Private Equity 24 Hours

Last updated: May 21, 2026, 8:30 AM ET

Secondaries Market Keeps Grinding

The secondaries market showed fresh momentum as Canada Pension Plan Investment Board completed the sale of 33 limited partnership fund interests worth $2.9 billion to Blackstone Strategic Partners and Ardian, marking one of the largest single-portfolio disposals this year. The transaction involved 33 funds drawn from a portfolio of 56 lines, giving CPPIB meaningful capital relief on an aging vintage. Around the same time, Step Stone defended secondaries pricing mechanisms on an earnings call while ICG reasserted its position on evergreen fund structures, signaling that managers are pushing back against pressure to discount historical cost bases. On the investor side, DBJ Asset Management opened the door to both LP- and GP-led credit secondaries, a move that could broaden the buyer pool for illiquid credit positions. Separately, Pantheon's debut CFO has created access for insurance investors that had lost the ability to back PE, while Macquarie Asset Management's Wandy Hoh and Baird's Jeremy Duksin discussed on the Second Thoughts podcast the rapid evolution of infrastructure secondaries and the structural tailwinds supporting their growth. The converging message: secondaries are becoming the preferred route for capital-constrained institutional investors to maintain exposure without taking on new vintage risk.

AI and Fintech Funding Accelerate

AI-driven deals dominated the venture landscape as Sam Altman offered to have OpenAI invest in every startup in the current Y Combinator class by exchanging tokens for equity, a move that sent ripples through the early-stage ecosystem. Meanwhile, EQT's Per Franzén said there is a 'very, very high sense of urgency' to operationalize AI across portfolio companies, with legacy code rewriting capabilities potentially expanding PE's investable universe. Sifted's coverage of European fintech pointed to a new wave of startups with sleek interfaces and AI-native architectures, while the Lexroom CEO argued Anthropic's foundation model won't kill vertical AI companies. On the funding front, beauty booking startup Fresha hit a $1 billion valuation after raising $80 million from KKR's Next Generation Technology Growth fund, and Imperagen raised £5 million to apply quantum physics and AI to enzyme engineering. Digital banking startup Mercury landed $200 million in a Series D at a $5.2 billion valuation, up 49% from its previous round, illustrating how fintech multiples continue to expand. Even outside the AI narrative, Cathie Wood's ARK Invest funded an eSports gamification startup with $20 million despite every VC chasing AI, suggesting capital is diversifying beyond the single theme.

PE Deal Activity Pours In

Private equity transaction volume remained heavy across industrials and services. McNally-backed Foundral acquired mechanical contracting firm A. Hattersley & Sons, adding to its family of mechanical contracting platforms. Trinity Hunt formed Elevation Landscape Group with its first investment in Colorado-based Landscape Endeavors, while Gryphon-backed Southern Home Services expanded by acquiring Blazer Heating, Air & Plumbing and Nautic-backed Integrated Home Care Services scooped up Dina Care. On the flip side, Kingswood Capital sold marine services firm Lind Marine to Tallvine Partners, having acquired it just two years earlier in partnership with Seneca Partners, suggesting a quick turnaround for the asset. Bregal Sagemount and Ardian backed health tech firm Ennov with a focus on AI innovation and global go-to-market expansion, while ACP-backed Marco snapped up Pride Seals in specialty components. EIG-backed Mid Ocean raised $120 million from the Arab Energy Fund for its liquefied natural gas operations. Wynnchurch sold metal fabricator Ironform, which serves agriculture, construction, and industrial end markets. And Onex, Frontenac, and the Sterling Group are expected to take portfolio companies in hydraulics, wire cable, and sustainable building products to market, with OEP pausing one sale process amid uncertain conditions.

Startups and Exit Activity

On the exit front, the Pinault family office Artémis sold its majority stake in Giambattista Valli back to the designer, allowing the Italian label to regain full operational control. Partners Group launched a new Total Return Strategy targeting long-hold periods up to 12 years with a focus on immediate cash yield alongside equity appreciation, a move that reflects growing LP demand for distributions in a higher-rate environment. Carlyle grew iC Consult before putting it up for sale to Bridgepoint, while Arctos was approved as a limited partner of the Cleveland Browns. On the startup side, applications for Startup Battlefield 200 close May 27, offering early-stage founders a shot at $100,000 in prizes and investor access at Tech Crunch Disrupt. Meanwhile, a Crunchbase survey found that alumni of the most selective U.S. schools secure a disproportionately high share of recent funding, a data point that continues to shape founder demographics in venture capital.