Last updated: August 20, 2026, 6:25 AM ET
Private Equity
CVC and Standard Life have launched a UK pension risk transfer platform backed by up to £2bn in commitments, marking a strategic push into insurance asset management targeting the country's largest corporate pension schemes. The joint venture underscores CVC's deepening integration into liability-driven investing, as private equity firms increasingly seek stable, long-duration returns amid volatile public markets.
CVC also secured a majority stake in Open Rent, the UK's direct-to-landlord rental platform used by over 8.8 million users and handling more than one in five tenancies nationwide. The deal reflects growing investor appetite for proptech platforms that offer scalable exposure to recurring rental income streams, particularly in markets where traditional real estate models face regulatory headwinds.
KKR has acquired a minority stake in Book MyShow, India’s leading ticketing and live entertainment platform, capitalizing on the subcontinent’s rapid expansion in consumer spending on events and experiences. The investment aligns with KKR’s broader Asia-focused strategy, which recently included a $9bn bid for U.S. energy distributor UGI, reflecting a pivot toward infrastructure-backed assets driven by data center demand.
EQT is exploring a sale of its Vietnamese English-language education businesses in a potential exit valued at approximately $500m, highlighting continued interest in Southeast Asian education assets despite macroeconomic uncertainty. Meanwhile, KKR’s unsolicited offer for UGI at $9bn demonstrates how top-tier buyout shops are leveraging operational expertise to unlock value in essential services amid rising electricity consumption from data centers.
Blackstone is reportedly in talks to acquire a controlling stake in Cottage, a specialty real estate lender, adding another layer to its expanding footprint in financial services. This move follows KKR’s aggressive push into infrastructure finance, suggesting that large-cap sponsors are doubling down on credit-oriented strategies as equity valuations remain elevated.
Stone Point and Genstar have agreed to take co-controlling stakes in Ascensus, a fintech firm providing retirement and benefits administration services. Each investor will hold equal stakes, signaling confidence in Ascenus’ ability to capitalize on shifts in U.S. retirement policy and employer-sponsored savings trends. The transaction highlights the growing convergence between private equity and fintech, especially in areas tied to long-term demographic tailwinds.
Vistria-backed Risepoint has acquired the North American operations of Keypath Education, a provider of online program management services for healthcare-focused universities. The acquisition expands Risepoint’s reach in the high-growth higher-ed tech space, where demand for flexible learning solutions continues to rise post-pandemic. Financial terms were not disclosed, though sources suggest the deal was valued at over $300m.
TJC is preparing to launch a sale of Dental365 in 2027, potentially valuing the dental service organization at a multiple of its $75m–$100m annual EBITDA. The planned exit underscores the ongoing consolidation wave in healthcare services, where platform companies backed by private equity are seeking to monetize fragmented provider networks amid rising labor costs and reimbursement pressures.
Genstar has completed the acquisition of Oncourse Home Solutions from Apax Partners, expanding its portfolio in home warranty and protection services. Oncourse serves over two million customers across 48 states, making it a compelling asset in the context of rising homeownership rates and aging housing stock. The deal is part of a broader trend of PE-backed consolidators entering the household services market.
Francisco Partners has agreed to acquire Weave Communications for $650m, taking the cloud-based customer communications platform private. The deal comes as Francisco Partners seeks to capitalize on Weave’s strong position in serving small and medium-sized businesses, particularly in the healthcare vertical. It also signals renewed PE interest in software companies that deliver predictable Saa S-like revenues.
Thoma Bravo is weighing potential concessions as Sophos, the cybersecurity firm it owns, explores refinancing options for more than $2bn in outstanding loans. After failing to secure private credit backing, Sophos is turning to existing lenders for support, illustrating the challenges facing leveraged buyouts in the current rate environment. The situation may presage further restructuring activity among heavily indebted tech portfolios.
Turnspire has acquired Hulcher, a rail services provider operating across 28 service centers in the U.S. and Mexico. The purchase adds to Turnspire’s industrial portfolio and positions the firm to benefit from increased freight volumes driven by e-commerce and infrastructure spending. Terms were not disclosed, but the deal reflects a broader shift toward mission-critical logistics assets.
Ardian is considering a multibillion-dollar sale of Swissbit, the Swiss industrial memory and data storage manufacturer. Sources indicate that the process is in early stages, with potential buyers including both financial sponsors and strategic players. A successful exit would mark one of the largest European tech M&A transactions this year, underscoring the premium commanded by niche semiconductor suppliers.
Warburg Pincus has exited its four-year hold in Certified Group, selling the North American lab testing business to Mérieux Nutri Sciences for an undisclosed sum. The exit represents a full realization of Warburg Pincus’ bet on the fragmentation and digitization of diagnostic services, which has attracted heightened scrutiny amid rising healthcare costs and supply chain disruptions.
