Private Equity 24 Hours

Last updated: May 21, 2026, 5:30 PM ET

Secondaries Surge and Capital Rotation

The secondaries market saw significant activity over the past 24 hours, with multiple institutional players signaling appetite for portfolio transfers and strategy shifts. CPP Investments completed the sale of a $2.9bn private equity portfolio to Blackstone and Ardian, offloading exposure in 33 limited partnership fund interests, while CPPIB brought a portfolio of 56 lines to market as part of the transaction. The deal, branded "Project Ember," follows a broader trend of pension and sovereign wealth funds reducing direct PE exposure in favor of secondary markets. At the same time, Pantheon's $1bn CFO vehicle has unlocked access for insurance investors that lost the ability to back PE directly, offering a capital-raising strategy that appeals to constrained allocators. On the fee front, StepStone is adjusting its flagship secondaries fund pricing, lowering rates during investment periods before raising them post-investment, while ICG has delayed the launch of its mid-market Strategic Equity fund — its current vehicle raised $11bn last year and stands as the largest dedicated continuation vehicle fund. Secondaries Investor's latest deal log shows activity broadening across segments, transaction types, and asset classes, and StepStone used an earnings call to defend secondaries pricing mechanisms amid growing LP scrutiny.

PE Exits and Deal Flow

KKR booked a $2.55bn exit on CIRCOR Aerospace in its sale to Parker Hannifin, having acquired the broader CIRCOR International platform for $1.8bn in 2023 and now retaining the naval and industrial businesses. The transaction marks one of the year's largest PE-driven disposals. Meanwhile, KKR-backed Fresha hit a $1bn valuation after KKR's Next Generation Technology Growth fund invested $80mn, while KKR also led an $80mn round into UK unicorn Sidekick. On the buyout side, McNally-backed Foundral acquired mechanical contracting firm A. Hattersley & Sons, and Kingswood Capital sold marine services firm Lind Marine to Tallvine Partners after acquiring it in 2022. In the consumer space, PE-backed Authentic Brands Group is acquiring denim brand Lee, adding to its portfolio of global lifestyle brands. Trinity Hunt Partners formed Elevation Landscape Group with its first investment in Colorado-based Landscape Endeavors, while Onex, Frontenac, and Sterling are testing the market for industrial portfolio companies including hydraulics and wire cable makers.

Defense, AI, and Sector Bets

Defense investing is heating up across the PE world. Earlybird is raising a €500mn defence fund with French investor AVP, and Oakley Capital recruited Christian Horner, the former Red Bull Formula One team principal, to scout premium sports deals. Separately, EQT's Per Franzén expressed a "very, very high sense of urgency" to operationalize AI across portfolio companies, saying AI legacy code rewriting could expand PE's investable universe. That sentiment is playing out in deal activity: Accel-KKR invested in asset operations platform UpKeep to support its AI-native vision, and Anthropic and a PE-backed AI-native enterprise services firm acquired Fractional AI, with backers including Goldman Sachs, General Atlantic, and Apollo Global Management. Convective Capital raised an $85mn fund to broaden from fire tech into disaster resilience, and Imperagen raised £5mn ($6.7mn) to apply quantum physics and AI to enzyme engineering.

Fund Formation and Strategy Shifts

General Partners are adapting to a lower-return environment by lengthening hold periods and differentiating strategies. Partners Group launched a Total Return Strategy targeting up to 12-year holds with a focus on immediate cash yield alongside equity appreciation, while PE International notes that longer hold periods and lower distribution rates are pushing LPs to expect alpha-delivering strategies via increasingly differentiated vehicles. HIG Capital tapped Brian Dutzar as managing director for its private wealth management team, and DBJ Asset Management signaled openness to credit secondaries opportunities across both LP- and GP-led strategies. On the IPO front, SpaceX filed its prospectus with ambitions toward a trillion-dollar-plus valuation, though the filing diverged sharply from the format of established tech IPOs. Fragrance tech startup Patina raised $2mn from Betaworks and True Ventures, and beauty booking platform Fresha's $1bn valuation reflects growing PE appetite for vertical Saa S plays.