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Private markets activity reflects an industry balancing new investments, portfolio exits and fundraising. Investors are expanding specialist platforms, exploring liquidity options and raising capital for strategies spanning private equity, private credit, real estate and venture capital.

From Temasek’s investment in Italian private equity firm FSI to KKR’s logistics acquisition and the potential sale of fintech business Fenergo, this week’s developments highlight how private capital continues to pursue opportunities across sectors and regions.

Key Highlights

Swedish private markets investment firm EQT has launched a dedicated Middle East platform and opened its first regional office at Abu Dhabi Global Market (ADGM), marking a significant step in the firm's expansion across the Gulf Cooperation Council (GCC).

Announced on 23 September 2026, the move establishes an on-the-ground presence from which EQT intends to deepen relationships with sovereign wealth funds, institutional investors, regional businesses and strategic partners. Abu Dhabi will serve as the initial base for a broader regional platform that EQT expects to develop over time.

The platform brings together investment professionals across private equity and infrastructure, alongside capital-raising and business operations teams. It will also draw on EQT's wider global capabilities in areas including real estate and secondaries as regional opportunities develop.

Deal Snapshot

Deal Details

Singapore state-owned investment company Temasek has acquired a 9% minority stake in the management company of Italian private equity firm FSI. The agreement also includes commitments to invest in future FSI investment vehicles, particularly those targeting high-growth Italian small and medium-sized businesses.

FSI manages approximately €5 billion and focuses on mid-sized Italian companies. The partnership strengthens Temasek’s access to local investment opportunities while providing FSI with a long-term institutional partner.

Why It Matters

The investment goes beyond a single portfolio-company transaction. A stake in the management company, combined with future fund commitments, can align Temasek with FSI’s broader investment platform and create a route to repeated deal opportunities in Italy.

What Next

Investors will watch how the partnership develops through future funds and whether additional capital commitments lead to a broader pipeline of Italian mid-market investments. Financial terms were not disclosed.

Deal Snapshot

Deal Details

KKR and its European logistics platform, Mirastar, have completed the acquisition of eight UK logistics properties from Ares-related real estate funds.

The portfolio covers approximately 2.7 million square feet and includes assets in established distribution markets such as Corby, Doncaster, Stoke-on-Trent and Milton Keynes. The properties are reported to be fully occupied, providing the new owners with an existing rental-income base.

The transaction adds to KKR and Mirastar’s presence in a sector supported by demand for warehousing, distribution networks and modern supply-chain infrastructure.

Why It Matters

Logistics property remains an important institutional real estate strategy because well-located facilities can serve a wide range of occupiers. Existing tenants provide income visibility, although future returns will depend on lease terms, financing costs, rental growth and asset valuations.

What Next

KKR and Mirastar will focus on managing the portfolio, maintaining occupancy and identifying opportunities to improve asset performance.

Deal Snapshot

Deal Details

Swedish private equity firm EQT has launched a Middle East platform and opened its first regional office in Abu Dhabi’s financial centre, ADGM.

The platform is designed to strengthen relationships with sovereign wealth funds, institutional investors and family offices across the region. It will also support EQT’s existing portfolio companies and help the firm pursue new opportunities across the Gulf Cooperation Council markets.

The move gives EQT a more direct regional presence at a time when Gulf investors are increasingly important sources of global private capital.

Why It Matters

The Gulf is becoming a more important part of the global private markets ecosystem, both as a source of institutional capital and as a destination for investment. A local office can help a global manager develop closer relationships and better understand regional opportunities.

What Next

The focus will be on building the local team, developing investor relationships and identifying opportunities to connect Gulf capital with EQT’s global investment platform.

Deal Snapshot

Deal Details

KKR has launched Akrapoint Commercial Capital, a new equipment finance platform supported by a $350 million commitment from investment funds managed by the firm.

The business will finance vocational vehicles, specialist trailers and industrial equipment for companies across sectors such as manufacturing, construction, transportation, energy and waste services.

Akrapoint will be led by an experienced equipment-finance management team. The platform is part of KKR’s broader asset-based finance strategy, which invests in loans and financial assets backed by identifiable collateral or contractual cash flows.

Why It Matters

This is an example of private credit moving beyond conventional corporate lending. Equipment financing can give smaller businesses access to capital while providing lenders with assets that may support recoveries if borrowers experience financial difficulties.

