Growth Capital Investments in 2026

Tracked deals

644

644 tracked deals across 2026.

Buyer mix

PE-led

560 pe · 181 strategic

Top trend

Volume peaked in 2021

940 tracked deals announced in 2021.

Buyer Snapshot

Top Buyers

Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.

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Buyer # Deals Focus Type
KKR 13 Global investment firm focused on private equity and rela... PE
Bain Capital 8 Private credit investor providing customized debt and equ... PE
LPL Financial 5 Broker-dealer, registered investment advisor, and wealth ... Strategic
Blackstone 4 Global alternative asset manager investing in digital inf... PE
Bregal Sagemount 4 Growth-focused private equity firm providing flexible cap... PE
The Riverside Company 4 Global investment firm focused on smaller end of the midd... PE
Warburg Pincus 4 Global investment firm focused on growth investing across... PE
Advent International 3 Private equity firm investing in companies across sectors... PE
Apollo Global Management 3 Global alternative asset manager investing in sectors inc... PE
Bertram Capital 3 Lower-middle-market private equity firm investing in cont... PE

Acquisition Volume in Growth Capital Investments in 2026 by Year

Last 10 years

Acquisition volume by year Annual acquisition counts for the last 10 years for Growth Capital Investments in 2026. 12 2017 22 2018 345 2019 525 2020 940 2021 870 2022 605 2023 709 2024 589 2025 ~809 est. 643 2026
Actual Full-year estimate

Supporting Data

Recent Transactions

  • Buyer
    Pyrophyte Acquisition Corp. II
    Target
    Sakuu Corporation
    Industry
    Manufacturing

    Sakuu Corporation and Pyrophyte Acquisition Corp. II entered into a definitive business combination agreement that values Sakuu at $600 million before the transaction. Proceeds are expected to support development and commercialization of Sakuu’s dry-electrode printing platform and purchase-order fulfillment; the transaction remains subject to shareholder approvals and customary closing conditions.

  • Buyer
    Melar Acquisition Corp. I
    Target
    Everli Global Inc.
    Industry
    E-Commerce
    Location
    Lombardy, Italy

    Everli Global Inc. entered into a merger agreement with Melar Acquisition Corp. I for a proposed business combination that would make Everli a publicly traded company, expected to be named Everli Global Holdings Inc. The transaction remains subject to shareholder approval and other closing conditions; the parties expected to close shortly after the October 22, 2026 shareholder meeting.

  • Buyer
    Stryker
    Target
    CMR Surgical
    Industry
    Medical Devices
    Location
    United Kingdom

    Stryker agreed to invest approximately $400 million in CMR Surgical through preferred equity, with an exclusive option to acquire the company’s remaining equity in the future. The strategic alliance also makes Stryker the exclusive U.S. sales agent for CMR’s Versius portfolio, while CMR retains product development and commercialization outside the United States.

  • Buyer
    Wafra
    Target
    Liberty Development Partners
    Industry
    Infrastructure

    Wafra acquired an interest in Liberty Development Partners and invested in its principal assets, Gulf Inland Logistics Park and CMC Railroad. The investment is intended to provide capital and institutional resources to expand the rail-served industrial infrastructure platform and pursue additional opportunities.

  • Buyer
    Capacity
    Target
    Core Fulfilment
    Location
    England, United Kingdom

    Capacity acquired a majority stake in UK-based Core Fulfilment, creating a cross-border fulfillment platform for consumer brands operating in both the U.S. and U.K. Core Fulfilment is based in Crewe, England, and provides e-commerce fulfillment services with established carrier relationships and warehouse operations.

  • Buyer
    Ares Secondaries funds
    Target
    Sabey Data Center Properties
    Industry
    Infrastructure

    Ares Secondaries funds expanded their investment in Sabey Data Center Properties, bringing Ares’ total commitment to the platform to more than $500 million. The additional capital will support the platform’s expansion of U.S. data center infrastructure to meet growing demand tied to cloud computing, AI, and other data-intensive applications.

