For fundraisers, staying ahead of the capital cycle means more than watching closes. It means watching what comes before them.
And in many cases, M&A activity is the clearest early signal. Sponsor acquisitions, sovereign take-privates, and strategic carve-outs often point to where LPs and GPs will lean next in capital, in strategy, and in conviction.
The past few months the deal flow told a story: one of scale, specialization, and long-term themes. From cybersecurity and healthcare to gaming, financial services, and energy transition, the market gave fundraisers a preview of what’s coming.
At Dakota, we know how hard it is to keep up.
That's why we built Dakota Marketplace: to give fundraising teams real-time visibility into the moves that shape tomorrow’s capital flows.
In this article we’ll go over the top 10 M&A signals shaping the next phase of private market fundraising.
1. Sports, Gaming & IP Are Becoming Institutional Asset Classes
The month’s headline: PIF’s $55B take-private of Electronic Arts… the largest deal of the year.
The takeaway? Sovereigns and large LPs now view sports, gaming, and global IP ecosystems as durable, monetizable asset classes.
Fundraising implication: Expect to see more funds focused on sports, entertainment, gaming, and IP-backed strategies.
2. Cybersecurity and Enterprise IT Stay Critical
From DBAG’s acquisition of MAIT Group to Varonis buying SlashNext, sponsors doubled down on cyber and IT services.
Fundraising implication: LPs will continue allocating to managers focused on recurring revenue, security, and mission-critical SaaS.
3. Healthcare Is Scaling via Sponsor-to-Sponsor Deals
CapVest’s €10B+ acquisition of Stada marked one of the largest European healthcare buyouts in recent years.
Combined with biotech and diagnostics activity, it underscores strong institutional belief in the sector.
Fundraising implication: Healthcare and life sciences managers will remain top of mind for LPs.
4. Fintech and Financial Services Stay Consolidation Targets
Deals in insurance, wealth, and banking showed sustained sponsor interest, from Bain’s Jensten acquisition to BBVA’s €15.5B Sabadell bid.
Fundraising implication: Strategies tied to fintech infrastructure, RIA roll-ups, and specialty finance will continue to attract capital.
5. Industrial Autonomy and Automation Are Rising Themes
Sponsors pursued deals across supply chain and manufacturing tech, including Boyd Corp’s potential $5B sale and Mutares’ logistics roll-up.
Fundraising implication: Expect industrial tech and automation to anchor new buyout strategies heading into 2026.
6. Consumer Deals Prioritize Brand + Scale
From Rhône Group’s acquisition of Freddy’s Frozen Custard to clean-label ingredients platforms, buyers prioritized scalable brands with loyal followings.
Fundraising implication: LPs will back consumer funds with brand durability and operational discipline, not D2C experiments.
7. Energy Transition Deals Point to the Next Wave of Infra Funds
Whether it was Amber Energy’s $5.9B CITGO deal or Deep Blue’s water infra acquisition, energy transition M&A showed continued acceleration.
Fundraising implication: Infra managers with domain and regulatory expertise will gain LP attention, fast.
8. Real Estate Is Quietly Regaining LP Confidence
Major moves from Norges Bank, BlackRock, and others pointed to renewed interest in core real assets, especially income-producing sectors.
Fundraising implication: Multifamily, net lease, and logistics strategies will continue to see steady inflows.
9. Frontier Tech Is a Growing Theme in Venture M&A
AI-driven healthcare, autonomy, and deep tech led early-stage transactions, including ZephyrAI’s acquisition of Aster Insights.
Fundraising implication: GPs in AI, autonomy, and life sciences will benefit as LPs lean into long-horizon innovation.
10. Corporate Buyers Are Back
From Flipkart’s sports-commerce expansion to software portfolio reshuffles, strategic buyers returned and they’re moving smartly.
Fundraising implication: Improved exit visibility bodes well for GP liquidity and LP confidence heading into 2026.
What These Signals Mean for Fundraisers
These M&A trends all point toward the same directional shift: Allocators are chasing clarity, specialization, and exit confidence.
The signals are clear:
- LPs want proven sector focus — cyber, healthcare, infra, and fintech are leading the way.
- Yield and income durability still matter — especially in infra, credit, and real estate.
- Liquidity paths are strengthening — with sponsors, sovereigns, and corporates all actively creating exits.
For fundraisers, this context matters. Knowing these signals helps you align your strategy with where allocators are paying attention.
Track M&A, Fund Closes, and Allocator Flows in Real Time With Dakota Marketplace
With Dakota Marketplace, you can follow:
- M&A activity across sectors and geographies
- Fund closes and allocator commitments
- People moves and strategic mandates
- The deal intelligence that shapes your pipeline
Thousands of fundraising and investment teams rely on Dakota Marketplace to turn market signals into action and get ahead of the next capital cycle.
Book a demo of Dakota Marketplace to see how the platform helps you spot opportunities earlier and win more fundraising conversations.