Oakley Capital has struck a deal to acquire a majority stake in Graphwise, an AI-powered knowledge graph platform serving over 200 enterprise clients. The deal is part of Oakley’s broader push into artificial intelligence and semantic web technologies, which are increasingly viewed as foundational layers for next-generation enterprise applications.
CataCap has acquired a majority stake in B4Restore, a Danish provider of data protection and business continuity services. The acquisition enhances Cata Cap’s presence in the Nordic region and strengthens its offerings in compliance-driven IT infrastructure, an area seeing surging demand following new EU regulations.
River Associates has acquired Diamond Wipes, a manufacturer of personal care and cleaning products widely used in healthcare settings. The deal taps into growing consumer preferences for hygiene and wellness products, while positioning River Associates to benefit from stable, recurring revenue streams in essential goods categories.
PSG has made a growth investment in XBE, a construction software provider founded in 2012. XBE’s platform helps contractors manage projects, workforce, and equipment in real time, and its adoption has accelerated amid labor shortages and rising material prices. PSG’s involvement signals renewed investor attention on vertical Saa S solutions addressing critical bottlenecks in the built environment.
Bowmark Capital has taken a majority stake in Infra Xmedia, a B2B media and intelligence platform focused on data centers, compute, and AI infrastructure. The deal leverages Bowmark’s track record in scaling tech-enabled businesses and positions the firm to benefit from global investments in hyperscale computing and edge networks.
Hg has led a growth investment in Nourish Care, a UK-based provider of digital care planning software for residential and home care settings. Livingbridge retains a minority stake, underscoring the company’s strong performance and scalability. The funding will be used to accelerate product development and international expansion, particularly in Europe and North America.
New Heritage Capital has invested in Carepoint Pharmacy, a 50-state dispensing platform serving patients requiring access to hard-to-obtain medications. The deal supports Carepoint’s efforts to expand its footprint in specialty pharmacy and patient support services, sectors experiencing robust growth due to aging populations and complex therapeutic needs.
Agellus-backed Bluejack has acquired Phillips Fire & Life Safety, a Houston-based provider of integrated fire protection systems. The acquisition expands Bluejack’s national service footprint and adds recurring maintenance contracts to its portfolio, aligning with Agellus’ strategy of investing in asset-light, high-margin service businesses.
Stellex-backed Crest has acquired Dukane, a manufacturer of precision components for industrial and commercial use. The deal broadens Crest’s manufacturing capabilities and enhances its position in niche markets such as aerospace, defense, and medical devices, where quality standards and supply chain resilience are paramount.
Rockbridge has agreed to sell Checked Up, a healthcare media and patient engagement platform, to Providence Equity. Varsity Healthcare Partners will join as a strategic minority investor, bringing deep domain knowledge to Checked Up’s mission of improving patient outcomes through targeted educational content. The transaction reflects growing interest in healthtech platforms that combine media, marketing, and clinical engagement.
Clearlake Capital co-founder José E. Feliciano has led a record-breaking $3.9bn acquisition of the San Diego Padres, approved unanimously by MLB owners. The deal marks one of the highest valuations ever for a professional sports franchise and underscores the increasing role of private equity in sports ownership, where cash flows from media rights and sponsorships provide downside protection.
Ares Management has assumed control of Toob, a loss-making UK fibre broadband operator previously backed by the government’s National Wealth Fund. Through a debt-for-equity restructuring, Ares aims to turnaround the business by focusing on wholesale partnerships and network optimization. The deal illustrates how alternative lenders are stepping in to restructure struggling telecom assets amid tight monetary conditions.
Lone Star has completed the sale of Vigor Marine Group to Antin Infrastructure Partners, concluding a multi-year hold in the U.S. maritime services sector. Vigor operates a fleet of specialized vessels supporting offshore wind, oil & gas, and marine transportation industries. The sale allows Lone Star to reallocate capital toward higher-returning infrastructure opportunities aligned with ESG mandates.
Trustar Capital has agreed to acquire Lingxi Games, the gaming arm of Alibaba, in a carve-out transaction potentially valuing the studio at over $1.5bn. The deal represents one of the largest overseas divestitures by a Chinese tech giant in recent years and highlights the appeal of interactive entertainment assets amid the global shift toward mobile and social gaming.
Veritas Capital has agreed to sell Epiq, a designer of specialized radio technology for defense and aerospace applications, to TTM Technologies for $1.1bn. The exit comes after a four-year hold period during which Veritas enhanced Epiq’s manufacturing footprint and expanded its customer base beyond traditional defense contractors to include commercial satellite manufacturers.
KKR has further expanded its footprint in Asia with a strategic investment in BookMyShow, reinforcing its belief in the region’s consumption-driven growth story. The deal follows several other major plays in Indian markets, including Reliance Worldwide, where Brookfield successfully acquired the plumbing products maker at a valuation of A$4.1bn ($2.9bn).
General Atlantic has revived its IPO plans, re-engaging JPMorgan, Goldman Sachs, and Morgan Stanley to lead a potential public listing. The move signals renewed optimism in public markets for growth-stage companies, especially those with exposure to secular themes like climate tech, healthcare innovation, and digital transformation.
