Private Equity 3 Days

Last updated: May 20, 2026, 2:33 AM ET

Major Transactions & Fundraising

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 institutional investors continue flocking to direct lending platforms. The massive fundraising comes amid Blackstone's $5 billion commitment to a joint venture with Google to launch a new US-based AI infrastructure business, with the private equity giant planning to bring 500 MW of capacity online by 2027. Separately, a consortium including Kimmeridge, CPP Investments, and Mubadala anchored a $13 billion Commonwealth LNG project as Caturus reached final investment decision on its Louisiana export facility alongside $9.75 billion in project financing.

Take-Private Deals & Strategic Acquisitions

Leonard Green completed a take-private buyout of Mister Car Wash at $7 per share, valuing the car wash operator at approximately $3.1 billion enterprise value. In luxury goods, Oaktree and Ares-backed WHP Global struck a definitive agreement to acquire the Marc Jacobs brand from LVMH, expanding the firm's portfolio of consumer brands. Kelso-backed Novvia scooped up APC Packaging in the rigid container and life sciences packaging space, while Sky Peak unveiled a new precision manufacturing company Excelus following the merger of three manufacturing businesses.

Technology & AI Consolidation

AI activity accelerated across European markets as Cohere snapped up a second German AI startup just weeks after its Aleph Alpha acquisition, and Mistral struck its second M&A deal in months with Austrian AI startup Emmi. Sequoia backed AI agents scaleup Dust in a $40 million Series B, while Index Ventures led a $20 million round in AI inspection startup Scope. The concentration of capital in AI continued with Bunch raising a $35 million Series B and Lexroom securing $50 million in Series B funding for AI legal tech solutions.

Platform Rollups & Add-On Acquisitions

Platform companies continued aggressive rollup strategies across sectors. Hull Street agreed to acquire FirstLight USA from PSP Investments, gaining nearly 1,400 MW of clean generation capacity across the Northeast. Garnett Station-backed True North snapped up Miles Truck Services to expand its fleet maintenance platform, while QHP-backed Lexitas Pharma Services picked up Erie Retina Research to strengthen its ophthalmology clinical research capabilities. PE-backed NMI acquired payment tech firm Dwolla to enhance its embedded payment infrastructure offerings.

European Scale-Up & Sovereignty Initiatives

EQT won the mandate to manage the EU's €5 billion Scaleup Europe deep-tech fund, targeting quantum computing, artificial intelligence, and other deep technology companies. The Swedish firm also advanced to the next round in the Poly Peptide auction alongside IDG Capital, as European healthcare deal activity intensifies. However, Synthesia's policy chief warned that EU sovereignty push risks harming startups amid increasing regulatory pressure on technology companies.

Exit Activity & Portfolio Realizations

L Catterton exited Everlane at a $100 million valuation through a sale to Chinese e-commerce group Shein, representing a sharp reset for the once-promising DTC apparel brand. KKR exited its remaining 10.57% stake in Kokusai Electric through a Nomura-led block sale, marking the conclusion of a significant Japanese semiconductor investment. Meanwhile, Sverica agreed to sell agentic AI firm WinWire to NTT Data, having initially invested in April 2021.

Healthcare & Special Situations

H.I.G. Bayside refinanced UK care provider Lifeways with a £90 million unitranche facility, providing capital solutions for the healthcare services group. Verdane made a significant growth investment in ETERNO, the Berlin-based healthcare technology company building an AI-native operating system for outpatient care. In specialty healthcare, Salt Creek acquired medical device firm MML Diagnostics Packaging, promoting Geoffrey Pestes to CEO after his decade leading operations.

Consumer & Business Services

Boyne Capital backed consumer apparel brand Local Boys Outfitters in partnership with Sisu Equity and Consumer Growth Partners. Wynnchurch-backed EMS snapped up American Metals Supply, expanding its aluminum products distribution network from Florida headquarters. Agellus-backed High Grove acquired Lawn Enforcement Agency, growing its commercial landscaping presence in Atlanta. Monzo reported soaring profits amid European expansion, demonstrating strong performance in the digital banking sector.

Venture Capital Concentration & Market Dynamics

Capital concentration in venture markets showed no signs of abating with US venture capital totals through April 2026 matching full-year 2025 levels, while 80% of startup investment flowed to a select group of companies. This consolidation trend raises questions about the fate of remaining portfolio companies as institutional investors gravitate toward proven winners. China's CDH sees a brighter outlook for its next flagship fund launch, with managing partner Thomas Lanyi noting improving chances of going to market.