  • Buyer
    ANTA Sports Products Limited
    Target
    PUMA SE
    Seller
    Artémis SAS
    Location
    Germany

    ANTA Sports Products Limited completed its acquisition of a 29.06% stake in PUMA SE for EUR 1.5055 billion in cash from Artémis SAS, the Pinault family investment company. Following regulatory approvals and satisfaction of closing conditions, ANTA Sports became PUMA’s largest shareholder and said it plans to support PUMA’s strategic transformation while respecting PUMA’s governance and brand autonomy.

  • Buyer
    LPL Financial
    Target
    Praxis Financial Partners
    Seller
    Wells Fargo Advisors Financial Network

    LPL Financial added Praxis Financial Partners to its broker-dealer and Registered Investment Advisor (RIA) platform. The move brings Praxis’s wealth management team, based in Alpharetta, Georgia, and serving approximately $1.1 billion in advisory, brokerage and retirement plan assets, into LPL’s advisor network.

  • Buyer
    Bertram Capital
    Target
    Percopo Coatings Company

    Bertram Capital has invested in Percopo Coatings Company, establishing the coatings and restoration services business as the fifth platform investment in its Ignite fund. Financial terms were not disclosed. The firm plans to support Percopo’s next phase of growth, including through Bertram Labs’ added digital capabilities.

  • Buyer
    Marlin Equity Partners
    Target
    Rystad Energy
    Seller
    Jarand Rystad (founder), Rystad Energy's existing shareholders
    Industry
    Data & Analytics
    Location
    Norway

    Marlin Equity Partners signed a definitive agreement to make a growth investment in Rystad Energy, an independent provider of energy-market research, data, and intelligence. The transaction terms were not disclosed, and Rystad’s founder Jarand Rystad and existing shareholders will retain a majority stake after completion.

  • Buyer
    General Catalyst, Koch Equity Development, Co-investors (funds affiliated with General Catalyst and Koch Equity Development)
    Target
    Axiom Solutions International, Inc.
    Seller
    Flex
    Industry
    Data & Analytics

    Flex entered an agreement to sell $2.0 billion of shares of Axiom Solutions International, Inc.’s Series A convertible preferred stock to funds affiliated with General Catalyst, Koch Equity Development, and co-investors. The strategic investment is intended to support Axiom’s long-term growth as it prepares for separation into an independent, publicly traded company in Q1 2027 and to help fund part of the pending acquisition of EPC Power.

  • Buyer
    Bain Capital Tech Opportunities, Bain Capital
    Target
    Kahua
    Industry
    Cloud & SaaS

    Kahua, a construction technology platform company, secured a minority growth investment from Bain Capital’s Tech Opportunities at a valuation above $1 billion. The capital will be used to accelerate AI and product innovation, expand go-to-market and customer success operations, and invest in talent development.

  • Buyer
    KKR, Cisternina Logistics Private Limited
    Target
    Cisternina Logistics Private Limited, Ganesh Benzoplast Limited (liquid storage terminal and rail business), Ganesh Benzoplast Limited (GBL) liquid storage terminal business
    Seller
    Ganesh Benzoplast Limited (GBL)
    Location
    India

    KKR has signed definitive agreements to make a majority investment in Cisternina Logistics Private Limited, an Indian bulk liquid and gas storage and logistics company. The investment supports Cisternina’s planned acquisition of the liquid storage terminal and rail business of Ganesh Benzoplast Limited (GBL), expected to serve as the platform’s anchor asset, and Cisternina’s further expansion across India.

  • Buyer
    One Equity Partners
    Target
    Myriad360
    Industry
    IT Services

    One Equity Partners (OEP) has made a majority investment in Myriad360, a global systems integrator focused on complex infrastructure, cybersecurity, cloud, AI, and data center requirements. Financial terms were not disclosed, and Myriad360’s management team will continue leading the business and retain significant ownership.

