Private Equity 3 Days

Last updated: August 20, 2026, 7:13 PM ET

M&A Activity

KKR has made a $9bn bid for U.S. energy distributor UGI, marking a significant data centre-driven power play in the energy sector. Francisco Partners agreed to take health tech firm Weave private in a $650m transaction, reflecting continued PE interest in healthcare technology. Stone Point and Genstar will take co-controlling stakes in fintech firm Ascensus, each investing new capital and holding equal stakes. Vistria-backed Risepoint acquired Keypath’s North American operations, expanding its footprint in healthcare education technology. CVC and Standard Life launched a UK pension risk transfer platform with up to £2bn in commitments, targeting the nation's largest corporate pension schemes. Charlesbank is in advanced talks to acquire a stake in Wood Smith Henning & Berman (WSHB), a U.S. law firm, in a transaction worth about $700m, testing the last wall keeping private equity out of law. Blackstone Strategic Partners anchored EQT’s new AI Infrastructure Fund, demonstrating how secondaries markets continue to build infrastructure for emerging technologies.

Healthcare & Life Sciences

Nordic Capital-backed LEO Pharma will acquire dersimelagon rights from Bain-owned Tanabe for $435m, strengthening its position in medical dermatology serving close to 100 million patients annually. SEVA made a minority investment in health tech firm Serif Health, with proceeds aimed at accelerating sales growth and new product development. Stone Point completed the purchase of Ever.Ag’s risk management unit, which provides solutions to agricultural producers and cooperatives, operating as an independent company under new branding. R1, backed by Tower Brook and CD&R, acquired prior-authorization AI firm Humata, enhancing its healthcare revenue management capabilities. CheckedUp was sold by Rockbridge to Providence Equity, with Varsity Healthcare Partners joining as strategic minority investor alongside management.

Technology & Software

Callosum raised $100m in seed funding led by Atomico to tackle AI compute bottlenecks, addressing critical infrastructure gaps in machine learning operations. Rillet secured $100M in Series C funding at a $1B valuation, becoming a unicorn just two years after emerging from stealth, driven by rapid ARR growth. Domyn raised over $1.1bn in funding, with CEO Uljan Sharka stating the company is "a few quarters away from $1bn ARR" and leading a European AI consortium. Velatir raised €5m to accelerate AI adoption across Europe, focusing on infrastructure development for enterprise clients. Graphwise attracted majority investment from Oakley Capital, serving over 200 blue-chip customers with knowledge graph technology for enterprise AI. XBE received investment from PSG, with founder Sean Devine and Banneker Partners retaining significant ownership positions.

Real Estate & Infrastructure

CVC agreed to a majority investment in UK rental platform Open Rent, which serves over 8.8 million landlords and tenants with more than one in five UK tenencies now running through it. OpenRent continues expanding its direct-to-landlord model after the CVC deal valued the platform significantly. Silicon2 saw CVC take an approximately 9% stake in the South Korean beauty distributor, valuing the company at about $2.1bn amid K-beauty's Western expansion. EQT is considering a sale of its Vietnamese English-language education businesses in a potential exit valuing assets at about $500m. Brookfield landed a $2.9bn deal for Reliance Worldwide after a fourth bid cleared the board, acquiring the ASX-listed Australian plumbing products manufacturer in an all-cash proposal.

Energy & Industrials

Continental Resources acquired Quantum-backed Fire Bird, a Texas-based upstream oil and gas company focused on the Midland Basin. Turnspire Capital Partners acquired rail services firm Hulcher, which operates over 3,000 specialized units across 28 service centers serving all six North American Class I railroads. Exponent agreed to invest in OFS, an Irish gas turbine services specialist operating in over 40 countries. Salt Creek Capital sealed acquisition of Georgia-based Craig Wire Products, a manufacturer of custom-shaped magnet wire for industrial applications. NVI, backed by Gen Nx360, completed an add-on acquisition of Barracuda Specialty Services, expanding its technical services portfolio.

Platform Investments & Add-Ons

ProHome, backed by Greybull Stewardship, acquired a Metro DC franchise, expanding its Mid-Atlantic reach in builder warranty management services. Valor Exterior Partners added Wisconsin roofer Dick’s Roof Repair, founded in 1957, to its platform serving southern Wisconsin and northern Illinois. WSB, backed by GHK Capital, acquired Tennessee engineering firm CIA, specializing in water and wastewater infrastructure. Bluejack, backed by Agellus, snapped up Phillips Fire & Life Safety, expanding its national fire safety services platform. Crest, backed by Stellex, acquired manufacturer Dukane, strengthening its industrial technology portfolio.

