavoidable for large venture firms. European unicorn alumni are building stealth startups, with 15 former employees from top European unicorns launching new ventures in AI, fintech, and enterprise software.
Buyouts & Acquisitions
Turnspire snapped up rail services provider Hulcher, which operates a fleet of more than 3,000 specialized units across 28 service centers, serving all six North American Class I railroads. Turnspire Capital Partners also acquired rail services firm Hulcher, expanding its industrial services portfolio in North America. Stellex-backed Crest scooped up manufacturer Dukane, adding to its industrial technology platform. Agellus-backed Bluejack snapped up Phillips Fire & Life Safety, a Houston-based provider of fire and life safety services. Blackford Capital added a fire safety integrator to its platform in a second add-on acquisition, strengthening its commercial and institutional services footprint. Baird Capital exited Cleanwater1 in a sale to Veralto, wrapping up its investment in the water and wastewater quality management company. Rockbridge agreed to sell healthcare media firm Checked Up to Providence Equity, with Varsity Healthcare Partners joining as a strategic minority investor. TJC plans to launch a sale of Dental365 in 2027, with the dental services organization potentially fetching a valuation based on $75m-$100m of EBITDA generated over the last year. Columna Capital exited dental care provider Ardentis to Medbase in a strategic sale, concluding its investment in the integrated group of dental clinics in Western Switzerland. Columna sold its majority stake in Ardentis Cliniques Dentaires, completing a strategic exit from the Swiss dental group. THL agreed to acquire Queue-It from GRO Capital as "agentic commerce" grows, marking the second investment from THL Automation Fund II. THL also agreed to buy a website traffic management business from GRO, further expanding its digital infrastructure holdings. Oakley struck a deal for a majority stake in AI platform Graphwise, which serves more than 200 blue-chip customers with knowledge graph and semantic layer technology for enterprise AI. Oakley played in the AI accuracy drive with the Graphwise acquisition, while Cata Cap backed data protection company B4Restore in a separate transaction. Exponent agreed an investment in OFS, an Irish gas turbine services specialist that supplies engineers and technicians for power generation customers in more than 40 countries. Exponent also invested in OFS as part of a broader energy services push. Salt Creek Capital sealed the acquisition of Georgia-based Craig Wire Products, a manufacturer of custom-specification shaped magnet wire for electric motor, generator, and transformer OEMs. Salt Creek Capital also acquired Craig Wire Products, expanding its industrial manufacturing portfolio. New Heritage Capital invested in Carepoint Pharmacy to support growth, backing the first platform combining 50-state pharmacy dispensing with patient access support services. NVI completed an add-on acquisition of Barracuda Specialty Services, a Louisiana-based provider of magnetic particle testing and inspection services. Lone Star completed the sale of Vigor Marine Group to Antin Infrastructure Partners, wrapping up its investment in the marine services provider. GenNx360’s NVI completed the acquisition of Barracuda Specialty Services, adding to its portfolio of industrial service companies. CVC took a stake in Silicon2 as K-beauty conquers Western shelves, securing an approximately 9% position in the global beauty distributor. Guidant Power acquired Dyna Scan in a healthcare infrared push, expanding its medical imaging and diagnostic capabilities. Shore Capital’s Guidant Power bought Dyna Scan, a Cincinnati-based specialist in infrared electrical inspections for healthcare facilities. BKS’s credit unit backed a Revolut loan facility, providing additional financial flexibility for the UK fintech giant. KKR bought into Book MyShow, betting on India's live entertainment boom by acquiring a minority stake in the leading ticketing and events platform. Risepoint acquired Keypath’s North American operations, backed by Vistria, expanding its reach in the healthcare education technology sector. Apax exited Oncourse Home Solutions through a deal led by Genstar Capital, wrapping up its investment in the home warranty provider serving over two million customers. Genstar Capital struck a deal for the exit of Oncourse Home Solutions from Apax, acquiring the home warranty provider. Vistria backed Risepoint’s acquisition of Keypath’s North American operations, strengthening its position in healthcare education technology. Onex moved the tax services provider into a single-asset continuation fund three years ago, and ICG is backing Onex’s Ryan again in a CV-on-CV process. ICG backed Onex’s Ryan again in the CV-on-CV process, continuing its support for the continuation fund strategy. UBS tapped DC Advisory for a director hire in its latest boost to EMEA secondaries advisory, strengthening its team with a hire who previously worked at DC Advisory. DC Advisory joined UBS to head its EMEA secondaries advisory unit, reuniting with Michael Wieczorek in the role.
