Private Equity 24 Hours

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

AI Fundraising and Metrics

The AI fundraising boom is fueling a growing gap between reported numbers and operational reality, as some founders inflate ARR metrics to attract investor interest while VCs quietly acknowledge the discrepancy. This week's biggest funding rounds reflected the sector's appetite, with medical devices, frontier AI labs, and fintech attracting multi-hundred-million-dollar checks alongside the usual AI-heavy slate. The pattern suggests that capital continues flowing to AI startups even when growth metrics are contested, though the question of how long inflated valuations can sustain deal terms looms over the cycle.

European Deal Activity

Across Europe, private equity firms are deploying capital with discipline in sectors far from the AI spotlight. Avista and Damier acquired Belgian vitamins maker Sanotact, with Damier being the family office of serial entrepreneur Yvan Vindevogel. Meanwhile, Frontenac moved to sell its CV-owned industrials asset MCE after Churchill Asset Management and 50 South Capital co-led the capital structure extension that had originally secured the holding. The week also saw EQT push to deploy the EU's €5bn Scaleup Europe Fund into UK startups, positioning the firm to capture a slice of cross-border growth capital that Brussels has earmarked for expansion-stage companies.

Healthcare and Pain Management

Healthcare continues to draw concentrated PE interest, with multiple firms chasing pain management platforms. Charterhouse Capital, Iron Path, and Revelar Capital are building out portfolios across pain management add-ons and platforms, a trend that extends to orthopedic care where Charlesbank backed a merger of Nordic manufacturers. The sector's appeal lies in the combination of stable recurring revenue and regulatory moats that protect margins, even as macro uncertainty slows deal flow elsewhere.

Strategy Shifts and New Funds

Private equity is also recalibrating strategy in response to rate expectations and yield demands. Partners Group's Todd Miller said a new total return strategy will focus on mature heavy industries and traditional sectors, aiming to fill what he called white space in the corporate PE market for yield-focused approaches. At the same time, a €5bn Scaleup Europe Fund is set to back more than 100 companies, signaling that large institutional pools remain committed to European growth capital despite tighter financial conditions.

IPOs and Regulation

On the public markets side, wearable maker Oura filed for a New York IPO, adding to a wave of consumer health tech listings. The move comes as the EU rapidly amends its AI Act, a regulatory overhaul that could reshape how AI startups report revenue and manage risk European legaltech, meanwhile, is quietly expanding with more than 60 startups reshaping how legal work gets done, according to Sifted's mapping, while the investors behind the Southern Europe 2026 leaderboard remain active in backing the region's next generation of founders.