Fundraising & Capital Markets

Jefferies Credit Partners targets $1.16bn for a private credit secondaries fund, seeking to trade private credit loans in the secondary market. University of California sold $1bn of private equity stakes to Harbour Vest Partners at a discount, continuing its portfolio rebalancing strategy. Churchill and Temasek’s Seviora launched a $400m CFO vehicle with collateral spanning PE assets, marking another major secondaries transaction. KKR acquired a minority stake in Book MyShow, one of India's leading ticketing platforms, betting on the country's live entertainment boom. Reach Capital closed $265M Fund V to back AI founders building to "expand human potential," reflecting strong LP demand for AI-focused vehicles.

Exit Activity

Warburg Pincus exited lab-testing platform Certified Group through a sale to food safety specialist Mérieux Nutri Sciences, completing a strategic exit in the diagnostics space. BGF exited Norfolk motorsport tech firm bf1systems to Lagercrantz, realizing gains on its investment in the Diss-based company with £17.8m revenue. Baird Capital sold Cleanwater1 to Veralto, exiting its water quality management platform investment. Columna Capital exited dental care provider Ardentis to Medbase in a strategic transaction. Lone Star completed sale of Vigor Marine Group to Antin Infrastructure Partners, exiting its maritime services investment.

Special Situations & Restructuring

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, following a default. Thoma Bravo is weighing concessions as Sophos, the cybersecurity firm it owns, focuses on existing lenders to refinance over $2bn of loans after attempts to secure private credit backing fell through. TJC is preparing to launch a sale process for Dental365, a dental services company active in eight states, while Apax exits OnCourse to Genstar. Genstar acquired OnCourse Home Solutions from Apax, adding to its portfolio of residential services companies.

International Expansion

Mayfield hired early Cerebras investor Adit Singh as infrastructure partner, focusing on semiconductor, cybersecurity, and physical AI investments. Novo Holdings is building a roster of homegrown GPs in Asia, growing its regional headcount as the $37bn investment arm expands internationally. SEMA committed 460bn Korean won to domestic blind-pool PE/VC funds for 2026, signaling strong regional LP activity. Korean LPs are increasing allocations to PE secondaries and mid-market strategies amid broader credit market controversies.

Venture Capital & Growth

a16z is betting on international AI founders through its Borderless Founder network, believing that having one foot in home countries and one in Silicon Valley provides a competitive advantage. Travis Kalanick criticized VCs, saying only 1% are helpful, following his robotics company Atoms raising $1.7bn. VCs poured billions into physical AI, with global venture funding totaling $47.4bn across 521 deals in the first half of 2026, representing nearly 4x growth. Tabs founder Ali Hussain built his AI fintech from a humanities background into a $400M startup, highlighting non-traditional founder paths. Revolut raised its CEO's borrowing limit against shares to $250m, reflecting confidence in the neobank's valuation trajectory.

Secondary Markets & Portfolio Activity

ICG backed Onex’s Ryan again in a CV-on-CV process, marking three years since Onex first moved a tax services provider into a single-asset continuation fund. Ardian sees infrastructure secondaries as a mispricing bright spot, with co-CEO Mark Benedetti noting increased capital deployment by newer market entrants. UBS strengthened its EMEA secondaries advisory with DC Advisory hires, reuniting a director with Michael Wieczorek who leads the unit. Hollyport led a €160m CV for Talentech, a recruitment software platform that previously underwent a continuation vehicle process. MassPRIM shifted toward smaller buyouts amid PE underperformance, citing limited AI-related sector exposure as a drag on returns.

Regulatory & Policy Watch

PE International reports that transparency is becoming table stakes for PE investors as markets face greater risk and regulatory scrutiny. UK government faces pressure to change non-compete rules, with stakeholders calling for reforms to support talent mobility. FCA Scaleup Unit encourages firms to “don’t be frightened of the regulator,” helping fintechs navigate compliance requirements. DOJ probe into Andreessen Horowitz over board seats has baffled VCs, with investors viewing occasional conflicts of interest as unavoidable for large firms.

Sector Spotlight: AI Infrastructure

Fractile, a UK chip startup, is in talks to raise at a $6.5bn valuation, reflecting investor appetite for AI hardware plays. Domyn CEO Uljan Sharka leads a European AI consortium while projecting $1bn ARR within quarters. Velatir raised €5m to expand AI infrastructure across Europe, targeting enterprise adoption. Graphwise secured majority investment from Oakley Capital for its knowledge graph platform serving enterprise AI needs. Callosum tackles AI compute bottlenecks with $100m seed funding to address infrastructure gaps. Rillet doubled its ARR in three months while securing $100M Series C at $1B valuation. Humata joined R1’s portfolio through acquisition, advancing AI-powered prior authorization in healthcare. Queue-It was acquired by THL from GRO Capital as “agentic commerce” gains traction. Nourish Care received growth investment from Hg while Livingbridge retained minority stake, supporting care software expansion.