Last updated: September 30, 2026, 6:06 AM ET
Private Equity Deal Activity
KKR agreed majority investment in Indian liquid storage platform Cisternina, a bulk liquid and gas storage and logistics business serving e-commerce and industrial clients. Parthenon Capital sealed $200m sale of eSec Lending to fintech Capitolis, exiting a securities lending and auction business founded in 2000. Webster Equity Partners inked $664m take-private of Lifecore Biomedical, a Minnesota-based CDMO specializing in pharmaceutical development and manufacturing. Greenbriar struck deal for Spectrum Control, acquiring RF components maker from AEA Investors to expand industrial electronics exposure. HIG Capital completed acquisition of UK fulfillment specialist Torque, adding warehousing and returns management capabilities to its portfolio. Bain Capital took minority stake in Kahua at above $1bn valuation, backing an AI construction management platform headquartered in Alpharetta, Georgia. Kohlberg-backed CLEAResult sealed deal for California energy code platform CHEERS, enhancing its energy efficiency offerings. Mutares agreed deal to buy Steinmüller Engineering from Japan’s IHI, a German engineering and pressure vessel manufacturer. Riverside backs French medtech CDMO Medical Group in Selenium Medical tie-up, supporting a Saint-Priest-based firm serving medical device clients. Inflexion took minority stake in French nail care brand Manucurist, a Paris-based company in the beauty supply chain. Audax Private Equity agreed $1.4bn sale of GCG to Rexel, divesting a US specialty wire, cable, and connector business for €1.4bn. Biospring Partners led growth investment in spray drying CDMO Serán Bioscience, a Bend, Oregon-based firm providing analytical and clinical services. Luminate Capital Partners made growth investment in ITpipes, a Seattle-based pipe inspection software firm using Esri Arc GIS for municipal and industrial clients. Incline Equity Partners invests in The Conrad Company, a York, Pennsylvania-based industrial distributor supplying pneumatic and hydraulic systems. The Visualize Group closed eCOGRA deal, combining it with BMM Testlabs to expand gaming and lottery testing capabilities. Sun Capital completed CV for Anderson Global, with Bain Capital’s Matt Evans discussing partial exit of MRO Holdings to AAR. Ara Partners hires CFO Masumi Waida from ACON Investments to lead corporate and fund finance, accounting, tax, and treasury functions.
Fundraising and Strategic Moves
a16z-backed Elise AI raised $350M, doubling its valuation to $4B in a year as it scales its AI-powered leasing and property management platform. Tiny Health raised $33M to explore gut data’s predictive potential for future health, led by a Series B round in Austin. Zenithon raised $10M for AI world models lab development, backed by Exclusive: Backed and SOSV to advance generative simulation technologies. Pantheon opened Abu Dhabi office, appointing Firas Mallah as head of Middle East after his tenure as managing director and head of MEN at Sagard. Juicebox opened London office to take on Jack & Jill, leveraging Sequoia backing to disrupt the children’s apparel and parenting products market. Dazzle launched by Marissa Mayer, betting that camera rolls contain more life insights than inboxes for its AI-powered photo assistant. Oura hit pause on IPO while Anthropic’s prospectus revealed the high cost of its AI ambitions, delaying the wearable health tech firm’s public offering plans. Tapestry VC partner warned that the AI safety debate overlooks risks of physical AI systems, urging greater scrutiny of embodied AI in robotics and automation. Hamilton Lane’s Giannini to retire, with Mario Giannini set to relinquish his duties as executive co-chairman in 2027, marking the end of a prescient voice in private equity. CNPADC seeks investment consultants, issuing an RFP as the Italian private pension fund looks to strengthen its investment advisory framework. Side Letter highlighted defence dilemma, noting reputational risk as a barrier to defence sector interest amid Hamilton Lane leadership transitions. Sagard’s Bernard Sabrier declared private equity’s era of “financial artists” over, citing a $3tn exit backlog, broken distribution cycles, and AI as forces separating genuine operators from financial engineers. KKR takes majority stake in Cisternina to build pan-India liquid storage platform, reinforcing its commitment to bulk logistics infrastructure in India. Bain Capital’s Matt Evans discussed partial exit of MRO Holdings, noting the deal valuation represents 10.7x forecast full calendar year 2024 EBITDA. The VCs competing to run the UK’s £1bn Scale-Up Fund were profiled, with multiple firms positioning to manage the government-backed initiative targeting high-growth startups. Employee liquidity becoming fundamental to private businesses, as the secondaries arms race intensifies and liquidity options evolve beyond traditional exits. Stress intelligence urged for business models, advocating continuous monitoring to build resilience into workplace wellbeing frameworks. Sex, money, power — or EU Inc? debated at Sifted Summit, where moderators explored cultural, financial, and regulatory forces shaping Europe’s corporate future. As Flat Pay soars, Nordic fintech searches for its next act amid shifting market dynamics and competitive pressures in the payments sector.