Private Equity 3 Hours

Last updated: August 11, 2026, 8:48 AM ET

Dealmaking and Institutional Activity

TPG has agreed to buy a controlling stake in South Korea’s Lotte Rental, the country’s largest car-rental and leasing operator, in a deal valued at approximately $925m. HIG Capital completed its acquisition of Phoenix ME, a UK mechanical and electrical engineering firm serving blue-chip clients across Europe. In the secondaries market, Exponent closed a single-asset continuation vehicle of roughly $867m to retain H&MV Engineering, with Apollo, Pantheon and SQ Capital co-leading the transaction; the deal values the engineering services company at €1.4bn. Ardian co-CEO Mark Benedetti said the most significant mispricing opportunities are in European assets and secondaries, as more family-owned businesses seek partners to navigate the environment and expand internationally. Meanwhile, Plymouth County Retirement Association issued an RFP for a North American private equity manager.

Platform Building and Add-Ons

CCMP Growth-backed Airo, a provider of HVAC and plumbing installation services, acquired Legrande’s Enterprises, a specialty firm serving multifamily and light commercial property developers. Quad-C invested in Paradigm, an occupational safety and health platform formed through the combination of Code Red Safety, Concept Controls, and Haz Tek. Trinity Hunt backed Fisher Management Partners, a management consulting firm where managing partner Todd Fisher and the existing partners will continue in leadership roles. New Heritage invested in Power Rail, a manufacturer serving the global rail industry.

Defense, AI, and VC Expansion

Blair’s son is seeking $200m for a new defense startup, according to reports. Monashees, one of Latin America’s oldest VC firms, opened a San Francisco office to connect the region’s startups directly with Silicon Valley networks and capital. In a strategic perspective on technology adoption, AI-native transformation—redesigning teams, roles, and workflows around artificial intelligence, not just layering on tools—is the key to unlocking productivity gains, argues Bob Morse, co-founder of a major platform.