  • Buyer
    Manna Tree
    Target
    Zambezi
    Location
    United States

    Manna Tree, a health & wellness-focused private equity firm, announced a majority investment in Zambezi, an independent creative agency known for brand-building and breakthrough consumer campaigns. The parties did not disclose deal terms, and Zambezi will continue operating independently under its existing leadership team.

  • Buyer
    Blue Sage Capital
    Target
    Clean Team

    Clean Team has received an investment from Blue Sage Capital to support the company’s continued growth. The deal enables Clean Team to continue executing an M&A growth strategy as a multi-regional facility cleaning and janitorial services platform.

  • Buyer
    Kenon Holdings Ltd., Harrison Street Asset Management (funds managed by HSAM)
    Target
    Vicinity District Energy
    Seller
    Antin Infrastructure Partners (entity related to the current owner)
    Industry
    Infrastructure
    Location
    United States

    Kenon Holdings has entered into an agreement to acquire a 25% equity interest in Vicinity District Energy for cash consideration of approximately $450 million as part of a broader transaction involving Vicinity’s sale. The deal is backed by committed non-recourse debt financing and is expected to close in Q2 2027, subject to customary conditions and approvals.

  • Buyer
    Liberty Mutual Investments, Thayer Street Partners
    Target
    SunHaven Management
    Industry
    Real Estate
    Location
    United States

    Liberty Mutual Investments (LMI) and Thayer Street Partners formed a strategic partnership and kicked it off with an investment in SunHaven Management, a national community association management platform. The investment is aimed at building a larger real-estate-adjacent services platform by combining capital, acquisitions support, technology, and operational expertise while giving founders a succession option.

  • Buyer
    Kestra Financial
    Target
    Ecclesiastes Wealth Partners

    Kestra Financial has added Ecclesiastes Wealth Partners, a Richardson, Texas-based wealth management firm managing approximately $550 million in client assets, to its network of independent advisors. Ecclesiastes will maintain its personalized, advisory-led model while leveraging Kestra’s technology, business consulting resources, marketing support, and AI-powered tools to improve efficiency and scalability.

  • Buyer
    Bold Eagle Acquisition Corp, Loomis Sayles, AE Industrial Partners, Eagle Equity Partners
    Target
    REDLattice
    Industry
    Cybersecurity
    Location
    United States

    REDLattice entered into a definitive agreement to become a publicly traded company via a business combination with Bold Eagle Acquisition Corp, valuing the company at a $1.25 billion pre-money enterprise value. The deal is expected to provide REDLattice with up to $610 million in gross proceeds, including committed convertible notes and a common stock PIPE, with closing targeted for around year-end 2026.

  • Buyer
    Fifth Ocean Capital, Tartan Investment Partners
    Target
    Complete Production Resources (CPR)

    Fifth Ocean Capital and Tartan Investment Partners announced a strategic investment in Complete Production Resources (CPR), a full-service live event production solutions and equipment rental provider. The partners plan to support CPR’s next phase of growth, including talent and technology investment, geographic expansion, inventory broadening, and pursuing strategic add-on acquisitions.

  • Buyer
    LPL Financial
    Target
    Clear Pointe Wealth Management
    Seller
    Northwestern Mutual (advisor team affiliation prior to joining LPL)

    LPL Financial added the financial advisors of Clear Pointe Wealth Management, a Salt Lake City-area wealth management practice. The advisors joined LPL’s broker-dealer, registered investment advisor, and custodial platforms while planning to retain their separate business identity and operate with a shared office.

  • Buyer
    LPL Financial
    Target
    Cornerstone Advisors
    Seller
    Northwestern Mutual (advisor team affiliation prior to joining LPL)

    LPL Financial added the financial advisors of Cornerstone Advisors, a Salt Lake City-area wealth management practice with approximately $1 billion in combined assets cited across the two firms in the announcement. The advisors joined LPL’s broker-dealer, registered investment advisor, and custodial platforms while retaining Cornerstone’s separate business identity.