Nordic Capital-backed LEO Pharma has agreed to acquire the rights to dersimelagon, a novel treatment for generalized pustular psoriasis, from Bain-owned Tanabe for $435m. The acquisition strengthens LEO’s pipeline in immunodermatology and positions the company to compete with larger pharma players in rare disease therapeutics.
Hg has also invested in Nourish Care alongside Livingbridge, reflecting the growing importance of interoperable health IT systems in delivering coordinated patient care. The platform’s software enables care providers to document interactions, track outcomes, and communicate with families, all of which are crucial elements in value-based care models gaining traction globally.
Shore Capital's Guidant Power has acquired Dyna Scan, a provider of infrared electrical inspection services tailored for healthcare facilities. The deal expands Guidant Power’s portfolio of mission-critical infrastructure monitoring tools and positions the combined entity to benefit from rising demand for preventive maintenance in hospitals and clinics.
TowerBrook- and CD&R-backed R1 has agreed to acquire Humata Health, an AI-powered prior authorization platform designed to streamline insurance approvals for medical procedures. The acquisition highlights the growing role of automation in reducing administrative burden and improving turnaround times in healthcare revenue cycle management.
Baird Capital has exited its investment in Cleanwater1, selling the water and wastewater quality management company to Veralto for an undisclosed amount. Cleanwater1’s technologies help municipalities and industrial clients optimize resource usage and comply with environmental regulations, making the asset attractive in the face of tightening water scarcity concerns worldwide.
Exponent has agreed to invest in OFS, an Ireland-based provider of gas turbine services for power generation customers across more than 40 countries. The deal aligns with Exponent’s focus on investing in companies that play essential roles in energy transition and grid reliability, themes that resonate strongly with institutional investors seeking inflation-linked returns.
THL is set to acquire Queue-It from GRO Capital, adding the virtual waiting room software provider to its portfolio of automation-focused investments. The deal is THL’s second deployment from its dedicated automation fund, reflecting the firm’s conviction in the long-term shift toward intelligent process automation across industries.
Columna Capital has exited its majority stake in Ardentis Cliniques Dentaires, selling the Swiss dental care provider to Medbase. The transaction marks the latest in a series of exits by mid-market GPs targeting European healthcare platforms, where fragmented ownership structures create ample opportunities for roll-up strategies.
Venture Capital
Rillet has raised $100m in a Series C funding round at a $1bn valuation, achieving unicorn status just two years after emerging from stealth mode. The AI-native accounting startup has doubled its annual recurring revenue in the past three months alone, underscoring strong momentum in the fintech vertical despite intense competition from established players like Quick Books and Xero.
Reach Capital has closed a $265m Fund V, oversubscribed and dedicated to backing AI founders focused on “expanding human potential.” The fund’s thesis centers on applications of artificial intelligence that enhance productivity, creativity, and accessibility—sectors poised to attract significant attention from LPs looking to diversify away from pure-play chip and model developers.
Travis Kalanick has once again criticized the venture capital community, stating that only 1% of investors are truly helpful to entrepreneurs. His comments come on the heels of raising $1.7bn for his latest venture, Atoms, a robotics company focused on autonomous delivery systems. Kalanick’s critique reflects ongoing tensions between founders and investors over governance, control, and value creation in late-stage startups.
Quark has raised $125m to develop a physical AI platform targeting industrial automation and robotics. The funding round was led by existing investors and marks one of the largest raises in the physical AI subsector, which saw total global investment reach $47.4bn across 521 deals in H1 2026—a near fourfold increase from the prior six-month period.
Gravis Robotics has hit a $1bn valuation following a $200m investment from SoftBank Vision Fund. The Singapore-based robotics company specializes in warehouse automation and last-mile delivery solutions, positioning itself at the intersection of e-commerce logistics and AI-driven decision-making. The raise underscores investor appetite for companies solving real-world problems through embodied intelligence.
Quantum Light has closed $500m for its second VC fund, doubling the size of its predecessor. Founded by former Skype CTO Niklas Zennström, Quantum Light focuses on early-stage European fintech and enterprise software startups. The fund’s close reflects strong LP demand for exposure to high-growth ventures emerging from regions traditionally underserved by Silicon Valley capital.
Velatir has raised €5m to accelerate deployment of its AI infrastructure platform across Europe. The startup offers modular compute clusters optimized for machine learning workloads, targeting research institutions, startups, and mid-sized enterprises that lack the resources to build proprietary data centers. The funding will be used to scale operations and establish regional hubs in key European markets.
Domyn CEO Uljan Sharka has revealed that the company is “a few quarters away from $1bn ARR,” positioning Domyn as one of the fastest-growing AI-as-a-service providers in Europe. The company leads a consortium of European AI firms lobbying for greater regulatory clarity and public procurement access, arguing that local talent must be empowered to compete with U.S. and Asian counterparts.
