Last updated: August 20, 2026, 12:57 PM ET
AI and Technology Investments
Domyn secured over $1.1 billion in funding as AI model development accelerates across Europe. Callosum raised $100 million in seed funding to address AI compute bottlenecks, while Velatir secured €5 million to expand AI infrastructure across Europe. Oakley Capital struck a deal for a majority stake in Graphwise, an AI platform serving over 200 blue-chip customers with knowledge graph technology. R1, backed by Tower Brook and CD&R, acquired Humata, a prior-authorization AI firm, expanding healthcare revenue management capabilities. SEVA made a minority investment in Serif Health, a health tech firm, to accelerate sales and product development. CataCap acquired a majority stake in B4Restore, a Danish data protection services provider. a16z is betting on international AI founders through its Borderless Founder network initiative, recognizing the advantage of founders with one foot in their home country and one in Silicon Valley. Rillet raised $100 million in Series C funding at a $1 billion valuation, doubling its ARR in three months. Reach Capital closed a $265 million Fund V to back AI founders building to expand human potential. Tabs founder Ali Hussain built the AI fintech into a $400 million startup after pivoting from pursuing a Ph.D. in humanities. Physical AI attracted $47.4 billion in global venture funding across 521 deals in the first half of 2026, representing a nearly 4x increase compared to the second half of 2025.
Healthcare and Life Sciences
Nordic Capital-backed LEO Pharma acquired dersimelagon rights from Bain-owned Tanabe for $435 million, expanding its global medical dermatology portfolio serving close to 100 million patients annually. Vistria-backed acquired Keypath's North American operations, a healthcare edtech firm backed by Sterling Partners. Mercury acquired a majority stake in Ardentis, an integrated group of dental clinics in Western Switzerland, from Columna Capital. Warburg Pincus exited Certified Group, the North American laboratory testing business, through a sale to food safety specialist Mérieux NutriSciences. Agellus-backed snapped up Phillips Fire & Life Safety, a national service provider of fire and life safety services headquartered in Houston. Stellex-backed scooped up Dukane, a manufacturer specializing in engineered building components. Hg agreed a growth investment in Nourish Care, a UK-based care software provider, while Livingbridge retained a minority stake. Guidant Power acquired Dyna Scan, a Cincinnati-based specialist in infrared electrical inspections for healthcare facilities, strengthening its healthcare infrared capabilities. New Heritage Capital invested in Carepoint Pharmacy to support growth in dispensing hard-to-obtain medications across all 50 states. Rockbridge agreed to sell CheckedUp, a healthcare media firm, to Providence Equity, with Varsity Healthcare Partners joining as a strategic minority investor. Stone Point Capital and Genstar took co-controlling stakes in Ascensus, a fintech firm, each investing new capital for equal stakes. Stone Point completed the purchase of Ever.Ag's risk management unit, which provides solutions to agricultural producers, processors, and cooperatives. River Associates acquired Diamond Wipes, a personal care products manufacturer serving brands, retailers, and distributors across North America.
Real Estate and Rental Platforms
CVC took a majority stake in OpenRent, the UK's largest direct-to-landlord rental platform used by more than 8.8 million landlords and tenants, with more than one in five UK tenancies now running through it. CVC and Standard Life launched a UK pension risk transfer (PRT) platform with up to £2 billion in commitments, targeting the UK's largest corporate pension schemes. CVC took an approximately 9% stake in Silicon2, the global distributor at the center of K-beauty's export boom, in a deal valuing the South Korean company at about $2.1 billion. KKR agreed to acquire a minority stake in BookMyShow, one of India's leading ticketing and live entertainment platforms, betting on India's live entertainment boom. KKR made a $9 billion bid for UGI, the US natural gas and electricity distributor, in a data center-driven power play. Brookfield landed a $2.9 billion deal 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$4.1 billion ($2.9 billion). Ridgeview signed a deal with Pinewood, a car dealership software business, valuing Pinewood's total equity at £545 million, representing a premium of 43% to the company's share price on July 23. ProHome acquired a Metro DC franchise, expanding Mid-Atlantic reach for the builder warranty management services provider. Uplift Investors acquired Engage fi from Falfurrias Management Partners, a firm advising banks and credit unions on technology and vendor decisions with over 2,700 completed client engagements. Valor Exterior Partners added Dick's Roof Repair, a Wisconsin-based roofer founded in 1957, to its platform. WSB added CIA, a Tennessee engineering firm specializing in water and wastewater utilities, civil/site design, aviation infrastructure, and surveying. Vesterra-backed acquired two South Carolina firms—Charleston Grounds Management and Clear Lakes and Wetland Services—expanding landscaping and aquatics services along South Carolina's coast. Phoenix Equity Partners backed Medmark, an Irish occupational health provider founded in 1987 serving more than 500,000 employees from nine locations across Ireland.