Secondary Market Activity
University of California sold $1bn of private equity stakes to Harbour Vest Partners at a discount, marking one of the largest secondary transactions by a public pension system this year. HarbourVest Partners acquired $1bn of private equity fund stakes from the University of California system at a discount, expanding its secondary market footprint. Onex moved a tax services provider into a single-asset continuation fund three years ago, and the CV-on-CV process is now seeing ICG back Onex’s Ryan again. ICG backed Onex’s Ryan again in the CV-on-CV process, demonstrating continued investor appetite for continuation fund strategies. Hollyport led a €160m convertible voucher round for Talentech, marking another continuation fund process in the recruitment software space. Novo Holdings put capital into a private equity continuation fund in Asia last year alongside KKR, as its Asia head Amit Kakar outlines the firm’s vision for regional CV strategies. KKR joined Novo Holdings in a private equity continuation fund in Asia last year, reflecting growing interest in secondary market opportunities in the region. Ardian’s Mark Benedetti says infrastructure secondaries represent a mispricing bright spot within private markets, as more capital enters the space but deployment remains challenging for many new entrants. Blackstone’s 2024 Jersey Mike’s subs deal exemplifies how fund finance is reinventing the sub-line, with lenders and lawyers turning to hybrid structures that blend sub-line mechanics with parallel vehicles. SEMA looks to commit 460bn Korean won to domestic blind-pool private equity and venture capital funds, signaling continued institutional allocation to the asset class. Korean LPs are increasing their allocations to PE secondaries and mid-market strategies, as some institutions prepare to lean into equity-based strategies to find a new home for 2026 credit allocations. MassPRIM is targeting smaller buyouts amid private equity underperformance, as the system’s limited exposure to AI-related sectors has weighed on its PE returns. Hesta lost its unlisted assets head Will Macaulay, as the Australian superfund continues to navigate changes in its private markets leadership team. European GP stakes are gaining traction, with rare stakes in European GP market activity highlighting growing investor interest in backing established managers. European GP stakes are drawing attention from a $66 billion LP that says sector selection should be left to the experts, as greater China PE gets a shot in the arm and LPs support their GPs on climate issues. LP views suggest that sector selection should be left to the experts, as LPs continue to deepen their allocations to private markets despite ongoing performance challenges.
Fundraising & Capital Formation
Rillet raised $100M in a Series C at a $1B valuation, led by Iconiq, after doubling its ARR in the past three months. Reach Capital closed an oversubscribed $265 million Fund V to back AI founders building to "expand human potential." Quantum Light raised $500m for its second VC fund, led by Nik Storonsky. Gravis Robotics hit a $1bn valuation with a $200m investment from SoftBank. SoftBank invested $200m in Gravis Robotics at a $1bn valuation. Revolut raised its CEO’s borrowing limit to $250m against his shares. Atoms raised $1.7 billion for Travis Kalanick’s new robotics company. Silicon2 was valued at about $2.1bn as CVC took an approximately 9% stake. Talentech secured a €160m convertible voucher round led by Hollyport. OFS received an investment from Exponent, expanding its technical services capabilities. Craig Wire Products was acquired by Salt Creek Capital, adding to its industrial manufacturing portfolio. Carepoint Pharmacy received investment from New Heritage Capital to support growth. B4Restore was acquired by Cata Cap, which took a majority stake in the Danish data protection firm. Graphwise secured a majority stake investment from Oakley Capital, valuing the AI platform at an undisclosed amount. Queue-It was acquired by THL from GRO Capital in a deal reflecting the growth of agentic commerce platforms. Ardentis was sold by Columna Capital to Medbase, concluding its investment in the Swiss dental clinic group. CheckedUp was sold by Rockbridge to Providence Equity, with Varsity Healthcare Partners joining as a strategic minority investor. Dental365 could fetch a valuation based on $75m-$100m of EBITDA, with TJC planning a 2027 sale. Oncourse Home Solutions exited through a deal led by Genstar Capital, concluding Apax’s investment in the home warranty provider. Vigor Marine Group was sold by Lone Star to Antin Infrastructure Partners, wrapping up its investment in the marine services provider. EPIQ was sold by Veritas Capital to TTM Technologies for $1.1bn, closing out a four-year hold. Certified Group was sold by Warburg Pincus to Mérieux Nutri Sciences, concluding its investment in the North American laboratory testing business. Lingxi Games was acquired by Trustar Capital from Alibaba in a carve-out that may value the gaming studio at more than $1.5bn. Melbourne Storm was acquired by EQT in a transaction valuing the Australian rugby league club at A$150m ($106m). Vietnamese education assets could be sold by EQT for about $500m, representing a potential exit from its English-language education businesses in Vietnam. Swissbit is being considered for sale by Ardian, with the industrial data storage maker potentially fetching a multibillion-dollar valuation. Toob was taken over by Ares Management through a debt-for-equity restructuring of the UK fibre broadband operator. Padres were sold for $3.9bn to a Clearlake-led investor group, setting a record in MLB franchise sales. San Diego Padres sale to Clearlake Capital was unanimously approved by MLB owners at a $3.9bn valuation. Yankees received a $2.6bn investment from Apollo through its sports platform, deepening PE ownership in professional baseball. BookMyShow received a minority investment from KKR, betting on India's live entertainment boom. Weave was acquired by Francisco Partners for $650m, taking the health tech firm private. Diamond Wipes was acquired by River Associates, expanding its presence in personal care products. Dukane was acquired by Stellex-backed Crest, adding to its industrial technology portfolio. Phillips Fire & Life Safety was acquired by Agellus-backed Bluejack, strengthening its fire safety services platform. Cleanwater1 was sold by Baird Capital to Veralto, concluding its investment in the water quality management company. Dyna Scan was acquired by Guidant Power for its healthcare infrared capabilities. Barracuda Specialty Services was acquired by NVI, a portfolio company of Gen Nx360, adding inspection services capabilities. Hulcher was acquired by Turnspire, expanding its rail services portfolio across North America. Website traffic management business was acquired by THL from GRO, reflecting continued consolidation in digital infrastructure. Ardentis Cliniques Dentaires was sold by Columna Capital, completing a strategic exit from the Swiss dental group. Queue-It was acquired by THL from GRO Capital in a deal that reflects the growing trend of agentic commerce platforms.
