Private Equity 24 Hours

Last updated: May 22, 2026, 2:31 PM ET

Deal Activity & Sector Bets

Private equity firms are making their boldest bets yet in healthcare, vitamins, and industrials. Charterhouse Capital, Iron Path, and Revelar Capital are among the PE players targeting pain management platforms and add-ons, part of a broader wave of five deals in the sector as orthopedic care demand accelerates. That interest dovetails with a completed merger of two medtech manufacturers into an orthopedics-focused platform, backed by Charlesbank Capital Partners, which signals the sector is consolidating around specialist players. Meanwhile, Avista and Damier Group agreed to acquire Belgium-based vitamins company Sanotact, with Damier the family office of serial entrepreneur Yvan Vindevogel, suggesting the deal is part of a broader playbook of geographic expansion for European PE. Over in industrials, Churchill Asset Management and 50 South Capital co-led a continuation fund that extended Frontenac's hold of the MCE asset, keeping the Canadian industrials platform in the fold as debt markets tighten and hold periods lengthen.

Fund Formation & Strategy Shifts

European PE is quietly assembling its next generation of capital. EQT reportedly wants to back UK startups using the EU's €5bn Scaleup Europe Fund, which could deploy capital across more than 100 companies, while Sifted's Southern Europe 2026 investor leaderboard maps the firms most actively betting on the region's startup ecosystem. The fund's scale comes as Partners Group's Todd Miller told investors he is launching a yield-focused total return strategy targeting mature heavy industries and traditional sectors, calling out a gap in corporate PE for income-oriented plays. At the same time, longer hold periods and lower distribution rates are pushing GPs to differentiate via alpha-delivering strategies rather than leveraged returns, a structural shift that LPs are watching closely as the cycle matures.

IPOs & Public Market Moves

The pipeline of PE-backed public listings continues to build. Smart ring maker Oura filed for a New York IPO, joining a crowded but high-valuation wearable tech field. The filing arrives as SpaceX submitted its IPO prospectus, positioning the rocket company alongside elite tech giants in a bid for a trillion-dollar-plus valuation, though its prospectus structure reportedly differs markedly from its peers. Both filings reflect investor appetite for growth names that have yet to turn a profit at scale.

Governance & Personnel

PE firms are filling operating roles with unconventional talent. Capitol Meridian appointed former U.S. Navy Secretary Ryan McCarthy as an operating partner, where he will advise on defense market trends, portfolio company value creation, and executive mentorship. The move signals that defense-adjacent sectors are gaining strategic priority as governments increase defense spending across Europe and North America.

Regulatory & Tech Context

The backdrop for all of these moves is tightening regulation. The EU is rapidly rewriting the AI Act, a development that could reshape deal terms for tech-focused PE funds, while 60-plus European legaltech startups are building tools that may alter how PE-backed companies manage compliance and operational risk in the years ahead.