Private Equity 3 Days

Last updated: May 19, 2026, 11:31 AM ET

Private Equity Briefing: Three-Day Market Overview

AI and Technology Investments

Private equity firms continued their aggressive push into artificial intelligence and technology investments, with several significant deals announced across sectors. Cohere acquired a second German AI startup following its previous deal with Aleph Alpha, expanding its European footprint in the rapidly expanding AI market. Meanwhile, Verdane made a significant growth investment in Berlin-based healthcare technology company ETERNO, which is developing an AI-native operating system for outpatient care, reflecting the growing trend of private equity firms leveraging AI as value creation tools. Across the Atlantic, Sequoia backed AI agents scaleup Dust with a $40 million Series B investment, while Index Ventures led a $20 million funding round for AI inspection startup Scope. The AI investment wave extended to legal tech with Lexroom raising $50 million in Series B funding, as investors continue to pour capital into AI-powered solutions across various verticals.

Major Fund Closures

The private equity market saw substantial fund closures, signaling continued investor confidence in the asset class. Barings closed more than $19 billion in committed capital for its Global Direct Lending strategy, marking one of the largest private credit raises of the year. This comes as private credit markets continue to concentrate among major players. In Europe, EQT won the mandate to manage the EU's €5 billion Scaleup Europe deep-tech fund, which will focus on quantum computing, artificial intelligence, and other deep technology companies. EQT's selection underscores the increasing role of private equity in supporting European technological sovereignty. The firm also revealed it has over 100 companies in its pipeline for this initiative. On the energy front, Kimmeridge, CPP Investments, and Mubadala anchored a $13 billion Commonwealth LNG project in Louisiana, with Caturus reaching a positive final investment decision on the export facility alongside closing $9.75 billion in project financing.

Strategic Acquisitions and Exits

Private equity firms executed several notable acquisitions and exits across various sectors. Oaktree and Ares-backed WHP Global struck a definitive agreement to acquire the Marc Jacobs brand from LVMH Moët Hennessy Louis Vuitton, expanding their portfolio in luxury fashion. In the energy sector, Hull Street acquired First Light USA from PSP Investments, gaining control of a portfolio of nearly 1,400 MW of clean, reliable generation capacity in the Northeast. Healthcare saw continued consolidation with QHP-backed Lexitas Pharma Services picking up Erie Retina Research, expanding its ophthalmology clinical research organization footprint. Meanwhile, Triton prepared to exit healthcare provider Aleris through a strategic sale, with Aleris operating more than 100 clinics in Sweden, Norway, and Denmark. In the consumer space, L Catterton exited its majority stake in apparel brand Everlane to Chinese e-commerce group Shein at a valuation of approximately $100 million, representing a significant reset for the once-high-profile direct-to-consumer brand.

Financing and Refinancing Activity

Debt financing remained active across private equity portfolios. H.I.G. Bayside provided a £90 million unitranche term loan facility to refinance the debt structure of UK care provider Lifeways Group, demonstrating continued investor confidence in healthcare infrastructure. Blackstone made headlines with its commitment of $5 billion to a joint venture with Google to launch a new US-based AI infrastructure business, bringing 500 MW of capacity online in 2027 with plans for significant scaling over time. This follows Blackstone's earlier announcement of injecting $5 billion into the JV with Google, highlighting the firm's substantial bet on AI infrastructure. In the secondary market, CPP Investments unloaded a European non-performing loan portfolio to a newly formed joint venture between Arrow Global Group and Fortress Investment Group, continuing the trend of NPE portfolio sales in Europe.

New Investments and Fundings

Several private equity firms announced new investments across diverse sectors. Boyne Capital partnered with Sisu Equity and Consumer Growth Partners to back consumer apparel brand Local Boys Outfitters, continuing the firm's focus on the consumer sector. Weatherford Capital tapped Todd Marcy as partner, who will work alongside founding partner Drew Weatherford on all aspects of the firm's sports investment strategy and sit on the investment committee. In the fintech space, NMI acquired payment technology firm Dwolla, expanding its embedded payment infrastructure capabilities. The investment landscape also saw Agellus-backed High Grove acquire REF:20