Private Equity 24 Hours

Last updated: May 12, 2026, 2:30 PM ET

Dealmaking Activity and Sector Consolidation

The private equity deal environment saw continued focus on consolidation across niche sectors, though overall transaction volume remained subdued in Q1. Global deal volume declined modestly during the first quarter, even as the aggregate value of completed transactions rose, suggesting a trend toward fewer, larger acquisitions. In the food sector, E2p-backed Roskam Foods expanded its footprint by acquiring Kitchen Partners, a maker of frozen breakfast items and custom ingredients based in Grand Rapids, Michigan. Elsewhere, healthcare services saw further integration as a PE-backed Chartis subsidiary acquired the independent pharmacy Payer Ally, while in waste management, Apollo purchased Noble Environmental, which services municipalities with hauling and disposal operations.

Mega-deals and strategic exits marked the larger end of the market, with EQT escalating its bid for Intertek, raising its takeover offer to approximately $12.5bn, explicitly signaling this fourth proposal as its final attempt to take the testing firm private. In a separate large transaction, Gen Nx360 successfully exited Precision Aviation Group to VSE for a reported valuation exceeding $2bn. On the residential front, KKR finalized the divestment of its 213-unit Danish residential portfolio to Pears Global Real Estate, marking an exit from an asset first acquired in 2021.

Platform Building and Sector Launches

Firms continued to deploy capital to build or expand specialized platforms through add-on acquisitions and new ventures. In industrial services, Graycliff acquired Tramont Manufacturing, ensuring that executive chairman Nand Kumar retains a "meaningful ownership" stake and ongoing involvement. Similarly, Dynamic Core-backed Party Reflections bolstered its event rental capacity by scooping up Creative Solutions Special Events. Meanwhile, two investment firms, Altaline and Haven, launched a new elevator services network named Ascend Safety Collective, recruiting former executives from Kings III Emergency and ATIS to its board to drive the initiative.

In the testing and compliance space, Bridgepoint-backed NMi Group agreed to acquire Berlin-based environmental and mechanical testing laboratory Techno Lab, while in the broader industrials area, Shore Capital appointed Aurelio Banda as executive operating partner to spearhead its platform strategy focused on building an industrial automation distributor. Further expansion in health tech saw Lorient invest in PeterMD, aiming to accelerate the platform’s national growth trajectory.

Fundraising and Investor Relations

Capital formation activities showed large sovereign wealth funds deepening existing ties, while managers sought final closes for new flagship vehicles. The Qatar Investment Authority committed $500m to General Atlantic’s global growth equity strategies, significantly expanding their long-standing partnership. Separately, PSG is nearing a final close for its latest European software fund, aiming to secure €3.4bn for the third iteration of the vehicle. Efforts to widen distribution for evergreen products are also underway, as Ardian and iCapital broadened access to their private markets strategies through major custodians like Allfunds and Euroclear.

The secondaries market, however, showed signs of strain. Industry analysis indicated that market uncertainty has dented otherwise expanding secondaries volumes, and experts noted that software assets, in particular, are proving "harder to close" HarbourVest reported. To address the secondaries push, Pantheon recruited Leif Lindbäck, a senior TMT investor formerly at CVC Capital Partners, to bolster its GP-led secondaries team.

Technology, AI, and Regulatory Scrutiny

Investment activity in technology, particularly AI-related ventures, remained intense, drawing regulatory warnings regarding secondary market trading. Large capital raises were seen in frontier tech, including a massive $2.1bn funding round secured by DeepMind spinout Isomorphic Labs. In Europe, AI funding continues to grow, consuming an increasing share of regional venture capital, though this growth is tempered by concerns over talent acquisition, with European AI startups poised to poach staff from Big Tech.

This rapid growth is attracting scrutiny from portfolio companies themselves; Anthropic issued a warning to investors against unauthorized secondary platforms offering access to its shares, specifically naming Open Doors Partners and Forge Global among the unauthorized entities. Meanwhile, EQT launched a tender offer to take Japan's Kakaku.com private at JPY 3,000 per share ($19., while competitor Advent filed for an IPO for its portfolio company INNIO Group on Nasdaq, aiming to capitalize on data center power demand.

Executive Appointments and Governance

Firms continued to refresh senior leadership and advisory ranks to support growth and capital formation. Bridge Growth Partners appointed Ragunath Ramanathan, formerly president of Thomson Reuters’ legal business, as executive partner, alongside Workday CFO Zane Rowe as a senior advisor. In investor relations, Mako recruited Vanessa Gabela to serve as partner and head of IR, tasked with leading capital formation efforts. Furthermore, Respida added Kyle Kruse and Kyle Kolakoski as principal and VP, respectively, pulling talent from Ten Coves Capital and Stephens' technology investment banking group.