Private Equity 3 Days

Last updated: May 12, 2026, 8:30 PM ET

Dealmaking Activity & Market Sentiment

The private equity deal volume globally remained low in Q1, though overall transaction value notably increased, suggesting a continuing trend towards larger, more strategic acquisitions rather than broad portfolio turnover . This environment of fewer but larger deals contrasts with some pockets of stress persisting in the mid-market, according to industry commentary. While the secondaries market is experiencing some headwinds, particularly in software assets where firms like HarbourVest see closing difficulties, there is institutional appetite for specialized continuation vehicles, evidenced by Verdane closing a €635M multi-asset CV, which was co-underwritten by Step Stone.

Mega-Deals and AI Infrastructure

The focus on technology, particularly artificial intelligence, continues to drive massive capital deployments, with a major consortium of sponsors backing OpenAI’s $4bn deployment JV aimed at scaling enterprise adoption of its software. Separately, reports indicate that Blackstone, Hellman & Friedman, and Goldman Sachs are nearing a $1.5bn joint venture with Anthropic, while Blackstone and Halliburton committed $1bn to Volta Grid to accelerate power generation solutions for data centers. In a move signaling confidence in high-value tech, EQT launched a tender offer to take Japan's Kakaku.com private at JPY 3,000 ($19. per share, and Advent filed INNIO for a Nasdaq IPO targeting data center power demand as an exit vector.

Sector-Specific Acquisitions and Exits

Activity across various sectors saw strategic bolt-on acquisitions and significant exits. Gen Nx360 successfully sold Precision Aviation Group to VSE for more than $2bn, marking a substantial realization. In the food sector, E2p-backed Roskam Foods expanded by acquiring Kitchen Partners, a Grand Rapids-based frozen food ingredient manufacturer. Meanwhile, infrastructure and services saw movement: Apollo acquired Noble Environmental, which services municipalities with waste collection, and Green Arrow Capital completed the acquisition of DeA Capital, creating Italy’s largest alternative investment manager with €8bn in assets under management .

European Tech & Growth Equity

European private equity demonstrated continued interest in specialized software and high-growth technology, though the talent pool remains a concern, with a looming commercial talent crunch facing European quantum startups. In software buyouts, Blackstone agreed to acquire the leading Greek online marketplace Skroutz from CVC Capital Partners , while PSG eyes a final close for its latest Europe fund seeking €3.4bn. Growth equity saw QIA committing $500M to deepen its existing relationship with General Atlantic's global strategies, and venture firm A[Capital closed its third fund](https://headlinesbriefing.com/private-markets/techcrunch-venture/kevin-hartzs-a-capital-raises-450m-fund-iii-for-early-stage-tech-startups-62df199d) at $450 million .

Secondaries, Fundraising, and Firm Strategy

The secondaries market is adapting to current uncertainties, with industry participants urging caution around evergreen marketing strategies. To bolster specialized teams, Pantheon recruited Leif Lindbäck, a senior TMT investor from CVC Capital Partners, to spearhead its GP-led secondaries push . On the fundraising front, early-stage venture firm A[Capital](https://headlinesbriefing.com/private-markets/techcrunch-venture/kevin-hartzs-a-capital-raises-450m-fund-iii-for-early-stage-tech-startups-62df199d) secured $450M for its third vehicle. Furthermore, firms are broadening investor access; Ardian and iCapital expanded distribution of evergreen strategies through platforms like Allfunds and Euroclear , while institutional investors like DBJ Asset Management are signaling intentions to actively pursue new GP partnerships and increase PE exposure in 2026 .

Sector Consolidation and New Platforms

Consolidation efforts were apparent across several niche industries. In the health space, a PE-backed Chartis subsidiary acquired independent pharmacy Payer Ally , and Lorient invested in the health platform PeterMD to accelerate national expansion . The elevator services sector saw the launch of Ascend Safety Collective by Altaline and Haven, bringing former industry CEOs to its board . In Europe, AnaCap launched its Italian professional services platform Titan, which immediately agreed to acquire a majority stake in Cattaneo Dall’Olio Rho Tax & Legal Group .

Talent Moves and Conference Circuit

The industry saw several key personnel appointments signaling strategic priorities. Bridge Growth Partners tapped Ragunath Ramanathan as executive partner and Zane Rowe, the current Workday CFO, as senior advisor . Shore Capital appointed Aurelio Banda to lead its platform strategy focused on building an industrial automation distributor . Concurrently, major industry gatherings signal future deal flow and strategy discussions; the largest private equity conference in Central & Eastern Europe returns to Warsaw in May, while Switzerland's largest PE conference is scheduled for Zurich in June.

Deep Dive into Specific Transactions

Several platform companies executed acquisitions to fuel growth. Branford Castle-backed Sutter Instrument was snapped up by Lafayette, a scientific instrumentation manufacturer . In industrial services, Altor moved to acquire a majority stake in Sertion, a Nordic specialist in complex pipework . In the digital marketplace sphere, Blackstone is acquiring Skroutz from CVC, extending its bet on European digital marketplaces . Finally, in the competitive bubble tea market, Bain Capital and General Atlantic are reportedly bidding for TA Associates' Gong Cha, with a targeted exit valuation of up to $2bn .