Private Equity 3 Days

Last updated: May 14, 2026, 2:30 PM ET

Deal Making & Fund Formation Activity

The market continues to see substantial capital deployment across various strategies, evidenced by Welsh Carson targeting $5bn for its 15th flagship vehicle focused on North American mid-market buyouts. In contrast to volume pressures seen earlier this year, deal value remains high, with American Securities selling CPM for $2.1bn and Gen Nx360 exiting Precision Aviation Group for over $2bn. Furthermore, dealmakers are being reminded that scale and relationship management remain key, as Lazard’s acquisition of Campbell Lutyens proves the premium associated with scale in advisory services, while dealmakers are urged not to skip LP meetings at the AGM given the importance of maintaining those relationships.

In major transactions, Brookfield is set to acquire World Freight Company for $1.2bn from PAI Partners and EQT, illustrating significant asset rotation in global logistics. Meanwhile, portfolio company activity remains brisk, with KKR-backed Global Medical Response listing at $3.3bn after cutting its initial offering price, raising $479M in a scaled-back New York IPO. Elsewhere, software investors are preparing for new capital calls, as PSG seeks €3.4bn for its third Europe fund, while Verdane is targeting an even larger €1.6bn for its new lower mid-market fund, Edda IV.

Sector Focus: Infrastructure & Real Estate

Institutional capital is aggressively chasing data center and infrastructure plays, with Blackstone raising a record $1.75bn in a blind-pool REIT IPO specifically to target these assets. Competing for large-scale infrastructure plays, BlackRock’s GIP, Temasek, and Abu Dhabi heavyweights launched a $30bn platform targeting Gulf and Central Asia infrastructure investments. On the exit side, KKR sold its 213-unit Danish residential portfolio to Pears Global Real Estate, marking an exit from an asset acquired in 2021.

Strategic Exits & High-Value Sales

The pace of high-value exits remains steady, highlighted by American Securities selling CPM to Rosebank for $2.1bn, an investment dating back to 2018. In aerospace and defense, Gen Nx360 completed the sale of Precision Aviation Group to VSE for over $2bn. Furthermore, the energy sector is showing signs of movement, with Houlihan Lokey flagging $30bn of oil and gas assets potentially coming to market amidst geopolitical considerations.

Consumer & Industrial Sector Investments

Consumer-focused private equity is driving expansion strategies, as seen by L Catterton backing Saint Bella Group to build a global family-care platform originating from China. In the industrial space, Gallant Capital invested in food labeling manufacturer NCCO, which services operators across North America and Europe. Elsewhere, Quad-C Management invested in furniture and wallcovering designer Thibaut, whose brands include Anna French and Coraggio.

Technology, AI, and Venture Capital Trends

The momentum in AI investment remains potent, though valuation scrutiny is increasing, contrasting with softer environments in other sectors like Agtech where venture funding is tracking lower. Venture capital firms are actively funding deep tech and automation, with Khosla Ventures committing $10M to Synthetic, an autonomous AI bookkeeping startup, while defense tech leader Anduril Industries raised another $5B at a doubled valuation of $61 billion. European tech financing is also active, with Accel and Founders Fund backing Fractile in a $220M raise, while German drone maker Quantum Systems is lining up a €600M round anchored by Blackstone and Airbus, potentially valuing the firm near €7bn.

In the realm of specialized tech, Xpanner raised $18M in a Series B to deliver 'Automation As A Service' to construction sites using robotics. Meanwhile, AI voice technology firm ElevenLabs faces a fresh lawsuit regarding the use of journalists’ voices, adding regulatory risk to the sector. Several investment firms are also making strategic allocations to fintech; Apis and Aspirity co-led a $175M investment in Paymentology, an issuing and payments platform.

Secondaries, Talent Moves, and LP Relations

The secondaries market is experiencing headwinds, with uncertainty causing a dent in otherwise burgeoning secondaries volumes, and some specialized areas like software secondaries reportedly getting harder to complete. Talent acquisition remains competitive, as demonstrated by Evercore bringing on senior infra secondaries talent from Campbell Lutyens, and Pantheon hiring CVC’s TMT Europe co-head Leif Lindbäck to bolster its GP-led secondaries push. On the relationship front, dealmakers are cautioned against snubbing LPs at the AGM, emphasizing the ongoing necessity of relationship stewardship.

Healthcare, Insurance, and Life Sciences

Activity in healthcare and insurance continues apace with several buy-and-build plays underway. Aquiline-backed Relation Insurance Services snapped up Crop Rx Insurance Services, expanding its brokerage footprint. In the digital health space, Lorient invested in health platform PeterMD to support national expansion, while Apis’ investment in Paymentology taps into broader financial services disruption. Life sciences saw Eir Partners backing QuartzBio, a firm specializing in sample and biomarker intelligence for biopharma.

Buyout Activity & Consolidations Across Sectors

Firms are executing targeted acquisitions for platform growth across various niches. Axcel-backed AGRD Partners picked up Iceland’s BBA Fjeldco, consolidating Nordic legal practices. In the environmental sector, Apollo acquired Noble Environmental for waste collection services, while Good Springs invested in Snyder Environmental Services focusing on water markets. Strategic consolidation is also visible in facility services, where Dynamic Core-backed Party Reflections scooped up Creative Solutions Special Events. Meanwhile, in Europe, Mutares sold Polish public transport operator Relobus to Infracapital.

Europe: Tech & Regulatory Environment

European private equity is positioning for opportunities driven by regulatory shifts and technological adjacency. The draft European merger guidelines are viewed as a ‘broad positive’ for PE deals, even as EQT finalizes its bid for Intertek following breakthroughs with Mubadala’s view on capital allocation. In the Nordics, Verdane is set to acquire a stake in Telenor Connexion, the IoT unit of Telenor. Attention is also turning to talent, with concerns raised over a looming commercial talent crunch for quantum startups.

Investment Management and Advisory Expansion

Investment managers are expanding services and geographic reach. Ardian broadened the distribution of its evergreen strategies through major custodians like Clearstream and Euroclear. Separately, Green Arrow Capital’s acquisition of DeA Capital establishes Italy’s largest alternative investment manager, boasting €8 billion in assets under management. In executive search consolidation, RFE-backed ZRG acquired Sterling Martin Associates. Furthermore, William Blair sought sports expertise by acquiring Inner Circle Sports, anticipating M&A opportunities in sports franchises.