Private Equity 24 Hours

Last updated: May 26, 2026, 11:30 AM ET

Large Deals and M&A

Private equity dealmaking stayed aggressive in the past 24 hours, with several headline transactions reinforcing the sector's appetite for outsized bets. Apollo Global Management tabled a $2.02 billion take-private offer for Bodycote, the London-listed heat treatment and components specialist, marking one of the largest European buyout approaches this year. Across the Atlantic, Greenbriar Equity Group is preparing to take Applied Aerospace & Defense public at a valuation of up to $3.59 billion, according to Reuters sources, signaling that some sponsors are still finding viable exit paths despite a tighter IPO market. In Europe, Permira agreed to an A$3.4 billion exit from I-MED Radiology while Bowmark and Bridgepoint struck a deal to sell Helio Intelligence to ECI, and Oakley acquired a stake in XTEL from Bain and Silver Tree, showing a wave of secondary exits across the mid-market. Meanwhile, Arsenal moved to acquire specialty hook provider Velco, with the Cripps Foundation set to remain a significant minority shareholder post-close, and tapped Bradley Brown as a new investment partner to lead industrial technology strategies.

Healthcare and Wealth Management

Healthcare continued to draw sponsor interest, with New Mountain-backed Swoop snapping up prescription management platform Nimble and Bregal Sagemount backing health tech firm LSPedia to accelerate its global growth strategy. The sector's consolidation momentum also took a structural turn as the GHO-CBC healthcare merger nears completion, creating what will be the world's largest healthcare private equity investor and linking East and West deal flows. Wealth management proved equally attractive, with Wise Equity investing in Capita-Union Group's holding company Core, where CEO Martino Fumagalli will remain at the helm, and Bow River taking a stake in advisor SBI with founder Matt Sharrers staying in charge. According to Houlihan Lokey's James Anderson, the wealth management sector has remained robust despite macro headwinds, driven by sticky client relationships, high retention rates, and stable pricing that have kept equity values climbing even as uncertainties linger. Anderson noted that PE investors including Carlyle and JC Flowers have been active in the space, suggesting the segment remains a preferred hunting ground for large buyout firms.

Fundraising and Capital Deployment

Fund managers locked in capital at a healthy pace, with Seine Capital closing its debut vehicle above target by 20%, and Eurazeo securing more than €1 billion at the first close of its fifth mid-market buyout vintage, PME V, matching the final size of its predecessor in a single tranche. On the deployment side, PGIM committed roughly $4 billion to U.S. residential land-banking transactions through a partnership with Domain Real Estate Partners, while JPMorgan is in talks to offload risk on more than $4 billion of loans extended to private equity funds, pointing to growing pressure on bank balance sheets to manage leveraged exposure. Vista Equity-backed Poppulo acquired employee communication platform Sociabble from Ardian, extending the digital workplace play, and General Catalyst backed YC alum Lucis in a $20 million Series A, underscoring venture capital's continued willingness to fund early-stage AI companies.

LP Demands and Market Realities

Limited partners are sharpening their expectations around value creation as macro shocks persist. Nest Pensions, Cambridge Associates, and Malaysia's KWAP told attendees at the Op Partners Forum Europe that resiliency, repeatability, and transparency have become critical metrics, a shift that reflects growing scrutiny of GP performance in a volatile environment. That pressure is visible in fund returns: CPP's returns have slumped as software and currency exposures weighed heavily, while ICG paused its mid-market continuation fund strategy, signaling caution from established sponsors. At the same time, Cinven's Sam Williams and KPMG's Paul Pan outlined evolving approaches to building portfolio resilience, and panellists emphasized that the bar for exits has risen steadily, leaving many mid-sized firms without viable paths to liquidity. In venture capital, seed rounds have ballooned to $8 million to $10 million, a range once reserved for later-stage financings, even as the odds of reaching a Series A have deteriorated sharply. The AI market, meanwhile, feels "incredibly acquisitive", prompting founders to