Private Equity 24 Hours

Last updated: May 20, 2026, 5:30 AM ET

Healthcare Consolidation & Platform Building

The private equity industry moved aggressively into healthcare consolidation this week as London-based GHO Capital and Singapore-headquartered CBC Group agreed to merge, creating the world's largest dedicated healthcare investment manager with over $21 billion in assets under management. Co-founders Mike Mortimer and Fu Wei will serve as co-CEOs of the combined platform, a governance structure designed to leverage both firms' operational networks across European and Asian markets. The deal signals that specialist healthcare buyout funds are scaling faster than generalist competitors, particularly as aging demographics in developed markets drive demand for healthcare services at a time when PE firms face pressure to demonstrate differentiated sector expertise.

Portfolio Construction & Secondary Transactions

Several firms announced platform investments that extend their operational reach into adjacent verticals. Sky Peak unveiled Excelus, a precision manufacturing company born from the merger of Excelus Manufacturing Solutions, D&G Machine Products, and Millennium Precision, positioning itself as a one-stop supply chain partner for industrial clients. In the packaging sector, Kelso-backed Novvia acquired APC Packaging, a rigid container and life sciences distributor, expanding its footprint in the highly fragmented packaging value chain. True North, a fleet maintenance and repair platform backed by Garnett Station, picked up Miles Truck Services, adding geographic coverage across the southeastern U.S. Meanwhile, QHP-backed Lexitas Pharma Services acquired Erie Retina Research, bolstering its ophthalmology clinical research capabilities. Collectively, these moves reflect a broader strategy of bolt-on acquisitions that compound revenue and operating leverage within single-platform structures.

Leveraged Buyouts & Retail Services

Leonard Green completed the take-private buyout of Mister Car Wash at $7 per share, valuing the car wash operator at an enterprise value of $3.1 billion — a premium that underscores persistent appetite for recession-resistant consumer services. Hull Street agreed to acquire First Light USA from PSP Investments, gaining a portfolio of nearly 1,400 MW of clean generation assets in the Northeast, marking the firm's continued expansion into infrastructure. Agellus-backed HighGrove acquired Lawn Enforcement Agency, adding to its Atlanta-based commercial landscaping platform. On the financial services side, PE-backed NMI acquired payment technology firm Dwolla, deepening its embedded payment infrastructure capabilities for the fintech ecosystem.

Private Credit & Capital Raises

Private credit continued to scale rapidly as Barings closed more than $19 billion in committed capital for its Global Direct Lending strategy, one of the largest credit fund raises of the year. The figure illustrates how institutional capital is concentrating in direct lending as banks retreat from corporate credit origination. In the sports-entertainment space, Blue Owl's Ostrover exited his remaining stake in the Washington Commanders back to the Josh Harris-led ownership group amid private credit headwinds that have made leveraged sports investments harder to finance. Bayside refinanced the debt of UK care provider Lifeways with a £90m unitranche facility, illustrating how special situations funds are stepping in to restructure healthcare portfolios facing margin pressure.

European Expansion & Fund Strategy

EQT is positioning itself to deploy €5 billion through a new EU superfund, with executives saying they have over 100 companies in the pipeline across sustainability and technology sectors. The raise comes as Alvarez & Marsal report that AI, geopolitics, and aging assets are weighing on PE value creation initiatives, pushing European firms to rethink growth assumptions. Family offices meanwhile rotated into oil, gas, and renewable energy in the first quarter as the Iran conflict reshaped ultra-wealthy portfolio strategy, while CPP Investments unloaded a European non-performing loan portfolio to a joint venture between Arrow Global Group and Fortress Investment Group, signaling continued appetite for distressed debt assets. SRS Acquiom, a PE-backed platform managing M&A transactions and loan facilities, appointed Sallie Krawcheck and Philip Vasan to its board, reflecting the growing importance of governance expertise in an era of complex deal structures.

Tech-Backed Growth & Deal Activity

The venture ecosystem showed no signs of cooling as Balderton-backed Primer raised $100 million in a Series C round, underscoring investor confidence in European fintech infrastructure. Cohere snapped up a second German AI startup weeks after its Aleph Alpha acquisition, accelerating its push into European enterprise AI. Stilta raised $10.5 million from a16z and Y Combinator to automate patent research using AI, a niche but labor-intensive market that founders believe can scale. Status AI raised $17 million to turn social media into interactive entertainment, betting that the next generation of consumers will not passively consume content but actively participate in narratives. Monzo saw profits soar amid European expansion, while KKR exited its remaining 10.57% stake in Kokusai Electric through a Nomura-coordinated block sale. Across the venture landscape, capital concentration has accelerated with U.S. VC totals through April already matching all of 2025, and 80% of startup investment flowing to a narrowing pool of top funds.

Operational Value Creation & Leadership

Blackstone invested $5 billion into a joint venture with Google, part of a broader strategy where PE firms are emphasizing value creation and post-deal due diligence as hold periods extend. Longer hold periods are reshaping dealmaking, with firms hiring more operating partners and shifting focus toward operational improvements that compound returns over five to seven year horizons rather than quick flips. Boyne Capital partnered with Sisu Equity and Consumer Growth Partners to back consumer apparel brand Local Boys Outfitters, while Weatherford Capital tapped Todd Marcy as a new partner to work alongside Drew Weatherford on sports investment strategy. PE-backed SRS Acquiom brought on Krawcheck and Vasan to strengthen its advisory board as deal complexity continues to rise across the sector.