Private Equity 3 Days

Last updated: May 19, 2026, 2:31 PM ET

Large Fund Raises and Strategic Initiatives

Barings closed more than $19bn in committed capital for its Global Direct Lending strategy, marking one of the largest private credit raises of the year. Meanwhile, EQT won the mandate to manage the EU's €5bn Scaleup Europe deep-tech fund dedicated to quantum computing and artificial intelligence investments. The Nordic firm outlined its plans for the superfund, revealing "over 100 companies in the pipeline" across Europe's burgeoning deep-tech sector. Separately, Blackstone committed $5bn to a joint venture with Google to develop AI infrastructure, with the initial investment targeting 500 MW of capacity to come online in 2027. The partnership represents Blackstone's latest major strategic bet on technology infrastructure, while Kimmeridge, CPP Investments, and Mubadala anchored $13bn in project financing for the Commonwealth LNG export facility in Louisiana.

Take-Private Transactions and Exits

Leonard Green completed the take-private buyout of Mister Car Wash for $7 per share, valuing the enterprise at $3.1 billion in a transaction that consolidates the car wash industry. In the sports entertainment sector, Blue Owl's Doug Ostrover sold his remaining stake in the NFL's Washington Commanders back to the Josh Harris-led ownership group amid private credit pressures on the market. Elsewhere in healthcare, Triton prepared to exit Aleris, a provider of specialist care across more than 100 clinics in Sweden, Norway, and Denmark, while L Catterton exited its investment in Everlane at approximately $100 million to Chinese e-commerce group Shein, representing a significant valuation reset for the once-high-profile direct-to-consumer brand.

PE-Backed Acquisitions and Platform Building

Kelso-backed Novvia expanded its distribution network through the acquisition of APC Packaging, a move that strengthens the rigid container and life sciences packaging distributor's market position. In luxury fashion, Oaktree and Ares-backed WHP Global struck a deal to acquire the Marc Jacobs brand from LVMH Moët Hennessy Louis Vuitton, continuing private equity's interest in premium fashion assets. Hull Street acquired FirstLight USA from PSP Investments, gaining a portfolio of nearly 1,400 MW of clean, reliable generation assets in the Northeast. In the fleet maintenance sector, Garnett Station-backed True North snapped up Miles Truck Services, while Agellus-backed High Grove expanded its Atlanta-based commercial landscaping operations through the acquisition of Lawn Enforcement Agency. Salt Creek entered the medical device sector by acquiring MML Diagnostics Packaging, and Wynnchurch-backed EMS strengthened its aluminum distribution footprint through American Metals Supply. QHP-backed Lexitas Pharma Services expanded its ophthalmology clinical research capabilities by acquiring Erie Retina Research, while PE-backed NMI broadened its payment infrastructure offerings through the acquisition of Dwolla.

AI and Technology Investment Trends

European private equity firms are increasingly leveraging AI as a value creation tool, with Verdane making a significant growth investment in ETERNO, a Berlin-based healthcare technology company developing an AI-native operating system for outpatient care. The firm's investment comes amid reports of Verdane betting on healthtech consolidation opportunities. In AI acquisition activity, Cohere snapped up a second German AI startup weeks after acquiring Aleph Alpha, while Mistral struck its second M&A deal in months with Austrian AI startup Emmi. Elsewhere, AI-powered startups continued to attract significant funding, with Index Ventures leading a $20m round in AI inspection startup Scope, Sequoia backing AI agents