Private Equity 3 Days

Last updated: May 13, 2026, 2:30 PM ET

Mega-Deals and Large Cap Exits

Major players continued to pursue high-value transactions across tech and services, with KKR-backed Global Medical Response pricing its initial public offering at $3.3bn following a scaled-back New York listing that raised $479M well below initial expectations. In contrast, American Securities sold CPM to Rosebank for $2.1bn after holding the processing equipment provider since 2018, marking a substantial exit. Further large transactions included Apollo agreeing to acquire Emerald Holding and Questex in separate deals, planning to merge the two B2B events firms in a complex maneuver. Meanwhile, Gen Nx360 achieved an exit of Precision Aviation Group to VSE for over $2bn, illustrating continued high valuation realization in specialized industrial sectors.

Fundraising and Capital Allocation Trends

Large institutional managers are actively deploying capital or beginning new fundraising cycles, exemplified by Blackstone preparing for a third long-hold buyout fund launch. On the LP side, the Qatar Investment Authority committed $500M to deepen its existing partnership with General Atlantic across global growth equity strategies. The acceleration of capital into evergreen offerings is also evident, as Ardian broadened distribution of its private markets strategies through platforms like Allfunds and Euroclear to reach a wider wealth channel audience. In the venture space, Kevin Hartz’s firm Aclosed its third fund at $450M, targeting an average check size between $3 million and $5 million across categories including AI applications and fintech.

Strategic Sector Investments and Add-Ons

Private equity firms demonstrated continued appetite for specialized technology and services, particularly within the B2B and life sciences verticals. Eir Partners backed QuartzBio, which specializes in sample and biomarker intelligence for clinical-stage biopharma, while Branford Castle-backed firm snapped up Sutter Instrument, a manufacturer of scientific instrumentation. In the software space, Stone-Goff invested in 5Q Partners, simultaneously acquiring professional services firm One11 Advisors, signaling a strategy focused on vertical integration. Buyout activity also targeted the industrial sector, with Altor moving to acquire a majority stake in Sertion, a Nordic specialist in complex pipework services for infrastructure and industrial markets.

AI, Tech Valuation, and Competitive Bidding

Valuations in the frontier AI space remain exceptionally high, with Anthropic reportedly in talks for a $30bn capital raise that would push its valuation past $900bn; this comes alongside the company cautioning investors against unauthorized secondary share transfers offered by third-party platforms. Large PE consortiums are also underwriting AI expansion efforts, as TPG, Brookfield, Advent, and Bain Capital backed OpenAI's JV aimed at scaling enterprise adoption of its software, while Blackstone, Hellman & Friedman, and Goldman Sachs near a $1.5bn AI JV with Anthropic. Despite this high-end activity, venture funding for agriculture technology startups in 2026 is tracking flat or slightly lower than previous years, with deal counts seeing a more pronounced decline even for AI-driven agtech companies.

Dealmaking in Europe and Secondaries Market Dynamics

European deal activity showed signs of strategic consolidation and exits, with EQT launching a tender offer to take Japan's Kakaku.com private at JPY 3,000 per share, while simultaneously securing backing from the Qatar Investment Authority and Porsche SE for its bid to acquire Volkswagen's Everllence business valued around €8bn. In the crucial secondaries market, participants are urging caution amid current uncertainty, which has reportedly put a dent in otherwise burgeoning volumes, though Pantheon sought to bolster its team by recruiting a senior technology investor from CVC for its GP-led secondaries push. Furthermore, software secondaries are reportedly getting harder to close, according to Harbour Vest, as managers try to distinguish between AI beneficiaries and those facing obsolescence.

Sector-Specific M&A and Platform Building

Firms are actively building out platforms through bolt-on acquisitions across diverse sectors. HIG Capital-backed Avanta Salud intends to acquire Vitaly Group, an Iberian occupational health provider, while E2p-backed Roskam Foods picked up Kitchen Partners, expanding its frozen food manufacturing capabilities. In the professional services arena, AnaCap launched its Titan platform in Italy, agreeing to acquire Cattaneo Dall’Olio Rho Tax & Legal Group. Separately, William Blair sought specialized expertise by acquiring Inner Circle Sports amid the broader M&A surge, intending to leverage their knowledge in sports franchise valuations.

Investor Relations and Talent Moves

The PE industry continues to see high-level personnel shifts aimed at bolstering capital formation and operational expertise. Mako recruited Vanessa Gabela to lead its capital formation efforts and manage investor relationships as the new partner and IR head. Concurrently, Bridge Growth Partners tapped Ragunath Ramanathan as executive partner and Workday CFO Zane Rowe as senior advisor to enhance deal sourcing and operational oversight. In execution roles, Shore Capital appointed Aurelio Banda as executive operating partner to drive its platform strategy for building an industrial automation distributor.

AI and Emerging Tech in Europe

European technology investment remains heavily focused on AI, even as some areas, such as legal tech, transition their terminology from "Legal AI" to concepts like "Agentic Law" as suggested by Sifted analysis. Several firms are supporting early-stage development, with Accel and Thiel’s Founders Fund backing Fractile in a $220M raise, and Apis and Aspirity co-leading a $175M investment into payments processor Paymentology. Meanwhile, quantum startups are also securing early funding; Algorithmiq raised €18M and relocated to Italy, though the sector faces warnings about a looming commercial talent crunch for European quantum startups.

Exits, Litigation, and Market Commentary

While deal volume was down in Q1, overall transaction value rose, prompting commentary that deals are becoming fewer but larger overall according to S&P Global Market Intelligence data. This trend is reflected in exits like Argosy’s divestiture of InTech Aerospace via its acquisition by CCE Group. However, the technology sector faces legal headwinds, as voice synthesis company ElevenLabs was hit with a fresh lawsuit concerning the use of voices belonging to Pulitzer and Emmy-winning journalists. Separately, travel technology saw investment, with World Travel Holdings securing a new investment from Citation, though the co-founders will retain significant ownership and operational control.

Industry Events and Infrastructure Focus

The private equity community is preparing for major regional gatherings, with conferences scheduled in Munich for DACH's largest event, Amsterdam for Benelux largest conference, and Zurich for Switzerland's largest event. In infrastructure and data centers, Blackstone and Halliburton are investing $1bn in VoltaGrid to accelerate power generation solutions specifically for data centers and microgrids, aligning with the growing power demands of AI infrastructure. Additionally, EQT is with its bid to take Intertek private, having reportedly made a final proposal to the London-listed ATIC services provider.