Private Equity 3 Days

Last updated: May 12, 2026, 2:30 PM ET

Dealmaking Activity and Market Positioning

Global private equity activity showed a divergence in the first quarter, with the volume of completed deals declining while the aggregate deal value rose considerably, suggesting larger transactions are dominating the subdued market environment. This trend comes as firms are actively seeking exits, such as Gen Nx360 selling Precision Aviation Group for more than $2bn, while simultaneously building platforms through strategic acquisitions; for instance, Graycliff acquired Tramont Manufacturing with the executive chairman retaining meaningful involvement, and E2p-backed Roskam Foods picked up Kitchen Partners to expand its frozen food offerings. On the exit front, KKR sold its 213-unit Danish residential portfolio to Pears Global Real Estate, exiting an asset acquired in 2021, even as LDC exited construction data firm BCIS to Bowmark Capital.

Large-Scale Transactions and Strategic Exits

Mega-deals continue to drive headlines, with EQT lifting its takeover offer for Intertek to roughly $12.5bn in what it framed as a final bid after previous rejections, signaling a high-stakes pursuit in the European market. Separately, EQT launched a tender offer to take Japan's Kakaku.com private at JPY 3,000 per share, or $19.20 per share, while Blackstone acquired a majority stake in Greek online marketplace Skroutz from CVC Capital Partners Fund VII, extending its investment thesis in European digital platforms. Further consolidating alternative asset management power, Green Arrow Capital completed its acquisition of DeA Capital, resulting in Italy’s largest alternative investment manager with €8bn in assets under management.

Sector Focus: Technology, AI, and Infrastructure

Firms are making significant bets on technology and data infrastructure, evidenced by Blackstone and Halliburton committing $1bn to VoltaGrid to accelerate power generation solutions for data centers, and TPG, Brookfield, Advent, and Bain Capital backing OpenAI’s $4bn-plus joint venture aimed at scaling enterprise AI adoption. In the health and life sciences space, Branford Castle-backed entity snapped up Sutter Instrument, a scientific instrumentation manufacturer, and PE-backed Chartis subsidiary HealthScape Advisors acquired PayerAlly, an independent pharmacy consultant. Furthermore, the specialized software sector saw activity as Bridgepoint-backed NMi Group agreed to acquire TechnoLab, a testing laboratory, and Altor launched an offer for AI-powered sleep tracker Sleep Cycle.

Investor Relations and Capital Formation

Capital raising efforts remain concentrated, with PSG seeking €3.4bn for its latest European software fund, as investors show continued commitment to established managers. The Qatar Investment Authority committed $500m to General Atlantic’s growth equity strategies, expanding their existing relationship and planning collaboration on thematic research. Meanwhile, managers are navigating the complexities of secondary transactions; Verdane closed a €635m multi-asset continuation vehicle anchored by Arrive Group, with Coller serving as the sole lead investor, though industry sentiment suggests secondaries volumes have stuttered amid uncertainty and software secondaries are becoming harder to close.

Firm Hires and Internal Growth

Senior talent acquisition is active across the industry as firms prepare for future deal cycles. Pantheon recruited TMT veteran Leif Lindbäck from CVC to bolster its GP-led secondaries push, while Bridge Growth Partners added former Thomson Reuters executive Ragunath Ramanathan as an executive partner. In capital formation, Mako recruited Vanessa Gabela as partner and IR head to oversee investor relationships, and Respida appointed Kyle Kruse and Kyle Kolakoski as principal and VP, respectively, bringing experience from Ten Coves Capital and Stephens. Furthermore, Shore Capital appointed Aurelio Banda to lead platform strategy for building an industrial automation distributor.

Thematic Bets: Sports, Quantum, and Specialized Services

Private capital continues its deeper dive into specialized sectors, including sports and advanced technology. Bruin Capital took a minority stake in Matchroom Sport, which promotes sporting events, building on a trend where firms like Dynasty Equity are finding business models catching up to sports passion. In quantum technology, where Europe faces a commercial talent crunch, the sector is seeing funding moves like Algorithmiq raising €18m and relocating to Italy, despite broader concerns over the energy demands of quantum computing. In specialized services, Altor is moving to acquire a majority stake in Sertion, a Nordic complex pipework services provider, and AnaCap is launching Italian platform Titan via an acquisition of Cattaneo Dall’Olio Rho Tax & Legal Group.

Venture and Warning Signals

While traditional PE activity sees larger deals, the venture world is moving cautiously, though high-value AI investments remain prominent—Anthropic warned investors against unauthorized secondary trading platforms like Forge Global and Hiive. Separately, DeepMind spinout Isomorphic Labs raised $2.1bn, signaling sustained, massive funding for frontier science, even as European AI funding generally grows. Meanwhile, Robinhood filed confidentially for its second venture fund, targeting early-stage startups, indicating that some established players are looking toward growth opportunities despite regulatory scrutiny and market uncertainty.