Private Equity 3 Days

Last updated: August 21, 2026, 9:29 PM ET

Private Equity Takeovers Drive Major Transactions

KKR-backed consortium agreed to a $5.5bn take-private of Steadfast Group, Australia's largest general insurance broker network, splitting the company between three Australian backers. The deal values Steadfast at A$7.7bn and represents one of the largest PE-backed acquisitions in the Asia-Pacific region this quarter. Meanwhile, CVC pushed deeper into insurance asset management through a joint venture with Standard Life to build a new pension risk transfer platform targeting the UK's largest corporate pension schemes with up to £2bn in commitments. KKR also acquired a minority stake in Book MyShow, one of India's leading ticketing and live entertainment platforms, betting on the country's growing consumer spending on entertainment. KKR made a $9bn bid for UGI, the US natural gas and electricity distributor, in a data centre-driven power play that underscores PE interest in energy infrastructure. 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 that allowed the lenders to take over the business.

Healthcare and Financial Services See Strategic Acquisitions

Advent International and Bain Capital are pressing to acquire 100% of Amil, one of Brazil's largest health insurers, at a valuation of about R$17bn ($3.3bn). The push for full control comes as price negotiations have stalled between the private equity firms and the company's current shareholders. Carlyle and other PE firms continue to show strong interest in revenue cycle management platforms, with SEVA announcing an investment in the healthcare price transparency sector. Stone Point and Genstar are set to take co-controlling stakes in fintech firm Ascensus, each investing new capital to hold equal stakes in the company. Stone Point also completed the purchase of Ever.Ag's risk management unit, which provides risk management solutions to agricultural producers, processors, and cooperatives. Vesey Street-backed Orthopaedic Solutions Management picked up Orlando Orthopaedic Center, including OOC's affiliated ambulatory surgery center, marking the company's 23rd acquisition.

Technology and AI Remain Hot Investment Themes

Ode, a US-based enterprise AI transformation company backed by Anthropic, acquired AI services firm Casper Studios to expand its capabilities in delivering AI-powered solutions to enterprise clients. Phoenix Equity and Thoma Bravo are among firms betting on Irish deals, with Exponent announcing an investment in OFS, a provider of specialist technical services for the global power generation industry based in Ireland. Phoenix Equity Partners also backed Irish occupational health provider Medmark, founded in 1987, which provides occupational health, health screening, workplace medical assessment and employee wellbeing services to more than 500,000 employees across nine locations in Ireland. PSG invested in XBE, a construction software provider, with founder and CEO Perry and Banneker Partners retaining significant ownership positions. CataCap acquired a majority stake in B4Restore, a Danish provider of data protection services, expanding its portfolio in cybersecurity and data management solutions.

Secondary Market Activity Accelerates

CVC is preparing to bid for Aldermore, the UK challenger bank being sold by its South African parent First Rand under the shadow of the motor finance mis-selling scandal. New market entrants are seeking to pre-empt auction processes to differentiate themselves, according to Lazard's Alex, reflecting growing buyer competition in the secondaries market. Jefferies Credit Partners is seeking to raise around $1.16bn (€1bn) for a new fund that will trade private credit loans in the secondary market, highlighting continued investor appetite for alternative credit strategies. ICG backed Onex's Ryan again in a CV-on-CV process, coming three years after Onex first moved the tax services provider into a single-asset continuation fund. Churchill and Sevilla formed a $400m CFO vehicle with collateral spanning PE assets, demonstrating the growing trend of continuation funds in the secondaries market. 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 institution this year.

Leadership Changes and Fundraising Milestones

Charlesbank appointed co-managing partners White and Hau to lead the firm, with Hau, who led the firm for the last 12 years as president and then CEO, serving as managing partner emeritus. Rillet raised $100M in Series C funding at a $1B valuation, becoming a unicorn just two years after emerging from stealth, after doubling its ARR in the past three months. Callosum raised $100m in seed funding led by Singh to tackle AI compute bottlenecks and accelerate AI adoption across Europe. Domyn raised over $1bn in funding, with CEO Sharka stating the company is a few quarters away from reaching $1bn ARR. Velatir raised €5m to accelerate AI adoption across Europe, focusing on building AI infrastructure capabilities. Revolut increased its CEO's borrowing limit against his shares to $250m, providing additional financial flexibility for the fintech giant.

