Happy Monday everyone

September 14–19, 2026

Private markets delivered another busy week, with capital flowing across buyouts, growth equity, private credit, infrastructure, real estate, healthcare, aviation and sports.

From Brookfield’s roughly $2.9 billion agreement to acquire Reliance Worldwide to Siguler Guff’s record $3 billion small-buyout fundraise, the week offered a useful snapshot of where private capital is being deployed and where institutional investors are putting new money to work.

At the same time, several transactions highlighted a broader shift in the industry. Private equity firms are moving deeper into specialised and fragmented markets, private credit continues to attract large pools of institutional capital, and alternative asset managers are expanding beyond traditional corporate buyouts into infrastructure, airports, healthcare, sports and real estate.

Here are the key developments from the week.

KKR has fully exited First Gen Corp., selling approximately 715.9 million shares, representing a 19.9% economic interest, for around ₱25.77 billion ($410.5 million).

The shares were sold through KKR’s investment vehicle Valorous Asia Holdings Pte. Ltd. to Angsana Finance Ltd., a subsidiary of Cayman Islands-based Gateway Holdings.

The transaction was executed at ₱36 per share, according to a Philippine Stock Exchange filing. KKR had originally invested in First Gen in 2020, making this a roughly six-year investment.

The exit is notable because it follows a very different strategy just weeks earlier. In August, KKR had proposed buying an additional 8.43% stake in First Gen from its parent, First Philippine Holdings, and had been considering a tender offer for the company's remaining public shares. The proposal valued First Gen at around ₱165.4 billion ($2.7 billion).

First Philippine Holdings subsequently rejected KKR’s proposal, and KKR has now sold its existing position instead..

Summary
Brookfield Asset Management agreed to acquire Australian plumbing and heating products manufacturer Reliance Worldwide Corporation for approximately $2.8 billion in an all-cash transaction.

Deal Details

Why It Matters
The deal gives Brookfield exposure to a global industrial business operating across the Americas, Europe and Asia-Pacific, while giving Reliance Worldwide a new owner to support its next phase of growth.

What Next
The transaction remains subject to shareholder and regulatory approvals, with completion expected in Q1 2027.

Summary
Bain Capital has emerged as a potential buyer of Nucleus Network, the Australian clinical-trials company backed by Blackstone. The business could be valued at around $1 billion, with other bidders also reportedly considering the asset.

Deal Details

Why It Matters
Nucleus Network provides clinical-trial services to pharmaceutical and biotechnology companies, making it an example of private equity interest in healthcare services and infrastructure.

What Next
The sale process remains ongoing and a transaction has not yet been finalised.

Summary
EQT Real Estate acquired an industrial portfolio from Rexford Industrial Realty for approximately $1.2 billion. The portfolio includes 22 properties, 32 buildings and around 5.2 million square feet across Southern California.

Deal Details

Why It Matters
The transaction expands EQT's exposure to one of the largest logistics and industrial markets in the US, with the portfolio approximately 96% leased.

What Next
EQT will take ownership of the portfolio as Rexford continues to reshape its holdings and strengthen its balance sheet.

Summary
Partners Group and Aboria Capital completed the acquisition of a 1,570-bed UK student housing portfolio for approximately £165 million.

The five properties are located in Cambridge, Liverpool, London and Newcastle and were 98.2% leased for the 2026–27 academic year.

Deal Details

Why It Matters
The transaction gives the investors exposure to a large, already-leased student housing portfolio across several major UK university markets.

What Next
The new owners plan to invest in bedroom upgrades and student amenities across the portfolio.

Summary
Blackstone and Alphabet's AI infrastructure venture, Crux AI, is reportedly set to receive a $22 billion loan from 10 banks. Blackstone has committed $5 billion in initial equity, while Alphabet is contributing AI chips, software and services.

Deal Details

Why It Matters
The financing highlights the huge capital requirements behind AI infrastructure and the growing partnership between technology companies and private capital to fund computing capacity.

What Next
Crux AI plans to bring its first 500MW of capacity online by 2027, serving AI companies, businesses and governments.

Summary
Todd Boehly and Mark Walter are reportedly nearing a transaction involving their stakes in Chelsea FC, with Clearlake Capital reportedly set to increase its ownership for around £950 million.

Deal Details

Why It Matters
The reported transaction highlights the growing role of institutional and private-market capital in major sports assets.

What Next
If completed, the transaction would change Chelsea's ownership structure and increase Clearlake's stake in the club.

Summary
Apollo provided $585 million of financing to The Executive Centre, a leading provider of premium flexible office space across Asia-Pacific and the Middle East.

TEC operates more than 260 centres across 38 cities in 15 markets.