What Next

The key test will be whether Akrapoint can originate loans at attractive terms, manage credit risk and scale its platform without weakening underwriting standards.

Deal Snapshot

Deal Details

Private equity firms Bridgepoint and Astorg are considering a potential sale of Fenergo, an Irish financial technology company that provides software for regulatory compliance, customer onboarding and client lifecycle management.

The firms have held discussions with potential buyers and could appoint an investment bank to advise on a transaction. A formal sale process could begin in early 2027, although no final decision had been made at the time of reporting.

Fenergo serves financial institutions that need to manage complex regulatory requirements and customer information across multiple jurisdictions.

Why It Matters

Specialised financial software businesses can attract buyers because their products are embedded in essential workflows and can be costly for customers to replace. A potential sale would also provide Bridgepoint and Astorg with an opportunity to realise value from their investment.

What Next

The next milestones are the possible appointment of advisers, the launch of a formal process and the level of interest from strategic buyers and financial sponsors. The reported valuation is indicative, not an agreed sale price.

Deal Snapshot

Deal Details

CVC Advisers has confirmed that it will not proceed with an offer for British industrial services company Bodycote. The decision removes a rival bidder from the process and leaves Veritas Capital better positioned to complete its proposed acquisition.

Veritas had already secured Bodycote’s support for an offer valued at approximately £1.85 billion, including debt.

Bodycote provides specialist thermal processing and materials technology services used by customers in aerospace, defence, automotive and energy. Its capabilities are important to manufacturers that require components to meet demanding performance and durability standards.

Why It Matters

The transaction highlights private equity interest in specialised industrial businesses that serve essential manufacturing markets. CVC’s withdrawal also demonstrates how competitive processes can change quickly as bidders reassess price, risk and expected returns.

What Next

Attention will turn to the remaining transaction conditions and progress towards completion. CVC’s withdrawal does not itself complete the acquisition, and the proposed transaction should not be treated as closed until the required steps have been satisfied.

Deal Snapshot

Deal Details

US asset manager Nuveen has completed its acquisition of British fund manager Schroders, creating a combined investment group with more than $2.6 trillion in assets under management and operations across more than 40 markets.

Schroders is expected to continue operating separately within Nuveen for the next 12 to 18 months, under the leadership of group chief executive Richard Oldfield, according to Reuters.

The combination brings together two established investment businesses and expands Nuveen’s global reach. Schroders has developed its private markets capabilities across areas including infrastructure, private equity and private credit.

Why It Matters

The transaction illustrates how large asset managers are using acquisitions to expand their distribution, investment capabilities and scale. For private markets, a larger platform can provide access to more institutional clients and resources to develop specialist strategies.

What Next

Investors will watch how the companies integrate their operations, retain investment talent and coordinate their product offerings. The key challenge will be capturing the benefits of scale while maintaining investment performance and client relationships.

Deal Snapshot

Deal Details

Swiss investment firm Partners Group plans to divide a flagship European private equity fund into two portfolios: one holding older assets that are expected to be distributed over time, and another containing newer investments with greater potential for future growth.

The restructuring follows investor requests for liquidity after a period of weaker returns and restrictions on withdrawals. The fund had capped quarterly withdrawals at 5% of its value in June to reduce the risk of selling assets under pressure.

The proposed structure is intended to separate assets with different investment horizons and performance prospects rather than managing them as one combined portfolio.

Why It Matters

Evergreen funds give investors ongoing access to private markets, but their underlying assets can be difficult to sell quickly. When redemption requests rise, managers must balance investor liquidity with the need to avoid forced sales at unattractive prices.

The situation also highlights the challenges facing private markets managers serving individual investors, where liquidity expectations can differ from those of traditional institutional limited partners.

What Next

The restructuring requires shareholder approval. Investors will watch whether the split improves transparency and liquidity management, and whether Partners Group considers similar changes to other vehicles.

Deal Snapshot

Deal Details

The owners of PizzaExpress are exploring a possible sale of the UK restaurant chain and have engaged Rothschild to assess interest from potential buyers.

The business operates more than 360 restaurants across the UK and Ireland, alongside international franchise operations. It has also been developing its menu and exploring adjacent food categories as it seeks to strengthen its position in a competitive restaurant market.

The potential sale follows a history of ownership changes and a major restructuring after the pandemic. The reported valuation of up to £500 million remains an estimate, and there is no guarantee that a transaction will proceed.

