Private Equity 24 Hours

Last updated: May 19, 2026, 2:30 PM ET

Deals & Acquisitions

Private equity dealmaking remained brisk across sectors as firms doubled down on platform consolidation. Kelso-backed Novvia acquired APC Packaging, a rigid container and life sciences distributor, extending its packaging footprint. Meanwhile, Leonard Green completed the take-private buyout of Mister Car Wash at $7 per share, valuing the car wash operator at $3.1 billion, while WHP Global struck a deal to acquire the Marc Jacobs brand from LVMH in a high-profile luxury fashion transaction. True North, backed by Garnett Station, snapped up Miles Truck Services, adding fleet maintenance capacity to its platform, and QHP-backed Lexitas Pharma Services picked up Erie Retina Research to strengthen its ophthalmology clinical research capabilities. On the payments front, PE-backed NMI acquired the payment technology firm Dwolla, expanding embedded payment infrastructure, and Salt Creek acquired medical device firm MML Diagnostics Packaging, promoting Geoffrey Pestes to CEO as part of the integration. Hull Street acquired FirstLight USA from PSP Investments, gaining a portfolio of nearly 1,400 MW of clean generation in the Northeast, while Agellus-backed HighGrove acquired Lawn Enforcement Agency in the commercial landscaping space.

Private Credit & Capital Raises

Private credit continued its rapid ascent as institutional demand for direct lending swelled. Barings closed more than $19 billion in committed capital for its Global Direct Lending strategy, marking one of the year's largest private credit raises. The expansion comes as European PE firms rethink growth amid AI, geopolitics and ageing assets, with continuation vehicle pricing rising and value creation under pressure. H.I.G. Bayside refinanced UK care provider Lifeways with a £90 million unitranche facility, reflecting the growing sophistication of special situations lending. In China, investors are returning to the conversation as CDH sees a brighter outlook for its next flagship launch, and Side Letter reports that continuation vehicle pricing is rising even as private markets face a muted outlook. On the secondary side, CPP Investments unloaded a European non-performing loan portfolio to a JV between Arrow Global Group and Fortress Investment Group, signaling ongoing appetite for distressed debt assets.

AI Infrastructure & Tech

AI infrastructure dominated PE strategy this week, with Blackstone committing $5 billion to a joint venture with Google to launch a U.S.-based AI infrastructure business powered by Google's TPUs. Blackstone is investing $5 billion initially to bring 500 MW of capacity online by 2027, with plans to scale significantly over time. The move follows a broader trend of longer hold periods driving firms to emphasize value creation and post-deal due diligence, prompting many PE shops to hire additional operating partners. Across venture capital, capital concentration shows no signs of abating, with U.S. VC totals through April 2026 already matching all of 2025. Index Ventures led a $20 million round in AI inspection startup Scope, while AI-powered VC platform Bunch raised $35 million in a Series B and Lexroom raised $50 million in a Series B targeting AI legal tech. Mistral struck its second M&A deal in months by acquiring Austrian AI startup Emmi, and Cohere snapped up its second German AI startup weeks after the Aleph Alpha deal. Verdane made a significant growth investment in Berlin-based ETERNO, an AI-native operating system for outpatient care, as PE firms increasingly use AI as a value creation tool. Meanwhile, Status AI raised $17 million to turn social media into interactive entertainment, and Stilta raised $10.5 million from Andreessen Horowitz and YC to help companies rediscover forgotten patents.

Exits & Portfolio Moves

Exit activity picked up in marquee assets. Doug Ostrover, billionaire co-founder of Blue Owl Capital, sold his remaining stake in the Washington Commanders back to the Josh Harris-led ownership group amid private credit pressure. KKR exited its remaining 10.57% holding in Kokusai Electric through a Nomura-coordinated block sale, completing the divestment. SRS Acquiom, a PE-backed M&A transaction platform, appointed Sallie Krawcheck and Philip Vasan to its board to bolster its advisory capabilities. On the energy front, family offices broadened allocations to oil, gas and renewable energy in Q1 as geopolitical tensions reshaped ultra-wealthy portfolio strategy. Boyne Capital backed consumer apparel brand Local Boys Outfitters in partnership with Sisu Equity and Consumer Growth Partners, and Weatherford Capital tapped Todd Marcy as partner to lead its sports investment strategy. EQT won the EU's €5 billion superfund, with plans to deploy capital across more than 100 companies in its pipeline, while Monzo's profits soared amid European expansion and Mouro Capital, a Santander spinout, is betting on AI infrastructure for financial services.