Happy Monday everyone

October 25–31, 2026

Private markets saw a busy week of billion-dollar deals, strategic partnerships and major fundraising milestones across global markets. Apollo agreed to take a minority stake in Mubadala Capital, with Apollo and other strategic investors expected to commit a combined $5 billion to its investment strategies. Other key developments included Stonepeak’s equipment finance acquisition, Oak Hill Capital’s investment in Wyyerd and a proposed $3.8 billion take-private of Wendy’s. In energy infrastructure, EIG and ACWA Power announced a new US platform targeting $4 billion in initial equity commitments.

Fundraising remained strong, led by Advent International’s $30 billion raise, CD&R’s reported $20 billion milestone and TPG’s $10.4 billion across climate strategies. Ares Management, Town Lane and ACORE Capital also reported significant fundraising milestones across private credit and real estate.

Apollo Global Management has agreed to take a minority equity stake in Mubadala Capital, the alternative investment arm of Abu Dhabi-based Mubadala Investment Company. Announced on October 26, 2026, the transaction brings together two established investment organisations and strengthens a relationship built over several years. Apollo and other strategic investors are expected to commit a combined $5 billion to Mubadala Capital’s investment strategies at the initial close. Mubadala Investment Company will remain the majority shareholder, while Mubadala Capital will continue operating independently under its existing management team. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.

A Strategic Partnership Beyond Capital: Apollo is not simply committing money to an investment fund; it is taking an ownership stake in the asset management business itself. This creates a closer relationship between the two organisations and aligns their interests over the longer term.
Mubadala Capital Seeks Global Expansion: Mubadala Capital manages more than $60 billion across five core alternative investment strategies. The partnership is intended to help broaden its investor base, expand its strategies and pursue opportunities in international markets.
More Capital for Private-Market Strategies: The combined $5 billion commitment expected from Apollo and other strategic investors could support investments across Mubadala Capital’s various strategies. The announcement does not disclose how much each investor will contribute individually.
Operational Independence Remains: Mubadala Investment Company will retain majority ownership. Mubadala Capital will continue to operate independently, with its existing management team maintaining authority over investment decisions and day-to-day operations.

Details: US home security company ADT has agreed to be acquired by Thrive Holdings, a permanent-capital investment firm focused on improving established businesses through technology. The agreement values ADT at approximately $15.3 billion, including debt.
Deal Snapshot: ADT shareholders will receive $10 per share in cash, representing a 45.6% premium to the unaffected closing share price on October 27. The transaction is expected to close in the first quarter of 2027, subject to customary approvals.
Why It Matters: The deal would return ADT to private ownership and give it a long-term investor focused on technology and operational improvements. Thrive Holdings plans to combine ADT’s security expertise and nationwide service network with its engineering capabilities to improve products and customer experience.

Details: Energy technology company GE Vernova has agreed to acquire Trench Group from private equity investor Triton Partners. Trench manufactures specialised electrical equipment used in high-voltage power transmission networks and serves utilities and other major energy customers.
Deal Snapshot: GE Vernova has agreed to pay approximately $9 billion for Trench Group. The acquisition is expected to close in late 2027, subject to regulatory approvals and other customary closing conditions.
Why It Matters: The acquisition strengthens GE Vernova’s position in electricity grid equipment at a time when power demand is rising. For Triton, the transaction represents a significant exit, while GE Vernova gains manufacturing capacity, complementary products and access to additional markets.

Details: Infrastructure investor Stonepeak has completed its acquisition of Bank of Montreal’s transportation finance and vendor finance businesses. The acquired operations support customers requiring financing for vehicles, equipment and other business assets.
Deal Snapshot: Stonepeak has brought the acquired businesses together under the Longview Capital Solutions name. The transaction expands its activities in specialised finance, although a purchase price was not disclosed in the cited announcement.
Why It Matters: Equipment finance supports companies that need machinery, vehicles and other assets to operate and grow. The acquisition gives Stonepeak exposure to a specialised financial services platform and illustrates how private capital is expanding into businesses that finance essential economic activity.

