Private Equity 3 Days

Last updated: May 15, 2026, 11:31 AM ET

Major Buyouts & Restructurings

Blackstone and KKR are set to seize control of Affordable Care through a restructuring that will write off roughly 70% of the company's debt, marking one of the most significant distressed debt conversions in recent memory. Meanwhile, Brookfield Asset Management is poised to acquire World Freight Company from EQT and PAI Partners at an enterprise value of around $1.2bn, continuing the wave of infrastructure asset consolidation. In the consumer sector, Carlyle has emerged as a leading suitor for Jardine Matheson's pan-Asian restaurant business operating KFC and Pizza Hut outlets across multiple markets, while Blackstone and Clayton Dubilier & Rice are in early stages of evaluating take-private bids for Magnum Ice Cream, the listed ice cream giant trading below its IPO price.

In aerospace services, HIG Capital has snapped up International Aerospace Coatings, which serves original equipment manufacturers, major airlines and operators, and MRO providers. American Securities meanwhile exited processing equipment provider CPM to Rosebank for $2.1bn, a notable return on its 2018 investment. In the UK, Verdane has completed its acquisition of Augmentum Fintech, delisting the European fintech specialist from the London Stock Exchange following shareholder approval.

Sector Focus: Life Sciences & Testing

Private equity's appetite for pharmaceutical and life sciences consulting platforms continues to intensify, with Blackstone, Audax, Bridgepoint and Baird among the firms targeting add-ons for existing consultancy platforms. The trend reflects growing M&A opportunity in a sector where drug R&D complexity is driving consolidation. Eir Partners has backed life sciences data analytics company QuartzBio, which provides sample and biomarker intelligence for clinical-stage biopharma companies. Separately, the predictable revenue characteristics of testing and inspection firms are drawing capital from Ardian, Blackstone, Bridgepoint and EQT, with five deals announced in the space recently.

Data Centres & Infrastructure

Blackstone has raised $1.75bn through a record blind-pool REIT IPO to chase AI data centre opportunities, the largest such listing ever in the US. The transaction underscores the massive capital deployment into digital infrastructure. CPP Investments has committed €400m to acquire a significant minority stake in Proudreed, a French last-mile logistics platform, in a co-investment alongside Blackstone funds. In a much larger infrastructure play, BlackRock's Global Infrastructure Partners has joined forces with Temasek and Abu Dhabi sovereign wealth fund L'IMAND and state oil company ADNOC to launch a $30bn partnership targeting infrastructure investments across the Gulf and Central Asia.

Fundraising & Capital Markets

Welsh Carson is targeting $5bn for its 15th flagship vehicle, focusing on mid-market buyout opportunities primarily in North America, according to documents prepared for a recent LP meeting. Verdane is back in the market seeking €1.6bn for its Europe-focused Edda IV fund, representing a €500m increase over its predecessor. The Qatar Investment Authority has committed $500m to deepen its partnership with General Atlantic, marking a significant expansion of an existing relationship. In venture, A* Partners has closed its third fund with $450M, taking a generalist approach across AI applications, fintech, healthcare and security with average check sizes between $3m and $7m.

European Deal Activity

In Germany, Blackstone and Airbus are in talks to anchor a roughly €600m funding round for Quantum Systems, a drone maker, in a transaction that could value the business at approximately €7bn. EQT has secured backing from the Qatar Investment Authority and Porsche SE for its bid to acquire Everllence, Volkswagen's €8bn marine engine business. Ardian has arranged unitranche financing to support IK Partners' leveraged buyout of Rhétorès Group, a fast-growing French independent financial advisor. Italian private equity continues active, with Ambienta acquiring professional lighting manufacturer Disano and Green Arrow Capital completing its acquisition of DeA Capital, creating Italy's largest alternative investment manager with €8bn in assets under management.

Direct Lending & Credit

The restructuring of Affordable Care highlights the growing role of direct lenders in distressed situations, with Blackstone and KKR leading the 70% debt cut. Houlihan Lokey's JP Hanson has flagged $30bn of oil and gas assets coming to market, with implications for energy-focused credit funds. Cambridge Associates is eyeing credit secondaries and specialty lending as it sees fast growth in its wealthy client base in Asia and rising allocations to private credit. Meanwhile, CV pricing is climbing amid new buyside capital formation, with rising demand and greater emphasis on asset selection reducing the percentage of credits priced in the lower range.