Private Equity 3 Days

Last updated: August 20, 2026, 10:43 AM ET

Private Equity

KKR has made a $9bn bid for US energy distributor UGI in a data centre-driven power play, according to a report by the Wall Street Journal. The offer underscores growing appetite among private equity firms for energy infrastructure assets that can support the surge in electricity demand from data centres and artificial intelligence operations. Meanwhile, Stone Point Capital closed its purchase of Ever.Ag’s risk management unit, a business that provides risk management solutions to agricultural producers, processors, and cooperatives, and will operate it as an independent company under current leadership. TJC is preparing to launch a sale process for a dental services company active across eight states, while Apax Partners exited OnCourse Home Solutions through a deal with Genstar, which acquired the residential warranties provider. Genstar also separately acquired OnCourse Home Solutions from Apax, marking another exit in the home services space. Francisco Partners agreed to acquire Weave, a health tech firm serving small and medium-sized healthcare businesses, in a $650 million take-private transaction. The deal reflects continued momentum in healthcare technology investing, with PE firms deploying capital into vertical Saa S platforms that serve fragmented markets.

Venture Capital & Startups

Rillet raised $100 million in Series C funding at a $1 billion valuation, roughly two years after emerging from stealth, after doubling its annual recurring revenue in the past three months. The AI-native accounting startup was led by Iconiq in the round. a16z’s Borderless Founder network initiative continues to bet on immigrant and international founders, with the firm asserting that having one foot in one’s home country and one foot in Silicon Valley provides a competitive advantage in building global companies. Domyn raised over $1 billion, with CEO Uljan Sharka stating the company is “a few quarters away from $1 billion in ARR” and positioning itself as a leader in European AI development. Callosum raised $100 million in seed funding led by Atomico to tackle AI compute bottlenecks, while Velatir secured €5 million to accelerate AI adoption across Europe. Gravis Robotics hit a $1 billion valuation following a $200 million investment from SoftBank. Reach Capital closed an oversubscribed $265 million Fund V to back AI founders building to “expand human potential.” Quantum Light raised $500 million for its second fund.

Real Estate & Infrastructure

CVC and Standard Life launched a UK pension risk transfer platform with up to £2 billion in commitments, pushing further into insurance asset management through a joint venture aimed at the UK’s largest corporate pension schemes. CVC also took a stake in Silicon2, the global distributor at the centre of K-beauty’s export boom, in a deal valuing the South Korean company at approximately $2.1 billion. KKR agreed to acquire a minority stake in Book MyShow, one of India’s leading ticketing and live entertainment platforms, betting on the country’s live entertainment boom. Ares Management seized control of Toob, a loss-making UK fibre broadband operator backed by the government’s National Wealth Fund, through a debt-for-equity restructuring. Brookfield landed a $2.9 billion deal for Reliance Worldwide Corporation after a fourth bid cleared the board, valuing the ASX-listed Australian plumbing products manufacturer at about A$4.1 billion ($2.9bn).

Healthcare & Life Sciences

Nordic Capital-backed LEO Pharma agreed to acquire the dersimelagon rights from Bain-owned Tanabe for $435 million, expanding its portfolio in medical dermatology. SEVA made a minority investment in health tech firm Serif Health, with proceeds to be used to accelerate sales and growth initiatives and fund new product functionality and data APIs. Vistria-backed Risepoint acquired the North American operations of healthcare edtech firm Keypath, which is backed by Sterling Partners. R1, backed by Tower Brook and CD&R, agreed to acquire Humata, a prior-authorization AI firm, strengthening its position in healthcare revenue management. New Heritage Capital invested in Carepoint Pharmacy to support growth, with the pharmacy platform describing itself as the first to combine 50-state dispensing with patient access support services for hard-to-obtain medications.

Technology & Software

Oakley Capital 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. Hg agreed a growth investment in Nourish Care, a UK-based software provider that helps care teams plan, record and coordinate support for people in residential and home care settings, with Livingbridge retaining a minority stake. PSG invested in XBE, a construction software provider, with founder and CEO Sean Devine and Banneker Partners retaining significant ownership positions. Bowmark Capital acquired a majority stake in Infra Xmedia from Opus Origin, adding a B2B media, events and intelligence platform serving the data center, compute and AI infrastructure sectors to its portfolio.

Energy & Industrials

Continental Resources agreed to acquire Quantum-backed Fire Bird, a Texas-based upstream oil and gas company focused on the responsible development of assets in the Midland Basin. Turnspire Capital Partners acquired rail services firm Hulcher, which operates a fleet of more than 3,000 specialized units across 28 service centers serving all six North American Class I railroads. Exponent invested in OFS, an Ireland-based provider of specialist technical services for the global power generation industry, while Salt Creek Capital sealed the acquisition of Georgia-based Craig Wire Products, a manufacturer of custom-specification shaped magnet wire. Blackford Capital added a fire safety integrator to its platform in a second add-on, acquiring Industrial Electronic Systems, which designs and installs fire alarm, security and life safety systems across the western United States. Agellus-backed Bluejack snapped up Phillips Fire & Life Safety, a Houston-based national service provider of fire and life safety services.