Energy and Infrastructure Investments Expand

Continental Resources acquired Quantum-backed Fire Bird, a US-based upstream oil and gas company focused on the responsible development of assets in North Dakota. 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 North America and Europe. 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. Blackstone Strategic Partners anchored EQT's new AI Infrastructure Fund, creating a blueprint for larger infrastructure investments in the secondaries market. MassPRIM is shifting toward smaller buyouts amid PE underperformance, with the system's limited exposure to AI-related sectors weighing on its PE returns.

Real Estate and Property Technology Continue Growing

CVC agreed to take a majority investment in Open Rent, the UK rental platform founded in 2012 that is used by more than 8.8 million landlords and tenants, with more than one in five UK tenancies now running through it. Waterland emerged as the latest bidder for Gamma Communications, the UK-listed business telecoms group, entering the reopened takeover battle. Ridgeview signed a deal with car dealership software business Pinewood, with the offer valuing Pinewood's total equity at £545 million, representing a premium of 43% to the company's share price on July 23. Vesterra-backed Bland Landscaping added two South Carolina landscaping and aquatics firms, Charleston Grounds Management and Coastal and Wetland Services, expanding its footprint along South Carolina coast. Osceola Capital-backed Valor Exterior Partners added Wisconsin roofer Dick's Roof Repair, founded in 1957 by Dick and now led by his son Mike, providing roofing, siding, and other exterior home services to homeowners in southern Wisconsin and northern Illinois.

Specialty Sectors Attract Diverse Investors

Carlyle and other PE firms continue to drive specialty healthcare RCM investments, with companies like Francisco Partners, Serent Capital leading the charge in revenue cycle management platforms. Turnspire 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. Bernhard Capital-backed Aventia acquired civil engineering firm Bryant Hammett & Associates, expanding its environmental and infrastructure services capabilities. River Associates acquired personal care products manufacturer Diamond Wipes, which serves brands, retailers, and distributors across North America. Blackford Capital added a fire safety integrator to its platform in a second add-on acquisition, with Industrial Electronic Systems designing and installing fire alarm, security, and life safety systems for commercial, institutional, and government customers across North America.

International Expansion and Market Entry

Arctos struck a deal for 10% of the Atlanta Falcons at a $10.6bn valuation, marking continued PE interest in sports franchises and entertainment assets. GHK Capital-backed WSB added Tennessee engineering firm CIA, which specializes in water and wastewater utilities, civil/site design, aviation infrastructure, and surveying for municipalities and public agencies. Greybull Stewardship-backed ProHome acquired a Mid-Atlantic franchise, expanding its Mid-Atlantic reach in the home services sector. TJC is preparing to bring Dental365 to potential buyers, with Apax completing the exit of residential warranties company OnCourse to Genstar. Genstar Capital struck a deal for Oncourse Home Solutions, 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 $650m, marking PE's return to household products investments alongside Bain, River Associates, and KKR.

Regulatory and Market Dynamics Shape Investment Strategies

Charlesbank's $700m WSHB deal tests the last wall keeping private equity out of law firms, with the firm in advanced talks to acquire a stake in Wood Smith Henning & Berman, a California law firm. Thoma Bravo is weighing concessions as Sophos, the cybersecurity firm it owns, turns to lenders for $2bn refinancing after attempts to secure private credit backing fell through. Oakley plays in the AI accuracy drive through its acquisition of Graphwise, while Singh backs data protection company B4Restore. 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. Baird Capital exited Cleanwater1 in a sale to Veralto, with Cleanwater1 supplying water and wastewater quality management, chemical feed systems, and gas-phase filtration technologies to municipal utility and industrial customers. BGF exited Norfolk motorsport tech firm bf1systems to Lagercrantz, with the Diss, Norfolk-headquartered company having grown revenue to £17.8m and counting McLaren, Lamborghini, and Porsche among its clients.