Private Equity 3 Days

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

Public Market Exits and IPO Activity

The public market pipeline saw activity across sectors, though some listings faced pricing adjustments. KKR-backed Global Medical Response successfully listed on the New York Stock Exchange, raising $479M, but priced its initial public offering well below the initial range, concluding at a post-listing valuation of $3.3bn. Similarly, PE-backed GMR, a provider of emergency medical services based in Lewisville, Texas, also completed its public listing, signaling a mixed appetite for new healthcare-related offerings. In contrast, AI chip startup Cerebras Systems is proceeding with its Nasdaq debut after years of private fundraising, suggesting strong investor enthusiasm remains for high-growth, albeit volatile, technology plays. Meanwhile, Advent filed for an IPO for INNIO Group, targeting data centre power demand as a primary driver for its exit strategy on the Nasdaq.

Major Exits and Acquisitions

Firms were active in divesting assets, often realizing substantial returns. American Securities sold its processing equipment provider CPM to Rosebank for a reported $2.1bn, concluding a five-year holding period that began in 2018. In the aerospace sector, Gen Nx360 completed the sale of Precision Aviation Group to VSE for over $2bn, showcasing robust valuations in specialized industrial services. Elsewhere, Argosy finalized its exit from InTech Aerospace following its acquisition by CCE Group. In Europe, Mutares sold Relobus, a major Polish public transport operator, to Infracapital, while LDC exited the construction data firm BCIS to Bowmark Capital.

Mega-Deals and AI Infrastructure Bets

Large-scale private capital is increasingly coalescing around AI infrastructure and enterprise adoption. A consortium including TPG, Brookfield, Advent, and Bain Capital is backing a new joint venture with OpenAI aimed at scaling enterprise adoption of its AI software, following a reported $4bn-plus deployment commitment. Separately, Blackstone and Halliburton committed $1bn to Volta Grid to accelerate power generation solutions for data centers and industrial applications. Further signaling major institutional interest, Blackstone agreed to acquire the leading Greek online marketplace Skroutz from CVC Capital Partners, while KKR, Hellman & Friedman, and Goldman Sachs are reportedly nearing a $1.5bn joint venture with Anthropic.

Defense Tech and Frontier AI Funding

The defense technology sector continues to shatter funding records, reflecting geopolitical shifts. Defense startup Anduril Industries successfully raised $5bn, catapulting its valuation to $61bn—double its previous assessment—as defense-tech startups secure unprecedented venture cash flows. In frontier AI research, DeepMind spinout Isomorphic Labs secured $2.1bn in fresh capital. Meanwhile, venture activity in related AI sectors remains strong, with Accel and Founders Fund co-leading a $220m raise for Fractile, prompting discussions on whether Europe's growing AI funding percentage will boost its startup scene.

Fundraising and Secondaries Market Dynamics

Fund managers are actively raising new vehicles, with some targeting specialized strategies or leveraging continuation vehicles (CVs). Blackstone has begun planning for the third vintage of its long-dated private equity strategy, while PSG seeks €3.4bn for its third Europe fund, aiming for a first-half final close. European players like Oslo-headquartered Verdane are seeking to double the size of their mid-market fund to €1.6bn for Edda IV. In the secondaries market, Pantheon recruited a senior technology investor from CVC to bolster its GP-led secondaries push, even as industry participants suggest that deals in the software space are becoming more difficult to finalize due to AI disruption concerns. Coller emerged as sole lead on Verdane’s second move of assets into a multi-asset CV, valued at over €600m, which also included underwriting from Step Stone.

Mid-Market Activity and Sector Consolidation

Smaller and mid-market acquisitions focused on specialized services and essential infrastructure continued apace. EQT launched a tender offer to take Japan's Kakaku.com private at JPY 3,000 per share, while simultaneously advancing its bid for Intertek through a final proposal. Elsewhere, Altor agreed to acquire Sertion, a Nordic specialist in complex pipework services, and also launched an offer for the AI-powered sleep tracking application Sleep Cycle per reports. In the U.S., HIG Capital-backed Avanta Salud plans to acquire Iberian occupational health provider Vitaly Group, and AnaCap launched its Italian professional services platform, Titan, via the acquisition of Cattaneo Dall’Olio Rho Tax & Legal Group. Deal volume in Q1 2026 was lower than previous periods, but the aggregated average deal value rose considerably, indicating a trend toward larger, more concentrated transactions.

Investment Consultant and Advisory Moves

Advisors and consultants are positioning themselves for future capital flows, particularly in private credit and specialized advisory. Cambridge Associates anticipates rapid growth among its wealthy Asian client base and increasing allocations to private credit, prompting the firm to focus on credit secondaries and specialized lending. The planned merger between Lazard and Campbell Lutyens is expected to reshape advisory services in the secondaries space, with future co-CEOs discussing integration post-closing. Moreover, William Blair bolstered its M&A advisory capabilities in the sports sector by acquiring Inner Circle Sports, leveraging their expertise in valuing sports franchises.

Sports & Media Investments

Private equity interest in the sports ecosystem remains high, driven by evolving business models. Dynasty Equity, whose portfolio includes Unrivaled Sports and Liverpool FC, noted that business models are finally aligning with the high level of passion surrounding global sports. In related moves, Bruin Capital took a minority stake in sports event promoter Matchroom Sport. On the buyout front, Bain Capital and General Atlantic are reportedly in the running to acquire the bubble tea chain Gong Cha from TA Associates, with the seller targeting an exit valuation up to $2bn.