Private Equity 3 Days

Last updated: May 20, 2026, 11:31 AM ET

Healthcare Sector Consolidation

Private equity's relentless push into healthcare continued with several notable transactions across the sector. GHO Capital and Singapore-headquartered CBC Group agreed to merge creating what the firms describe as the world's largest dedicated healthcare investment manager with over $21 billion in assets under management, with co-founders Mike Mortimer and Fu Wei set to serve as co-CEOs of the combined entity. Meanwhile, Bregal Sagemount and Ardian backed health tech firm Ennov to support the company's expansion with a focus on AI innovation and global go-to-market acceleration. In smaller deals, Nautic-backed Integrated Home Care Services acquired Dina Care, a Miramar, Florida-based in-home benefit manager, while QHP-backed Lexitas Pharma Services picked up Erie Retina Research, an ophthalmology clinical research organization. Verdane invested in healthcare tech company Eterno citing zero churn, a growing enterprise pipeline, and early-stage cloud adoption in the sector as key conviction drivers.

Private Credit Scale Concentrates

The private credit market saw two major fundraises signaling continued capital concentration toward the largest managers. 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. Separately, Switzerland's Publica, the Swiss Federal Pension Fund, is preparing to commit up to $1.1 billion to direct lending strategies according to sources familiar with the matter. In the secondaries space, Investec's Callum Bell described secondaries as an excellent way to speed up platform growth, noting the firm's inaugural European senior debt fund was launched through an innovative secondaries process backed by Carlyle Alp Invest. Meanwhile, Aqualis set a target for its debut secondaries fund focusing on what the firm sees as an underserved segment: smaller transactions.

Sports Team Valuations Surge

Private equity's appetite for sports franchises showed no signs of cooling with two major transactions in NFL ownership. Arctos Partners acquired a 10% stake in the Cleveland Browns at a valuation exceeding $9 billion, becoming an approved limited partner of the franchise. In a contrasting move, Doug Ostrover, the billionaire co-founder of Blue Owl Capital, is selling his remaining stake in the Washington Commanders back to the Josh Harris-led ownership group amid private credit pressure. Weatherford Capital tapped Todd Marcy as partner to work on the firm's sports investment strategy, signaling continued build-out of dedicated sports investment capabilities at smaller PE firms.

Extended Hold Periods Reshape PE Strategies

The industry-wide trend of longer hold periods is fundamentally reshaping private equity's approach to value creation. As firms hang on to assets longer, post-deal diligence and operational improvement have taken on greater importance, with many firms hiring additional operating partners. A separate report outlined five ways longer hold periods are affecting PE deals, from increased carry erosion concerns to heightened LP scrutiny. Extended holding periods are also reshaping private equity structures, with continuation vehicles becoming an increasingly important tool for managing vintage diversification and liquidity. Meanwhile, GP stake sales have boomed but raise fund diligence questions for LPs invested in or considering the relevant GPs' funds.

Industrial and Manufacturing Deals

Manufacturing and industrial sectors attracted steady PE activity. Grey Lion invested in Tanis Brush, a manufacturer whose products are used for precision cleaning, surface conditioning, and material handling across diverse end markets. Sky Peak unveiled a new precision manufacturing company called Excelus, created through the merger of Excelus Manufacturing Solutions, D&G Machine Products, and Millennium Precision. Kelso-backed Novvia, a rigid container and life sciences packaging distributor, scooped up APC Packaging. Hull Street agreed to acquire First Light USA from PSP Investments, a portfolio of nearly 1,400 MW of clean generation in the Northeast. Wynnchurch-backed EMS, a Florida-based aluminum products distributor, snapped up American Metals Supply.

Consumer and Retail Exits

Consumer-facing investments saw both exits and new platform formations. Leonard Green completed its take-private buyout of Mister Car Wash for $7 per share, putting the car wash operator at an enterprise valuation of $3.1 billion. In a sharp reset for a direct-to-consumer darling, L Catterton sold Everlane to Chinese e-commerce group Shein at approximately $100 million, a fraction of the brand's former valuation. Yellow Wood-backed Scholl's Wellness Company acquired athletic performance brand Vktry, expanding the Dr. Scholl's parent company's portfolio. Boyne Capital backed consumer apparel brand Local Boys Outfitters in a partnership with Sisu Equity and Consumer Growth Partners.

Carlyle's Identity Security Bet Pays Off

Carlyle leveraged the rising interest in identity security to grow iC Consult, where revenue grew 20% annually during the firm's five-year hold. The firm is now preparing to sell the company to Bridgepoint in what sources described as a pending transaction. The exit marks a successful outcome for Carlyle's thesis around identity and access management in an era of increasing cybersecurity threats and regulatory scrutiny.

Energy and Infrastructure

Family offices broadened allocations to oil, gas, and renewable energy in the first quarter according to a Bloomberg report drawing on 13F filings, as the Iran conflict reshaped ultra-wealthy portfolio strategies. Post Oak sold its UpCurve Energy assets, comprising oil and gas properties in the Southern Delaware Basin in West Texas. 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.

Fund Exits and Refinancing

In the exit and refinancing space, Triton agreed to exit healthcare provider Aleris in a strategic sale, with the company providing specialist care across more than 100 clinics in Sweden, Norway, and Denmark. H.I.G. Bayside Capital Europe provided a £90 million unitranche to refinance the debt structure of Lifeways Group, a UK care provider. KKR exited its remaining 10.57% holding in Kokusai Electric through a Nomura-coordinated block sale. CPP Investments unloaded its European non-performing loan portfolio to a newly formed joint venture between Arrow Global Group and Fortress Investment Group.