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Wednesday delivered a seismic shift in private markets:
EQT announced a $3.2 billion acquisition of Coller Capital just hours after Coller closed its record $17 billion secondaries fund. The deal creates a secondaries powerhouse and marks EQT's boldest strategic pivot yet. Meanwhile, deal flow stayed relentless—GSK dropped $2.2 billion on a food allergy biotech, Lone Star scooped up an airport services giant, and platforms kept stacking add-ons across pest control, roofing, and wellness franchises. Plus, BCI tapped a healthcare veteran to lead its entire PE program.
Let's break down all of these and more.
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Major Investments & Infrastructure Deals
EQT
$3.2B Coller Capital Acquisition
EQT announced it will acquire Coller Capital for $3.2 billion, entering the secondaries market in a massive strategic expansion. The deal comes just hours after Coller closed its record $17 billion CIP IX fund. Coller's founder Jeremy Coller will lead the new Coller EQT platform as Head of Secondaries, reporting directly to EQT CEO Per Franzén. The combined firm will operate secondaries as a standalone segment alongside EQT's private equity and real assets businesses, with Coller maintaining independent origination and investment processes. The transaction is expected to close in Q3 2026.
GSK
$2.2B RAPT Therapeutics Acquisition
GSK entered a definitive agreement to acquire RAPT Therapeutics for $2.2 billion ($1.9 billion net of cash), gaining ozureprubart, a potentially best-in-class anti-IgE antibody in phase IIb development for food allergy protection. The long-acting monoclonal antibody offers potential dosing every 12 weeks versus current standard-of-care injections every 2-4 weeks. With over 17 million Americans diagnosed with food allergies and more than 1.3 million suffering severe reactions, the acquisition targets significant unmet medical need. Phase IIb data is expected in 2027, with phase III trials focused on at-risk adult and pediatric populations.
Lone Star Funds
Alliance Ground International Acquisition
Lone Star Fund XII entered a definitive agreement to acquire Alliance Ground International from Greenbriar Equity Group and Audax Private Equity. Founded in 1987 and headquartered in Miami, AGI operates in over 60 North American airports with 12,000+ professionals, providing mission-critical air cargo handling, passenger terminal services, and ground handling. The company's integrated service offering and strategic airport footprint position it as a trusted partner supporting airport operations and global trade flows.
Accel-KKR
Exxat Growth Investment
Accel-KKR completed a minority growth investment in Exxat, a leading provider of technology for clinical and experiential education in healthcare. Purpose-built for healthcare, allied health, and behavioral sciences, Exxat supports the full academic-to-practice journey through curriculum management, placement coordination, onboarding, compliance, and student readiness. The platform currently supports 1,600+ academic programs, 10,000+ clinical affiliates, and 400,000+ learners across nursing, allied health, behavioral health, and public health disciplines.
Gryphon Investors
Metagenics Acquires Symprove
Gryphon Investors-backed Metagenics acquired UK-based probiotic brand Symprove from bd-capital, concurrent with a strategic debt recapitalization. Symprove is the UK's number one probiotic and most recommended by healthcare practitioners, featuring a clinically proven water-based formulation focused on gut microbiome health. The acquisition positions Metagenics to leverage its global network of healthcare practitioner partnerships to scale Symprove internationally. \
CPP Investments
$162M U.S. Medical Real Estate JV
CPP Investments formed a joint venture with IRA Capital to invest in U.S. medical outpatient buildings, with an initial commitment of US$162 million. The partnership will target high-quality medical office buildings and outpatient facilities across key U.S. markets, capitalizing on demographic trends driving demand for healthcare real estate.
MGG Investment Group
Social Gaming Developer Investment
MGG Investment Group provided growth capital to an established developer and operator of mobile and web-based social games. The investment supports the company's continued expansion in the rapidly growing social gaming market, where engagement-driven monetization models continue to attract significant investor interest.
Fundraising Announcements
Coller Capital
$17B Secondaries Behemoth
Coller Capital closed Coller International Partners IX at $17 billion, cementing its position as the world's largest dedicated secondaries manager. The fund targets LP-led and GP-led secondary transactions globally, backed by 250+ investors including pension funds, insurance companies, sovereign wealth funds, and asset managers. Already 70% deployed, CIP IX brings Coller's total AUM to $50 billion. The close came hours before EQT's announcement of its $3.2 billion acquisition of Coller.