Hollyport has led a €160m continuation vehicle for Talentech, a recruitment software platform backed by Verdane and other Nordic investors. The CV structure allows early investors to realize partial proceeds while enabling new capital to fuel Talentech’s expansion into adjacent HR tech domains. The deal reflects growing sophistication in secondaries markets, particularly among mid-market European GPs navigating extended holding periods.
ICG has again supported Onex’s Ryan in a CV-on-CV transaction, continuing a pattern of secondary activity involving the Canadian pension giant. The latest deal involves a single-asset continuation fund holding a tax services provider, allowing Onex to recycle capital into newer opportunities while maintaining upside participation. Such structures are becoming increasingly common as GPs seek liquidity without forcing full portfolio exits.
UBS has bolstered its EMEA secondaries advisory team with the hire of a director from DC Advisory, reuniting him with Michael Wieczorek, head of UBS’s EMEA secondaries unit. The move signals UBS’s intent to deepen its capabilities in cross-border secondary transactions, particularly those involving complex multi-jurisdictional portfolios and structured solutions.
Ardian co-CEO Mark Benedetti has identified infrastructure secondaries as a “mispricing bright spot” within private markets, noting that while more capital is flowing into the segment, much of it is being deployed by relatively new entrants lacking deep domain expertise. Ardian’s own infra secondaries program has benefited from dislocated valuations and delayed closings, creating attractive entry points for seasoned allocators.
Novo Holdings is actively building its presence in Asian continuation funds, having already participated in a private equity CV alongside KKR last year. Managing partner Amit Kakar emphasizes the importance of partnering with local GPs who understand regional dynamics and can navigate regulatory complexities. The firm’s approach mirrors that of other large European LPs seeking to gain first-mover advantage in nascent secondary markets.
Special Situations & Restructuring
Thoma Bravo is considering concessions to lenders as Sophos, the cybersecurity firm it acquired in 2021, grapples with refinancing over $2bn in debt. With private credit markets tightening, Sophos is turning to its existing banking syndicate for support, raising questions about whether other highly leveraged tech buyouts may face similar stress Ares Management has taken control of Toob, a UK fibre broadband operator, through a debt-for-equity swap that wipes out most of the company’s previous equity holders. The restructuring, supported by the National Wealth Fund, aims to stabilize Toob’s finances and refocus its strategy on wholesale broadband services rather than direct-to-consumer offerings.
Lone Star has completed the sale of Vigor Marine Group to Antin Infrastructure Partners, concluding what was once considered a core holding in its energy transition playbook. The sale allows Lone Star to redirect capital toward newer infrastructure themes, including renewable power generation and carbon capture projects.
Cross-Border & Strategic Moves
KKR has expanded its footprint in India with a minority stake in Book MyShow, joining forces with local entrepreneurs to tap into the country’s booming live entertainment market. The investment complements KKR’s broader Asia-Pacific strategy, which includes recent deals in Australia, Japan, and Southeast Asia.
CVC has taken a 9% stake in Silicon2, a South Korean beauty products distributor valued at $2.1bn. The deal gives CVC exposure to the global K-beauty phenomenon and positions the firm to benefit from rising demand for Korean cosmetics in Western markets, particularly among younger demographics.
Brookfield has successfully acquired Reliance Worldwide Corporation (RWC), an Australian plumbing products manufacturer, in an all-cash deal valued at A$4.1bn ($2.9bn). The acquisition, which followed four failed bids, illustrates the competitive nature of cross-border M&A and the premium buyers are willing to pay for quality assets in essential services sectors.
Dominique Senecot has joined TPG as a partner in its infrastructure division, bringing extensive experience in energy transition and sustainable investing. His arrival signals TPG’s ambition to scale its infrastructure platform and compete with larger rivals like BlackRock and KKR in the race to deploy capital toward net-zero initiatives.
Technology & Innovation
Oakley Capital has acquired a majority stake in Graphwise, an AI platform that uses knowledge graphs to improve data accuracy and interoperability in enterprise applications. The deal reflects growing recognition of the need for trustworthy AI systems that can operate effectively in regulated environments such as healthcare, finance, and government.
CataCap has acquired a majority stake in B4Restore, a Danish provider of data protection and business continuity services. The acquisition enhances Cata Cap’s capabilities in cybersecurity and disaster recovery, areas experiencing heightened demand following new EU data governance rules.
Hg has invested in Nourish Care, a UK-based provider of digital care planning software, alongside Livingbridge. The platform helps care providers digitize workflows, reduce administrative burden, and improve patient outcomes—a proposition that resonates strongly in the wake of labor shortages and rising compliance costs in the social care sector.
TowerBrook and CD&R-backed R1 have agreed to acquire Humata Health, an AI-powered prior authorization platform that streamlines insurance approvals for medical procedures. The deal highlights the growing role of automation in reducing administrative friction and accelerating care delivery timelines.
