Private Equity 3 Days

Last updated: May 15, 2026, 5:30 PM ET

Mega-Fundraisings & Valuations

Defense tech continued to shatter funding records, with Anduril Industries raising $5 billion at a $61 billion valuation—double its prior mark—while German drone maker Quantum Systems lined up $600 million co-led by Blackstone and Airbus, potentially valuing it at €7 billion. In AI infrastructure, Cerebras Systems debuted on Nasdaq after years of private fundraising, a listing that made billions for Benchmark. Elsewhere, L Catterton backed China’s Saint Bella to build a global family-care platform, and Euan Blair’s Multiverse boosted its valuation with a $70 million fundraise.

Sector Targeting: Life Sciences & TICC

Private equity’s hunt for pharmaceutical and life sciences consulting assets intensified, with Blackstone, Audax, and Five Arrows eyeing platform deals and Eir Partners backing QuartzBio, a life sciences data analytics firm. The trend extended to Testing, Inspection, and Certification (TICC), where revenue predictability pulled firms like Ardian, Blackstone, and EQT into the sector. In related moves, General Atlantic invested in PowerGEM, and TA Associates’ existing backing highlighted the space’s appeal.

M&A Activity & Take-Privates

Consolidation accelerated across sectors. Charlesbank and Nordic merged Tecomet and Orchid Orthopedic Solutions under the Tecomet name, while HIG Capital acquired International Aerospace Coatings. In healthcare, Kinderhook completed the take-private of Enhabit Home Health, and KKR-backed Global Medical Response listed at $3.3 billion after cutting its IPO price. PE firms also evaluated take-private bids for Magnum Ice Cream, and Verdane took Augmentum Fintech private in a rare UK investment trust buyout.

Infrastructure, Energy & Real Assets

Blackstone raised $1.75 billion in a record blind-pool REIT IPO to chase AI data centers, while its infrastructure arm joined Temasek and Abu Dhabi’s ADNOC to launch a $30 billion Gulf and Central Asia platform. In energy, Houlihan Lokey’s JP Hanson flagged $30 billion of oil and gas assets coming to market, even as Gen Nx360 exited Precision Aviation to VSE for $2 billion. Brookfield poised to buy World Freight from EQT and PAI for $1.2 billion, underscoring logistics appeal.

Secondaries, Fundraising & LP Relations

The secondaries market saw Lazard acquire Campbell Lutyens for scale, while Evercore hired senior infra secondaries talent from the firm. Cambridge Associates eyed credit secondaries, and Houlihan Lokey reported rising CV pricing amid new buyside capital. Welsh Carson targeted $5 billion for its 15th flagship, focusing on North American mid-market buyouts, and Verdane sought €1.6 billion for its lower mid-market Edda IV fund—€500 million more than its predecessor.

Regional & Thematic Plays

In Europe, EQT teamed with QIA and Porsche for Volkswagen’s €8 billion marine engine unit Everllence, while Ardian backed IK Partners’ LBO of French wealth manager Rhétorès. Nordic deal flow included Axcel-backed AGRD acquiring Iceland’s BBA Fjeldco and Mutares selling Relobus to Infracapital. Spain saw HIG Capital-backed Avanta Salud acquire Vitaly Group, and Italy’s Ambienta snapped up Disano. Regional conferences in Italy, France, the Nordics, and Iberia highlighted local market dynamics REFS:24-27.

Sports, Media & Niche Sectors

William Blair acquired Inner Circle Sports to capture GP and LP stakes in sports, a sector seeing PE team up with OpenAI. In media and tech, Stone-Goff invested in real estate tech firm 5Q Partners, which concurrently acquired One11 Advisors. RFE-backed ZRG scooped up executive search firm Sterling Martin, and Aquiline-backed Relation snapped up Crop Rx Insurance Services. Meanwhile, Meridian Ventures launched a $35 million fund targeting MBA-deferred founders in enterprise tech.

Legal, Compliance & Industry Notes

A jury dismissed racial discrimination claims against Mercury Capital, while General Catalyst’s viral X post drew multiple responses from Marc Andreessen. Schroders exited its China fund unit, transferring products to Neuberger Berman. TICC’s AI embrace helped attract PE, but UK defence investment needed smarter capital policy. The Crunchbase Tech Layoffs Tracker showed over 127,000 U.S. tech workers cut in 2025, underscoring sector volatility.

LP Relations & Governance

PE firms were urged not to skip annual general meetings, as LPs debated geographic diversification. CPP Investments committed €400 million alongside Blackstone in French last-mile logistics platform Proudreed, while also making the case for flexible allocation. Meanwhile, the Lazard-Campbell Lutyens merger promised an immediate step up in long-term growth plans, with co-CEOs outlining integration strategies.