Private Equity 24-Hour Briefing
×Last updated: May 18, 2026, 2:30 PM ET
Deals & Exits
Private capital continued its aggressive pace across industrials and infrastructure this week, with the marquee transaction being Next Era Energy's all-stock acquisition of Dominion Energy valued at approximately $66.8bn, a deal that cements the year as one in which private capital reshaped the U.S. power sector Next Era-Dominion deal. Elsewhere in energy, Kimmeridge, CPP Investments, and Mubadala anchored a $13bn Commonwealth LNG project in Cameron Parish, Louisiana, after Caturus secured a positive final investment decision and closed $9.75bn in project financing Commonwealth LNG anchor. In metals distribution, Wynnchurch-backed EMS acquired American Metals Supply, adding an aluminum distribution platform to its portfolio, while the broader PE market saw TA Associates targeting a $2bn exit for Gong Cha with Bain Capital and General Atlantic among the bidders.
Private Credit & Fund Launches
The scale of new capital deployment grew this week as Citi and BlackRock's HPS launched a €15bn EMEA private credit programme aimed at expanding direct lending to corporate and sponsor-owned borrowers across Europe, the Middle East, and Africa. In Europe, EQT secured a mandate to manage the EU's €5bn Scaleup Europe deep-tech fund focused on quantum computing, artificial intelligence, and other emerging technologies EQT wins EU deep-tech mandate, beating Atomico to manage a separate €5bn Scaleup Europe vehicle EQT beats Atomico sifted.eu. The dual mandates underscore the firm's deepening footprint in European innovation finance. In healthcare, EQT and IDG Capital advanced to the next round of bidding for Poly Peptide, a Swiss healthcare asset, as the Swiss deal pipeline continues to attract international capital EQT and IDG advance on Poly Peptide.
AI & Deep Tech
AI investment momentum held firm even as the broader quantum computing startup funding picture showed some softening. Sequoia Capital led a $40m Series B round into Dust, an AI agents scaleup, backing the company sifted.eu as investors continue to chase agentic AI platforms. Sverica, meanwhile, sold its agentic AI firm WinWire to NTT Data pehub.com, exiting a position it took in April 2021 as the Japanese tech conglomerate moved to bolster its AI capabilities Sverica sells WinWire pehub.com. On the public markets side, investors have poured billions into the so-called "Deep Mind mafia," a cluster of former Alphabet AI researchers now running or advising deep-tech startups DeepMind mafia funding sifted.eu. However, Crunchbase data shows that quantum computing startup investment is on track to decline from last year's peaks, even as public market valuations for quantum names remain elevated Quantum funding slows news.crunchbase.com. European chip startups, meanwhile, are fighting "lobby wars" against semiconductor giants for policy and funding support Chip startup lobby wars sifted.eu.
Music Rights & Niche Assets
Private equity appetite for music catalogs expanded this week as Pophouse acquired Tina Turner's catalog and NIL rights, aiming to introduce the late superstar to new generations through IP development, live experiences, and streaming Pophouse buys Tina Turner catalog pehub.com. The deal exemplifies a broader PE trend of snatching up music rights, an asset class that offers recurring streaming revenue and brand licensing opportunities Music rights surge pehub.com. The sector reflects how PE firms are diversifying into intangible assets beyond traditional operational businesses.
Secondaries & Compensation
On the secondaries front, median total compensation for distribution specialists hit $739k in 2025, trailing the broader alternatives market median of $800k, suggesting that secondaries pay lags alts industry secondariesinvestor.com. Meanwhile, Blue Owl Capital's internal LP committee documents have revealed the firm's detailed playbook for generating liquidity, offering rare transparency into how one of the largest private credit managers manages its portfolio Blue Owl's liquidity playbook privateequityinternational.com.
Portfolio Exits & Resets
Triton is exiting its healthcare provider Aleris through a strategic sale, while McWin moved to list its quick-service restaurant business Triton exits Aleris pehub.com. In consumer retail, L Catterton sold Everlane, the DTC apparel brand it majority-owned, to Chinese e-commerce group Shein at a valuation of approximately $100m, marking a sharp reset for a once-high-flying direct-to-consumer darling L Catterton exits Everlane. The deal reflects the broader readjustment underway in the DTC space as growth narratives have cooled.
Market Dynamics
Bain Capital's latest mega-fund underscored the multi-faceted appeal of the Asia-Pacific region, while Vista opened a Middle East outpost defying regional headwinds, and Andreessen Horowitz appears to be eyeing Japanese defence opportunities APAC mega-fund appeal privateequityinternational.com. The geographic diversification among top-tier GPs signals that capital is increasingly flowing to emerging market opportunities as Western deal flow matures. In biotech, a Sifted report noted that biohacking remains a male-dominated field that is failing to attract and retain women, raising questions about the breadth of talent pools feeding the next wave of health-tech startups Biohacking gender gap sifted.eu.