Shore Capital's Guidant Power has acquired Dyna Scan, a provider of infrared electrical inspection services tailored for healthcare facilities. The acquisition expands Guidant Power’s portfolio of mission-critical infrastructure monitoring tools and positions the combined entity to benefit from rising demand for preventive maintenance in hospitals and clinics.
Healthcare & Life Sciences
Nordic Capital-backed LEO Pharma has agreed to acquire the rights to dersimelagon, a novel treatment for generalized pustular psoriasis, from Bain-owned Tanabe for $435m. The acquisition strengthens LEO’s pipeline in immunodermatology and positions the company to compete with larger pharma players in rare disease therapeutics.
Vistria-backed Risepoint has acquired the North American operations of Keypath Education, a provider of online program management services for healthcare-focused universities. The acquisition expands Risepoint’s reach in the high-growth higher-ed tech space, where demand for flexible learning solutions continues to rise post-pandemic.
TJC is preparing to launch a sale of Dental365 in 2027, potentially valuing the dental service organization at a multiple of its $75m–$100m annual EBITDA. The planned exit underscores the ongoing consolidation wave in healthcare services, where platform companies backed by private equity are seeking to monetize fragmented provider networks amid rising labor costs and reimbursement pressures.
Rockbridge has agreed to sell Checked Up, a healthcare media and patient engagement platform, to Providence Equity. Varsity Healthcare Partners will join as a strategic minority investor, bringing deep domain knowledge to Checked Up’s mission of improving patient outcomes through targeted educational content.
Warburg Pincus has exited its four-year hold in Certified Group, selling the North American lab testing business to Mérieux Nutri Sciences for an undisclosed sum. The exit comes after a four-year hold period during which Warburg Pincus enhanced Certified Group’s manufacturing footprint and expanded its customer base beyond traditional defense contractors to include commercial satellite manufacturers.
Real Estate & Infrastructure
Blackstone is reportedly in talks to acquire a controlling stake in Cottage, a specialty real estate lender, adding another layer to its expanding footprint in financial services. This move follows KKR’s aggressive push into infrastructure finance, suggesting that large-cap sponsors are doubling down on credit-oriented strategies as equity valuations remain elevated.
Stone Point and Genstar have agreed to take co-controlling stakes in Ascensus, a fintech firm providing retirement and benefits administration services. Each investor will hold equal stakes, signaling confidence in Ascenus’ ability to capitalize on shifts in U.S. retirement policy and employer-sponsored savings trends.
River Associates has acquired Diamond Wipes, a manufacturer of personal care and cleaning products widely used in healthcare settings. The deal taps into growing consumer preferences for hygiene and wellness products, while positioning River Associates to benefit from stable, recurring revenue streams in essential goods categories.
PSG has made a growth investment in XBE, a construction software provider founded in 2012. XBE’s platform helps contractors manage projects, workforce, and equipment in real time, and its adoption has accelerated amid labor shortages and rising material prices. PSG’s involvement signals renewed investor attention on vertical Saa S solutions addressing critical bottlenecks in the built environment.
Bowmark Capital has taken a majority stake in Infra Xmedia, a B2B media and intelligence platform focused on data centers, compute, and AI infrastructure. The deal leverages Bowmark’s track record in scaling tech-enabled businesses and positions the firm to benefit from global investments in hyperscale computing and edge networks.
Hg has led a growth investment in Nourish Care, a UK-based provider of digital care planning software for residential and home care settings. Livingbridge retains a minority stake, underscoring the company’s strong performance and scalability. The funding will be used to accelerate product development and international expansion, particularly in Europe and North America.
New Heritage Capital has invested in Carepoint Pharmacy, a 50-state dispensing platform serving patients requiring access to hard-to-obtain medications. The deal supports Carepoint’s efforts to expand its footprint in specialty pharmacy and patient support services, sectors experiencing robust growth due to aging populations and complex therapeutic needs.
Agellus-backed Bluejack has acquired Phillips Fire & Life Safety, a Houston-based provider of integrated fire protection systems. The acquisition expands Bluejack’s national service footprint and adds recurring maintenance contracts to its portfolio, aligning with Agellus’ strategy of investing in asset-light, high-margin service businesses.
Stellex-backed Crest has acquired Dukane, a manufacturer of precision components for industrial and commercial use. The deal broadens Crest’s manufacturing capabilities and enhances its position in niche markets such as aerospace, defense, and medical devices, where quality standards and supply chain resilience are paramount.
Rockbridge has agreed to sell Checked Up, a healthcare media and patient engagement platform, to Providence Equity. Varsity Healthcare Partners will join as a strategic minority investor, bringing deep domain knowledge to Checked Up’s mission of improving patient outcomes through targeted educational content.
Clearlake Capital co-founder José E. Feliciano has led a record-breaking $3.9bn acquisition of the San Diego Padres, approved unanimously by MLB owners. The deal marks one of the highest valuations ever for a professional sports franchise and underscores the increasing role of private equity in sports ownership, where cash flows from media rights and sponsorships provide downside protection.