Why It Matters

The process offers a test of investor appetite for consumer-facing businesses with established brands but exposure to operating costs, consumer spending and debt. For the owners, a sale could provide an exit route following years of restructuring and operational changes.

What Next

Potential buyers will assess earnings, debt, lease commitments and the scope for further operational improvements. Any transaction will depend on the bids received and the valuation expectations of the owners.

Deal Snapshot

Deal Details

Carlyle is preparing a potential initial public offering of Highway Roop Precision Technologies, its Indian auto-parts business, according to Bloomberg reporting carried by Private Markets Wire.

The proposed offering could include newly issued shares as well as shares sold by existing investors. An IPO of this size would provide an opportunity to bring public-market investors into a specialist manufacturing business while potentially allowing existing shareholders to realise part of their investment.

Highway Roop manufactures precision-engineered components for the automotive industry, a sector shaped by changing vehicle technologies, supply-chain requirements and demand for high-quality manufacturing.

Why It Matters

A public listing can provide private equity owners with an exit route when stock-market conditions are supportive. It can also give a portfolio company access to a broader pool of capital for future growth.

However, a planned IPO is not a completed exit. Market conditions, investor demand and valuation expectations can all influence the final outcome.

What Next

Investors will watch for formal regulatory filings, the proposed offer structure, pricing and timing. The final proceeds and the extent of Carlyle’s exit will depend on the eventual terms of any offering.

Investors Are Building Platforms, Not Just Buying Assets

Temasek’s partnership with FSI and EQT’s expansion into Abu Dhabi demonstrate the importance of local relationships. Investors increasingly seek repeatable access to opportunities through established teams and regional networks.

Private Credit Is Moving Deeper Into the Real Economy

KKR’s equipment-finance platform illustrates how private capital can fund tangible business needs, from industrial equipment to transport assets. The opportunity is significant, but disciplined underwriting remains essential.

Exits Are Still Available, but Not Guaranteed

The Fenergo and PizzaExpress sale discussions, Bodycote takeover process and potential Highway Roop IPO illustrate different exit routes. Some are exploratory, others are further advanced, and each depends on valuation, financing and buyer appetite.

Liquidity Is Becoming a Central Issue for Evergreen Funds

Partners Group’s proposed fund restructuring highlights the challenge of offering liquidity against assets that cannot be sold quickly. As private markets products reach more individual investors, managers will need to align redemption terms with the underlying assets.

Private markets are being shaped by three forces: the search for differentiated investment opportunities, the need to deliver exits, and growing scrutiny of how investors access liquidity.

The strongest platforms are looking beyond individual transactions. They are building regional relationships, expanding specialist lending capabilities and adapting investment structures to changing client needs. At the same time, owners considering exits must balance valuation ambitions against the realities of the market.

For investors, the message is clear: capital deployment matters, but so do entry price, portfolio execution, liquidity management and the ability to realise returns.

Private Markets Wire brings you the deals, fundraising developments and investment trends shaping private capital explained clearly, with the context that matters.

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Key Takeaways

Fund Snapshot

Fund Details

Ares Management has raised approximately $4.2 billion for its inaugural Global Structured Solutions Fund and affiliated investment vehicles, significantly exceeding its original $1 billion target.

The strategy sits within Ares’ private equity secondaries business and is designed to provide flexible capital to private equity sponsors. Potential applications include supporting general partners’ fund commitments, seeding new investment strategies through structured limited-partner commitments and facilitating succession planning.

Rather than relying exclusively on traditional buyouts, the strategy allows Ares to structure transactions around the specific capital requirements of investment managers and their existing funds.

Ares said its funds had deployed nearly $9 billion across structured-solutions transactions since 2013, providing an established foundation for the new vehicle.

Why It Matters

The fundraising highlights the expanding role of structured capital in private markets. As investment managers face different liquidity, succession and fundraising requirements, specialist investors can provide financing without necessarily requiring a conventional company acquisition.

Exceeding the original target by a substantial margin also demonstrates institutional demand for flexible solutions within the private equity ecosystem.

What Next

The focus shifts to deployment. Investors will watch how Ares structures transactions, manages downside risk and balances attractive returns with the complexity of investments involving other private equity funds and their sponsors.

Fund Snapshot

Fund Details

Audax Private Debt has raised $5.4 billion in investor commitments for its third Direct Lending Solutions Fund, with total targeted investable capital reaching $10 billion when leverage and separately managed accounts are included.

