S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Private equity is on track to reverse two consecutive years of annual fundraising declines.
Investor commitments to global private equity funds totaled $306.78 billion this year through June 30, according to With Intelligence data. Annual fundraising by global private equity firms has exceeded $600 billion just once since 2020, though it is on track to do it again.
Investors are rewarding fund managers who have managed to monetize portfolio company investments and return capital even with the slowdown in exit activity, Kelly Phelan, partner at Asante Capital Group LLP, told S&P Global Market Intelligence. Managers struggling to produce strong exits are having a much harder time raising successor funds.
"Folks need capital back to reinvest into their relationships, and liquidity is tight in this market," Phelan said.
Read more about global private equity fundraising in the first half of 2026.
CHART OF THE WEEK: Take-private deal value dipped in H1 2026
⮞ The value of private equity take-private deals declined 18% to $79.71 billion globally in the first half of 2026 from $97.52 billion in the first half of 2025, according to Market Intelligence data.
⮞ Elevated public company valuations factor in the decline because they make take-private deals more expensive, with the S&P 500 Index gaining 9.5% this year through June 30.
⮞ The pending $48.08 billion acquisition of utility company AES Corp. by a consortium of investors accounted for more than 50% of the take-private deal value recorded in the first half.
TOP DEALS
– Blackstone Inc.'s Blackstone Energy Transition Partners agreed to sell battery storage developer Aypa Power LLC to Brookfield Asset Management Ltd. for approximately $7 billion. Cantor Fitzgerald & Co. was lead financial adviser, BofA was financial adviser and Kirkland & Ellis was legal adviser to Aypa and Blackstone on the deal. White & Case was legal adviser to Brookfield.
– Brookfield and Canada Pension Plan Investment Board (CPP Investments) agreed to acquire real estate investment trust LXP Industrial Trust for about $5.2 billion in an all-cash transaction. Citigroup Global Markets Inc. and Morgan Stanley & Co. LLP are financial advisers, and Gibson Dunn & Crutcher LLP and Thompson Hine LLP are legal advisers to Brookfield and CPP Investments. DLA Piper LLP is legal adviser to CPP Investments. BofA Securities Inc. is lead financial adviser, J.P. Morgan Securities LLC is co-financial adviser and Hogan Lovells Cadwalader US LLP is legal adviser to LXP. Dechert LLP is legal adviser to Citigroup and Morgan Stanley.
– Warburg Pincus LLC and Kayne Anderson Capital Advisors LP agreed to sell energy company Wildfire Energy LLC to oil and gas exploration and production company Magnolia Oil & Gas Corp. for about $4.06 billion. Jefferies LLC and BofA Securities Inc. were financial advisers, and Troutman Pepper Locke was legal adviser to Wildfire.
TOP FUNDRAISING
– Francisco Partners Management LP raised $21 billion in capital commitments at the close of its flagship fund, Francisco Partners VIII LP, and its middle-market fund, Francisco Partners Agility IV LP, exceeding initial targets of $14 billion and $3.5 billion, respectively. Kirkland & Ellis LLP was fund counsel.
– Clipway Ltd. raised $6.4 billion at the close of its inaugural secondaries fund. Clipway Secondary Fund I focuses on limited partner-led secondary transactions in North American and Western European buyout funds.
– Capitol Meridian Partners LP secured $1.9 billion at the close of Capitol Meridian Fund II LP. The firm invests in security, defense and commercial aviation. Kirkland & Ellis was fund counsel, and Jefferies was adviser and placement agent.
– Levine Leichtman Capital Partners LLC reached the final close for LLCP Lower Middle Market Fund IV LP (LMM IV), securing $2.0 billion. The fund, which was launched in December 2025, exceeded its $1.7 billion target and reached its hard cap. LMM IV will focus on lower-middle-market companies in sectors including business services and engineered products. Lazard was lead placement agent, and Kirkland & Ellis was fund counsel.
– TruArc Partners LP secured $1.2 billion at the final close of TruArc Partners Fund V. The fund will focus on middle-market investments in specialty manufacturing and business services. Lazard was global placement agent, and Davis Polk & Wardwell LLP was legal counsel.
MIDDLE-MARKET HIGHLIGHTS
– Brightstar Capital Partners LP acquired technology design and consulting services provider BrightTree Studios for an undisclosed sum.
– Truelink Capital Management LLC bought specialty ingredient maker Lyons Magnus LLC from Paine Schwartz Partners LLC for an undisclosed amount. Stifel was financial adviser to Truelink Capital. Evercore and William Blair were financial advisers to Lyons Magnus.
– Monterro Software Investment AB purchased a majority stake in Helsinki-based banking software company MORS Software Oy.
– Bain Capital LP agreed to buy Germany-based supply chain collaboration platform SupplyOn AG from Aumovio SE, Robert Bosch GmbH, Schaeffler AG and ZF Friedrichshafen AG for an undisclosed amount.
FOCUS ON: FAMILY OFFICE ALLOCATION TO PRIVATE EQUITY
Family offices are looking for new private equity sponsors to expand their private market exposure, according to reports from With Intelligence.
Saudi Arabia-based ASR Holding Co. — the family office of the Ahmed Al Rajhi family — is setting up its first international program, building a roster of up to three private equity managers in North America and Europe. Initial commitments are expected to range from $5 million to $25 million.
Chilean family office Stars Cos. Ltda. is looking to hire three to four middle-market managers and is targeting $5 million in commitments.
Ohio-based multifamily office Sequoia Sentinel will allocate the remaining capital in its internally managed fund of funds to venture, growth equity and buyout strategies of new and existing partnerships. Initial commitments typically range from $5 million to $15 million per fund, according to With Intelligence.
Family offices worldwide are also making more direct transactions into companies, with such investments rising 123.3% year over year to $12.9 billion across 158 transactions in 2025.
With Intelligence is a part of S&P Global Market Intelligence.
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For further private equity deals, read our latest "In Play" report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
For private debt news, see our latest private debt newsletter, issued twice per month.