Superstate
$82.5M Series B
Superstate raised $82.5 million in Series B funding to expand its onchain finance platform. The round positions the company to scale its blockchain-based financial infrastructure and expand product offerings in the rapidly evolving digital asset ecosystem.
Healthier Capital
$220M Oversubscribed Fund I
Healthier Capital closed its oversubscribed inaugural fund at $220 million to advance health equity and improve outcomes for underserved communities. The fund will invest in healthcare companies addressing disparities in access, quality, and outcomes across diverse populations.
Crux Capital
$342M Fund I Close
Crux Capital, a Sunbelt-based lower-middle-market private equity firm, closed Fund I at $342 million in September 2025. The fund focuses on founder-led or family-owned businesses in the consumer and services sectors across the Sunbelt region.
Oxford Finance
ABL Division's First Deal
Oxford Finance's newly launched Asset-Based Lending Division closed its inaugural transaction with AMX Logistics, a family-owned "asset-right" transportation and logistics provider serving all 48 contiguous United States. The company combines asset-based trucking with asset-light logistics to deliver flexible, technology-enabled freight solutions. The ABL facility will optimize working capital and support expansion strategy.
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M&A Transactions & Deals
Transom Capital acquires WellBiz Brands – Transom completed its acquisition of WellBiz Brands, a leading beauty and wellness franchisor platform with 700+ locations across the U.S., Canada, Europe, and the Middle East. The portfolio includes Drybar®, Elements Massage®, Amazing Lash Studio®, Fitness Together®, and Radiant Waxing®. CEO Amanda Clark, who joined in March 2024, has led initiatives to strengthen leadership, drive same-store sales growth, and position the company for sustained growth. Read more →
FFL Partners exits Anova to Aurora Capital – FFL Partners completed the sale of Anova, a global IIoT solutions provider for remote monitoring and management of industrial assets, to Aurora Capital Partners. During FFL's ownership, Anova expanded its global footprint, advanced software and analytics capabilities, and transitioned from hardware-centric to SaaS-led, now monitoring ~1.8 million assets across 80+ countries for 2,000+ customers. Read more →
Frontenac exits Crofter's Organic – Frontenac completed the sale of Crofter's Organic, a manufacturer of organic fruit spreads, jams and preserves, to Power Sustainable Lios. During Frontenac's ownership since February 2021, the company expanded its better-for-you positioning into mainstream channels, scaled the team, upgraded systems, and enhanced innovation capabilities. Read more →
Thompson Street's PestCo acquires Long Pest Control – PestCo Holdings, a Thompson Street Capital Partners portfolio company, acquired Long Pest Control, a premier provider of pest management solutions founded in 1979 in Tacoma, Washington. The acquisition bolsters PestCo's capabilities in the greater Seattle region, marking continued growth in the Pacific Northwest. Read more →
Strattam announces AI partnership with Isazi – Strattam Capital announced a strategic partnership with Isazi, an applied AI firm, with Isazi's three co-founders joining as Senior AI Advisors. The partnership formalizes a scaled, execution-led AI capability across Strattam's portfolio, with Isazi having already delivered AI-powered products at Netstock and SciSure. Read more →
Golub Capital leads $270M facility for Strickland Brothers – Golub Capital acted as Administrative Agent and Sole Lender on a $270 million senior credit facility to support Princeton Equity Group's refinancing of Strickland Brothers, a leading provider of oil change and maintenance services with nearly 300 franchise and corporate-owned locations. The facility includes a revolver, first lien term loan, and first lien delayed draw term loan. Read more →
BC Partners Real Estate sells Warstein campus – BC Partners Real Estate completed the exit of a laboratory and R&D campus in Warstein, Germany, fully let to Infineon Technologies AG under 25-year, CPI-linked, triple-net leases. The transaction represents a high-double digit million valuation and marks the second successful realization from BC Partners European Real Estate I. Read More →
Loar Holdings acquires Harper Engineering – Loar Holdings (NYSE:LOAR) completed the acquisition of Harper Engineering Company for $250 million cash consideration. Founded in 1968, Harper is a leading manufacturer of mechanically engineered devices for aircraft interiors with proprietary latching and securing mechanisms across multiple commercial aerospace platforms. Read more →