Details: An investor group involving Trian Fund Management, Flynn Group, BlueFive Capital and Sixth Street Partners has submitted an unsolicited proposal to acquire the remaining shares of restaurant chain Wendy’s that the group does not already own.
Deal Snapshot: The proposal offers $7.35 per share in cash and values Wendy’s equity at approximately $3.8 billion, based on the proposed terms. Wendy’s confirmed receipt of the non-binding offer on October 28 and said its independent committee would evaluate it.
Why It Matters: If completed, the transaction would take Wendy’s private and give the investor group greater control over its long-term strategy. However, the proposal is not a completed acquisition, and there is no guarantee that Wendy’s will agree to the deal.

Details: General Catalyst and JPMorganChase’s Strategic Investment Group have led a reported $2.1 billion financing for Re Manufacturing, a US business focused on advanced manufacturing and industrial technology.
Deal Snapshot: The financing is intended to support Re’s manufacturing platform and industrial capabilities. The reported transaction is a company financing, rather than a fundraising announcement by a private equity or venture capital fund.
Why It Matters: Advanced manufacturing is attracting attention from investors seeking businesses that combine engineering, technology and industrial production. The investment highlights the potential for private capital to support modernisation, strengthen manufacturing capacity and address demand for more resilient supply chains.

Details: Bain Capital is retaining an investment in Surgery Partners as part of a reported transaction valuing the healthcare services company at approximately $5.7 billion. Surgery Partners operates facilities providing surgical and related healthcare services.
Deal Snapshot: The transaction involves a take-private structure in which Bain Capital retains an investment in the business. The reported valuation is approximately $5.7 billion; the precise transaction terms and closing conditions should be checked against the original announcement.
Why It Matters: Healthcare remains an important area for private equity investors because established providers can have opportunities to expand services and improve operations. Bain’s continued involvement also illustrates how an investor can maintain exposure to a business through a change in ownership structure.

Details: Investment firm Ember has been linked to a reported transaction involving Ashtead Technology, a provider of specialist equipment and services used in offshore energy and subsea operations. Its customers operate in technically demanding industrial environments.
Deal Snapshot: The reported transaction value is approximately £505 million. The precise transaction structure, status and terms should be confirmed against the original announcement before the item is published as a completed deal.
Why It Matters: Specialist equipment and service providers support offshore projects that require inspection, maintenance and subsea engineering. The reported transaction highlights investor interest in businesses serving essential industrial markets, although the deal’s terms need further confirmation.

Details: Private equity firm Oak Hill Capital has agreed to acquire a majority stake in Wyyerd Group Holdings, a fibre broadband provider serving residential and business customers in Arizona and Southern California. Existing investor Carlyle will retain a minority stake.
Deal Snapshot: The parties announced a definitive agreement on October 29. Financial terms were not disclosed, and the transaction is expected to close in January 2027, subject to customary regulatory approvals and closing conditions.
Why It Matters: Fibre networks provide high-speed internet connectivity to homes and businesses. Oak Hill plans to support Wyyerd’s continued network expansion, highlighting private equity interest in digital infrastructure businesses with opportunities to increase coverage and grow their customer base.

Details: Energy investor EIG and Saudi-listed ACWA Power have announced a strategic partnership to invest in the US power sector through a platform called Plenum Power. The initiative focuses on opportunities across the American electricity infrastructure market.
Deal Snapshot: The platform is targeting approximately $4 billion in initial equity commitments. This figure represents a target for the platform, not confirmation that the full amount has already been invested or raised.
Why It Matters: The partnership combines EIG’s investment experience with ACWA Power’s power development and operating expertise. It reflects growing investor interest in electricity infrastructure as utilities, industrial businesses and data centres require additional capacity and more reliable power networks.

From Advent International’s reported $30 billion final close to major climate, private credit and real estate funds, this week’s fundraising developments highlight institutional investors’ continued commitment to alternative investments.

Details: Advent International is listed in the supplied fundraising tracker with a reported $30 billion final close covering GPE XI and its mid-market strategy. The image does not specify how the total is divided between the strategies.
Fund Snapshot: The reported amount is $30 billion, with the status marked as a final close. Further details on the fund’s allocation, investor composition and final closing date are not provided in the supplied material.
Why It Matters: Advent’s reported fundraising scale highlights institutional demand for established private equity managers. Its mid-market strategy also points to investment opportunities in companies that may benefit from operational improvements, international expansion and strategic acquisitions.