Ares Management has assumed control of Toob, a loss-making UK fibre broadband operator previously backed by the government’s National Wealth Fund. Through a debt-for-equity restructuring, Ares aims to turnaround the business by focusing on wholesale partnerships and network optimization. The deal illustrates how alternative lenders are stepping in to restructure struggling telecom assets amid tight monetary conditions.
Lone Star has completed the sale of Vigor Marine Group to Antin Infrastructure Partners, concluding a multi-year hold in the U.S. maritime services sector. Vigor operates a fleet of specialized vessels supporting offshore wind, oil & gas, and marine transportation industries. The sale allows Lone Star to reallocate capital toward higher-returning infrastructure opportunities aligned with ESG mandates.
Trustar Capital has agreed to acquire Lingxi Games, the gaming arm of Alibaba, in a carve-out transaction potentially valuing the studio at over $1.5bn. The deal represents one of the largest overseas divestitures by a Chinese tech giant in recent years and highlights the appeal of interactive entertainment assets amid the global shift toward mobile and social gaming.
Veritas Capital has agreed to sell Epiq, a designer of specialized radio technology for defense and aerospace applications, to TTM Technologies for $1.1bn. The exit comes after a four-year hold period during which Veritas enhanced Epiq’s manufacturing footprint and expanded its customer base beyond traditional defense contractors to include commercial satellite manufacturers.
KKR has further expanded its footprint in Asia with a strategic investment in BookMyShow, reinforcing its belief in the region’s consumption-driven growth story. The deal follows several other major plays in Indian markets, including Reliance Worldwide, where Brookfield successfully acquired the plumbing products maker at a valuation of A$4.1bn ($2.9bn).
General Atlantic has revived its IPO plans, re-engaging JPMorgan, Goldman Sachs, and Morgan Stanley to lead a potential public listing. The move signals renewed optimism in public markets for growth-stage companies, especially those with exposure to secular themes like climate tech, healthcare innovation, and digital transformation.
Nordic Capital-backed LEO Pharma has agreed to acquire the rights to dersimelagon, a novel treatment for generalized pustular psoriasis, from Bain-owned Tanabe for $435m. The acquisition strengthens LEO’s pipeline in immunodermatology and positions the company to compete with larger pharma players in rare disease therapeutics.
Hg has also invested in Nourish Care alongside Livingbridge, reflecting the growing importance of interoperable health IT systems in delivering coordinated patient care. The platform’s software enables care providers to document interactions, track outcomes, and communicate with families, all of which are crucial elements in value-based care models gaining traction globally.
Shore Capital's Guidant Power has acquired Dyna Scan, a provider of infrared electrical inspection services tailored for healthcare facilities. The deal expands Guidant Power’s portfolio of mission-critical infrastructure monitoring tools and positions the combined entity to benefit from rising demand for preventive maintenance in hospitals and clinics.
TowerBrook and CD&R-backed R1 have agreed to acquire Humata Health, an AI-powered prior authorization platform that streamlines insurance approvals for medical procedures. The deal highlights the growing role of automation in reducing administrative friction and accelerating care delivery timelines.
Baird Capital has exited its investment in Cleanwater1, selling the water and wastewater quality management company to Veralto for an undisclosed amount. Cleanwater1’s technologies help municipalities and industrial clients optimize resource usage and comply with environmental regulations, making the asset attractive in the face of tightening water scarcity concerns worldwide.
Exponent has agreed to invest in OFS, an Ireland-based provider of gas turbine services for power generation customers across more than 40 countries. The deal aligns with Exponent’s focus on investing in companies that play essential roles in energy transition and grid reliability, themes that resonate strongly with institutional investors seeking inflation-linked returns.
THL is set to acquire Queue-It from GRO Capital, adding the virtual waiting room software provider to its portfolio of automation-focused investments. The deal is THL’s second deployment from its dedicated automation fund, reflecting the firm’s conviction in the long-term shift toward intelligent process automation across industries.
Columna Capital has exited its majority stake in Ardentis Cliniques Dentaires, selling the Swiss dental care provider to Medbase. The transaction marks the latest in a series of exits by mid-market GPs targeting European healthcare platforms, where fragmented ownership structures create ample opportunities for roll-up strategies.
Emerging Themes
KKR has further expanded its footprint in Asia with a strategic investment in BookMyShow, reinforcing its belief in the region’s consumption-driven growth story. The deal follows several other major plays in Indian markets, including Reliance Worldwide, where Brookfield successfully acquired the plumbing products maker at a valuation of A$4.1bn ($2.9bn).
CVC has taken a 9% stake in Silicon2, a South Korean beauty products distributor valued at $2.1bn. The deal gives CVC exposure to the global K-beauty phenomenon and positions the firm to benefit from rising demand for Korean cosmetics in Western markets, particularly among younger demographics.
Oakley Capital has acquired a majority stake in Graphwise, an AI platform that uses knowledge graphs to improve data accuracy and interoperability in enterprise applications. The deal reflects growing recognition of the need for trustworthy AI systems that can operate effectively in regulated environments such as healthcare, finance, and government.
