Private Markets Sector

Private equity sponsor CapVest Partners is leveraging its platform company Curium to execute a take-private of Nasdaq-listed Lantheus in an all-cash transaction valued at up to nearly $8 billion. The deal mechanism utilizes a $102.50 per share upfront cash payment alongside non-transferable contingent value rights of up to $12.00 per share tied to commercial milestones through 2030, bridging execution risk in commercializing radiopharmaceuticals. The $102.50 cash offer represents a 38% premium to Lantheus’ 60-day volume-weighted average price and a 21% premium over its May 21, 2026 closing price before market reports emerged. The consolidation reaches radiopharmaceutical customer networks across oncology, neurology, and cardiology across more than 70 countries, accelerating US commercial infrastructure access for European theranostics providers. No dissenting board or shareholder opposition was reported, following unanimous approval by Lantheus’ Board of Directors. The reading would be invalidated if Lantheus shares trade above the $114.50 maximum consideration level prior to close, signaling competing public bids.

Private climate startup Base Power secured $1 billion in Series D funding at a $13 billion post-money valuation, reflecting how venture capital is stepping in to finance decentralised energy infrastructure as AI data center growth strains regional electrical grids. The platform operates on a subscription model, charging Houston customers $695 for installation and $19 monthly while selling stored electricity back to local utilities during peak demand windows. This capital injection directly affects grid operator PJM and regional utility partners in Texas and Illinois, which rely on distributed residential battery deployments to mitigate localized congestion. Lead investors included Ribbit, Addition, Valor Equity Partners, and JPMorganChase's Strategic Investment Group alongside participation from other investors.

Nuclear technology startup Valar Atomics raised $1 billion in equity alongside a $200 million credit facility from Erebor and commercial banks, pushing its valuation to $6 billion. The financing demonstrates how mega-sized venture rounds are capitalizing capital-intensive clean energy suppliers seeking to power next-generation computing infrastructure. The mechanism flows through Valar’s modular Ward 250 reactor development, which demonstrated operational power delivery to an Nvidia Blackwell system in June. The funding directly impacts hardware partner Nvidia, which contracted with Valar to develop a waterless 30MW AI factory. Sequoia partner Shaun Maguire led the equity financing and joined Valar’s board, alongside investors Point72, Riot Ventures, and Valor Equity Partners.