Portfolio & Leadership Moves
Domyn CEO Uljan Sharka says the company is "a few quarters away from $1bn ARR" and is leading a European AI consortium. OpenAI clarified that its "acquisition" offer for an Irish teen's startup idea was a joke. Klarna lost two more senior executives in a leadership shakeup. Revolut increased its CEO’s borrowing limit to $250m against his shares. Gravis Robotics hit a $1bn valuation with a $200m investment from SoftBank. Silicon2 saw CVC take a 9% stake at a $2.1bn valuation. Talentech secured a €160m convertible voucher round. Hollyport led the €160m round for Talentech. Novo Holdings outlined its vision for Asian continuation funds. Ardian’s Mark Benedetti discussed infrastructure secondaries. Blackstone’s 2024 Jersey Mike’s deal highlighted sub-line innovation. SEMA committed 460bn Korean won to domestic blind-pool funds. Korean LPs increased allocations to PE secondaries and mid-market strategies. MassPRIM shifted to smaller buyouts amid PE underperformance. Hesta lost its unlisted assets head. European GP stakes gained traction in the European GP market. European GP stakes drew attention from a $66bn LP. LP views suggested sector selection should be left to experts. Korean LPs leaned into equity-based strategies. SAAs faced challenges in the total portfolio approach. GP stakes saw rare activity in the European market. Middle East attracted GP interest. Climate issues saw LP support for GPs. Defence investing sought guardrails. GP stakes attracted BNPP AM Prime’s Pascal Christory. Capital scarcity drove interest in GP stakes. Emerging managers struggled with fundraising. Fund V closed at $265m. SoftBank invested $200m in Gravis Robotics. AI founders attracted Reach Capital’s Fund V. Physical AI drew $47.4bn in funding. Unicorn count reached 250 companies by August 15. Robotics led unicorn sectors. Healthcare ranked among top unicorn sectors. Biotech featured prominently in unicorn rankings. Financial services attracted unicorn funding. AI labs joined unicorn ranks. 2026 unicorns included 250 companies by mid-year. Top investors backed the most 2026 unicorns. VCs faced DOJ scrutiny over board seats. Andreessen Horowitz was probed by the DOJ. Conflicts of interest drew regulatory attention. European unicorn alumni launched stealth startups. Berlin spots offered networking opportunities. FCA Scaleup Unit helped fintechs navigate compliance. Non-compete rules faced UK government pressure. Sustainability financing exposed Europe’s gap. AI slop prompted writing policies. Account farms raised concerns. Verified profiles were sold on account farms. Airport lounges sparked debate for Revolut. Glasgow spinouts sought funding. ARR fever hit European fintech. Revenue milestones were touted by fintechs. Late invoices could be chased without court. Payment strategies offered five steps. Board considerations included selling vs. scaling. Strategic buyers entered the market. Founder priorities shifted toward exits. Thriving companies faced sale decisions. Board evaluations balanced multiple options. Sam Liu joined Great Hill as director of AI for its growth team. Great Hill appointed Sam Liu to lead AI initiatives. AI capabilities were enhanced at Great Hill. Investment professionals partnered with Liu. DJ Deb outlined Francisco Partners’ complexity arbitrage strategy. Complexity arbitrage was discussed by DJ Deb. Goldman Sachs made fintech bets. Sixth Street invested in fintech. FTV Capital backed fintech ventures. Bad vintages were predicted for 2021-24. Great vintages were forecast for 2025-28. Exit environment was expected to improve. LP feedback shaped Francisco Partners’ strategy. AI-led disruption influenced tech investing. Fintech bets came from multiple investors. Tech investing faced AI disruption. Deployment challenges drove hybrid structures. Hybrid structures blended sub-line mechanics. Parallel vehicles gained traction. Leverage optimization became a focus. Sub-line innovation reshaped fund finance. Uncalled commitments were leveraged more aggressively.