Deal Details

Why It Matters
The transaction demonstrates how private capital is supporting established real-estate platforms while providing additional funding for growth and expansion.

What Next
Most of the financing will refinance existing debt, while TEC plans to use its stronger balance sheet to expand its flexible-office network.

Summary
Partners Group provided a senior financing package of more than €300 million to support Bregal Unternehmerkapital's acquisition of a majority stake in MDT technologies from IK Partners.

MDT is a German specialist in smart-building and building-automation technology.

Deal Details

Why It Matters
MDT operates at the intersection of building automation, energy efficiency and smart-building technology, an area benefiting from demand for more efficient buildings.

What Next
Bregal plans to support MDT's international expansion, product and software development and potential acquisitions.

Summary
Healthcare software company Waystar, backed by Bain Capital, EQT and CPPIB, is reportedly exploring strategic options including a potential sale. The company has reportedly hired Evercore and Barclays to advise on the process.

Deal Details

Why It Matters
A potential sale would come roughly two years after Waystar's public listing and could become a notable transaction in healthcare software.

What Next
The process is still at an early stage and a sale may not materialise.

Summary
Partners Group invested in SEG (Sports Entertainment Group), becoming the agency's largest outside shareholder. SEG represents more than 1,000 athletes and artists across football, cycling, gaming and music.

Deal Details

Why It Matters
The investment marks Partners Group's entry into the sports sector through its direct private equity strategy and provides exposure to the growing sports representation and talent-management market.

What Next
Partners Group plans to support SEG's international expansion, additional acquisitions and growth into areas including commercial partnerships and brand development.

Summary
KKR sold its entire 19.9% stake in Philippine power producer First Gen for approximately $410 million, marking a full exit from the investment.

Deal Details

Why It Matters
The exit highlights private equity's continued involvement in Southeast Asian energy and infrastructure assets while providing KKR with liquidity from its listed investment.

What Next
With the sale of its entire holding, KKR has fully exited its First Gen position and realised proceeds from the investment.

Fundraising remained one of the biggest themes across private markets this week, with major managers raising billions across private equity, technology, infrastructure credit, venture capital, growth equity and real estate credit. Here are the seven fundraises that stood out:

Goldman Sachs Alternatives raised $11.7 billion across its latest private-equity vehicles, including $9.6 billion for West Street Capital Partners IX. The capital will back control investments in upper-middle-market businesses across the U.S. and Europe.

Why it matters: The size of the raise shows continued institutional demand for established private-equity platforms and large-scale control investments across developed markets.

PSG Equity closed its third European fund at more than €4.4 billion, reaching its hard cap. The fund will target European software and technology companies, with a focus on scaling high-growth businesses.

Why it matters: The fundraise highlights continued investor appetite for specialised technology strategies and European software businesses with strong growth potential.

Siguler Guff & Company raised more than $3 billion for its small-buyout strategy, including over $2.3 billion in commingled vehicles. The strategy focuses on small and lower-middle-market U.S. businesses.

Why it matters: The raise shows that significant institutional capital is still available for specialised lower-middle-market strategies, beyond the largest buyout funds.

The Carlyle Group closed its second Infrastructure Credit Fund with about $2.3 billion, beating its $2 billion target. The fund will provide private financing to infrastructure businesses across areas including energy transition and digital infrastructure.

Why it matters: The fundraise underscores the growing role of private credit in financing infrastructure and long-term investment themes such as energy transition and digital infrastructure.

Bain Capital Ventures (BCV) raised $1.6 billion for its latest venture fund, exceeding its previous $1.4 billion vehicle. The fund will focus heavily on technology and emerging areas including AI, infrastructure and security.

Why it matters: The larger fund reflects continued investor interest in technology and emerging sectors, particularly AI and digital infrastructure.

Morgan Stanley Investment Management closed its inaugural North Haven Growth & Innovation Fund at $1.3 billion, with the fund oversubscribed. It will invest in private growth companies across the technology and innovation ecosystem.

Why it matters: The raise shows continued demand for exposure to high-growth private companies and gives institutional investors another route into the technology and innovation ecosystem.

Hines and Rialto Capital closed their $1.1 billion U.S. office credit strategy, marking the final close of their partnership. The strategy will focus on credit opportunities linked to U.S. office real estate.

Why it matters: The strategy highlights how private credit is being deployed into segments of commercial real estate undergoing significant repricing and financing challenges.

The week's fundraising activity shows that institutional capital continues to move across a broad range of private-market strategies. Large private-equity vehicles remain a major destination, while technology continues to attract capital across software, AI, infrastructure and security. At the same time, private credit is expanding into specialised areas such as infrastructure and U.S. office real estate, while smaller buyouts continue to attract significant institutional commitments.