Private Equity 24 Hours

Last updated: August 28, 2026, 2:16 PM ET

Deals & Exits

The biggest story of the past 24 hours is the collapse of what would have been a record-breaking buyout. Advent International and Stripe have walked away from their pursuit of PayPal, ending a potential $50bn-plus leveraged buyout, according to Bloomberg. The abandonment leaves PayPal's shares under pressure as investors digest the failed bid.

In completed M&A, Arcline Investment Management has finalized its $272m take-private of Astro Nova, the Rhode Island-based maker of aerospace printing and product-identification systems, in an all-cash deal following an activist-driven sale process. The transaction underscores continued appetite for small-cap industrials in the private markets.

Meanwhile, KKR and Apollo are investing $1.9bn (C$2.7bn) to acquire a 29% stake in Enbridge's Westcoast natural gas pipeline in British Columbia. The joint venture will fund two expansion programmes, marking another major infrastructure play by the two alternative asset managers.

Fundraising

Franklin Templeton has closed its debut $1.5bn CFO bundling vehicle, combining Lexington Partners secondaries exposure with Benefit Street Partners credit strategies. The fund launch marks a significant milestone for the asset manager's private markets push.

Crescent Capital Group has doubled its CLO equity vehicle with a $232m final close of Crescent CLO Equity Funding II. The second captive collateralised loan obligation equity fund builds on the firm's first vehicle and signals continued investor appetite for CLO equity in a volatile rate environment.

On the institutional side, ERS Texas has set its private equity pacing plan for fiscal 2027, seeking to commit up to $1bn in new investments. The public pension fund's target underscores the steady flow of capital from US public plans into the asset class.

Venture & Growth

Andreessen Horowitz is pivoting toward hardware with a new $1.1bn 'Machine Age' fund dedicated to accelerating the physical buildout of AI infrastructure. The fund, announced by the firm known for its software focus, will back companies building the data centers, chips, and energy systems underpinning artificial intelligence.

Space tech is enjoying a banner year, with a record $20.3bn in global seed-through growth-stage funding flowing to space- and satellite-related companies so far in 2026, according to Crunchbase data. The figure already far exceeds prior annual highs, driven by demand for satellite communications, Earth observation, and launch services.

European venture activity remains concentrated, with just three deals accounting for nearly half of all German VC funding this year. The lopsided distribution highlights the challenge for early-stage startups seeking capital outside a handful of mega-rounds. Despite this, Europe recorded its second-busiest August ever, with 10 under-the-radar rounds worth noting across the continent.

US VCs remain active in Europe, and a new ranking of the most active investors shows the breadth of cross-Atlantic deployment. Meanwhile, the Nordic region is drawing renewed attention, with investors debating whether the momentum is sustainable or a cyclical spike.

Sector Focus: Healthcare & Tech

Private equity firms are increasingly targeting patient engagement technology, with Clearlake Capital, Marlin Equity Partners, and New Mountain Capital among those making five notable deals in the space. New software, including agentic AI applications, is driving provider adoption and creating scaling opportunities for PE-backed platforms. Separately, Flexpoint's sale of Artes Rx was driven by specialty pharmacy and mental health needs.

In financial services, agentic commerce and AI-driven fraud are reshaping dealmaking. Accel-KKR-backed Basware recently signed a binding agreement to acquire Trustpair, pairing invoice lifecycle management with payment fraud prevention. The transaction highlights how AI is becoming a core due diligence and value creation theme in fintech M&A.

Other Headlines

Vista Global, the private aviation group, is weighing a $1bn European IPO that would convert equity held by RRJ Capital and Rhône Group into listed shares, according to Bloomberg. The listing would provide a liquidity event for the two PE backers.

Trinity Hunt Partners has made an investment in management consulting firm Fisher Management Partners, establishing a new value creation services platform with Fisher as its foundational asset.

Finally, Strictly VC returns to New York's West Village on September 10, featuring Keith Rabois, Craig Shapiro, Jason Levien, Tristan Walker, Brynn Putnam, and Deven Parekh, with discussions covering AI and sports investing.