  • Buyer
    RS2 Healthcare Partners
    Target
    KMM Group
    Industry
    Medical Devices

    RS2 Healthcare Partners announced the completion of its investment in KMM Group and confirmed the appointment of J. Mark King as President and CEO. The release reiterates that KMM is a Hatboro, Pennsylvania-based precision contract manufacturer focused on complex medical device components and highlights RS2’s decision to rebrand and concentrate on healthcare investing.

  • Buyer
    Hafnia Limited
    Target
    TORM plc
    Industry
    Transportation
    Location
    Denmark

    Hafnia Limited has agreed to acquire 1,700,000 A shares in TORM plc for USD 34.00 per share, representing 1.66% of TORM’s issued share capital. Upon completion, Hafnia is expected to hold approximately 19.85% of TORM.

  • Buyer
    The Elmet Group Co., Masan Group Corporation (via controlling shareholder/indirect role as seller source identified: a wholly owned subsidiary of Masan Group)
    Target
    Masan High-Tech Materials Corporation
    Seller
    A wholly owned subsidiary of Masan Group Corporation
    Industry
    Data & Analytics
    Location
    Vietnam

    The Elmet Group will acquire a 4.99% equity stake in Masan High-Tech Materials from a wholly owned subsidiary of Masan Group. In parallel, the parties will enter multi-year agreements for committed tungsten volumes, with MSR supplying tungsten products and conversion services from its integrated operations in Vietnam.

  • Buyer
    Tessenderlo Group, FMC Corporation
    Target
    FMC Corporation
    Industry
    Biotechnology
    Location
    United States

    FMC Corporation and Tessenderlo Group announced the closing of Tessenderlo Group’s minority equity investment in FMC. Tessenderlo purchased 30,319,166 shares of FMC common stock for approximately $403 million, representing about 20% ownership.

  • Buyer
    Odyssey Investment Partners, Falcon Gases
    Target
    Falcon Gases
    Industry
    Infrastructure

    Falcon Gases announced it secured a strategic majority investment from Odyssey Investment Partners. The investment is intended to accelerate Falcon’s strategy to build a high-growth, large-scale independent packaged gas distribution platform through growth and M&A.

  • Buyer
    Animoca Brands
    Target
    Superlogic Technologies (Bookit parent company)

    Animoca Brands became a strategic investor and shareholder in Superlogic Technologies, the parent company of Bookit. As part of the arrangement, Animoca’s COO Minh Do joined Superlogic’s Advisory Board, supporting Bookit’s tokenized commerce and rewards strategy.

  • Buyer
    Peugeot Invest, Continental Grain Company (Conti)
    Target
    Mérieux NutriSciences
    Industry
    Food & Beverage
    Location
    Auvergne-Rhône-Alpes, France

    Peugeot Invest and Continental Grain Company (Conti) agreed to become strategic minority shareholders in Mérieux NutriSciences, subject to regulatory approvals, to support the company’s next phase of growth. The investment is described as financing the previously announced acquisition of Certified Group.

  • Buyer
    CVC
    Target
    Ridge
    Seller
    Horizon Capital
    Location
    United Kingdom

    CVC has invested in Ridge, the U.K. multidisciplinary built environment consultancy, following strong organic growth. CVC is acquiring its stake from Horizon Capital, while Ridge’s equity partners are expected to remain significant shareholders after the transaction.

  • Buyer
    TPG's Rise Funds (The Rise Funds)
    Target
    Tablet Command
    Industry
    IT Services

    TPG’s The Rise Funds has signed a definitive agreement to make a significant investment in Tablet Command, an emergency incident management and response software provider used by fire departments and emergency response agencies. The investment is intended to support Tablet Command’s continued growth as emergency organizations adopt more digital tools to coordinate complex incidents, including large-scale natural disasters.