Energy and Infrastructure
Continental Resources acquired FireBird, a Texas-based upstream oil and gas company focused on the responsible development of assets in the Midland Basin. Turnspire snapped up Hulcher, a rail services provider operating 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 Hulcher in a separate transaction, further consolidating its position in rail services. Exponent invested in OFS, an Ireland-based provider of specialist technical services for the global power generation industry. Salt Creek Capital sealed the acquisition of Craig Wire Products, a Georgia-based manufacturer of custom-specification shaped magnet wire for electric motor, generator, and transformer OEMs. Midas Atlantic and Najafi signed a deal for Panasonic's power and battery unit, which supplies power and battery control components for industrial and automotive customers across Germany and Slovakia. EQT explores a potential $500 million exit from its Vietnamese English-language education businesses. Ardian is weighing a multibillion-dollar sale of Swissbit, the Swiss maker of industrial data storage and security hardware. Lone Star completed the sale of Vigor Marine Group to Antin Infrastructure Partners. BlackRock's private credit arm HPS and Oaktree Capital seized control of MBS Group, a supplier of lighting rigs and production equipment to film studios including Netflix and Warner Bros Discovery. GenNx360's NVI completed an add-on acquisition of Barracuda Specialty Services, which provides magnetic particle testing, liquid penetrant examination, phased array ultrasonic testing, and rope access services to petrochemical, midstream, and industrial clients. Blackford Capital added a fire safety integrator to its platform in a second add-on acquisition, targeting Industrial Electronic Systems, which designs and installs fire alarm, security, and life safety systems across the western United States.
Financial Services and Banking
Charlesbank Capital Partners is in advanced talks to acquire a stake in WSHB, a US law firm, in a transaction worth about $700 million, testing the last wall keeping private equity out of law. TJC is set to bring Dental365 to potential buyers, while Apax sold OnCourse to Genstar in a residential warranties company exit. Genstar Capital struck a deal for OnCourse Home Solutions from Apax, which provides warranties covering water, sewer, gas, and electric lines, plumbing, and home systems for more than two million customers across 48 states. Francisco Partners agreed to acquire Weave for $650 million, marking PE's return to household products. Francisco Partners also agreed to take Weave, a health tech firm, private for $650 million. PSG invested in XBE, a construction software provider, with founder and CEO Sean Devine and Banneker Partners retaining significant ownership positions. THL agreed to acquire Queue-It from GRO Capital as "agentic commerce" grows, marking THL's second investment out of THL Automation Fund II. Columna Capital exited Ardentis Cliniques Dentaires to Medbase. University of California sold $1 billion of private equity stakes to HarbourVest Partners at a discount. General Atlantic revived IPO plans with JPMorgan, Goldman Sachs, and Morgan Stanley on board, reengaging banks to lead a potential initial public offering after years of preparation. Churchill and Temasek's Seviora formed a $400 million CFO vehicle with collateral spanning PE and other assets. ICG backed Onex's Ryan again in a CV-on-CV process, three years after Onex first moved the tax services provider into a single-asset continuation fund. UBS strengthened its EMEA secondaries advisory with director hires from DC Advisory, reuniting with Michael Wieczorek who joined UBS to head its EMEA secondaries advisory unit late last year. Hollyport led a €160 million CV for Talentech, a recruitment software platform that had already been the subject of a CV earlier this year when moved into a multi-asset vehicle by joint owner Verdane. MassPRIM shifted to smaller buyouts amid PE underperformance, with its limited exposure to AI-related sectors weighing on returns. SEMA committed 460 billion Korean won to domestic blind-pool PE/VC funds for 2026. Hesta lost its unlisted assets head, Will Macaulay, as one of Australia's top PE investors with around A$4.9 billion allocated to the asset class faces leadership changes. Apollo put $2.6 billion into the New York Yankees owner through its sports platform, highlighting continued PE interest in sports franchising.
Consumer and Retail
Starling unveiled a weekly AI rollout as the fintech race intensifies among neobanks. Revolut allowed its CEO to borrow up to $250 million against his shares, according to reports. Klarna lost two more senior executives in a leadership shakeup. OpenAI clarified that its "acquisition" offer for an Irish teen's startup idea was a joke. Quantum Light closed $500 million for its second VC fund, led by Nik Storonsky. 15 alumni from European unicorns are now building in stealth mode, signaling continued innovation in the startup ecosystem. Travis Kalanick kicked off another round of VC bashing, stating that only 1% of VCs are helpful, after raising $1.7 billion for his new robotics company Atoms. DOJ is probing Andreessen Horowitz over rival board seats, a probe that has baffled VCs who view occasional conflicts of interest as unavoidable for large VC firms. 250 companies have joined the unicorn ranks through August 15, up from 2025's 193 companies, with leading sectors including robotics, AI labs, healthcare, biotech, financial services, and AI. European fintech companies are touting revenue milestones amid "ARR fever," emphasizing their continued relevance in the market. Startups are clamping down on internal AI slop by implementing writing policies to maintain quality standards.
