Private Equity 3 Days

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

Public Market Exits & IPO Activity

The market saw continued activity in public listings and strategic sales, demonstrating varying levels of investor appetite for PE-backed assets. KKR-backed Global Medical Response completed a scaled-back New York listing, raising $479M but pricing its initial public offering well below initial expectations, while PE-backed GMR in Lewisville, Texas, also went public, though specific terms were not detailed. In contrast, healthcare sector activity included the listing of KKR-backed Global Medical Response after it cut its IPO price significantly, suggesting pricing pressure in certain segments. Meanwhile, American Securities successfully exited its investment in processing equipment provider CPM, selling the firm to Rosebank for $2.1bn after holding the asset since 2018. Exits also occurred in infrastructure, with Gen Nx360 selling Precision Aviation Group to VSE for over $2bn, and Argosy exiting InTech Aerospace following its acquisition by CCE Group.

Mega-Deals and AI Infrastructure Bets

Large-scale capital deployment continued, particularly in technology and infrastructure, with major sponsors teaming up on high-profile ventures. TPG, Brookfield, Advent, and Bain Capital joined forces to back OpenAI’s $4bn-plus deployment joint venture, aimed at accelerating enterprise adoption of its AI software. This follows reports that Blackstone, Hellman & Friedman, and Goldman Sachs were nearing a combined $1.5bn AI joint venture with Anthropic for what appears to be a massive undertaking in the AI space. Further solidifying infrastructure plays, Blackstone and Halliburton committed $1bn to Volta Grid to speed up power generation solutions for data centers and industrial applications. High valuations remain a theme, exemplified by defense tech firm Anduril Industries which raised $5bn at a $61bn valuation, double its prior assessment, as defense-tech startups gather record venture cash.

Strategic Acquisitions and Sector Consolidation

Firms continued to execute buy-and-build strategies across diverse sectors, ranging from healthcare to industrial services. Apollo is merging B2B events businesses by acquiring Emerald Holding and Questex in separate transactions valued at $1.5bn, while Goldman Sachs Alternatives purchased commercial finance firm FGI, installing FGI co-founder Sami Altaher as its new CEO. In the specialized services space, HIG Capital-backed Avanta Salud will acquire Iberian occupational health provider Vitaly Group, and Axcel-backed AGRD Partners picked up Iceland’s BBA Fjeldco, expanding its Nordic legal network. Consolidation was seen in environmental services, where Apollo acquired Noble Environmental for waste management services, and Mutares sold its Polish public bus operator Relobus to Infracapital.

European PE Activity and Fund Strategy Shifts

European managers are actively raising capital and deploying funds, often targeting technology and specialized niche markets. EQT is making a final proposal to take the London-listed ATIC services provider Intertek private, after launching a tender offer for Japan's Kakaku.com at JPY 3,000 per share. Meanwhile, Blackstone agreed to acquire Greek digital marketplace Skroutz from CVC Capital Partners Fund VII, a move signaling confidence in European digital marketplaces, while Blackstone is simultaneously laying the groundwork for the third vintage of its long-dated private equity buyout strategy. Fund managers are also reshaping capital formation; Verdane is in the market for its Edda IV fund, targeting €1.6bn for lower mid-market deals, more than double its previous fund size.

Secondaries Market Dynamics and Advisory Moves

The secondaries market is experiencing some headwinds, though specialization in advisory roles is heating up. Pantheon has hired Leif Lindbäck, a senior European technology investor from CVC Capital Partners, to bolster its GP-led secondaries push. However, industry commentary suggests challenges remain, with Harbour Vest noting that software secondaries are getting harder to close, as some software businesses face obsolescence due to the AI shift. Separately, the advisory landscape is seeing major shifts, with Lazard’s agreed acquisition of Campbell Lutyens prompting future co-CEOs to discuss synergy expectations post-closing. Furthermore, Ardian and iCapital are broadening the distribution of their evergreen private markets strategies through major custodians like Allfunds and Euroclear, targeting wider wealth channel access.

Venture Capital and High-Growth Tech Funding

Despite a generally tougher startup environment noted by conferences like TechCrunch Disrupt 2026, high-profile AI and frontier technology firms continue to attract massive funding rounds. AI chip developer Cerebras Systems is finally proceeding with its Nasdaq debut after years of private fundraising. In a significant late-stage raise, Anthropic is reportedly in talks for a $30bn round that would push its valuation past $900bn, though the company has simultaneously warned investors against unauthorized secondary platform sales of its stock as those transfers will not be recognized. In life sciences, Deep Mind spinout Isomorphic Labs raised $2.1bn, while physician-focused staffing platform Saile secured $2.2M in pre-seed funding to build its AI credentialing tool.

Sector-Specific Investments and Talent Acquisition

Private equity activity remains highly granular, with targeted investments across specialized verticals including insurance technology, life sciences, and professional services, often accompanied by strategic bolt-on acquisitions. Main Capital invested in insurtech firm Agenium, which offers a no-code platform for carriers, while Eir Partners backed life science intelligence firm Quartz Bio. Consolidation in advisory services saw AnaCap launch its Italian platform Titan via the acquisition of Cattaneo Dall’Olio Rho Tax & Legal Group. The sports investment area saw Bruin Capital take a minority stake in Matchroom Sport, which promotes and produces sporting events, reflecting growing interest in monetizing sports fandoms as business models catch up. Talent acquisition is also active, with Bridge Growth Partners tapping former Thomson Reuters executive Ragunath Ramanathan as executive partner, while Calera Capital recruited Michael O’Brien to head business development.

Regulatory Environment and Conference Circuit

The private equity community is preparing for several key industry gatherings while monitoring regulatory shifts. Conferences are scheduled across Europe, including the largest events in DACH in Munich this September and Switzerland in Zurich, alongside gatherings in Benelux and CEE. On the regulatory front, the draft European merger guidelines are viewed as a "broad positive" for dealmaking, potentially streamlining cross-border transactions. Meanwhile, sovereign wealth funds continue to deepen relationships with established GPs; Qatar Investment Authority committed $500m to General Atlantic's global growth equity strategies, expanding their existing partnership.