Private Equity 3 Days

Last updated: May 13, 2026, 11:30 AM ET

Mega-Fund Activity & Fundraising Momentum

The largest buyout firms are actively laying groundwork for new flagship funds, signaling continued appetite for long-term capital deployment despite market volatility. Blackstone has begun planning the third vintage of its long-dated private equity strategy, while Oslo-headquartered Verdane is targeting a €1.6bn raise for its Europe-focused Edda IV, more than doubling the size of its predecessor fund. On the software front, PSG is reportedly aiming for a first-half final close on its latest European vehicle, seeking €3.4bn, demonstrating specialized managers’ ability to attract capital for regional growth plays. Separately, the Qatar Investment Authority committed $500m to deepen its existing partnership with General Atlantic across global growth equity strategies, emphasizing sovereign wealth commitment to established PE vehicles.

Exits, IPOs, and Secondary Transactions

Exit activity saw a mixed picture, with one major healthcare listing pricing below expectations while several portfolio sales concluded across diverse sectors. KKR-backed Global Medical Response managed to raise $479m in a scaled-back New York listing, pricing its initial public offering well below initial projections, according to sources familiar with the matter. In contrast, American Securities successfully realized a significant return by selling processing equipment provider CPM to Rosebank for $2.1bn, concluding a holding period that began in 2018. Meanwhile, the secondaries market is seeing complexity, with Pantheon recruiting Leif Lindbäck from CVC Capital Partners to bolster its GP-led secondaries team, even as experts caution that software secondaries are becoming harder to close due to valuation disparities.

AI & Technology Sector Deployments

Private investment continues to pour into the artificial intelligence ecosystem, often involving major technology players and established PE houses. Anthropic is reportedly in early discussions to secure at least $30bn in fresh capital at a valuation exceeding $900bn, though the company simultaneously warned investors against recognizing secondary market share transfers. In a notable collaborative move, TPG, Brookfield, Advent, and Bain Capital joined OpenAI to back a new joint venture exceeding $4bn aimed at scaling enterprise adoption of its AI software, a strategy mirrored by reports that Blackstone, Hellman & Friedman, and Goldman Sachs are nearing a $1.5bn AI venture with Anthropic. Furthermore, Accel and Thiel’s Founders Fund provided backing to Fractile in a $220m raise, even as specialized funding climates, such as for Agtech startups, are facing lower deal counts.

Sector-Specific Acquisitions and Platform Builds

Firms continued to execute on thematic strategies through a wave of add-on acquisitions and platform mergers across industrials, healthcare, and services. Apollo is merging B2B events businesses by acquiring Emerald Holding and Questex in separate transactions valued at $1.5bn in total. In the infrastructure space, EQT secured backing from QIA and Porsche SE to pursue the €8bn take-private of Volkswagen's marine engine unit, Everllence, while EQT separately launched a tender offer for Japan's Kakaku.com at JPY 3,000 per share. Ardian supported IK Partners' LBO of French wealth manager Rhétorès with a unitranche financing package, and in the legal sector, AnaCap launched its Italian professional services platform, Titan, via the acquisition of Cattaneo Dall’Olio Rho Tax & Legal Group.

Dealmaking Dynamics and Market Commentary

Market participants report that while overall deal volume in the first quarter remained subdued, the value of completed transactions rose considerably, suggesting a focus on larger, more established assets Bridge Growth Partners. This trend is reinforced by sector consolidation, such as Altaline and Haven unveiling the Ascend Safety Collective elevator services network, and Dynamic Core-backed Party Reflections acquiring Creative Solutions Special Events. Commenting on capital allocation, Mubadala’s Zouhir Regragui stressed that insulation from AI disruption is a "top priority," meaning winning assets must use AI to augment value rather than merely cut costs. Meanwhile, strategic hires continue across the industry, with William Blair acquiring Inner Circle Sports to gain expertise in sports franchise valuations, and Shore Capital appointing Aurelio Banda to spearhead a platform strategy focused on building an industrial automation distributor.

European Tech and Talent Focus

European startups, particularly in AI and deep tech, are attracting significant, albeit sometimes contested, private capital, though talent acquisition remains a hurdle. Isomorphic Labs, the DeepMind spinout, successfully raised $2.1bn, while early-stage venture firm A* closed its third fund at $450M, focusing on categories including AI applications and fintech. In the competitive AI arena, ElevenLabs faces a fresh lawsuit concerning the unauthorized use of Pulitzer and Emmy-winning journalists' voices, reflecting the legal risks inherent in generative AI deployment. Despite these challenges, European AI funding is growing, and companies in the region are poaching talent from Big Tech, even as quantum startups face a looming commercial talent crunch and increased energy demands AI energy crisis.

Credit, Secondaries, and Conferences

Activity in private credit and secondaries is expanding, driven by LP demand for diversification and specialized exposure. Cambridge Associates is seeing fast growth among wealthy Asian clients and expects continued new allocations to private credit, prompting the firm to eye credit secondaries and specialty lending. On the advisory merger front, the agreed acquisition of Campbell Lutyens by Lazard is expected to create synergies in the secondaries space, as future co-CEOs discussed integration plans. The industry remains highly engaged, with major regional events scheduled, including conferences in Munich, Amsterdam, Zurich, and Warsaw throughout the fall, signaling continued networking and deal flow generation across the continent.