Special Situations and Restructuring
Thoma Bravo weighs concessions as Sophos, the cybersecurity firm owned by Thoma Bravo, focuses on existing lenders to refinance or extend more than $2 billion of loans after attempts to secure private credit backing fell through. HPS and Oaktree Capital seized control of MBS Group after default, a supplier of lighting rigs and production equipment to film studios including Netflix and Warner Bros Discovery. BGF exited bf1systems, a Norfolk motorsport tech firm that grew revenue to £17.8 million and counts McLaren, Lamborghini, and Porsche among its clients, selling to Lagercrantz. Baird Capital exited Cleanwater1 in a sale to Veralto, which supplies water and wastewater quality management, chemical feed systems, and gas-phase filtration technologies to municipal utility and industrial customers. Clearlake co-founder José E. Feliciano won a record $3.9 billion Padres sale in a unanimous MLB vote. Oakley played in the AI accuracy drive with the Graphwise acquisition, while CataCap backed data protection company B4Restore. Columna exited its majority stake in Ardentis Cliniques Dentaires to Medbase. THL acquired Queue-It from GRO Capital in a strategic move within the growing agentic commerce space.
Secondary Market and Fund Activity
Ardian's Mark Benedetti highlighted infra secondaries as a mispricing bright spot within private markets, noting that while more capital is entering infra secondaries, much of it is being deployed by relatively new entrants in a market characterized by variety. Hollyport led a €160 million CV for Talentech, a recruitment software platform that had already been the subject of a CV earlier this year when moved into a multi-asset vehicle by joint owner Verdane. ICG backed Onex's Ryan again in a CV-on-CV process, three years after Onex first moved the tax services provider into a single-asset continuation fund. UBS strengthened its EMEA secondaries advisory with director hires from DC Advisory, reuniting with Michael Wieczorek who joined UBS to head its EMEA secondaries advisory unit late last year. Korean LPs embraced PE secondaries and mid-market investments amid credit controversy, with some institutions expected to lean into equity-based strategies as they seek new homes for 2026 credit allocations. SEMA committed 460 billion Korean won to domestic blind-pool PE/VC funds for 2026. Denmark's Novo Holdings expanded in Asia with homegrown managers, building a roster of local GPs and growing its regional headcount, as the $37 billion investment arm of Denmark's Novo Nordisk Foundation seeks to deepen its Asian presence. Side Letter highlighted rare stakes in the European GP market, discussing how to measure portfolio stress and a GP leaning deeper into the Middle East. Side Letter explored whether software value vintages represent the right time to invest, alongside GIC's sustainability shake-up and a Hong Kong investor leaning deeper into PE. Side Letter addressed SAA challenges, the total portfolio approach, hurdles in implementation, EQT's entry into sports franchising, and investors seeking defense investing guardrails. Novo Holdings is building a roster of homegrown GPs in Asia while growing its regional headcount, as the $37 billion investment arm of Denmark's Novo Nordisk Foundation continues its Asian expansion strategy.
Venture Capital and Startup Funding
Rillet became a unicorn after raising $100 million in Series C funding at a $1 billion valuation, led by Iconiq, having doubled its ARR in three months. Reach Capital closed an oversubscribed $265 million Fund V to back AI founders building to expand human potential. Travis Kalanick raised $1.7 billion for his new robotics company Atoms, becoming introspective about the role VCs have played in his career. DOJ is investigating Andreessen Horowitz over rival board seats, a probe that has baffled VCs who view occasional conflicts of interest as unavoidable for large VC firms. Quantum Light closed $500 million for its second VC fund, led by Nik Storonsky, co-founder of Revolut. VCs poured billions into physical AI as the next wave of AI investing takes shape, with global venture funding in the physical AI space totaling $47.4 billion across 521 deals in the first half of 2026. European fintech companies are experiencing "ARR fever," touting revenue milestones and emphasizing their continued relevance in a competitive market landscape. 15 alumni from European unicorns are now building in stealth mode, signaling continued innovation and entrepreneurial activity across the continent. Startups are clamping down on internal AI slop by implementing writing policies to maintain quality standards and prevent degradation of content produced by AI tools. OpenAI clarified that its "acquisition" offer for an Irish teen's startup idea was merely a joke, addressing confusion around the initial announcement. VCs have been backing the most 2026 unicorns, with 250 companies joining the unicorn ranks through August 15, up from 2025's 193 companies, led by sectors including robotics, AI labs, healthcare, biotech, financial services, and AI. European unicorns continue to drive innovation with alumni building new ventures in stealth mode. Non-tech founders are increasingly securing venture funding, exemplified by Tabs founder Ali Hussain, who built his AI fintech into a $400 million startup after pivoting from pursuing a Ph.D. in humanities.