OneRyan Global acquires Mr Gatti's Pizza – OneRyan Global, the family office of G. Brint Ryan, acquired a controlling interest in Mr Gatti's Pizza, the iconic Texas-born pizza and entertainment brand with 200+ active and forthcoming locations. G. Brint Ryan will serve as Chairman and Amanda S. Ryan as Vice Chairwoman, with existing CEO Jim Phillips and leadership team remaining in place. Read more →
Main Post Partners acquires HomeWell Franchising – Main Post Partners and management acquired HomeWell Franchising, franchisor of HomeWell Care Services with 100+ franchise owners representing 170+ territories. The transaction includes a strategic debt recapitalization to provide capital for continued organic and M&A growth. HomeWell earned a spot on Inc. 5000 for the fifth consecutive year with 113% revenue growth from 2022-2024. Read more →
BV Investment Partners launches Altimeter Solutions Group – BV Investment Partners completed the acquisition of the Managed Repair Program division from Alacrity Solutions, which will operate as Altimeter Solutions Group. The tech-enabled, end-to-end managed repair platform helps insurance carriers restore damaged properties faster with greater control over cost, quality, and customer experience. The transaction represents the first investment from BV's $2.465 billion Fund XII. Read more →
WILsquare's OuterBox acquires GRO Marketing – OuterBox, a WILsquare Capital portfolio company, acquired GRO Marketing, a full-service digital performance marketing agency specialized in multifamily, student housing, and senior living community clients. The acquisition strengthens OuterBox's position as a leading independent performance marketing agency and marks WILsquare's fifth acquisition within its digital marketing platform. Read more →
Keystone Equity Partners acquires David Nicholas – Keystone Equity Partners acquired David Nicholas Building & Property Maintenance, Southern New Jersey's premier luxury residential property manager with 130+ high-end coastal homes valued at $400M+. The acquisition represents Keystone's initial Shoreline Platform investment in luxury residential property management. Read more →
Regulatory & Industry Developments
Partners Group Launches Special Opportunities Strategy. Partners Group formally launched a special opportunities strategy as a standalone investment program, building a dedicated team led by Joshua Hartz, who joined as Partner from Bain Capital. The strategy will focus on three transaction types: structured liquidity for founder-led or growth businesses, investing in attractive assets with constrained balance sheets, and liquidity solutions where traditional capital is unavailable. The move positions Partners Group to capitalize on opportunities generated by economic transformation, debt maturity walls, and elevated inflation. Read more →
Hecate Energy to Go Public via SPAC. Hecate Energy Group and EGH Acquisition Corp. (NASDAQ: EGHAU, EGHA, EGHAR) announced a definitive business combination agreement that would result in Hecate becoming a public company listed on Nasdaq under ticker "HCTE." The transaction values Hecate at a $1.2 billion pre-money enterprise value, with EGH's trust account providing up to $155 million. Hecate has assembled the largest independent portfolio of renewable and thermal power projects totaling 47+ GW and has sold over 12 GW to date. Read more →
Spirit Airlines in Takeover Talks with Castlelake. Spirit Airlines is in talks with investment firm Castlelake for a potential takeover of the bankrupt carrier, according to CNBC. Frontier Airlines had been in merger talks but was unable to secure a deal. Spirit's future appears increasingly uncertain with cash running low during bankruptcy proceedings, which began in August—marking its second filing in less than a year. Read More →
People Moves
BCI appoints Jon Salon as Global Head of Private Equity – British Columbia Investment Management Corporation announced Jon Salon has been appointed Global Head of Private Equity, effective immediately. Salon joined BCI in June 2024 as Senior Managing Director leading the healthcare team from New York. He brings nearly three decades of experience, most recently serving as President and CEO of MDLIVE and previously spending 14 years at Bedford Funding, a $1.4 billion PE firm.
Crux Capital announces team expansion and promotions – Following the closing of its $342 million Fund I, Crux Capital hired Ryan Panyard as Director of Finance and CCO and Levi Jobe as Associate. The firm also promoted Kale Kolbe to Vice President and Christopher Herrod to Associate. Panyard brings significant PE financial management experience from Havencrest Capital Management, Sixth Street, and Ernst & Young.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team