Happy Monday everyone

October 12–16 , 2026

This week’s Private Markets Wire covers major private markets news updates and key fundraising developments. Highlights include EQT’s agreement to acquire Stockbridge for an initial $375 million and LSEG’s discussions over a potential acquisition of Octus. On the fundraising front, OrbiMed raised $3 billion across healthcare investment funds, BBAM closed its aviation fund above $1.7 billion, and Aldaron closed its debut fund at $885 million. We also examine private credit trends, renewable infrastructure investment and the growing role of secondaries.

Together, these developments offer insight into where capital is moving and how investors are adapting to evolving market opportunities.

EQT has signed an agreement to acquire Stockbridge, a San Francisco-based real estate investment manager, for an initial $375 million in cash, with additional performance-linked payments of up to $175 million. The transaction will strengthen EQT’s real estate platform and expand its presence across traditional and alternative property sectors.

The acquisition reflects EQT’s strategy of building a larger, more diversified real estate investment platform through strategic acquisitions. Stockbridge provides access to established investment strategies and institutional relationships, while EQT brings global distribution, investment expertise and data and AI capabilities. The combination could help both businesses expand their client offerings and identify new investment opportunities across the US property market.

A major software buyout highlights private equity's continued interest in technology businesses.

Deal Details: GTCR and Elliott Investment Management have signed a definitive agreement to acquire CCC Intelligent Solutions, valuing the business at approximately $6.1 billion. Shareholders will receive $7.75 per share in cash, representing a 44% premium to the unaffected closing price on July 9, 2026.

Why It Matters: CCC provides software and AI-enabled solutions to insurers, automakers and repair businesses. The transaction shows how private equity investors are pursuing established software platforms amid public-market concerns about AI disruption and growth prospects.

What Next: Closing is expected in Q1 2027, subject to regulatory approvals, shareholder approval and other customary conditions.

A healthcare joint venture brings fresh investment capital to a major senior-care clinic network.

Deal Details: Humana has entered into a joint venture agreement with funds and accounts managed by HPS Investment Partners, part of BlackRock. The new venture will manage nearly 150 CenterWell Senior Primary Care clinics, with BlackRock as majority owner and CenterWell retaining a minority interest. BlackRock will acquire the existing equity stake held by Welsh, Carson, Anderson & Stowe (WCAS), valued at approximately $2.8 billion.

Why It Matters: The transaction provides Humana with additional growth capital and financial flexibility while allowing it to retain an interest in the clinic business. It also illustrates the role of private capital in healthcare delivery and senior-focused primary care.

What Next: The transaction is expected to close in Q4 2026, subject to customary conditions

A new private equity platform makes its debut investment in specialist industrial manufacturing.

Deal Details: Atlantic Ridge Capital has agreed to acquire Paragon Films in partnership with Grafine Partners and Paragon's management team. The transaction is valued at approximately $900 million. Paragon manufactures high-performance stretch films used to secure and protect products during storage and transportation.

Why It Matters: The deal highlights investor interest in specialised industrial businesses with established customers and differentiated manufacturing capabilities. Paragon serves end markets including food and beverage, retail, e-commerce and industrial distribution.

What Next: Closing is expected in Q4 2026, subject to customary conditions. Atlantic Ridge plans to support product development, automation, expansion into adjacent products and potential acquisitions.

The investment reflects growing private capital interest in advanced protective technologies and defence modernisation.

Deal Details: CVC Capital Partners has agreed, through its CVC Catalyst III fund, to acquire a minority stake in Fibrotex, a manufacturer of advanced multispectral camouflage systems. The Financial Times reported that the investment involves a 40% stake for approximately €250 million. CVC's public announcement confirms the minority investment but does not disclose the financial terms.

Why It Matters: Fibrotex develops technologies designed to reduce the detectability of military personnel, vehicles and other assets. Demand is supported by defence modernisation and rising security requirements, making specialised defence technology an area of interest for investors.

What Next: The founding Blum family will retain majority ownership. The transaction is expected to close in the first half of 2027, subject to regulatory approvals.

The acquisition expands EQT's real estate platform and strengthens its US investment capabilities.

Deal Details: EQT has signed an agreement to acquire Stockbridge for a base consideration of $375 million in cash. Stockbridge has approximately $16.5 billion in fee-generating assets under management and $27 billion in gross asset value.

Why It Matters: Stockbridge brings established investment capabilities across industrial property, alternative living and other real estate strategies. The acquisition supports EQT's ambition to build a more diversified and globally scaled real estate platform.

What Next: Closing is expected in Q1 2027, subject to customary conditions, including regulatory approval. Additional earn-out payments may become payable between 2027 and 2030, depending on performance targets.

Cybersecurity consolidation accelerates as companies focus on protecting enterprise data and AI-driven workflows.

Deal Details: Proofpoint, a portfolio company of Thoma Bravo, has agreed to acquire Varonis Systems in an all-cash transaction valued at approximately $6.3 billion. Varonis shareholders will receive $49.75 per share.