  • Buyer
    Moody’s
    Target
    PhilRatings (Philippine Rating Services Corporation)
    Location
    Philippines

    Moody’s has agreed to acquire a minority stake in Philippine Rating Services Corporation (PhilRatings), a domestic credit rating agency in the Philippines. The investment is intended to expand Moody’s network of domestic rating agency affiliates across Asia Pacific while PhilRatings continues to operate independently and retain its management and credit rating processes.

  • Buyer
    Hafnia Limited
    Target
    TORM plc
    Industry
    Transportation
    Location
    Singapore

    Hafnia Limited has agreed to acquire 4,500,000 A shares of TORM plc at USD 32.25 per share. The acquisition represents 4.39% of TORM’s issued share capital and would increase Hafnia’s ownership to approximately 18.22% upon completion.

  • Buyer
    CGF Holdings
    Target
    MediPro Direct
    Location
    United States

    CGF Holdings announced a strategic investment in MediPro Direct, a nationwide provider of mobile diagnostics services. The partnership is intended to bring CGF’s operating experience to help expand MediPro Direct’s provider network, enhance its technology platform, and pursue additional partnerships across its healthcare and clinical trial markets.

  • Buyer
    WJRJJ Ventures, LLC
    Target
    HealthStream, Inc.
    Seller
    Robert A. Frist, Jr.
    Industry
    Software

    WJRJJ Ventures, LLC acquired 1,355,932 newly issued HealthStream shares for approximately $40 million and purchased another 144,068 existing shares from CEO Robert A. Frist, Jr. for approximately $4.25 million. The transaction closed on September 14, 2026, giving HealthStream proceeds for general corporate purposes and reflecting WJRJJ’s confidence in the company’s growth prospects.

  • Buyer
    Aphias Capital, SNZweig Advisors
    Target
    SNZweig Advisors, Stambaugh Ness, Zweig Group
    Location
    United States

    Aphias Capital has made a majority growth investment in SNZweig Advisors in connection with the combination of Stambaugh Ness and Zweig Group, creating an integrated professional services platform focused on architecture, engineering, and construction (AEC) firms. The formal combination is expected to become effective by the end of 2026, with financial terms undisclosed. The investment is intended to support national expansion, technology development, and additional service offerings and acquisitions.

  • Buyer
    Bertram Capital
    Target
    STARC Systems, Inc.
    Seller
    North Branch Capital

    STARC Systems announced a strategic investment from Bertram Capital to accelerate its next phase of growth as reusable temporary containment gains adoption across U.S. construction markets. STARC employs about 140 people and reported sustained ~30% annual revenue growth; the investment terms were not disclosed.

  • Buyer
    Onconetix, Inc.
    Target
    Realbotix LLC, Realbotix Corp.
    Location
    United States

    Realbotix LLC entered into an unsecured bridge loan agreement with Onconetix, Inc. to provide transaction-aligned working capital while the parties advance a previously announced proposed merger between Realbotix LLC and Onconetix. The facility includes an initial $2.5 million draw with additional draws available up to $5.0 million, with the note and obligations automatically cancelled at merger closing.

  • Buyer
    Brookfield Asset Management Ltd.
    Target
    American Real Estate Partners (AREP)
    Industry
    Infrastructure

    American Real Estate Partners (AREP) and Brookfield Asset Management announced that affiliates of Brookfield have agreed to acquire a minority interest in AREP for an undisclosed amount. The investment pairs AREP’s vertically integrated data center development platform with Brookfield’s global real estate and infrastructure scale and capabilities.

  • Buyer
    Francisco Partners, KKR, Group of investors including KKR
    Target
    TeamSystem
    Seller
    Hellman & Friedman, Existing shareholders (context: Hellman & Friedman majority shareholder; Silver Lake and ADIA are mentioned as existing holders)
    Industry
    Software
    Location
    Italy

    Francisco Partners and KKR have agreed terms to acquire minority stakes in Italian business software company TeamSystem from majority shareholder Hellman & Friedman. The transaction values TeamSystem at between €8 billion and €10 billion and is structured as a “private IPO,” with Hellman & Friedman selling minority shares while transferring remaining exposure to another fund.

