Private Equity Deals 2026: CBIZ $5B, Blackstone $14.6B & the Week's Key Moves
November 9, 2026 • Weekly PE Deal Review • 4 min read
The week of November 2 to 9, 2026 delivered a busy run of private equity deals 2026, from a roughly $5bn take-private of CBIZ by Grant Thornton Advisors, the New Mountain-backed firm, to a $14.6bn European direct lending close at Blackstone. Sponsor-to-sponsor buyouts, a set of software and consumer carve-outs, and a reported bid by Silver Lake and Saudi Arabia's PIF for Unity Software filled the rest of the calendar. For allocators, the picture is clear: large platforms are raising capital at scale, and exits and take-privates are moving again.
🌐 Deal of the Week: New Mountain's $5bn Take-Private of CBIZ
Grant Thornton Advisors, the New Mountain-backed firm, has closed a roughly $5bn take-private of CBIZ. The structure is notable: CBIZ's benefits and insurance segment will be spun out as a standalone New Mountain-backed company. That lets the sponsor run a distinct benefits and insurance business alongside the core platform, rather than folding it into a single take-private asset. Take-privates of listed services businesses remain a core route for large buyout funds seeking predictable, fee-based cash flows, and carve-outs built into the deal give sponsors more than one exit path.
Why it matters for allocators:
For CGPs, wealth managers and family offices, the deal shows that public-to-private activity is still open to large sponsors. It is also a case study in building exit routes at entry. Investors with exposure to flagship buyout funds should watch whether the separated benefits business gives limited partners a distinct path to liquidity.
⚡ Major Private Equity Deals 2026: Transactions This Week
Cinven Buys Theramex from PAI Partners and Carlyle
Cinven agreed to buy Theramex from PAI Partners and Carlyle, a secondary buyout in which two sponsors hand a healthcare asset to a new owner. No value was disclosed in the sources reviewed. Sponsor-to-sponsor healthcare deals remain a deep pool of activity for mid-market funds.
Advent Acquires Vermeg from Charterhouse Capital Partners
Advent agreed to acquire Vermeg from Charterhouse Capital Partners. Terms were not disclosed. The deal reflects continued sponsor appetite for specialist software businesses with recurring revenue.
PAI Partners to Acquire ELEMIS from L'Occitane
PAI Partners is buying the ELEMIS skincare brand from L'Occitane Group. No value was given in the reports reviewed. Brand carve-outs from strategic groups are an established route for sponsors seeking consumer assets with proven brand equity.
Platinum Equity Acquires Warren Valve from Allied Group
Platinum Equity acquired Warren Valve from Allied Group. Terms were not disclosed. The deal adds to Platinum's industrial portfolio, where buy-and-build strategies remain a core theme.
May River Capital Agrees $675m Sale of Parameter Technologies to Acuity
May River Capital agreed to sell Parameter Technologies to Acuity for $675m. The deal is agreed but not yet closed. It is a clean example of a mid-market exit that returns liquidity to a sponsor and its investors.
Silver Lake and PIF in Talks for Unity Software (Reported)
Reuters reported on November 5, citing people familiar with the matter, that Silver Lake and Saudi Arabia's PIF are in talks to buy Unity Software at a valuation of about $25bn. Silver Lake already holds about 8% of the company. No agreement has been announced and terms could change. The figure is a talks valuation, not a signed price.
💰 Fundraising & Strategic Moves
Blackstone Raises $14.6B for European Direct Lending
Blackstone closed $14.6bn for a European direct lending strategy, the largest fundraise of the week. A raise of this size shows strong LP appetite for private credit as an alternative to bank lending. Allocator takeaway: Large private credit closes keep concentrating capital in the biggest platforms. Compare net yields, leverage and loss history across managers rather than relying on headline fund size.
I Squared Capital Closes $2.4B Infrastructure Credit Fund II
I Squared Capital closed its second infrastructure credit fund at $2.4bn. Allocator takeaway: Infrastructure credit is drawing a growing share of LP allocations that seek contracted, long-duration income.
Churchill Asset Management Closes $1.54B Junior Capital Fund III
Churchill Asset Management closed Junior Capital Opportunities Fund III at $1.54bn, a strategy focused on junior and subordinated capital for middle-market companies.
Blackstone Leads $3.1B Investment in Mitsubishi's LNG Canada Stake
Blackstone led a $3.1bn investment in Mitsubishi Corporation's stake in LNG Canada. The deal shows large alternative managers moving into energy infrastructure with long-dated, contracted assets.
Hellman & Friedman Reinvests in TeamSystem, with Francisco Partners and KKR Joining
Hellman & Friedman reinvested in TeamSystem, with Francisco Partners and KKR joining the investor group. Syndicates like this let an existing sponsor keep exposure to a proven asset while bringing in new capital.
📊 Week in Numbers
~$5bn: approximate value of the CBIZ take-private, the largest disclosed transaction of the week.
$14.6bn: Blackstone's European direct lending close, the largest fundraise of the week.
$3.1bn: Blackstone-led investment in Mitsubishi's LNG Canada stake.
$2.4bn and $1.54bn: fund closes from I Squared Capital and Churchill Asset Management.
~$25bn: reported valuation in the Silver Lake and PIF talks for Unity Software. Not agreed.
🔍 Our Take: What to Watch
Take-privates paired with separations. CBIZ shows sponsors buying a whole company and then separating parts of it. Watch whether more take-privates come with separation plans agreed up front.
Private credit scale. Blackstone's $14.6bn raise confirms that direct lending is consolidating around the largest platforms. Smaller managers face a harder fundraising path.
Sovereign co-investment in mega-deals. If the Unity talks become a signed deal, they will test whether sovereign investors such as PIF join large technology buyouts. Watch for announced terms and the financing structure.
📚 Sources
Private Equity International, New Mountain's Grant Thornton Advisors closes $5bn take-private of CBIZ, 5 November 2026. May River Capital agrees $675m sale of Parameter Technologies, 5 November 2026.
The Middle Market, Cinven buys Theramex (3 November 2026); Advent acquires Vermeg (2 November 2026); PAI Partners purchases ELEMIS (4 November 2026); Platinum Equity acquires Warren Valve (3 November 2026).
The Middle Market, Blackstone raises $14.6B for European direct lending strategy (4 November 2026); I Squared Capital closes $2.4B Infrastructure Credit Fund II (3 November 2026); Churchill Asset Management closes $1.54B Junior Capital Opportunities Fund III (2 November 2026); Blackstone leads $3.1B investment in Mitsubishi Corporation's LNG Canada stake (2 November 2026); Hellman & Friedman reinvests in TeamSystem (3 November 2026).
Reuters (via SenseOS), Silver Lake and PIF in talks to buy Unity Software at about $25bn, reported 5 November 2026; SenseOS article dated 7 November 2026.
⚠️ Disclaimer
This article is published by AirFund for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any financial instrument. AirFund is registered as a Conseil en Investissement Financier (CIF) in France with ORIAS. Past performance is not indicative of future results. The information contained in this article is based on sources considered reliable, but no representation or warranty is made as to its accuracy or completeness. Investors should conduct their own due diligence and consult their professional advisors before making any investment decision. Private equity investments carry significant risks, including illiquidity, long holding periods, and potential loss of capital.