Financial Services

Stone Point and Genstar took co-controlling stakes in fintech firm Ascensus, with each firm investing new capital and holding equal stakes in the company. Churchill, backed by Temasek through its asset management platform Seviora, launched a $400 million continuation fund with collateral spanning private equity and other assets. ICG backed Onex’s Ryan again in a cross-default process, marking the second time the firm has supported the CEO in restructuring efforts. UBS strengthened its EMEA secondaries advisory team with a director hire from DC Advisory, reuniting with Michael Wieczorek, who previously led EMEA secondaries advisory at the firm.

Secondary Markets & Fundraising

The University of California system sold $1 billion of private equity stakes to Harbour Vest Partners at a discount, according to a Bloomberg report. Ardian is exploring a multibillion-dollar sale of Swissbit, the Swiss maker of industrial data storage and security hardware. MassPRIM shifted toward smaller buyouts amid private equity underperformance, with the system’s limited exposure to AI-related sectors weighing on returns. Korean limited partners increased allocations to private equity secondaries and mid-market funds amid ongoing credit market controversy.

Media & Communications

HPS and Oaktree took control of MBS Group, a supplier of lighting rigs and production equipment to film studios including Netflix and Warner Bros Discovery, after the company defaulted on its obligations. Rockbridge agreed to sell healthcare media firm Checked Up to Providence Equity, with Varsity Healthcare Partners joining as a strategic minority investor alongside existing management. Veritas Capital exited defence radio maker Epiq in a $1.1 billion sale to TTM Technologies, closing out a four-year hold. Warburg Pincus exited lab-testing platform Certified Group in a sale to food safety specialist Mérieux Nutri Sciences.

Special Situations & Restructuring

Thoma Bravo weighed concessions as Sophos, the cybersecurity firm it owns, turned to existing lenders for $2 billion in refinancing after attempts to secure private credit backing fell through. Klarna lost two more senior executives in a leadership shakeup, raising questions about the stability of the Swedish fintech’s management team. OpenAI clarified that its “acquisition” offer for an Irish teen’s startup idea was a joke, following public confusion over the outreach.

International Markets

Denmark’s Novo Holdings sought to expand in Asia by building a roster of homegrown general partners and growing its regional headcount, according to managing partner Amit Kakar. The $37 billion investment arm of the Novo Nordisk Foundation is positioning itself for broader emerging market exposure. Hollyport backed Viking Growth’s €160 million continuation vehicle for Talentech, a recruitment software platform that had previously been moved into a multi-asset vehicle by joint owner Verdane.

Sports & Entertainment

Clearlake Capital co-founder José E. Feliciano and his wife won a record $3.9 billion sale of the San Diego Padres in a unanimous Major League Baseball vote, marking one of the largest sports franchise transactions in history. Apollo invested $2.6 billion into the New York Yankees owner through its sports platform, continuing its aggressive expansion into professional sports franchising.

Fundraising & LP Activity

SEMA committed 460 billion Korean won to domestic blind-pool private equity and venture capital funds for 2026, reflecting increased allocation by Asian institutional investors toward local fund managers. Lone Star completed the sale of Vigor Marine Group to Antin Infrastructure Partners, exiting a portfolio company in the maritime services sector. Baird Capital exited Cleanwater1 in a sale to Veralto, a transaction involving a provider of water and wastewater quality management technologies.

Cross-Sector Themes

PE firms showed renewed interest in oil and gas, with eight notable deals involving firms like Carlyle, Post Oak Energy Capital, Warburg Pincus, and EnCap Flatrock Midstream. Court Square and Five Point also placed bets on energy, while Salt Creek Capital and Exponent made strategic moves in industrial services. The broader trend reflects a rotation back into energy infrastructure as private markets grapple with evolving macroeconomic conditions and shifting LP priorities.

Personnel Moves

UBS tapped DC Advisory for a director hire in its latest boost to EMEA advisory, reuniting with Michael Wieczorek, who previously led EMEA secondaries advisory at the firm. Hesta, one of Australia’s top private equity investors with around A$4.9 billion allocated to the asset class, lost its unlisted assets head, Will Macaulay, in a leadership transition.

Market Commentary

VC funding in physical AI totalled $47.4 billion globally across 521 deals in the first half of 2026, representing nearly a fourfold increase compared to the second half of 2025, according to Crunchbase data. The surge highlights investor enthusiasm for robotics and embodied AI applications. Meanwhile, Travis Kalanick criticized the venture capital industry, saying only 1% of investors are helpful, after raising $1.7 billion for his new robotics company, Atoms.

Weekly Wrap-Up

Top private equity news of the week included Apollo’s $2.6 billion investment in the New York Yankees owner, Francisco Partners’ $650 million acquisition of Weave, and Brookfield’s $2.9 billion deal for Reliance Worldwide. Other notable transactions included KKR’s $9 billion bid for UGI, Stone Point’s acquisition of Ever.Ag’s risk management unit, and CVC’s majority investment in UK rental platform Open Rent.