Four metrics show up on nearly every private fund report. Here's what each one actually measures, how they work together, and where they can mislead you if read in isolation.
Cate Costin, Marketing Manager · August 18, 2026
Data sourced from Joe, the private fund performance platform powered by Dakota. Learn More | Request Access
For deal sourcers, staying current on private company activity is critical to spotting active buyers, tracking market trends, and uncovering emerging investment opportunities ahead of competitors.
In July alone, we added more than 1,700 new private company transactions, bringing the total to over 27,900 searchable deals across sectors, industries, and transaction types in Joe powered by Dakota Marketplace.
Inside Joe, you’ll find the transactions tab that provides structured, filterable data on deal types, values, and dates, while our editorial team curates daily updates through the dakota transactions newsletter, helping you cut through the noise and focus on what matters most.
To ensure the most comprehensive coverage of private market activity, Dakota’s team monitors over 10,000 websites including company websites, newswires, and numerous third-party news providers to capture and verify transaction data as it happens.
Below are the top 10 financial transactions.
Intercontinental Exchange (ICE) agreed to acquire MarketAxess Holdings, a leading electronic trading platform for institutional fixed income markets, for $167 per share in an all-cash deal representing a 33% premium and a total enterprise value of approximately $5.7 billion (~10.6x LTM EBITDA pro forma for synergies). The combination unites MarketAxess's institutional trading network of roughly 2,100 investors and broker-dealers with ICE's retail bond franchise and data/analytics business, creating a unified fixed income ecosystem expected to generate $100 million in annual run-rate synergies and be EPS-accretive in the first full year post-close, with the deal financed entirely through new debt and expected to close in the first half of 2027.
Allianz agreed to acquire HSBC Life Singapore, a composite life and health insurer with 80 million euros in 2025 operating profit and 1.2 billion euros in equity, while simultaneously entering a 15-year exclusive distribution partnership with HSBC Singapore for a combined consideration of 2.0 billion euros. The deal expands Allianz's presence in Singapore, its Asia-Pacific headquarters, by pairing HSBC Singapore's established customer relationships with Allianz's global protection, health, retirement, and wealth offerings, with Allianz expecting a double-digit mid-term return and closing anticipated in the first half of 2027.
Prosperity Bancshares completed its previously announced merger with Stellar Bancorp on July 1, 2026, with Stellar Bancorp merging into Prosperity and Stellar Bank merging into Prosperity Bank. The completion finalizes the roughly $2.0 billion cash-and-stock combination first announced in January 2026, creating the second-largest bank by deposits headquartered in Texas with over 330 banking centers.
Securitize completed its business combination with Cantor Equity Partners II (Nasdaq: CEPT) on July 1, 2026, with its common stock beginning trading on the NYSE under ticker "SECZ" on July 2. The completion finalizes the SPAC merger first announced in October 2025, which valued the world's leading tokenization platform (over $4 billion in assets brought onchain) at a $1.25 billion pre-money equity value and delivered up to approximately $469 million in gross proceeds, including a $225 million PIPE anchored by institutional investors and $244 million from CEPT's trust account.
Ant International closed a Series A equity financing round of approximately $1.2 billion, with participation from existing investors Ant Group and Alibaba Group alongside other renowned international institutions. The proceeds will accelerate global expansion of Ant International's cross-border payment and agentic commerce solutions across its four business pillars — Alipay+, Antom, WorldFirst, and Bettr — which together connect over 150 million global merchants and more than 2 billion user accounts.
Want to track financial deal activity like this as it happens? Explore the full transactions tab in Joe for real-time, filterable data on every deal in this sector.
Wonder, a food technology platform led by CEO Marc Lore, raised $650 million in Series D funding at a $9 billion pre-money valuation, with existing investors Accel, GV, and NEA joined by new investors including AllianceBernstein, ARK Invest, and Kayne Anderson Rudnick. The funding will fuel continued expansion of Wonder's robotics-driven kitchen technology and food marketplace — which has tripled from 46 to 140 locations since its last raise in May 2025 — alongside investments in AI and infrastructure, including a new drone delivery partnership with Zipline launching in Texas.
Payward (Kraken's parent company) completed its acquisition of Reap Technologies, a Hong Kong-based stablecoin-native card issuing and cross-border payments company, for up to $600 million in cash and Payward stock, in a deal that values Payward's equity at $20 billion. The completed transaction, first announced May 7, 2026, extends Payward Services' B2B infrastructure into global cards and stablecoin payments, with Reap's existing licenses accelerating Payward's expansion across APAC and the Americas while Reap continues operating as a standalone brand under founder Daren Guo.
Columbia Financial completed its second-step conversion, raising $1.7 billion in a stock offering (167,236,353 shares at $10.00 each), simultaneously with its previously announced merger with Northfield Bancorp in a transaction valued at approximately $580 million (70% stock, 30% cash), with Northfield Bank merging into Columbia Bank. The combination created one of the largest community banks headquartered in the region, with pro forma total assets of $18.0 billion, $12.5 billion in deposits, and more than 100 branch offices across New Jersey, Staten Island, and Brooklyn, while Northfield's Steven Klein joined as Senior EVP and COO of the combined institution.
HCC Healthcare, a Singapore-incorporated operator of integrated medical and long-term care services in Taiwan, signed a Business Combination Agreement with RF Acquisition Corp III (Nasdaq: RFAM) to become publicly listed on Nasdaq, in a deal reflecting a pre-transaction equity value of approximately $500 million. The combination will bring together a pro forma network of more than 120 long-term care facilities and over 9,000 beds across Northern Taiwan, positioning the company to capitalize on Asia's aging demographics through AI-enabled care, expansion into Japan, and precision medicine initiatives, with closing expected in Q4 2026.
Tavia Acquisition Corp. (Nasdaq: TAVI) and Vita Inclinata Technologies signed a Letter of Intent for a de-SPAC business combination that would take Vita public on Nasdaq, valuing the company at a pre-money enterprise value of $450 million, contingent on Vita completing a pending strategic acquisition in the defense and industrials market. The companies are pursuing non-binding investment indications from institutional and strategic investors ahead of a definitive agreement expected within 30 days, with closing anticipated in Q4 2026.
At Dakota, we understand how important it is to stay current on deal activity as it happens. That’s why our editorial team continuously monitors the news for real-time updates on platform investments, add-ons, divestitures, and more to deliver daily highlights straight to your inbox through our transactions newsletter.
Inside Joe, the transactions tab provides structured, filterable data with deal dates, types, sectors, and financials, allowing you to build a customized feed that aligns with your focus areas.
Whether you're evaluating a new investment opportunity or tracking trends within a target sector, Joe helps you cut through the noise and focus on what matters most.
For more information on these transactions and a deeper dive into their industries and sub-industries, request access to Joe.
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