Private Equity 3 Days

Last updated: May 20, 2026, 11:30 PM ET

Healthcare M&A and Platform Consolidation

The healthcare private equity market delivered two landmark moves this week. GHO Capital and CBC Group agreed to merge, creating the world's largest dedicated healthcare investment manager with over $21 billion in assets under management. Co-founders Mike Mortimer and Fu Wei will serve as co-CEOs of the combined entity, and the deal signals a new wave of scale in a sector where specialist managers are under pressure to bulk up. Separately, QHP-backed Lexitas Pharma Services acquired Erie Retina Research, expanding its ophthalmology clinical research platform. Lexitas operates in a niche but high-growth corner of pharma services, and the bolt-on adds geographic reach. Meanwhile, Triton is preparing to exit healthcare provider Aleris through a strategic sale, after operating the specialist care network across more than 100 clinics in Sweden, Norway and Denmark. The exits and consolidation streak across healthcare underscores how buyout firms are trimming underperformers while doubling down on platform plays. Bregal Sagemount and Ardian backed health tech firm Ennov with capital aimed at accelerating AI-driven product development, and Verdane invested in healthcare tech company Eterno, citing zero customer churn and a market still in the early stages of cloud adoption. Salt Creek acquired medical device firm MML Diagnostics Packaging, promoting Geoffrey Pestes to CEO as part of the transaction.

Secondaries and Direct Lending Scale-Up

Private credit and secondaries markets showed fresh momentum as institutional investors chased yield. Barings closed more than $19 billion in committed capital for its Global Direct Lending strategy, making it one of the largest private credit raises of the year and underscoring how asset managers are concentrating scale in direct lending. Across the Atlantic, Switzerland's Publica is preparing to commit up to $1.1 billion to direct lending strategies, sources told Bloomberg, adding another major pension fund to the pool of capital flowing into private credit. In the secondaries arena, Aqualis set a target for its debut secondaries fund focused on smaller transactions it sees as underserved, while Investec's Callum Bell called secondaries an "excellent way" to speed up platform growth after launching a senior debt fund through an innovative secondaries process backed by Carlyle Alp Invest. Q1 data showed 27 continuation vehicles closed, with nine involving asset classes beyond private equity, and the market for smaller secondaries transactions is attracting new managers looking to differentiate. Eurazeo held a first close on a fund, part of a broader wave of continuation vehicle pricing that is rising even as some LPs express caution about private markets outlooks.

AI, Robotics, and the Fintech Funding Surge

Venture capital continued to concentrate around AI and fintech themes despite broader capital rationing. China-based robotics companies raised $5.6 billion across 176 deals through mid-May, matching total venture funding to the sector for all of last year, driven by embodied AI applications and a building IPO pipeline. Stateside, digital banking startup Mercury raised $200 million in a Series D round at a $5.2 billion valuation, up 49% from the $3.5 billion it commanded previously, as fintech funding picked up. Stilta raised $10.5 million from a16z and YC for an AI platform that automates patent research and litigation analysis, while Lucra raised $20 million from ARK Invest for an eSports gamification startup that defied the era's obsession with AI buzzwords. Cohere snapped up its second German AI startup weeks after acquiring Aleph Alpha, and Index Ventures led a $20 million round in AI inspection startup Scope. On the PE side, Blackstone invested $5 billion in a joint venture with Google as extended hold periods make value creation and post-deal due diligence more critical, a trend McKinsey, KPMG and Lathrop GPM advisers are tracking. AI is also reshaping how PE firms operate, with Alvarez & Marsal finding that private equity managers are increasing their use of AI as a value creation tool.

Buyouts, Sports Assets, and Platform Deals

Buyout activity remained brisk across consumer and industrial verticals. Leonard Green completed a take-private of Mister Car Wash at $7 per share, putting the car wash chain at an enterprise valuation of $3.1 billion. Arctos Partners acquired a 10% stake in the Cleveland Browns at a valuation exceeding $9 billion, and the firm was approved as a limited partner of the team. Doug Ostrover, co-founder of Blue Owl Capital, sold his remaining stake in the Washington Commanders back to the Josh Harris-led ownership group amid private credit pressure. On the platform front, Gryphon-backed Southern Home Services acquired Blazer Heating, Air & Plumbing, Nautic-backed Integrated Home Care Services snapped up Dina Care, and Yellow Wood-backed Scholl's Wellness Company acquired athletic performance brand Vktry. Kelso-backed Novvia picked up APC Packaging, TSCP-backed Pest Co snapped up University Termite & Pest Control, and Garnett Station-backed True North acquired Miles Truck Services. Wynnchurch sold metal fabricator Ironform and backed EMS in its acquisition of American Metals Supply, while Post Oak sold its UpCurve Energy assets in the Southern Delaware Basin. Sky Peak unveiled a new precision manufacturing company Excelus created from three merged entities.

Energy, Sports, and Music Rights

Energy infrastructure drew heavy institutional capital. EIG-backed Mid Ocean raised $120 million from the Arab Energy Fund, and Caturus reached a positive final investment decision on its Commonwealth LNG export facility in Louisiana alongside $9.75 billion in project financing, with Kimmeridge, CPP Investments and Mubadala anchoring the $13 billion project. Post Oak's sale of UpCurve Energy assets in West Texas marked another exit from oil and gas holdings. Family offices broadened allocations to oil, gas and renewable energy in Q1 as the Iran conflict reshaped ultra-wealthy portfolio strategy. In entertainment, Pophouse acquired Tina Turner's catalog and NIL rights, aiming to develop the late superstar's IP through live experiences and streaming, while Sverica sold agentic AI firm WinWire to NTT Data after initially investing in 2021. PE firms have shown growing appetite for music rights as an asset class. On the sports investment front, Weatherford Capital tapped Todd Marcy as a partner to work alongside founding partner Drew Weatherford on the firm's sports investment strategy.