Details: Private equity firm Clayton, Dubilier & Rice (CD&R) is listed as having reached a $20 billion interim fundraising milestone for Fund XIII.
Fund Snapshot: The tracker reports $20 billion and describes the status as an interim milestone rather than a final close. It does not clarify whether the figure represents commitments received or the fund’s overall target.
Why It Matters: The reported milestone reflects investor interest in established private equity managers with experience investing in and improving businesses. CD&R’s progress will be worth watching as fundraising continues toward the fund’s eventual closing.

Details: Disruptive Technology is listed in the supplied tracker as having announced a flagship fund with a reported size of $10 billion. The image does not provide the fund’s formal name, investment mandate or target closing date.
Fund Snapshot: The reported amount is $10 billion, with the status marked as a fund announcement. The figure should not be interpreted as capital raised or committed without confirmation from the manager.
Why It Matters: Technology-focused investment strategies can provide exposure to businesses developing new products, software and industrial capabilities. The announcement’s significance will depend on the fund’s investment focus, target sectors and the level of investor commitments secured.

Details: TPG is listed as having reached a $10.4 billion final close associated with Rise Climate II and Global South. The supplied image does not explain how the capital is allocated between the strategies.
Fund Snapshot: The reported total is $10.4 billion, with the status marked as a final close. The exact fund structure and the amount attributable to each strategy require confirmation.
Why It Matters: Climate-focused investment strategies seek opportunities linked to decarbonisation, energy transition and technologies that address environmental challenges. The reported close highlights institutional interest in climate-related investments and the potential to deploy private capital into businesses supporting long-term economic and environmental change.

Details: Ares Management is listed as having secured an $8 billion first close across senior direct lending vehicles. These strategies generally provide loans directly to companies rather than through traditional bank lending channels.
Fund Snapshot: The reported amount is $8 billion, with the status marked as a first close. The tracker does not identify the individual vehicles or specify whether the amount includes commitments from related investment programmes.
Why It Matters: Direct lending has become an important part of private credit, providing financing to businesses seeking alternatives to bank loans and public debt markets. Ares’ reported milestone highlights the continued relevance of private credit strategies to institutional investors seeking exposure to corporate lending.

Details: Town Lane is listed as having completed a final close for Real Estate Opportunities II, with a reported total of $1.9 billion. The supplied material does not specify the fund’s geographic focus or target property sectors.
Fund Snapshot: The reported amount is $1.9 billion, with the status marked as a final close. Details about the investor base, deployment strategy and portfolio targets are not provided.
Why It Matters: Real estate opportunity funds typically seek investments where active management, repositioning or changes in market conditions may create value. The reported close highlights continued investor interest in property strategies, although the fund’s specific opportunities will depend on its mandate and the markets in which it invests.

Details: ACORE Capital is listed as having completed a final close for Opportunistic Credit II, with a reported total of $1.1 billion. The image does not specify the fund’s lending strategy, geographic coverage or asset allocation.
Fund Snapshot: The reported amount is $1.1 billion, with the status marked as a final close. Further details about investment targets and the composition of the fund’s capital are not available in the supplied tracker.
Why It Matters: Opportunistic credit strategies can target financing opportunities where borrowers need flexible capital or where conventional lending is less readily available. The reported close highlights investor interest in specialised credit strategies, particularly where managers can assess complex financing situations and tailor capital solutions.

Details: PX3 Partners is listed as having reached a €650 million first close for Fund II. The supplied image does not specify the fund’s investment focus, target size or geographic mandate.
Fund Snapshot: The reported amount is €650 million, with the status marked as a first close. The fund may continue fundraising, but its target size and expected final closing date are not provided.
Why It Matters: A first close marks an important early milestone, allowing a fund to begin deploying capital while fundraising may continue. PX3 Partners’ reported progress provides a further data point on investor commitments to private-market strategies, although its significance depends on the fund’s mandate and final target.