Private Equity 8 Hours

Last updated: September 3, 2026, 2:15 PM ET

Deals & Exits

Private equity activity remained brisk. Sycamore Partners sold retailer Hot Topic to Spencer Spirit Holdings, with the portfolio including Box Lunch and Her Universe. In a separate move, the same firm exited the brand as part of a broader strategy discussion involving LLCP’s Matthew Rich and ACP’s Chris Jones. Meanwhile, Thoma Bravo is exploring a sale of construction software maker Foundation Software, potentially valuing the company at over $2bn. The firm also weighed options for the asset, according to sources.

Fundraising & Capital

CVC Capital Partners’ secondaries arm nearly doubled its flagship vehicle, holding a final close at $10bn for its sixth global fund. The firm also saw Blackstone hold firm at a 5% redemption limit for its retail-facing private credit fund, capping withdrawals fora second consecutive quarter. On the venture side, global funding jumped 122%in August,with investors pouring $42 billion into over 1,500 startups, though that was down 25% from July’s $56 billion. The streak of billion-dollar deals continued, boosting sentiment across the ecosystem.

Add-Ons & Platform Buys

Several platforms expanded via acquisitions. Arcline-backed Arxis completed purchases of Schatz Bearing and Strat Edge, targeting aerospace, defense and space applications. CAI Capital-backed GreenArrow acquired MSL Electric, a union electrical contractor focused on traffic signal and intelligent transportation systems. Align Capital Partners bought Trident Solutions,which serves over ́1,700 customers in utility and industrial sectors. Truelink Capital acquired JT Thorpe Group, a specialist in industrial maintenance and thermal management. Gemspring-backed Airswift picked up New Tech Global’s energy units, including Ventures and Rig Personnel. Incline Equity-backed West Physics acquired Radiographic Testing Services, expanding its medical physics consulting footprint. Finally, Magnesium Capital invested in TMA, a provider of metering and energy data management services.

Regulation & Policy

UK venture capitalists welcomed a government decision to rule out an exit tax on spinouts, removing a potential hurdle to commercialization. Separately, Revolut cleared the first hurdle toward obtaining a US banking licence, a key step for its American expansion plans.

Strategy & People

Investors eyeing sports deals must be a good sport, as that sector brings unique challenges beyond typical buyouts. In Canada, IMCO is charting next steps in private equity, balancing small buyouts with mega-transactions driving distributions. Meanwhile, Nordic fintech faces a structural problem: companies are becoming excellent at survivingbut worse at scaling, according to industry observers. Finally, Matt Clifford’s moveto join Anthropic drew criticism from some quarters,with detractors calling it"not cool" given his prior public roles.