Private Markets

Investcorp announced the close of its second GP staking vehicle, Investcorp Strategic Capital Partners II (ISCP II), with commitments exceeding $1.25 billion, including $1.1 billion in fund commitments and an additional $155 million allocated for co-investments. The fund is managed by Investcorp Strategic Capital Group (ISCG), the firm’s GP staking platform. ISCP II closed at a size more than 75% larger than its predecessor, ISCP I, reflecting continued investor interest despite a selective fundraising environment for private markets...

Private equity activity rebounded in 2025, according to a recent McKinsey report. After several years of slow dealmaking, buyouts and exits recovered strongly, and IPO activity returned. Buyout and growth deals above $500 million rose 44% to exceed $1 trillion, the highest level recorded for transactions of that size. Exit value also increased more than 40%, helped by nearly doubling IPO-related exits...

Blackstone reports growing confidence in private markets, according to a new study from its Private Wealth division. The survey found that 75% of financial advisors expect private markets to record the strongest growth this year, indicating a rebound after disruptions caused by the pandemic and higher interest rates. Advisors cited elevated equity valuations and increased volatility in public markets as key drivers behind portfolio shifts, while concerns about inflation and rising rates have diminished significantly...

Deloitte has released findings from its 2026 M&A Trends Survey, highlighting rising confidence among corporate and private equity leaders despite ongoing market uncertainty. The survey, which gathered views from 1,500 U.S.-based corporate and PE executives, shows that 90% of private equity respondents and 80% of corporate respondents expect an increase in the number of deals their organizations will pursue in 2026. Expectations around deal value also remain positive, with a strong majority anticipating higher aggregate transaction values over this year...

Syngenta Group is preparing a Hong Kong stock market listing that could raise as much as $10 billion, placing the company among the largest public offerings seen worldwide in recent years. The Swiss-based agrichemicals and seeds group, which is owned by China’s state-backed Sinochem, is in early talks with several international and Chinese banks about arranging the deal...

Russia’s Lukoil said it has agreed to sell most of its international assets to Carlyle as it continues exiting overseas projects under Western sanctions. The transaction is subject to regulatory approvals, including U.S. Treasury authorization (OFAC), and Carlyle said the agreement is contingent on due diligence and structured to comply with U.S. Treasury policies. Lukoil added the agreement is non-exclusive and that it remains in talks with other potential buyers, with a Feb. 28 deadline to negotiate a sale...

EQT AB has signed an agreement to acquire UK-based Coller Capital in a transaction valued at up to $3.7 billion, marking a major expansion into the fast-growing private market secondaries segment. The deal includes a base consideration of $3.2 billion paid in EQT shares and up to $500 million in contingent consideration linked to performance milestones through 2029...

Mergers and acquisitions activity in the U.S. middle market is positioned to grow in 2026 as confidence among corporate executives and private equity firms reaches its highest level in six years. A recent research shows 58% of respondents now describe the deal environment as strong, signaling a shift from the caution that weighed on transactions earlier in 2025. Improved sentiment reflects greater economic clarity following a period marked by higher costs, supply chain disruption, and trade policy pressures...

OneStream announced it has agreed to be acquired by software investor Hg in an all-cash transaction that values the company at approximately $6.4 billion in equity. Under the agreement, Hg will become the majority voting shareholder, while General Atlantic and Tidemark will hold significant minority stakes. Shareholders will receive $24.00 per share, representing a 31% premium to the company’s closing price on January 5, 2026...

Private equity firms leaned more heavily on continuation funds in 2025, selling portfolio companies from older vehicles into newer funds managed by the same sponsor at a record pace. Reported figures suggest roughly one-fifth of PE exits in 2025 used this structure, up from about 12%–13% in 2024. These deals typically bring in new investors (and sometimes allow existing LPs to roll their stakes) to purchase an asset from an older fund, creating liquidity without relying on a third-party buyer or an IPO...