Industrials appeal to private equity; US healthcare facility investment spikes

S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

A strong start to the year has private equity investment in the global industrial sector on pace for a multiyear high in 2026.

The announced value of private equity and venture capital investment in the sector totaled US$82.06 billion as of May 31, compared with a full-year total of US$140.99 billion in 2025, according to S&P Global Market Intelligence data. If the pace of investment continues through the second half, annual investment value would rise to its highest mark in at least six years.

A confluence of trends is sending private capital into industrials, including the data center boom, the post-pandemic rewiring of global logistics networks and ramped-up defense spending in response to conflicts in Ukraine and the Middle East.

Uncertainty about AI potentially disrupting business models — particularly in the software sector — may also enhance the appeal of investments undergirded by hard assets, said Michael Fiore, industrial products M&A leader at PwC.

"They're making products, they're shipping products. It's a hard asset. People can touch and feel it," Fiore told Market Intelligence in an interview.

Read more about private equity investment in the industrial sector.

CHART OF THE WEEK: Investment in US healthcare facilities soared in 2025

⮞ Private equity and venture capital investment in US healthcare facilities rose sharply to US$12.52 billion in 2025, over 50 times the prior-year total of US$250 million, according to Market Intelligence data.

⮞ Two multibillion investments were responsible for much of the 2025 surge, and private equity-backed deal volume was down year over year to just 25 deals, the fewest since at least 2021.

⮞ Higher financing costs and the buyer-seller divide that has slowed M&A broadly are both factors in the declining deal volume. Evolving federal reimbursement models for US healthcare facilities and state laws requiring greater scrutiny of private equity investment in healthcare also play a role.

TOP DEALS

– An investor group including Aker ASA, Accel Management Co. Inc. and TCMI Inc. agreed to sell Norwegian industrial data and AI software company Cognite AS to Schneider Electric SE for US$3.1 billion. Cognite will be integrated with Aveva Group Ltd., Schneider's wholly owned industrial software company, upon completion of the deal.

– Bridgepoint Group PLC agreed to buy real estate investment manager Kayne Anderson Real Estate from Kayne Anderson Capital Advisors LP for an up-front enterprise value of about US$1.39 billion. Moelis & Co. UK LLP was lead financial adviser, Goldman Sachs was capital markets adviser and Simpson Thacher & Bartlett was legal adviser to Bridgepoint. BNP Paribas, JP Morgan and Morgan Stanley are joint corporate brokers to Bridgepoint. Evercore was lead financial adviser and Kirkland & Ellis was legal adviser to Kayne Anderson Real Estate on the deal.

– CVC Capital Partners PLC agreed to acquire Italian industrial automation solutions company Clevertech SpA from Refa Srl, the Reggiani family's holding company. Refa will reinvest in the company as a minority shareholder. EY was CVC's financial and tax adviser, UBS was its M&A adviser and Bain & Co. was its commercial adviser, while Cleary Gottlieb provided legal advice, FRM provided tax advice, Latham & Watkins provided antitrust advice, and Dabster and dss provided environmental, social and governance advice. J.P. Morgan was Refa's lead M&A adviser, Baldi Finance was its financial and ESG adviser, and Baldi Prati & Partners was its legal and tax counsel.

TOP FUNDRAISING

– Hamilton Lane Inc. raised US$3.8 billion for the Hamilton Lane Equity Opportunities Fund VI, which will target middle-market buyouts.

– Patria Investments Ltd. raised US$670 million for its Secondary Opportunities Fund V. The vehicle will focus on private equity secondary investments in the European and North American middle market.

– InvestEco Capital Corp. secured C$106 million in total commitments at the final close of InvestEco Sustainable Food Fund IV. The vehicle will invest in food companies.

MIDDLE-MARKET HIGHLIGHTS

– New Mountain Capital LLC acquired Surveying And Mapping LLC, a geospatial and inspection services provider doing business as SAM, from an affiliate of Peak Rock Capital LLC. Peak Rock bought the company in 2021. Guggenheim Securities LLC and Houlihan Lokey were financial advisers, and Kirkland and Ellis LLP was the legal adviser to SAM on the deal.

– H.I.G. Capital LLC, through an affiliate, closed the acquisition of Premier Forge Group, a manufacturer of forged components for aerospace, defense and specialty industrial applications. The seller was Wynnchurch Capital LP. Lincoln International was financial adviser, and Foley & Lardner LLP was lead counsel in the transaction.

– Acon Investments LLC and its affiliates acquired a controlling stake in confectionery brand Yummy Earth Inc. (YumEarth) from The Riverside Co., with support from The Fini Co. Santander was Acon's financial adviser, Winston Taylor was its transaction counsel and Hogan Lovells was its fund counsel. TM Capital was financial adviser and Jones Day was transaction counsel to YumEarth, while Deloitte was financial adviser to Fini. Blank Rome and Garrigues were legal advisers in the transaction.

– Voyager Interests LLC bought helicopter operator Rotorcraft Leasing Co. LLC from Bluehenge Capital Partners and a consortium of other investors for an undisclosed sum.

FOCUS ON: EXPANDING PRIVATE EQUITY ALLOCATIONS IN SOUTH AMERICA

South American limited partners are considering expanding allocations across various private equity strategies.

Peruvian pension fund Prima AFP SA — which has a roughly US$800 million allocation to alternative assets — is preparing to restart its private markets program after completing a US$500 million secondary sale in 2024, With Intelligence reported. In private equity, the pension fund continues to target buyouts, especially in the US and Europe.

Prima will not actively search for opportunities until there is greater clarity on Peru's political and pension reform landscape.

Uruguayan manager of managers Amber Latam is looking at allocating toward growth private equity funds, particularly those focused on healthcare, as the firm prefers return thresholds higher than those typically offered by buyout strategies, With Intelligence reported.

Brazilian allocator Itaú Unibanco SA is exploring opportunities within private equity leveraged buyouts and secondaries, with a slight preference toward limited partner-stakes transactions, With Intelligence reported.

With Intelligence is a part of S&P Global Market Intelligence.

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