Private Equity 24 Hours

Last updated: May 18, 2026, 11:30 AM ET

Energy & Infrastructure

Private capital continued its sweep through critical infrastructure as Next Era Energy agreed to acquire Dominion Energy in an all-stock transaction valued at approximately $66.8 billion, capping a year in which private funds have reshaped the U.S. power grid. Across the energy complex, Caturus reached a positive final investment decision on its Commonwealth LNG export facility in Cameron Parish, Louisiana, securing $9.75 billion in project financing backed by Kimmeridge, CPP Investments, and Mubadala as anchor investors in the $13 billion development. The twin deals underscore how private equity is filling gaps left by traditional utilities and sovereign wealth funds in capital-intensive energy projects that require patient capital across construction and operational phases.

AI & Tech

The venture arms of PE firms are doubling down on artificial intelligence, with Sequoia Capital leading a $40 million Series B round for Dust, an AI agents scaleup focused on enterprise workflows. The investment comes as institutional capital flows into the Deep Mind ecosystem have reached billions of dollars, reflecting broad conviction that foundational model builders will generate outsized returns. Meanwhile, EQT and IDG Capital advanced to the next round in the auction for Poly Peptide, a Swiss healthcare asset, adding to a deepening pipeline of Swiss healthcare deals that echo Europe's broader appetite for precision medicine and biotech assets. On the semiconductor front, Europe's chip startups are waging lobbying campaigns against semiconductor giants over policy and subsidy access, a tension that could shape where the next generation of fab investments land. However, quantum computing startup investment is slowing in 2026 even as public market valuations remain elevated, suggesting that venture enthusiasm for early-stage quantum hardware may be moderating after last year's funding peaks.

Music Rights & IP

Private equity is pivoting toward intellectual property as a yield-generating asset class, with PE firms increasingly acquiring music catalogs and rights. Pophouse acquired Tina Turner's catalog and NIL rights with the aim of introducing the late superstar to new generations through IP development, live experiences, and streaming deals. The strategy reflects a broader playbook in which asset managers treat entertainment rights as cash-flow instruments rather than speculative bets, leveraging royalty streams and licensing deals to meet fund return targets. In a related transaction, Sverica agreed to sell its agentic AI firm WinWire to NTT Data, a move that follows its initial investment in April 2021 and signals a broader wave of exit activity among PE-backed AI startups as public market conditions improve.

Secondaries & Compensation

The secondaries market is facing a structural pay challenge as total compensation for secondaries distribution specialists reached a median of $739,000 in 2025, trailing the broader alternatives market median of $800,000. The gap suggests that specialized distribution roles are not commanding the same premium as generalist positions in private credit and private equity, even as fund sizes balloon. Separately, documents prepared for a Blue Owl LP investment committee reveal the firm's liquidity and monetisation playbook, offering rare transparency into how the GP-stakes giant generates returns from portfolio company exits and fund-level distributions.

Geographic Expansion

The geographic footprint of U.S. and European PE firms is broadening, with Bain's latest mega-fund underscoring APAC's multi-faceted appeal while Vista Equity Partners opened a Middle East outpost despite regional headwinds. Meanwhile, Andreessen Horowitz is reportedly eyeing Japanese defence opportunities, adding a new vertical for the venture firm as Japan increases defence spending under its security partnership with Washington. The moves illustrate how global PE managers are diversifying away from saturated Western markets into regions offering policy tailwinds and regulatory arbitrage.

Exits & Realizations

Trition Management exited healthcare provider Aleris in a strategic sale, which operates more than 100 clinics across Sweden, Norway, and Denmark, while McWin listed a quick-service restaurant business in what appears to be a partial or full divestiture. In apparel, L Catterton sold Everlane to Shein for approximately $100 million, a sharp reset for a brand once considered a direct-to-consumer darling. The exit values suggest that mid-market PE exits in 2025 are pricing in softer consumer sentiment and compressed multiples, with founders and LPs adjusting expectations for the next funding cycle.