Why It Matters: Varonis specialises in data security and analytics, while Proofpoint focuses on cybersecurity and protecting users against digital threats. Combining their capabilities could strengthen their ability to protect sensitive information as businesses adopt AI tools.

What Next: The transaction remains subject to closing conditions and regulatory approvals. Investors will watch the integration strategy and how the combined business competes in the data and AI security market.

Financial data remains an attractive acquisition target as strategic buyers expand credit intelligence capabilities.

Deal Details: London Stock Exchange Group (LSEG) has confirmed discussions with Permira regarding a potential acquisition of Octus for approximately $3.5 billion. Octus provides credit intelligence, data and workflow tools to investment firms, banks, law firms and advisers.

Why It Matters: An acquisition could strengthen LSEG's financial data and analytics offering, particularly in private credit and less-liquid markets. For Permira, a transaction could provide an exit from its investment in Octus, which it acquired in 2022.

What Next: Discussions remain preliminary. LSEG has explicitly stated that no final agreement has been reached and that there is no guarantee a transaction will proceed.

The acquisition connects engineering simulation software with real-world monitoring technologies.

Deal Details: Hexagon has signed an agreement to acquire Rocscience, a Canadian provider of geotechnical and engineering analysis software, from TA Associates and Rocscience's founders and management. The transaction values Rocscience at $535 million on a cash-free, debt-free basis.

Why It Matters: Rocscience's software helps engineers model rock, soil and structural behaviour and assess risks involving slopes, tunnels, dams and other infrastructure. Its capabilities complement Hexagon's monitoring and geospatial technologies, creating opportunities across mining, energy and infrastructure.

What Next: Rocscience is expected to join Hexagon's Radar & Monitoring Division. Closing is expected in Q4 2026, subject to customary conditions.

The partnership adds 700 MW of solar capacity to an existing US renewable energy platform.

Deal Details: KKR and TotalEnergies have signed an agreement to add three utility-scale solar assets in Texas and Ohio to their existing 50/50 US joint venture. The portfolio has an enterprise value of approximately $1.2 billion and adds 700 MW of capacity to a venture that already holds 1.4 GW.

Why It Matters: The transaction illustrates how private capital and energy companies can combine investment capacity and operating expertise to expand renewable infrastructure. The assets also provide exposure to long-term power generation, with electricity already sold to third parties or to be marketed by TotalEnergies.

What Next: The transaction is expected to complete in 2026, subject to customary conditions. The new assets are expected to reach commercial operation by Q1 2027

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.

Strategy: Private Equity Secondaries

StepStone Group has reportedly secured more than $3.1 billion for its sixth private equity secondaries fund, surpassing the halfway mark toward its $6 billion fundraising target. The vehicle is designed to invest in secondary transactions involving existing private equity fund interests and portfolios.

Why It Matters: The update highlights continued investor demand for secondaries, which can provide liquidity to existing investors and create opportunities to acquire established private market assets. The fundraise remains in progress and should not be presented as a final close.

Strategy: Healthcare and Life Sciences

OrbiMed has raised $3 billion in commitments across OrbiMed Private Investments X and OrbiMed Asia Partners VI. More than $1.9 billion will support US and European life sciences investments, while over $1 billion is allocated to healthcare growth equity and venture capital opportunities across Asia.

Why It Matters: The fundraise strengthens OrbiMed's ability to invest across biopharmaceuticals, medical devices, diagnostics and technology-enabled healthcare services. It also highlights continued institutional interest in healthcare innovation across multiple regions.

Strategy: Aviation and Asset-Based Investing

BBAM has completed the final close of Incline Aviation III, securing more than $1.7 billion in capital commitments. The fund will invest across commercial aircraft, aircraft engines and related credit opportunities, continuing the strategy of its predecessor funds.

Why It Matters: Aviation-focused investment strategies provide exposure to tangible assets that support global air travel and cargo transportation. BBAM reported that the fund had already invested or committed more than $625 million in equity by June 2026, equivalent to approximately 37% of its final size.

Strategy: GP-Led Secondaries

Hg has reportedly raised approximately €1 billion at the first close of Orion 1, its debut fund focused on continuation vehicles for software and technology-enabled businesses. The fund is targeting €1.75 billion, making the latest figure a preliminary close rather than a final fund size.

Why It Matters: Continuation vehicles allow private equity sponsors to retain attractive businesses for longer while providing existing investors with a potential liquidity option. Hg's new strategy reflects the growing specialisation of the secondaries market, particularly in technology investments.

Strategy: Technology-Focused Private Equity

Aldaron, a newly launched private equity firm founded by executives with backgrounds at Palantir and Carlyle, has reportedly closed its debut fund with approximately $885 million in commitments. The firm plans to invest in US businesses and use AI and engineering expertise to support operational improvements and revenue growth.

Why It Matters: Aldaron's strategy reflects growing interest in applying AI directly within portfolio companies to improve productivity, identify new revenue opportunities and support business expansion. Its approach places technology-led operational improvements at the centre of private equity value creation.