Private Equity 3 Days

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

Major Exits and Public Market Activity

The public markets saw significant activity from private equity exits and listings, though performance proved mixed. KKR-backed Global Medical Response debuted on the New York Stock Exchange after a scaled-back initial public offering, raising $479M but pricing well below its original projected range. Similarly, Global Medical Response went public, though the specific listing details suggest pricing challenges for some PE-backed entities. Contrasting this, American Securities sold processing equipment provider CPM to Rosebank for a substantial $2.1bn, marking a successful exit on an investment originally made in 2018. In other notable exits, Gen Nx360 sold Precision Aviation Group to VSE for over $2bn, while Argosy exited InTech Aerospace following its acquisition by CCE Group.

Large-Scale Buyouts and Strategic Acquisitions

The trend of mega-deals continued across sectors, with significant movements in infrastructure and digital marketplaces. EQT secured backing from the Qatar Investment Authority (QIA) and Porsche Automobil Holding for its bid to take Volkswagen’s marine engine business, Everllence, private. Simultaneously, EQT launched a tender offer to take Japan's Kakaku.com private at JPY 3,000 per share, valued around $19.20 per share. In the digital space, Blackstone agreed to acquire a majority stake in Greek marketplace Skroutz from CVC Capital Partners Fund VII, extending its focus on European digital platforms. Furthermore, Apollo-managed funds are moving to acquire Emerald Holding and Questex separately, planning to merge the two B2B events businesses in a deal valued at $1.5bn.

Sector-Specific Dealmaking: Tech, Healthcare, and Industrials

Private equity firms demonstrated continued interest in specialized technology, healthcare services, and industrial roll-ups across the past three days. In healthcare, HIG Capital-backed Avanta Salud is set to acquire Iberian occupational health provider Vitaly Group, and PE-backed Chartis subsidiary Health Scape Advisors acquired pharmacy advisory firm Payer Ally. Within specialized tech, Eir Partners backed life science firm Quartz Bio, which focuses on sample and biomarker intelligence for biopharma. In the industrial sphere, Altor will acquire a majority stake in Nordic complex pipework services specialist Sertion, while Axcel-backed AGRD Partners expanded its legal footprint by picking up Iceland’s BBA Fjeldco. Elsewhere, Stone-Goff invested in real estate tech firm 5Q Partners, concurrent with 5Q acquiring professional services firm One11 Advisors.

AI Investment and Defense Tech Boom

Venture funding, often closely tracked by PE strategists, continues to pour into artificial intelligence and defense technology, reaching record levels despite a drier climate for general Agtech startups which saw deal counts decline. Defense tech startup Anduril Industries raised an astonishing $5 billion at a $61 billion valuation, double its prior assessment, as defense-tech haul in record venture cash. In the AI frontier, Anthropic is reportedly engaged in early talks to secure at least $30bn in capital at a valuation potentially exceeding $900bn, though the company has since warned investors against unauthorized secondary sales of its shares via third-party platforms. Major sponsors, including TPG, Brookfield, Advent, and Bain Capital, are underwriting a new joint venture with OpenAI aimed at scaling enterprise AI software adoption.

Fundraising, Secondaries, and Capital Formation

Firms are actively managing capital formation and seeking specialized expertise in the secondary markets amid ongoing deal uncertainty. Blackstone has begun groundwork for the third vintage of its long-dated private equity strategy, signaling a commitment to long-hold buyouts. In the secondaries space, Pantheon recruited a senior technology investor from CVC Capital Partners to bolster its GP-led secondaries push, even as some participants urge caution as software secondaries face difficulty closing due to AI disruption fears. On the fundraising front, Oslo-headquartered Verdane is targeting a €1.6bn raise for its Europe-focused Edda IV mid-market fund, more than double its predecessor's size. Meanwhile, Ardian expanded its partnership with iCapital to distribute its evergreen private markets strategies more widely through platforms like Allfunds and Clearstream.

Sector Focus: Sports, Services, and European Expansion

Private equity investment is deepening in sports, business services platforms, and specialized industrial services, often involving strategic acquisitions to build scale. William Blair is seeking expertise in sports franchise valuations via the acquisition of Inner Circle Sports, while Dynasty Equity’s CEO noted that business models are finally catching up to the passion driving sports investment. In the services sector, AnaCap launched its Italian professional services platform, Titan, by agreeing to take a majority stake in Cattaneo Dall’Olio Rho Tax & Legal Group. Elsewhere, Altaline and Haven unveiled Ascend Safety Collective, an elevator services network, bringing in former industry executives to guide its board. Furthermore, IK Partners’ LBO of French wealth manager Rhétorès is being supported by Ardian via a unitranche financing package.

Valuations and Talent Strategy

Valuations remain a key focus, particularly as major firms scout for growth opportunities and talent in competitive technology areas. Bain Capital and General Atlantic are reportedly among the bidders circling TA Associates' bubble tea chain Gong Cha, with the seller aiming for a valuation near $2bn. The race for AI talent is intense, with European AI scaleups expected to poach more staff from Big Tech, while the quantum sector faces a looming commercial talent crunch in Europe. The need for specialized expertise is also evident in staffing, as physician-founded Saile raised $2.2 million in pre-seed funding to build an AI-powered credentialing platform for doctors seeking side jobs.

Conference Circuit and Market Commentary

The industry calendar is filling up with major regional gatherings, signaling continued focus on specific geographic markets, while investment consultants address capital allocation shifts. Key upcoming conferences include the DACH's Largest Private Equity Conference in Munich this September and similar events in Benelux in Amsterdam and Switzerland in Zurich. Commentary from investors like Mubadala’s Zouhir Regragui suggests that insulation from AI disruption is a "top priority," emphasizing investments in entrenched market leaders who utilize AI for value augmentation rather than mere cost-cutting. Concurrently, consultants like Cambridge Associates see fast growth in their wealthy Asian client base and a rise in new allocations toward private credit.