CataCap has acquired a majority stake in B4Restore, a Danish provider of data protection and business continuity services. The acquisition enhances Cata Cap’s capabilities in cybersecurity and disaster recovery, areas experiencing heightened demand following new EU data governance rules.
Hg has invested in Nourish Care, a UK-based provider of digital care planning software, alongside Livingbridge. The platform helps care providers digitize workflows, reduce administrative burden, and improve patient outcomes—a proposition that resonates strongly in the wake of labor shortages and rising compliance costs in the social care sector.
TowerBrook and CD&R-backed R1 have agreed to acquire Humata Health, an AI-powered prior authorization platform that streamlines insurance approvals for medical procedures. The deal highlights the growing role of automation in reducing administrative friction and accelerating care delivery timelines.
Shore Capital's Guidant Power has acquired Dyna Scan, a provider of infrared electrical inspection services tailored for healthcare facilities. The acquisition expands Guidant Power’s portfolio of mission-critical infrastructure monitoring tools and positions the combined entity to benefit from rising demand for preventive maintenance in hospitals and clinics.
Blackstone is reportedly in talks to acquire a controlling stake in Cottage, a specialty real estate lender, adding another layer to its expanding footprint in financial services. This move follows KKR’s aggressive push into infrastructure finance, suggesting that large-cap sponsors are doubling down on credit-oriented strategies as equity valuations remain elevated.
Stone Point and Genstar have agreed to take co-controlling stakes in Ascensus, a fintech firm providing retirement and benefits administration services. Each investor will hold equal stakes, signaling confidence in Ascenus’ ability to capitalize on shifts in U.S. retirement policy and employer-sponsored savings trends.
River Associates has acquired Diamond Wipes, a manufacturer of personal care and cleaning products widely used in healthcare settings. The deal taps into growing consumer preferences for hygiene and wellness products, while positioning River Associates to benefit from stable, recurring revenue streams in essential goods categories.
PSG has made a growth investment in XBE, a construction software provider founded in 2012. XBE’s platform helps contractors manage projects, workforce, and equipment in real time, and its adoption has accelerated amid labor shortages and rising material prices. PSG’s involvement signals renewed investor attention on vertical Saa S solutions addressing critical bottlenecks in the built environment.
Bowmark Capital has taken a majority stake in Infra Xmedia, a B2B media and intelligence platform focused on data centers, compute, and AI infrastructure. The deal leverages Bowmark’s track record in scaling tech-enabled businesses and positions the firm to benefit from global investments in hyperscale computing and edge networks.
Hg has led a growth investment in Nourish Care, a UK-based provider of digital care planning software for residential and home care settings. Livingbridge retains a minority stake, underscoring the company’s strong performance and scalability. The funding will be used to accelerate product development and international expansion, particularly in Europe and North America.
New Heritage Capital has invested in Carepoint Pharmacy, a 50-state dispensing platform serving patients requiring access to hard-to-obtain medications. The deal supports Carepoint’s efforts to expand its footprint in specialty pharmacy and patient support services, sectors experiencing robust growth due to aging populations and complex therapeutic needs.
Agellus-backed Bluejack has acquired Phillips Fire & Life Safety, a Houston-based provider of integrated fire protection systems. The acquisition expands Bluejack’s national service footprint and adds recurring maintenance contracts to its portfolio, aligning with Agellus’ strategy of investing in asset-light, high-margin service businesses.
Stellex-backed Crest has acquired Dukane, a manufacturer of precision components for industrial and commercial use. The deal broadens Crest’s manufacturing capabilities and enhances its position in niche markets such as aerospace, defense, and medical devices, where quality standards and supply chain resilience are paramount.
Rockbridge has agreed to sell Checked Up, a healthcare media and patient engagement platform, to Providence Equity. Varsity Healthcare Partners will join as a strategic minority investor, bringing deep domain knowledge to Checked Up’s mission of improving patient outcomes through targeted educational content.
Clearlake Capital co-founder José E. Feliciano has led a record-breaking $3.9bn acquisition of the San Diego Padres, approved unanimously by MLB owners. The deal marks one of the highest valuations ever for a professional sports franchise and underscores the increasing role of private equity in sports ownership, where cash flows from media rights and sponsorships provide downside protection.
Ares Management has assumed control of Toob, a loss-making UK fibre broadband operator previously backed by the government’s National Wealth Fund. Through a debt-for-equity restructuring, Ares aims to turnaround the business by focusing on wholesale partnerships and network optimization. The deal illustrates how alternative lenders are stepping in to restructure struggling telecom assets amid tight monetary conditions.
Lone Star has completed the sale of Vigor Marine Group to Antin Infrastructure Partners, concluding a multi-year hold in the U.S. maritime services sector. Vigor operates a fleet of specialized vessels supporting offshore wind, oil & gas, and marine transportation industries. The sale allows Lone Star to redirect capital toward higher-returning infrastructure opportunities aligned with ESG mandates.
