Private Equity 24 Hours

Last updated: May 22, 2026, 8:30 PM ET

Venture Capital & AI Metrics

Inflated ARR metrics are distorting valuations in the AI startup sector, with venture capitalists and founders openly acknowledging the practice to signal progress, according to industry sources. This trend coincides with a fresh wave of mega-funding rounds, where this week's top ten deals include a $1.2 billion Series C for medical device maker Shockwave Medical and a $750 million Series B for AI hardware startup Cerebras Systems, highlighting sustained investor appetite despite valuation concerns.

Secondaries & Strategic Holds

Frontenac is preparing a secondary sale of its industrial services platform MCE, with original lenders Churchill Asset Management and 50 South Capital participating in the deal structure to extend their hold, signaling confidence in the asset's trajectory. Meanwhile, Partners Group is launching a Total Return Strategy targeting mature heavy industries for yield, identifying a gap in corporate private equity for such a focus, as firms seek stable cash flows.

Healthcare Services & Medtech Consolidation

Private equity firms are aggressively targeting pain management platforms, with Charterhouse Capital, Iron Path, and Revelar Capital leading five recent deals worth over $800 million combined, capitalizing on sector fragmentation. This activity complements a completed merger between Charlesbank-backed medtech manufacturers to form an orthopedics-focused platform, creating a scaled player in reconstructive devices.

Technology & Public Markets

Smart ring pioneer Oura has filed for an IPO on Nasdaq, aiming for a valuation near $2.5 billion after raising over $500 million from investors including Square and Flipkart, testing market reception for consumer hardware. Separately, EQT is exploring a role as an anchor investor in the EU's proposed €5 billion Scaleup Europe Fund, which could back more than 100 late-stage tech companies, potentially channeling significant capital into Southern European startups.

Consumer & Industrial Buys

Avista and Belgian family office Damier are partnering to acquire vitamins and supplements maker Sanotact, a deal valuing the German company at approximately €300 million, marking a strategic add-on for both firms' consumer health platforms. In a related consumer trend, European legaltech startups mapping over 60 firms are attracting capital as investors seek efficiency gains in professional services, though deal flow remains selective.