Private Equity 3 Days

Last updated: May 19, 2026, 5:30 PM ET

Infrastructure & Mega-Funds

The private equity world is sizing up for a multi-billion-dollar infrastructure era. Blackstone committed $5 billion to a joint venture with Google to launch a U.S.-based AI infrastructure business, where the PE giant will bring 500 MW of capacity online by 2027 and scale from there. 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 as capital pools concentrate around a handful of dominant lenders. Across the Atlantic, EQT won the mandate to manage the EU's €5 billion Scaleup Europe deep-tech fund, dedicated to quantum computing, artificial intelligence and other frontier technologies, while EQT also advanced alongside IDG Capital in the bidding for Swiss healthcare group Poly Peptide, signaling a deepening pipeline of continental healthcare deals. Meanwhile, Kimmeridge, CPP Investments and Mubadala anchored a $13 billion Commonwealth LNG project after Caturus reached a positive final investment decision on its Cameron Parish, Louisiana export facility, with $9.75 billion in project financing closing alongside the commitment.

Strategic Acquisitions & Portfolio Moves

Deals across industrials, consumer and healthcare are accelerating as buyout firms build platform businesses. Hull Street agreed to acquire FirstLight USA from PSP Investments, gaining a portfolio of nearly 1,400 MW of clean generation assets in the Northeast. Wynnchurch-backed EMS acquired American Metals Supply, expanding its footprint in the aluminum distribution market, while Garnett Station-backed True North snapped up Miles Truck Services to bolster its fleet maintenance platform. In healthcare, QHP-backed Lexitas Pharma Services picked up Erie Retina Research, an ophthalmology clinical research organization, and Salt Creek acquired medical device firm MML Diagnostics Packaging, promoting Geoffrey Pestes to CEO as part of the integration. On the consumer side, Oaktree and Ares-backed WHP Global entered a definitive agreement to acquire the Marc Jacobs brand from LVMH, and Leonard Green completed the take-private buyout of Mister Car Wash at $7 per share, putting the car wash chain at an enterprise valuation of $3.1 billion. Music rights have also become a hot target, with Pophouse acquiring Tina Turner's catalog and NIL rights to develop the late superstar's brand through IP expansion and live experiences, part of a broader wave of PE firms snatching up music rights across the industry.

AI-Fueled Capital Markets

Artificial intelligence continues to reshape where capital flows. Sequoia led a $40 million Series B in AI agents scaleup Dust, while Index Ventures led a $20 million round in AI inspection startup Scope and Lexroom raised a $50 million Series B as investors pile into AI legal tech. Verdane made a significant growth investment in Berlin-based ETERNO, an AI-native operating system for outpatient care, reflecting the sector's broader push into healthcare automation. Mistral struck its second M&A deal in months, acquiring Austrian AI startup Emmi, and Cohere acquired its second German AI startup weeks after the Aleph Alpha deal. On the venture side, Bunch raised a $35 million Series B as an AI-powered VC platform, and Status AI secured $17 million in combined seed and Series A funding to turn social media into interactive entertainment. European chip startups, however, face mounting pressure from an EU sovereignty push that risks harming domestic innovation, while the lobby wars between chip startups and semiconductor giants intensify.

Liquidity, Exits & Market Pressures

Private credit and secondaries are under strain as LPs reassess allocations. Blue Owl co-founder Doug Ostrover sold his remaining stake in the Washington Commanders back to the Josh Harris-led group amid private credit pressure, and LP documents revealed details of Blue Owl's monetisation playbook for generating liquidity. Barings' $19 billion direct lending raise underscores how private credit scale is concentrating among a small cohort of lenders. In secondaries, the median total compensation for distribution specialists reached $739,000 in 2025, lagging the $800,000 median across the broader alternatives market. On the exit front, L Catterton sold Everlane to Shein at roughly $100 million, a sharp markdown for a brand once hailed as a direct-to-consumer darling, while Triton is exiting Swedish healthcare provider Aleris through a strategic sale and KKR exited its remaining 10.57 percent holding in Kokusai Electric via a Nomura-coordinated block sale. Chinese capital is also re-entering the conversation, with CDH Capital seeing a brighter outlook for its next flagship launch and continuation vehicle