Private Equity 3 Days

Last updated: May 13, 2026, 5:30 AM ET

Mega-Deals and Large-Cap Activity

Private equity dealmaking showed a trend of fewer but larger transactions in the first quarter, with global deal value rising despite a drop in overall volume transaction volume dipped. This environment is seeing major players secure large mandates, such as Qatar Investment Authority committing $500M to deepen its existing relationship with General Atlantic's global growth equity strategies. In high-profile take-private maneuvers, EQT secured a breakthrough, making a final proposal to acquire London-listed ATIC services provider Intertek, while simultaneously launching a tender offer for Japan's Kakaku.com at JPY 3,000 per share EQT launches tender. On the M&A front, Apollo is merging two acquired entities, taking B2B events operator Emerald Holding private in a tie-up with Questex valued at $1.5bn Apollo to take Emerald.

Large-scale exits and acquisitions continue, with Gen Nx360 selling its aerospace maintenance firm, Precision Aviation Group, to VSE for over $2bn Gen Nx360 sells Precision. Meanwhile, KKR successfully exited a 213-unit Danish residential portfolio held since 2021, selling the assets to Pears Global Real Estate Denmark KKR exits Copenhagen. In strategic divestitures, Paceline is marketing its railroad equipment leasing and maintenance firm, RELAM, with closing expected by the end of May 2026 Paceline to sell RELAM.

Technology, AI, and Venture Capital Trends

The technology sector remains a magnet for large capital deployment, evidenced by a consortium of major sponsors backing OpenAI's expansion efforts; TPG, Brookfield, Advent, and Bain Capital are underwriting a new joint venture aimed at scaling enterprise adoption of the AI software TPG, Brookfield, Advent. Separately, Blackstone, Hellman & Friedman, and Goldman Sachs Alternatives are reportedly nearing a $1.5bn joint venture with Anthropic Blackstone, Hellman & Friedman. Further underscoring the focus on AI infrastructure, Blackstone and Halliburton committed $1bn to Volta Grid to accelerate power generation solutions for data centers Blackstone and Halliburton. In digital marketplaces, Blackstone agreed to acquire Greek leader Skroutz from CVC Capital Partners Fund VIIBlackstone acquires Skroutz.

European tech funding shows increasing AI concentration, with a growing percentage of 2026 venture dollars directed toward AI-driven companies, including frontier model startups European AI Funding. Despite this growth, European AI scaleups are aggressively recruiting, leading to internal competition for specialized talent, with some firms expected to poach staff from Big Tech Europe's hot AI startups. The region's venture scene is also seeing new fundraising activity, as Kevin Hartz's generalist firm, A*, closed its third fund at $450M, with average checks set at around $3M Kevin Hartz’s A*.

European Sector-Specific Acquisitions and Platform Builds

Platform consolidation is active across specialized European sectors. Axcel-backed legal network AGRD Partners expanded its footprint by acquiring Iceland’s BBA Fjeldco, adding to its portfolio of Nordic law firms Axcel-backed AGRD Partners. In the testing and certification space, Bridgepoint-backed NMi Group is set to acquire Berlin-based environmental lab Techno LabBridgepoint-backed NMi Group, while in a related development, EQT is pursuing the take-private of testing firm Intertek. In the Iberian health and safety market, HIG Capital-backed Avanta Salud plans to acquire Vitaly GroupHIG Capital-backed Avanta Salud.

Mutares executed a successful exit in the CEE region, selling Relobus, a major Polish public bus operator, to InfracapitalMutares sells Relobus. In the Nordic region, Altor is launching an offer for the AI-powered sleep tracking application Sleep CycleAltor launches offer and separately moving to acquire a majority stake in Sertion, a specialist in complex pipework services Altor to acquire Sertion. Furthermore, Ana Cap initiated its Italian professional services platform, Titan, through the acquisition of a majority stake in Cattaneo Dall’Olio Rho Tax & Legal GroupAnaCap launches Titan.

Secondaries Market Dynamics and Investor Focus

The secondaries market is experiencing headwinds, with industry participants urging caution surrounding evergreen marketing, even as overall volumes remain high across other parts of the private markets Uncertainty has put a dent. Specifically, managing directors report that software secondaries are becoming harder to close, as investors differentiate between software assets likely to benefit from AI innovation and those facing obsolescence Software secondaries getting harder. On the fundraising front for continuation vehicles (CVs), Verdane closed a €635M multi-asset CV, with Coller Capital emerging as the sole lead on a related transaction exceeding €600M that included Arrive Group Coller emerges as sole lead.

Investor appetite for global exposure remains strong, illustrated by QIA's $500M commitment to General Atlantic's global strategies QIA commits $500m. Meanwhile, institutional investors are actively seeking new GP relationships, with DBJ Asset Management stating its intent to expand its private equity exposure in 2026 Investor Intentions: DBJ Asset Management. On the distribution side, Ardian and iCapital expanded their partnership via platforms like Allfunds and Euroclear to widen access to Ardian's evergreen private markets strategies for wealth channels Ardian and iCapital broaden.

Sector Consolidation and Operational Expertise

Consolidation within specialized services continues at pace. In the biopharma consulting space, Five Arrows-backed Bio Phorum acquired Pharma X SolutionsFive Arrows-backed BioPhorum. In the U.S. food sector, E2p-backed Roskam Foods expanded its offerings by acquiring Kitchen Partners, a manufacturer of frozen breakfast foods and custom ingredients E2p-backed Roskam Foods. Separately, Altaline and Haven launched a new elevator services network, Ascend Safety Collective, bringing on former industry executives for its board Altaline and Haven unveil.

Private equity firms are also actively recruiting operating partners to drive platform strategy. Shore Capital appointed Aurelio Banda to lead its build-out of an industrial automation distributor platform Shore Capital appoints Aurelio, while Bridge Growth Partners added former Thomson Reuters executive Ragunath Ramanathan as executive partner Bridge Growth Partners taps Ragunath. The recruitment drive extends to secondaries, where Pantheon hired Leif Lindbäck, formerly co-head of TMT Europe at CVC Capital Partners, to bolster its GP-led secondaries push Pantheon hires CVC's TMT.

European Tech Ecosystem & Regulatory Environment

European technology hubs are maturing, with strong venture pipelines emerging from established academic centers; for instance, 12 ETH Zurich spinouts are preparing for Series A fundraising rounds. The region's focus on advanced technology is also drawing international attention, with European AI leaders slated to convene at Nexus Luxembourg 2026Why Europe’s AI leaders. Furthermore, regulatory developments are viewed favorably by the dealmaking community, as the draft European merger guidelines are considered a "broad positive" for potential PE transactions European merger guidelines draft. In adjacent high-tech fields, the looming energy demands of quantum computing are creating concerns, even as quantum software startups like Algorithmiq secure €18M and relocate to Italy Quantum software startup Algorithmiq.