Private Equity 3 Days

Last updated: August 21, 2026, 10:46 PM ET

Megadeals & Take-Privates

The week’s largest take-private was KKR’s $5.5bn takeover and break-up of Steadfast Group, Australia’s biggest insurance broker, with the assets split among three US backers. KKR also made a $9bn bid for US energy distributor UGI, a data-centre-driven power play reported by the Wall Street Journal. It agreed to take a minority stake in BookMyShow, betting on India’s live entertainment boom.

In Brazil, Advent and Bain are pushing for full control of Amil, one of the country’s largest health insurers, at a valuation of around R$17bn ($3.3bn) as price stalls talks. In sports, Arctos agreed to buy a 10% stake in the Atlanta Falcons at a $10.6bn enterprise value. CVC took a roughly 9% stake in K-beauty exporter Silicon2 at a $2.1bn enterprise valuation. It is also preparing a bid for Aldermere, a UK challenger bank, as parent First Rand exits under a motor-finance mis-selling cloud.

Tech & AI: Funding Frenzy

AI-native accounting startup Rillet became a unicorn in 48 hours, raising $100M from Iconiq, Sequoia and others after doubling ARR in three months. A second TechCrunch report leads with Castelion, a defense startup building a hypersonic missile, among the week’s biggest financing rounds, alongside AI inference and video-creation platforms.

Domyn AI era

has raised over $1bn, according to Sifted. CEO Uljan Sharka tells the model maker is a few quarters away from that level. Across the Atlantic, Callosum raised a $100m seed guided by "Atomico" to attack AI compute bottlenecks. UK chip startup Fractile is in talks to raise at a $6.5bn valuation, per reports. AI infrastructure company Velatir secured €5m to accelerate European adoption.

Early Cerebras investor Adit Singh has joined Mayfield as an infrastructure partner focused on semiconductors, cybersecurity and physical AI. The firm, which also backs French AI lab Mondrian, is doubling down on compute-heavy verticals.

F.Kalan Kalanick has fired off new criticism of venture capitalists, saying just 1% were helpful in his career, according to sources. He raised $1.7bn for his robotics company Atoms. Revolut is letting its CEO Nikolay, now in a structure not common in fintech, borrow up to $250m against his shares. Starling has unveiled a weekly AI rollout as the neobank race intensifies. Who are Europe’s ‘top’ VCs?asked Claude and Chat GPT—with left-field results. The AI frontier remains controversial: Europe debated whether it badly needs its own frontier AI models, in a big divergence of opinion.

AI Accuracy, Governance & Policy

The DOJ is investigating a16z because two of its partners sit on boards of now-competing companies—Ben Horowitz at Databricks and Martin Casado at Fivetran—raising new governance questions. The firm argues AI gives foreign founders an edge via its Borderless Founders initiative, balancing “one foot in your home country, one in Silicon Valley.” Meanwhile, OpenAI clarified its “acquisition” offer for an Irish teen’s startup idea was a joke. And startups are clamping down on internal AI “slop”.

Secondaries: Liquidity & New Infrastructure

The University of California system has sold $1bn of PE stakes to Harbour Vest Partners at a discount. Jefferies Credit Partners is targeting $1.16bn for a private credit secondaries fund. In CV‑on‑CV, ICG backed Onex’s tax‑services platform Ryan, three years after its first continuation. Churchill and Temasek’s Seviora formed a $400m CFO vehicle. CV pricing strengthens as new buyers pre‑empt deals—said Kevan Comstock of Lazard. Korean LPs are embracing secondaries and mid‑market allocations. Transparency is becoming table stakes for entrenched and new PE investors alike.

UK Translations, Private Credit & Specialty M&A

CVC agreed a JV with Standard Season Life to build a UK pension risk transfer platform with up to £2bn in commitments. CVC also took a majority in OpenRent , which uses more than one in five UK tenancies. Waterland has emerged as the newest suitor for Gamma Communications. Ridgeview agreed to buy Pinewood for £545m, a 43% premium. Francisco Partners will acquire Weave for $650m. Carlyle is exploring a $2.5bn sale of YipitData, per Reuters.

More Healthcare, Construction, Add–on PLate

Revenue cycle management remains hot: Carlyle, Longshore, and Serene invested in RCM platforms. A separate roundup covers 8 healthcare RCM deals. Vesey‑Street‑backed Orthopaedic Solutions Management acquired a Orlando Orthopaedic Center. Vistria‑backed Risepoint took Keypath’s North American operations. SEVA took a minority in Serif Health after federal rules pushed it into price transparency. Phoenix Equity backed Medmark, serving 500,000 workers across Ireland. Uplift Investors acquired Engage fi, with 2,700 client engagements.

Infrastructure: Deals, Series & Add-ons

Ocean Sound‑backed Certerra acquired Skyrise Engineering in Florida. Continental Resources bought Quantum‑backed Fire Bird. Turnspire Capital snapped rail firm Hulcher with 28 service centers. Midas Atlantic and Najafi signed for Panasonic’s power and battery unit. Bernhard Capital‑backed Aventia acquired Civil Hammett. Charlesbank’s Albireo Energy took Power’s regional divisions.

Add‑ons abound: Pro Home acquired the Metro DC franchise. Valor added Dick’s Roof Repair. Bland Landscaping added two South Carolina firms. WSB hired Tennessee engineer CIA. XBE gets a PSG investment. River Associates acquired Diamond Wipes. Oakley acquired a majority in Graphwise, and Cata Cap took a majority stake in B4Restore. Ode ( backed by Anthropic ) acquired Casper Studios — the enterprise AI services firm.

Stone Point

closed its Ever.Ag risk unit, now independent under a new brand. Long Ridge invested in unclaimed‑property veteran Market Sphere with a new capital line, while Apax sold OnCourse to Genstar, which will take co‑adjacent stakes in Ascensus alongside Stone Point ( deal details ).

Pension, Law &The Last Walls

Charlesbank’s $700m WSHB deal tests the last wall keeping private equity out of the law–‑per FT. The firm also announced a partner shake‑up, naming co‑managing partners.

Side Letters & Outlook

The Side Letter argues that software is a value vintage now and that GIC is undergoing a sustainability reappraisal while a Hong Kong LP sets a new PE target. Read why now for software. Another letter highlights SAA hurdles and EQT’s push into sports.

Event Notes & Founder Advice

For TechCrunch Disrupt 2026, be sure to floor the founders. Need to reclaim debt without court? Here’s the professional’s five‑step process. In Berlin, 10 outstanding meet spots for founders and VC matches. And 15 alumni of European unicorns are building in stealth. The FCA’s Scaleup Unit advises: “Don’t be frightened of the regulator.”

Deal Journal

When should a board sell? Continuous evaluation is needed. Which investors back the unicorns of 2026? Only 250 have joined the count so far. And the top 10 US rounds showcase defense, AI tools and infra.

Reality Check

As Kalanick said, “The bill always comes due for investors ignoring multiples.” More from Ali Hussain on why a humanities PhD moved to AI. But even with record FV activity, secondaries still own only small SHA of global NAV. As one LP put it: “It’s a fantastic time to be a buyer—but only if you’re brave.”