Private Equity 24 Hours

Last updated: May 22, 2026, 5:30 AM ET

Deals & Exits

Private equity is closing big-ticket exits and making bold bets on specialized strategies. KKR agreed to sell CIRCOR Aerospace to Parker Hannifin for $2.55 billion, a roughly 41% return on its $1.8 billion acquisition last year, while retaining the naval and industrial arms of the broader CIRCOR International platform. Across the Atlantic, Canada's CPP Investments offloaded a $2.9 billion private equity portfolio to Blackstone and Ardian, disposing of 33 fund interests in a deal that marks one of the largest secondary portfolio transfers this year. The two transactions follow a pattern of large institutional sellers clearing positions in maturing fund portfolios. Meanwhile, KKR itself backed Fresha to a $1 billion valuation with an $80 million investment from its Next Generation Technology Growth fund, while also leading an $80 million round for a UK unicorn in Sifted's Southern Europe 2026 leaderboard, signaling continued appetite for growth-stage tech in Europe.

Defence & Industrial Plays

Defence investing is heating up across the buyout world. Earlybird is raising a €500 million defence fund alongside French investor AVP, joining a wave of capital targeting Europe's security infrastructure. One Bow River backed aerospace company PteroDynamics to accelerate development of its transwing VTOL unmanned aircraft systems, while Oakley Capital recruited former Red Bull Formula One team principal Christian Horner to scout premium sports deals, underscoring the growing crossover between defence-adjacent technology and elite sports assets. On the operations side, Capitol Meridian appointed former U.S. Navy Secretary Ryan McCarthy as operating partner to advise on defense market trends and portfolio value creation, and Convective Capital raised an $85 million fund to broaden from fire tech into disaster resilience, a mandate that sits squarely at the intersection of climate risk and government spending.

Secondaries & Fund Strategy

The secondaries market is evolving as GPs adapt to longer hold periods and lower distribution rates. StepStone will lower fees during flagship secondaries funds' investment periods and raise them afterward, a pricing shift that reflects growing LP pressure on cost structures. The Secondaries Investor's latest CV deal log shows activity broadening across segments and asset classes, while StepStone used an earnings call to defend its evergreen pricing mechanisms against secondaries critics. On the fund side, ICG delayed the launch of its mid-market Strategic Equity fund — its current vehicle raised $11 billion last year, making it the largest dedicated continuation vehicle fund in the market. The delayed launch suggests managers are calibrating strategies for a more cautious capital deployment environment. Meanwhile, DBJ Asset Management signaled openness to both LP- and GP-led credit secondaries opportunities, and Project Ember saw Ardian and Blackstone buy into CPPIB's sale of 33 fund interests worth $2.9 billion, a transaction that further consolidates secondary assets among Europe's largest allocators.

Portcos & Portfolio Activity

Several firms are testing the market for platform companies in industrial sectors. Onex, Frontenac, and the Sterling Group are expected to test the market for hydraulics, wire cable, and sustainable building products portfolio companies, while Trinity Hunt formed Elevation Landscape Group with its first investment in Colorado-based Landscape Endeavors and Kingswood Capital sold marine services firm Lind Marine to Tallvine Partners after acquiring it in 2022 with retained owner stakes. In the brand space, PE-backed Authentic Brands Group acquired denim brand Lee, adding to its portfolio of entertainment and consumer assets. Over in Europe, McNally-backed Foundral acquired mechanical contracting firm A. Hattersley & Sons, and the Pinault family office Artémis exited its majority stake in Giambattista Valli as the designer regained full control, marking the unwinding of a high-profile fashion holding.

European Tech & AI

European tech investing is accelerating despite regulatory headwinds. EQT wants to back UK startups using the EU's €5 billion superfund, a move that could channel continental capital into British growth companies. Over 60 European legaltech startups are reshaping how legal work gets done, and the top investors behind Sifted's Southern Europe 2026 leaderboard are deploying capital across fintech, healthtech, and climate. At the same time, the EU is rapidly rewriting the AI Act, a regulatory overhaul that could reshape investment theses for AI-native European startups. Accel-KKR invested in asset operations platform UpKeep to build out its AI-native vision, while Anthropic-backed Fractional AI was acquired by an AI-native enterprise services firm backed by Goldman Sachs, General Atlantic, Apollo, Leonard Green, and GIC, illustrating how PE capital is flowing into the infrastructure layer of enterprise AI. On the startup front, beauty booking platform Fresha hit a $1 billion valuation with KKR backing, and fragrance tech startup Patina raised $2 million from Betaworks and True Ventures, part of a broader wave of consumer-facing companies disrupting legacy industries.