  • Buyer
    CID Capital
    Target
    Kaiser Garage Doors & Gates, LLC

    CID Capital completed its investment in Kaiser Garage Doors & Gates, LLC to launch a new Southwest garage-door platform. The deal closed on August 14, 2026, and Eric Farley stepped in as CEO at close while Dean Bennett continues as COO.

  • September 11, 2026
    Buyer
    Thoma Bravo
    Target
    Tanda
    Industry
    Cloud & SaaS
    Location
    Queensland, Australia

    Thoma Bravo made a strategic growth investment in Tanda, a workforce management, payroll, and HR software platform for shift-based employers. The funding is intended to support continued product development (including Tanda’s AI roadmap) and expansion into additional geographic markets.

  • Buyer
    FFL Partners
    Target
    Waylin Partners

    FFL Partners has completed an undisclosed investment in Waylin Partners, an Office of the CFO advisory firm focused on forward-deployed finance engineering for private equity-backed companies. The investment is intended to accelerate talent recruitment, expand relationships with private equity firms, and advance AI-enabled offerings.

  • Buyer
    Trimontium, Garnett Station Partners
    Target
    Authentic Restaurant Brands (ARB)

    Trimontium announced a $325 million bespoke, flexible capital solution for Authentic Restaurant Brands (ARB), a Garnett Station Partners portfolio company. The package blends debt, hybrid and equity instruments to support ARB’s next phase of growth, including expansion within its home markets and selective acquisition of additional regional restaurant concepts.

  • Buyer
    Bertram Capital
    Target
    STARC Systems, Inc.

    Bertram Capital announced an investment in STARC Systems, a manufacturer of reusable temporary containment wall systems for occupied construction environments. The deal terms were not disclosed, and STARC is described as Bertram’s sixth platform investment in Fund V.

  • Buyer
    Chimney Rock Equity Partners, LLC
    Target
    Russell Equipment, Inc.
    Seller
    Russell family (founders/previous owners, implied)
    Location
    United States

    Chimney Rock Equity Partners made a strategic investment in Russell Equipment, a material handling aftermarket services provider focused on off-lease equipment, components, and services. Terms were not disclosed, and Russell’s CEO Jeff Stone and leadership team are expected to continue operating the business as Chimney Rock partners with management for growth.

  • Buyer
    Shell Energy North America (US), L.P. (SENA), Constellation Energy Generation, LLC
    Target
    Hunlock Creek Generating LLC (Hunlock), RISEC Holdings, LLC (RISEC)
    Seller
    Shell Energy North America (SENA)
    Industry
    Energy

    Shell Energy North America (SENA) signed two related transactions as part of US power portfolio management: it agreed to acquire 100% of Hunlock Creek Generating LLC (Hunlock) and it agreed to sell its interests in RISEC Holdings, LLC to Constellation Energy Generation, LLC for $715 million. The transactions are subject to regulatory approvals and expected to close in the first quarter of 2027.

  • Buyer
    H.I.G. Capital
    Target
    Click Here Digital

    H.I.G. Capital (via an affiliate) completed a significant investment in Click Here Digital, a technology-enabled performance marketing agency. The investment is intended to help Click Here grow its team and capabilities, deepen customer relationships, and invest further in its ClickIQ platform.

  • Buyer
    Lee Equity Partners, LLC
    Target
    Marwood Group
    Location
    United States

    Marwood Group, a healthcare-focused advisory and consulting firm, received a strategic investment from funds managed by Lee Equity Partners. The firm also named Chris Librizzi as Chief Executive Officer, alongside Richard Jeanneret joining as Executive Chairman.

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