S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
The IPO market is accelerating, and private equity fund managers may try to capitalize on this momentum.
Markets are anticipating the largest-ever IPO when Space Exploration Technologies Corp. debuts June 12 targeting a $75 billion capital raise. This is the first of three mega-IPOs in 2026. The IPOs of OpenAI LLC and Anthropic PBC are expected to follow later this year.
The largest US IPO of 2025, by comparison, was medical supply company Medline Inc., backed by Blackstone Inc., The Carlyle Group Inc. and Hellman & Friedman LLC, which raised $6.27 billion, according to S&P Global Market Intelligence data.
Dozens of private equity and venture capital firms have invested in the three businesses and stand to benefit from the IPOs. Even more important to private equity may be the boost in sentiment that could result if a series of supersize IPOs inspires dealmakers to pursue transactions.
The global private equity market is still working to reverse a recent downturn in exit activity, and while IPOs typically represent a small fraction of private equity exits, they are key to monetizing large portfolio companies. Success for the upcoming AI company IPOs could also give a boost to the valuations of portfolio companies in AI or related industries, helping to narrow a persistent buyer-seller divide that has slowed private equity-backed M&A.
Read more about the potential knock-on effects for private equity from a trio of upcoming mega-IPOs.
CHART OF THE WEEK: Clearer rules boost crypto, blockchain investment
⮞ Annual private equity and venture capital investment in cryptocurrency and blockchain grew for a second consecutive year to $12.94 billion globally in 2025, according to Market Intelligence data.
⮞ Recent acquisitions of stablecoin platforms Bridge Ventures Inc. and BVNK Holdings Ltd. by large players in the payments industry — Stripe LLC and Mastercard Inc., respectively — are giving private equity and venture capital firms more confidence to invest, in part by demonstrating a pathway to exit.
⮞ Passage of the proposed Clarity Act in the US could also boost investment by establishing a new regulatory regime for crypto and blockchain.
TOP DEALS
– Warburg Pincus LLC and Tiptree Inc. completed the sale of specialty insurer The Fortegra Group Inc. to South Korea-based DB Insurance Co. Ltd. The transaction value was approximately $1.65 billion.
– Sixth Street Partners LLC made a minority strategic growth equity investment of more than $1 billion in Belgium-based data and analytics platform Kpler Holding SA. As part of the transaction, Five Arrows Managers SAS will exit its stake in the company. Evercore was Kpler's financial adviser and Goodwin Procter LLP was its legal adviser, while Moelis was Sixth Street's financial adviser and Milbank LLP was its legal adviser.
– The Carlyle Group Inc. agreed to sell Germany-based drivetrain solutions provider Flender GmbH to Triton. The transaction is expected to close in the fourth quarter.
TOP FUNDRAISING
– Blackstone Inc. raised $13.1 billion at the final close of Blackstone Capital Partners Asia III LP, exceeding its $10 billion target. Limited partners in the fund include California Public Employees' Retirement System and the Canada Pension Plan Investment Board.
– Bain Capital LP raised more than $1 billion for its second insurance-focused private equity fund, Bain Capital Insurance Fund II LP, With Intelligence reported. The fund pursues deals across the middle-market insurance sector in the US and Europe.
– Trinity Hunt Partners LP is targeting $1 billion for its eighth flagship private equity fund, Trinity Hunt Partners VIII, With Intelligence reported. The fund will focus on lower-middle-market companies operating in business services, healthcare services and consumer services across the US.
– Whistler Capital Partners LLC aims to raise $400 million for its second healthcare-focused fund, WCP Healthcare Partners II, with a hard cap of $500 million, With Intelligence reported. The firm is expected to begin fundraising in the fourth quarter.
– AnaCap raised more than €320 million for its latest flagship fund, Buyout II, at final close. The fund focuses on pan-European lower midmarket buyouts within the European financial ecosystem. The fund has already signed four platform investments across the Netherlands, Italy and Luxembourg. Proskauer Rose LLP and Van Campen Liem advised AnaCap on the fundraising.
MIDDLE-MARKET HIGHLIGHTS
– Wynnchurch Capital LP agreed to sell solid waste equipment manufacturer Labrie Environmental Group LLC to Finland-based Hiab. The transaction, valued at $1.04 billion, is expected to close in the third quarter. Baird was financial adviser to Labrie, and Ropes & Gray LLP was lead transaction counsel to Wynnchurch.
– Bridgepoint Group PLC will acquire Waldencast PLC's skincare business, Obagi Medical, in a deal valued at up to $460 million. The transaction is expected to close during the third quarter. Lazard is Waldencast's financial adviser, and Skadden Arps Slate Meagher & Flom LLP was its legal counsel. Separately, Bridgepoint invested in Sweden-based grocery logistics platform Stockfiller Services AB.
– Galvanize Climate Solutions LLC and affiliates made a $75 million preferred equity commitment to fleet electrification company Highland Electric Fleets Inc.
– One Equity Partners added Leviat BV, a Netherlands-based manufacturer of engineered construction products, to its portfolio.
– 3i Group PLC invested in French natural food supplement brand Laboratoire Nutergia. As part of the transaction, the founding Lagarde family will continue to own a significant minority stake in the business.
FOCUS ON: PROPOSED REGULATIONS ON YOUTH SPORTS INVESTMENT
US Democratic lawmakers have put forward bills that would curb or ban private equity investments in certain sectors, such as youth sports and healthcare facilities.
Sens. Cory Booker (D-NJ) and Chris Murphy (D-Conn.), as well as Rep. Chris Deluzio (D-Pa.), introduced a bicameral bill in May that would ban private equity investment in youth sports, which are blamed for higher prices and unsatisfactory services.
Private equity and venture capital investment in amateur sports in the US surged to $2.10 billion in the first five months of 2026, compared with $485.7 million in full-year 2025, driven by TPG Capital LP's $2 billion planned acquisition of collegiate athletics broadcasting service provider Learfield Communications LLC, according to Market Intelligence data.
Murphy and Rep. Mary Gay Scanlon (D-Pa.) also put forward a bill in March that seeks to ban private equity firms from owning hospitals and skilled nursing facilities.
With Intelligence is a part of S&P Global Market Intelligence.
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