Private Equity 3 Days

Last updated: May 13, 2026, 8:30 AM ET

Dealmaking Volume & Strategy

Global private equity deal volume remained subdued in Q1 despite an increase in overall transaction value, reflecting a market where dealmakers are prioritizing larger acquisitions, as noted by Bridge Growth Partners. This trend toward larger deals is evident in major transactions such as Apollo's $1.5bn merger of Emerald Holding and Questex, and the potential race for Volkswagen’s marine engine unit Everllence, where EQT is teaming up with QIA and Porsche SE for an €8bn target. In contrast, the mid-market appears resilient despite pockets of stress, while firms are strategically focusing on sector specialization, as suggested by Bridge Growth Partners' Alok Singh.

Fundraising & Investor Relations

Fundraising activity continues across Europe, with Verdane aiming for a €1.6bn close for its Europe-focused Edda IV fund, more than doubling the size of its predecessor, and PSG seeking €3.4bn for its third software vehicle. On the investor side, the Qatar Investment Authority committed $500m to deepen its existing relationship with General Atlantic’s growth equity strategies. Meanwhile, some firms are navigating complexities in capital formation; Mako recruited Vanessa Gabela to head investor relations, while Ardian and iCapital are broadening distribution of their evergreen strategies through major custodians like Allfunds and Euroclear.

Exits and Portfolio Activity

Firms are executing exits across various sectors, including Argosy exiting InTech Aerospace via an acquisition by CCE Group, and KKR divesting a 213-unit Danish residential portfolio to Pears Global Real Estate. In the technology space, LDC sold construction data firm BCIS to Bowmark Capital, and Gen Nx360 realized over $2bn from the sale of Precision Aviation Group to VSE. Furthermore, Mutares sold Relobus, a major Polish public transport operator, to Infracapital, showing continued rotation in infrastructure assets.

Sector Focus: Technology & AI

The technology sector remains a focus for investment, though funding climates vary; venture funding for Agtech startups faces a drier climate with deal counts dropping, even for AI-driven agricultural firms. Conversely, Europe is seeing a growing percentage of AI-driven venture funding, including investments in three new frontier model companies. Large PE transactions involving tech are ongoing, such as Blackstone acquiring Greek marketplace Skroutz from CVC, and Blackstone joining forces with Halliburton for a $1bn investment in Volta Grid to support data center power generation. In the highly valued AI space, Anthropic is reportedly discussing a $30bn capital raise at a valuation surpassing $900bn, while the firm simultaneously warned investors against unauthorized secondary sales of its stock on unregulated platforms.

Sector Focus: Industrials & Services

Private equity continues to build out platforms in specialized industrial and services verticals. Stone-Goff invested in real estate tech firm 5Q Partners, which concurrently acquired professional services firm One11 Advisors. In the industrials sphere, Graycliff acquired Tramont Manufacturing, and Altor is acquiring a majority stake in Sertion, a Nordic specialist in complex pipework services. The professional services sector saw activity with AnaCap launching Titan in Italy, taking a majority stake in Cattaneo Dall’Olio Rho Tax & Legal Group, and Axcel-backed AGRD Partners acquiring BBA Fjeldco, consolidating Nordic legal practices.

Large-Scale Transactions and M&A Bidding Wars

Major players are pursuing significant take-private opportunities, with EQT launching a tender offer for Japan’s Kakaku.com at JPY 3,000 per share, and reportedly making a final bid for the London-listed ATIC services provider Intertek. Elsewhere, Carlyle is among the leading suitors bidding for Jardine Matheson’s pan-Asian KFC and Pizza Hut operations. In the wealth management space, Ardian arranged unitranche financing to back IK Partners’ leveraged buyout of French advisor Rhétorès Group, while Green Arrow Capital’s acquisition of DeA Capital creates Italy’s largest alternative investment manager with €8bn in assets under management.

Specialized Sector Investments and Talent Moves

Firms are making targeted investments in niche markets. Quad-C Management invested in designer Thibaut, whose brands include Anna French and Coraggio, while Gallant Capital backed food labeling manufacturer NCCO serving North American and European food service operators. In health services, HIG Capital-backed Avanta Salud plans to acquire Vitaly Group, an Iberian occupational health provider. Talent acquisition remains active, with William Blair acquiring Inner Circle Sports to bolster its expertise in sports franchise valuations, and Pantheon recruiting CVC’s TMT co-head Leif Lindbäck to drive its GP-led secondaries push.

Infrastructure & Energy Focus

Capital is flowing toward essential infrastructure and climate-related assets. Blackstone and Halliburton are jointly investing $1bn into Volta Grid to accelerate power generation solutions for data centers and microgrids. Furthermore, Advent has filed for an IPO of INNIO on Nasdaq, aiming to capitalize on data center power demand. Meanwhile, Mubadala’s Zouhir Regragui emphasized that assets insulated from AI disruption and those treating AI as an augmentation tool are top priorities for capital allocation, with supply-demand imbalances dictating investment flows across the industry.

Secondaries Market Dynamics & Conference Activity

The secondaries market is experiencing headwinds, with uncertainty putting a dent in volumes, and managers reporting that software secondaries are becoming harder to close. Specific continuation vehicles (CVs) are still being executed, as Verdane closed a €635 million multi-asset CV, co-underwritten by Step Stone, and Coller emerged as the sole lead on another Verdane CV exceeding €600m. Industry events continue, with major conferences scheduled in Warsaw in May, Zurich in June, and Amsterdam in September, signaling ongoing networking despite market caution.