The fund is approximately twice the size of its predecessor, which closed in 2022 with $3 billion in investor commitments and more than $5 billion in total capital, including leverage.

The strategy targets private equity-backed middle-market companies with annual EBITDA of approximately $15 million to $75 million. It provides financing through different debt structures, focusing on sectors such as industrial manufacturing, distribution, business services and pharmaceuticals.

Audax attracted more than 100 institutional investors globally, including pension funds, sovereign wealth funds, insurers and family offices. The manager said the fund had already deployed approximately $1.5 billion during its four-year investment period.

Why It Matters

Direct lending has become a major source of financing for private equity-backed businesses, particularly where borrowers need flexible capital and traditional bank financing may not fully meet their requirements.

The distinction between committed capital and total investable capital is important: the $10 billion figure includes leverage and other capital sources, rather than representing investor commitments alone.

What Next

Audax will need to deploy the remaining capital while maintaining underwriting discipline. Investors will pay particular attention to borrower quality, defaults, loan pricing and sector concentration as competition in private credit continues.

Fund Snapshot

Fund Details

Oaktree, part of Brookfield’s investment management platform, has completed the final close of its inaugural Asset-Backed Finance Fund with $2 billion in commitments, meeting its fundraising target.

The vehicle will invest in financing opportunities backed by assets or contractual cash flows. Asset-backed finance covers a broad range of collateral and structures, allowing lenders to assess both the underlying assets and the expected repayment streams.

The fund attracted a globally diversified institutional investor base, including US public pension plans and sovereign wealth funds. The close adds to Oaktree’s existing asset-backed investment activity and its separate offering for private wealth investors.

Why It Matters

Asset-backed finance provides investors with an alternative to conventional corporate lending. Depending on the transaction, the collateral may provide an additional source of recovery if a borrower encounters financial difficulty.

However, the risk profile varies considerably by asset class, borrower and legal structure. Valuation, collateral quality and the enforceability of security remain critical to performance.

What Next

The priority will be putting the commitments to work across attractive financing opportunities. Investors will watch the quality and diversification of the underlying assets, the terms of the financing and the fund’s ability to generate returns through different credit-market conditions.

Fund Snapshot

Fund Details

Investcorp has closed its second North American Private Equity Fund at $1.22 billion, exceeding its $1.1 billion target despite a challenging fundraising environment.

The fund focuses on middle-market businesses in business and professional services and commercial services. Its investment strategy targets companies with stable demand, fragmented markets and long-term growth opportunities.

Investcorp reported commitments from institutional investors across North America, Europe, the Middle East and Asia, including continued support from existing investors and commitments from new limited partners.

The fund had already invested in Guardian Fire Services, a provider of fire protection and life-safety services, and Berger Financial Group, a US wealth management business. Guardian has also pursued add-on acquisitions following Investcorp’s investment.

Why It Matters

The fundraise demonstrates that institutional investors continue to support established private equity managers with focused sector strategies and a record of returning capital.

Business services can also offer opportunities for consolidation, operational improvements and acquisitions, although the results depend on purchase prices, execution and the quality of the underlying businesses.

What Next

Investcorp plans to continue investing in established middle-market companies and strengthening its value-creation capabilities. Investors will watch how the fund expands its portfolio and uses operational initiatives, technology and acquisitions to support growth.

Fund Snapshot

Fund Details

Global venture capital firm Headline has closed its eighth European fund at $400 million, targeting early-stage companies across Europe, with a particular focus on artificial intelligence.

Headline EU VIII will invest primarily in seed and Series A businesses. The manager has backed European technology companies including Mistral and Black Forest Labs, and aims to support founders from the earliest stages through subsequent growth rounds.

Headline manages more than $5 billion globally and operates across multiple markets, including Europe, the United States, Asia and Latin America. Its global platform gives European portfolio companies potential access to international networks and follow-on investment capabilities.

Why It Matters

The fundraise signals continued investor interest in European technology entrepreneurship, particularly AI. Early-stage investors can benefit from identifying promising businesses before they scale, although venture capital remains exposed to high failure rates, long holding periods and uncertain exit markets.

Headline’s global network may also help European companies expand internationally rather than relying solely on domestic demand.

What Next

Headline will focus on identifying founders and deploying capital across its target sectors. Investors will watch the pace of investment, the quality of new portfolio companies and whether AI-focused businesses can turn technological advances into durable commercial models.