Private Equity 3 Days

Last updated: May 11, 2026, 5:30 PM ET

Mega-Deals and AI Infrastructure Funding

The private equity sector saw major activity in artificial intelligence infrastructure, with OpenAI securing over $4bn in a funding round led by TPG, who joined as a co-lead founding partner alongside firms including Advent, and Brookfield to establish the OpenAI Deployment Company. Separately, Blackstone and Halliburton committed a combined $1bn capital infusion to VoltaGrid specifically aimed at expanding its behind-the-meter power generation solutions for data centers and industrial applications, signaling PE’s growing appetite for the underlying physical infrastructure supporting generative AI growth. This flurry of large-scale capital deployment contrasts slightly with the mid-market, where Carlyle recently touted employee ownership as a factor contributing to a successful exit yielding a 15x return, even as reports suggest pockets of stress remain in that segment throughout the mid-market.

European Tech Exits and Platform Building

European dealmaking featured both sales and strategic platform creation across specialized sectors. Mayfair Equity Partners initiated the divestiture of its retail energy business, OVO, including its retail customers and brand name, to EON, while LDC finalized the exit of construction data firm BCIS to Bowmark Capital, a firm specializing in subscription-based cost and valuation data. In platform construction, AnaCap launched its Italian professional services platform, Titan, immediately agreeing to acquire a majority stake in Cattaneo Dall’Olio Rho Tax & Legal Group. Meanwhile, Altor moved to acquire a majority stake in Sertion, a Nordic specialist in complex pipework services, and also launched an offer for the AI-powered sleep tracking application Sleep Cycle.

Sector Consolidation via Acquisitions

Consolidation continued across niche technology and services verticals, driven by PE-backed portfolio companies seeking scale. Dominus-backed Seaga Manufacturing, a provider of automated retail solutions, acquired Three Square Market, while Providence Equity-backed 365 Retail Markets purchased retail technology firm Cantaloupe. In the consulting sphere, Five Arrows-backed biopharma consultant BioPhorum completed the acquisition of PharmaX Solutions to broaden its advisory capabilities. Furthermore, Apollo is set to take Emerald Holding private in a transaction valued at $1.5bn, alongside the acquisition of live events firm Questex.

Secondaries Market Activity and Investor Flows

The secondary market saw significant continuation vehicle (CV) action, as Verdane closed a €635 million multi-asset CV, with Coller Capital emerging as the sole lead on the transaction, which also saw Step Stone co-underwrite the deal that moved exposure in assets like Arrive Group. Investor capital commitments underscore continued confidence in global growth strategies, as the Qatar Investment Authority (QIA) committed $500m to General Atlantic’s global growth investment strategies, initiating a collaboration on thematic research to enhance sourcing conviction. Separately, DBJ Asset Management signaled intentions to actively pursue new GP partnerships and expand its overall private equity exposure starting in 2026.

Strategic Hires and Emerging Dealmaking Venues

Firms continue to bolster senior leadership teams to drive deal sourcing and origination efforts. Calera Capital appointed Michael O’Brien, formerly of Valspring Capital, as managing director and head of business development. On the deal origination front, executives note that non-traditional venues are gaining traction; Dynasty Equity’s CEO, Don Cornwell, stated that business models are finally aligning with public passion in sports, citing investments in entities such as Unrivaled Sports, and Liverpool FC, while also pointing to the F1 paddock as an emerging location for founders and investors to strike deals. The focus on technology integration remains strong, with Cornwell emphasizing how technology aids private equity in tapping into sports fandoms.

Divestitures and Sector Specialization

Anticipated divestitures are set to conclude in the coming year across infrastructure and services. Paceline is planning the sale of its railroad equipment leasing and maintenance firm, RELAM, with the transaction expected to finalize by the end of May 2026. In the home services sector, Pollen Street intends to acquire a majority stake in a newly formed entity combining Hometree and OVO Energy’s Home Services division. Looking toward broader European opportunities, M&G sees potential for private capital to reinforce Europe’s defense capabilities, catalyze technology investment, and finance manufacturing conversions as part of the continent’s ongoing resilience push.