Private Equity 3 Days

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

Mega-Cap Tech & AI Investment

Private equity firms are aggressively deploying capital into the artificial intelligence sector, with a notable $4bn raise directed toward OpenAI's expansion. This significant capital infusion, led by TPG alongside Advent, Bain Capital, and Brookfield, is earmarked for the launch of the OpenAI Deployment Company. This follows intense investment activity in the AI ecosystem, evidenced by Nvidia committing $40bn to equity deals this year alone, signaling a massive infusion of institutional money into foundational technology infrastructure and deployment capabilities.

Venture Capital & Tech Fundraising

The trend of large capital raises extends into the venture landscape, where Robinhood is preparing its second venture fund, confidentially filing with regulators to target growth and early-stage technology startups. Meanwhile, the European tech scene is seeing substantial activity, though specific sectors lead the way; robotics deals are reportedly hottest in particular European cities, while quantum software firms like Algorithmiq raised €18m and relocated to Italy, illustrating shifting geographic priorities for deep tech funding.

Energy Infrastructure & Powering Data Centers

In specialized infrastructure plays, Blackstone and Halliburton are jointly injecting $1bn into Volta Grid to expedite the deployment of behind-the-meter power generation. This capital is explicitly aimed at servicing the surging power demands of data centers, microgrids, and industrial applications, acknowledging the physical constraints on AI expansion. This focus on resilient power contrasts with divestitures in the traditional energy retail space, as Mayfair Equity Partners prepares to sell the OVO retail energy business, including customers and the brand name, to EON.

Dealmaking: Buyouts and Portfolio Exits

Deal volume remains high across various sectors, characterized by strategic acquisitions and secondary-market maneuvers. Apollo is acquiring live events firms Emerald Holding and Questex, taking Emerald private for a reported $1.5 billion. In the realm of secondary transactions, Verdane completed a €635m multi-asset continuation vehicle, with Coller emerging as the sole lead on the transaction, which also involved Step Stone co-underwriting and included assets like Arrive Group, demonstrating sophisticated maneuvers to manage GP commitments.

Sector Consolidation: Automation & Professional Services

Middle-market consolidation continues across niche operational areas, often driven by technology integration. Dominus-backed Seaga Manufacturing is acquiring Three Square Market, a provider of automated retail and inventory control solutions, signaling a drive for efficiency in unattended commerce. Similarly, retail technology is a target, with Providence Equity-backed 365 Retail Markets acquiring Cantaloupe, a Michigan-based retail tech firm. In professional services, AnaCap is launching the Titan platform in Italy through the acquisition of a majority stake in Cattaneo Dall’Olio Rho Tax & Legal Group.

Thematic Investing: Sports, Life Sciences, and Utilities

Firms are increasingly targeting passion-driven assets, with sports ecosystem investing gaining traction. Dynasty Equity's CEO Don Cornwell noted that business models are finally aligning with the high level of passion for sports, pointing to their investments in entities like Liverpool FC and TMRW Sports. In life sciences consulting, Five Arrows-backed BioPhorum is acquiring Pharma X Solutions, expanding its biopharma advisory footprint. Furthermore, the home services sector is seeing rationalization, with Pollen Street acquiring a majority stake in a newly formed entity combining Hometree and OVO Energy’s Home Services division.

Investor Sentiment and Market Resilience

Market sentiment suggests underlying stability in the mid-market, though pockets of caution persist. Reports indicate that the mid-market appears resilient, even as firms like Carlyle emphasize their strong liquidity positions to navigate potential downturns, while KKR cited employee ownership contributing to a recent 15x exit multiple. On the capital raising front, institutional investors are signaling future commitment; DBJ Asset Management plans to actively expand its private equity exposure starting in 2026, and QIA committed $500m to General Atlantic’s global growth strategies, linking capital deployment with collaborative thematic research.

Divestitures and European Focus

Divestitures are also underway across various industrial and data segments. Paceline intends to sell RELAM, a railroad equipment leasing and maintenance firm, with the transaction expected to conclude by the end of May 2026. In the data and analytics space, LDC exited construction data firm BCIS to Bowmark Capital, concluding its ownership of the provider of building cost and carbon data. In the Nordics, Altor is moving to acquire Sertion, a specialist in complex pipework services for industrial and infrastructure clients, while also launching an offer for the AI-powered sleep tracking application, Sleep Cycle Altor launches offer.

Talent Moves & Shifting Deal Venues

Personnel appointments and evolving networking trends reflect the evolving PE environment. Calera Capital appointed Michael O’Brien as managing director and head of business development, bringing him over from Valspring Capital. Separately, dealmakers are adapting to new meeting grounds, as Formula 1 Grands Prix have emerged as a preferred location for founders and investors to connect, suggesting that traditional networking environments are being supplemented by high-visibility industry events. Meanwhile, European private capital sees potential roles in bolstering defense and financing manufacturing conversion, as noted by M&G’s private markets CIO.