Private Equity 3 Days

Last updated: May 12, 2026, 5:30 PM ET

Dealmaking Trends & Activity

Global private equity deal volume remained subdued in Q1 despite an increase in overall transaction value, indicating that while fewer deals are closing, the average size of transactions is rising considerably. This environment of lower volume but higher value is playing out across various sectors, with firms continuing to execute large-scale acquisitions, evidenced by EQT launching a JPY 3,000 per share tender offer to take Japan’s Kakaku.com private and EQT simultaneously escalating its bid for Intertek to a final proposal valued around $12.5bn. Contextually, European merger guidelines are viewed as a 'broad positive' for future PE deals, even as industry participants note that ultimate deadlines loom over ongoing dealmaking processes.

Mega-Deals and Strategic Exits

Large-scale transactions marked the period, including EQT making a final, $12.5bn offer for Intertek, following three prior rejections from the target’s board. Elsewhere, Gen Nx360 successfully exited Precision Aviation Group to VSE for a reported sum exceeding $2bn, while real estate activity saw KKR divest its 213-unit Copenhagen residential portfolio to Pears Global Real Estate, concluding a holding period that began when KKR acquired the assets in 2021. In corporate carve-outs, Goldman Sachs Alternatives acquiring commercial finance firm FGI saw FGI co-founder Sami Altaher immediately succeed David DiPiero as CEO.

Sector-Specific Acquisitions: Tech, Industrial, and Healthcare

Activity in specialized sectors remained brisk, with multiple add-on acquisitions occurring across portfolio companies. In healthcare and life sciences, Branford Castle-backed firm snapped up Sutter Instrument, a manufacturer of instrumentation for polygraph and life sciences markets, and PE-backed HealthScape Advisors acquired pharmacy PayerAlly. Industrial aggregation efforts included Altor moving to acquire a majority stake in Sertion, a Nordic specialist in complex pipework services, and Bridgepoint-backed NMi Group acquiring testing lab TechnoLab. Technology roll-ups featured Dominus-backed Seaga Manufacturing purchasing Three Square Market, a provider of automated retail solutions, and Providence Equity-backed 365 Retail Markets acquiring Cantaloupe.

AI, Quantum, and Deep Tech Investment Focus

The artificial intelligence sector continued to attract massive capital commitments, highlighted by reports that TPG, Brookfield, Advent, and Bain Capital are backing OpenAI’s new $4bn-plus joint venture aimed at scaling enterprise software adoption. Furthermore, Blackstone, Hellman & Friedman, and Goldman Sachs are reportedly nearing a $1.5bn AI joint venture with Anthropic. This focus on AI infrastructure is also driving power solutions investment, as seen when Blackstone and Halliburton committed $1bn to VoltaGrid to deploy power generation for data centers. In parallel, deep tech areas like quantum computing face talent headwinds, with a looming commercial talent crunch for Europe’s quantum startups, even as quantum software firm Algorithmiq raised €18m and relocated to Italy.

Fundraising and Investor Relations

Firms continued to finalize fundraising efforts, though secondary market uncertainty persists. Kevin Hartz’s early-stage venture firm A[Capital closed its third fund at $450 million](https://headlinesbriefing.com/private-markets/techcrunch-venture/kevin-hartzs-a-capital-raises-450m-fund-iii-for-early-stage-tech-startups-62df199d), while PSG is targeting a €3.4bn final close for its latest European software fund. Sovereign wealth interest remains strong, with the Qatar Investment Authority committing an additional $500m to General Atlantic’s growth equity strategies, expanding an existing collaboration that includes thematic research sharing. Capital formation teams are also strengthening, as shown by Mako recruiting Vanessa Gabela to lead its investor relations efforts.

Secondaries Market Dynamics and Portfolio Management

The secondaries market is experiencing friction, particularly in specific technology verticals, as uncertainty puts a dent in otherwise burgeoning volumes. Specifically, HarbourVest noted that software secondaries are becoming harder to close, as some software businesses face obsolescence amid AI disruption. In response to market dynamics, Verdane successfully anchored a €635m multi-asset continuation vehicle, with Coller serving as the sole lead investor and Step Stone co-underwriting the transaction that moved three high-conviction portfolio companies. Pantheon also bolstered its secondaries team by hiring Leif Lindbäck from CVC Capital Partners to drive its GP-led secondaries push.

Platform Building and Strategic Hires

Firms actively pursued platform creation through consolidation, such as Altaline and Haven unveiling the elevator services network Ascend Safety Collective, which immediately added former Kings III CEO Dennis Mason to its board. In the professional services space, AnaCap launched its Italian platform Titan via the acquisition of Cattaneo Dall’Olio Rho Tax & Legal Group. Personnel moves reflected sector specialization: Shore Capital appointed Aurelio Banda as executive operating partner to spearhead industrial automation distribution strategy, and Bridge Growth Partners added Ragunath Ramanathan as executive partner.

Geographic Focus and Industry Events

The private equity industry is preparing for key gatherings regionally, with Switzerland's Largest Private Equity Conference scheduled to return to Zurich this June, while CEE's Largest Private Equity Conference is set for Warsaw in May. Attention is also turning to niche investment arenas; for instance, European investment is seen as a means to bolster energy resilience and finance manufacturing conversion. Meanwhile, technology deal flow is concentrated in specific urban centers, with robotics deals showing hot activity in certain European cities, and F1 Grands Prix emerging as an unlikely venue for founders and investors to strike deals.

Venture Capital & Digital Marketplaces

While traditional PE deal volume lagged, venture activity saw specialized fund launches and warnings against unauthorized secondary trading. Anthropic issued warnings to investors regarding secondary platforms, naming several unauthorized entities attempting to offer access to its shares, a move that comes as companies like Isomorphic Labs, a DeepMind spinout, recently raised $2.1bn. In the digital marketplace space, Blackstone is acquiring a majority stake in Greek online marketplace Skroutz from CVC Capital Partners Fund VII, extending the private equity giant’s investment thesis in European digital platforms.