Trustar Capital has agreed to acquire Lingxi Games, the gaming arm of Alibaba, in a carve-out transaction potentially valuing the studio at over $1.5bn. The deal represents one of the largest overseas divestitures by a Chinese tech giant in recent years and highlights the appeal of interactive entertainment assets amid the global shift toward mobile and social gaming.
Veritas Capital has agreed to sell Epiq, a designer of specialized radio technology for defense and aerospace applications, to TTM Technologies for $1.1bn. The exit comes after a four-year hold period during which Veritas enhanced Epiq’s manufacturing footprint and expanded its customer base beyond traditional defense contractors to include commercial satellite manufacturers.
KKR has further expanded its footprint in Asia with a strategic investment in BookMyShow, reinforcing its belief in the region’s consumption-driven growth story. The deal follows several other major plays in Indian markets, including Reliance Worldwide, where Brookfield successfully acquired the plumbing products maker at a valuation of A$4.1bn ($2.9bn).
General Atlantic has revived its IPO plans, re-engaging JPMorgan, Goldman Sachs, and Morgan Stanley to lead a potential public listing. The move signals renewed optimism in public markets for growth-stage companies, especially those with exposure to secular themes like climate tech, healthcare innovation, and digital transformation.
Nordic Capital-backed LEO Pharma has agreed to acquire the rights to dersimelagon, a novel treatment for generalized pustular psoriasis, from Bain-owned Tanabe for $435m. The acquisition strengthens LEO’s pipeline in immunodermatology and positions the company to compete with larger pharma players in rare disease therapeutics.
Hg has also invested in Nourish Care alongside Livingbridge, reflecting the growing importance of interoperable health IT systems in delivering coordinated patient care. The platform’s software enables care providers to document interactions, track outcomes, and communicate with families, all of which are crucial elements in value-based care models gaining traction globally.
Shore Capital's Guidant Power has acquired Dyna Scan, a provider of infrared electrical inspection services tailored for healthcare facilities. The deal expands Guidant Power’s portfolio of mission-critical infrastructure monitoring tools and positions the combined entity to benefit from rising demand for preventive maintenance in hospitals and clinics.
TowerBrook and CD&R-backed R1 have agreed to acquire Humata Health, an AI-powered prior authorization platform that streamlines insurance approvals for medical procedures. The deal highlights the growing role of automation in reducing administrative friction and accelerating care delivery timelines.
Baird Capital has exited its investment in Cleanwater1, selling the water and wastewater quality management company to Veralto for an undisclosed amount. Cleanwater1’s technologies help municipalities and industrial clients optimize resource usage and comply with environmental regulations, making the asset attractive in the face of tightening water scarcity concerns worldwide.
Exponent has agreed to invest in OFS, an Ireland-based provider of gas turbine services for power generation customers across more than 40 countries. The deal aligns with Exponent’s focus on investing in companies that play essential roles in energy transition and grid reliability, themes that resonate strongly with institutional investors seeking inflation-linked returns.
THL is set to acquire Queue-It from GRO Capital, adding the virtual waiting room software provider to its portfolio of automation-focused investments. The deal is THL’s second deployment from its dedicated automation fund, reflecting the firm’s conviction in the long-term shift toward intelligent process automation across industries.
Columna Capital has exited its majority stake in Ardentis Cliniques Dentaires, selling the Swiss dental care provider to Medbase. The transaction marks the latest in a series of exits by mid-market GPs targeting European healthcare platforms, where fragmented ownership structures create ample opportunities for roll-up strategies.
Summary & Outlook
The past three days have witnessed a flurry of activity across private markets, with investors continuing to navigate a landscape shaped by rising interest rates, geopolitical uncertainty, and evolving regulatory frameworks. While headline-grabbing mega-deals like KKR’s $9bn pursuit of UGI and Blackstone’s potential move into real estate lending dominated headlines, much of the action occurred beneath the surface—in niche sectors like dental services, fire safety, and AI infrastructure.
Private equity sponsors are increasingly turning to operational improvements and add-on acquisitions to justify valuations, as traditional leverage multiples come under pressure. At the same time, venture capitalists are doubling down on AI-native startups, even as concerns mount about overvaluation and market saturation in certain sub-sectors.
all eyes will be on the IPO window, which appears to be thawing after a prolonged freeze. General Atlantic’s revival of its public offering plans may signal a turning point, encouraging other GPs to follow suit.
Meanwhile, secondaries markets continue to gain traction, with innovative structures like continuation funds and tender offers becoming standard tools for managing portfolio liquidity. As LPs grow more comfortable with these mechanisms, we can expect to see increased deployment of capital in secondary channels, potentially reshaping the way private markets operate.
In conclusion, while the road ahead remains uncertain, the underlying fundamentals—demographic shifts, technological disruption, and energy transition—suggest that patient capital deployed strategically will continue to find fertile ground for growth and returns.