Private Equity 24 Hours

Last updated: May 20, 2026, 8:30 AM ET

Healthcare Megadeals and Extended Holds

Private equity's largest transaction of the quarter took shape as London-based GHO Capital and Singapore-headquartered CBC Group agreed to combine, creating a healthcare investment manager with over $21bn in assets under management. Co-founders Mike Mortimer and Fu Wei will serve as co-CEOs of the merged entity, which the firms describe as the world's largest dedicated healthcare investment manager. The deal follows a wave of consolidation among specialist funds that reflects broader shifts in private equity strategy, including longer holding periods and the need for deeper value creation post-acquisition. Meanwhile, Blackstone is investing $5 billion into a joint venture with Google, a move that underscores how extended hold periods are reshaping PE structures and pushing managers to emphasize post-deal due diligence and operational improvement. Advisors from McKinsey, KPMG, and Lathrop GPM are increasingly focused on how these longer horizons alter the calculus for investors, particularly when GPs are selling minority stakes in their portfolio companies.

Portfolio Building and Platform Plays

Several portfolio companies expanded through bolt-on acquisitions as buy-and-build strategies accelerated. Leonard Green completed a take-private buyout of Mister Car Wash at $7 per share, valuing the car wash operator at an enterprise value of $3.1 billion. In the pest control sector, TSCP-backed PestCo acquired University Termite & Pest Control, adding geographic reach in the St. Louis market. Kelso-backed Novvia acquired APC Packaging, strengthening its position as a rigid container and life sciences packaging distributor, while Garnett Station-backed True North snapped up Miles Truck Services to expand its fleet maintenance platform. Sky Peak unveiled a new precision manufacturing company, Excelus, created from the merger of Excelus Manufacturing Solutions, D&G Machine Products, and Millennium Precision. On the energy side, Hull Street agreed to acquire FirstLight USA from PSP Investments, gaining a portfolio of nearly 1,400 MW of clean generation in the Northeast. These transactions point to a broader trend of platform consolidation as firms seek to build defensible market positions ahead of potential exits.

Secondaries Surge and Deal Activity

The secondaries market continued its strong start to the year as Investec launched its inaugural European senior debt fund through an innovative secondaries process backed by Carlyle Alp Invest, with Callum Bell calling the strategy an "excellent way" to accelerate platform growth. Cari Lodge's Aqualis set a target for its debut secondaries fund, which will focus on smaller transactions that larger firms typically overlook. Q1 2026 saw 27 continuation vehicle deals close, with nine involving asset classes beyond traditional private equity. At the same time, Eurazeo held a first close on a new fund while continuation vehicle pricing is rising and China has re-entered the investment conversation, suggesting that LPs are increasingly comfortable committing capital to secondary strategies even as valuations compress.

Private Credit Scale-Up

Private credit funds continued to raise massive pools of capital as Barings closed more than $19bn for its Global Direct Lending strategy, marking one of the largest credit raises of the year. Switzerland's Publica, the Swiss Federal Pension Fund, is preparing to commit up to $1.1bn to direct lending strategies, further signaling institutional appetite for private credit. On the deal side, H.I.G. Bayside refinanced UK care provider Lifeways with a £90m unitranche facility, while Doug Ostrover sold his remaining stake in the Washington Commanders back to the Josh Harris-led ownership group, citing private credit market pressure as a factor in the exit.

Sports, Identity Security, and Tech

The sports investment lane heated up as Arctos Partners acquired a 10% stake in the Cleveland Browns at a valuation exceeding $9bn, and Weatherford Capital tapped Todd Marcy as a partner to lead its sports investment strategy. In cybersecurity, Carlyle grew iC Consult 20 percent annually over a five-year hold before agreeing to sell the identity security firm to Bridgepoint, illustrating how PE-backed specialists can build substantial value in niche verticals. Across Asia, China-based robotics companies raised $5.6bn across 176 deals through mid-May, driven by embodied AI applications, while Cohere acquired its second German AI startup weeks after the Aleph Alpha deal and Balderton-backed Primer raised $100m in a Series C round. European tech also saw activity on unconventional models, with Sifted spotlighting startups pursuing radical ideas such as a four-day work week and Status AI raising $17m to transform social media into interactive entertainment. EQT outlined plans for the EU's €5bn superfund, with over 100 companies in its pipeline, and PE-backed SRS Acquiom appointed Sallie Krawcheck and Philip Vasan to its board, signaling continued confidence in M&A infrastructure plays.