Private Equity 3 Days

Last updated: May 18, 2026, 2:30 PM ET

Private Equity Deal Flow & Exits

Private equity dealmaking accelerated this week, highlighted by a competitive auction for bubble tea chain Gong Cha drawing bids from Bain Capital and General Atlantic as TA Associates targets a $2 billion exit. In healthcare, Triton is exiting Swedish clinic operator Aleris through a strategic sale, while McWin Capital has listed its quick-service restaurant portfolio for disposal. A stark valuation reset was seen as L Catterton offloaded Everlane to Shein for approximately $100 million, a sharp decline from its prior $700 million+ valuation. Meanwhile, Wynnchurch-backed EMSacquired American Metals Supply, a Florida-based aluminum products distributor, bolstering its industrial platform.

Fund Management & Capital Allocation

European fund management mandates saw significant movement. EQTbeat Atomico to secure the mandate for the new €5bn Scaleup Europe Fund from the European Union, focusing on deep tech like quantum computing and AI. Separately, Citi and BlackRock's HPSlaunched a €15bn private credit program dedicated to direct lending across the EMEA region, targeting sponsor-owned corporates. In the secondary market, compensation for distribution specialists lagged the broader alternatives industry, with median total pay hitting $739,000 versus $800,000, according to Jensen Partners.

Sector-Specific Strategies: AI, Energy & Music Rights

AI infrastructure continued to attract heavyweight commitments, with Kimmeridge, CPP Investments, and Mubadalaanchoring the $13bn Commonwealth LNG project as Caturus reached final investment decision, securing $9.75bn in project financing. In the AI software layer, Sequoia backed Dust, an AI agents scale-up, in a $40 million Series B round. Private equity's fascination with intellectual property surfaced as firms snapped up music rights, exemplified by Pophouse acquiring Tina Turner’s catalog to develop her legacy through new IP and experiences. On the exit front, Sverica Capital is selling agentic AI firm Win Wire to NTT Data, monetizing its 2021 investment.

Power Sector Consolidation & Physical-World Tech

A monumental $66.8bn all-stock deal for Dominion Energy by Next Era Energy capped a year where private capital has been reshaping the US power landscape, driven by energy transition mandates. This theme extended to "physical-world" tech, where Eclipse Ventures saw its $2.5bn Cerebras win validate a decade-long thesis in hardware and compute infrastructure. Anduril Industries further led the fundraising charge with a $5bn round, underscoring robust investor appetite for defense and aerospace tech. Meanwhile, General Catalystsparked industry debate with a provocative post on venture capital dynamics, drawing a public retort from** Andreessen Horowitz.*

European Tech & Quantum Trends

In European tech, EQT and IDG Capitaladvanced to the next round in the auction for Swiss healthcare CDMO Poly Peptide, deepening the competitive landscape for specialty pharma assets. However, quantum computing startup investment slowed in 2026 while public markets remained strong, with Crunchbase noting a decline in overall funding from last year's peaks despite robust deal counts. Underlying this, The ‘Deep Mind mafia’ saw billions poured into their new ventures, highlighting the enduring influence of alumni from the AI pioneer. Geopolitical tensions also surfaced, with Sifted reporting on “lobby wars” between Europe’s chip startups and semiconductor giants over regulatory influence.