Private Equity 3 Days

Last updated: May 21, 2026, 2:35 PM ET

Fundraising & New Strategy Launches

Convective Capital closed an $85 million fund to expand beyond fire technology into broader disaster resilience solutions, marking the firm's evolution from a single-sector focus. In defense investing, Earlybird is raising a €500 million fund with French investor AVP amid growing European security spending. Partners Group launched a new private equity strategy targeting long-term holds of up to 12 years with immediate cash yield components, reflecting investor demand for steady distributions. Meanwhile, Switzerland's Publica plans a $1.1 billion allocation to direct lending as institutional investors seek alternative income streams.

Secondaries Market Evolution

The secondaries market broadened significantly in Q1, with Secondaries Investor's deal log showing activity across new segments and asset classes beyond traditional private equity. Step Stone will adjust fee structures in its flagship secondaries funds, lowering rates during investment periods before increasing them post-investment. CPP Investments completed a $2.9 billion portfolio sale to Blackstone Strategic Partners and Ardian, offloading 33 limited partnership interests. Separately, CPP sold a European non-performing loan portfolio to a joint venture between Arrow Global Group and Fortress Investment Group. ICG delayed launching its mid-market Strategic Equity fund despite its predecessor raising $11 billion last year.

Major Exits Generate Billions

KKR realized a $2.55 billion exit selling CIRCOR Aerospace to Parker Hannifin, representing a substantial return after acquiring the business for $1.8 billion in 2023. Leonard Green completed a take-private buyout of Mister Car Wash at $7 per share, valuing the enterprise at $3.1 billion. In healthcare, GHO Capital and CBC Group merged to create a $21 billion platform, combining London-based GHO with Singapore-headquartered CBC to form what the firms call the world's largest dedicated healthcare investment manager. KKR also exited its remaining 10.57% stake in Kokusai Electric through a Nomura-led block sale.

Technology & Healthcare Investments Surge

KKR backed UK unicorn Fresha with an $80 million investment from its Next Generation Technology Growth fund, valuing the beauty booking platform at $1 billion. Accel-KKR invested in asset operations platform UpKeep to support AI-native expansion in maintenance management software. In health tech, Bregal Sagemount and Ardian backed Ennov with plans to accelerate AI innovation and global expansion. Biotech company Imperagen raised £5 million using quantum physics and AI for enzyme engineering, while Status AI secured $17 million from a16z and YC to transform social media into interactive entertainment.

Aerospace, Defense & Industrial Deals

One Bow River backed aerospace company PteroDynamics to accelerate development of transwing VTOL unmanned aircraft systems. Oakley Capital recruited ex-Red Bull chief Christian Horner as an adviser for premium sports investments. EIG-backed Mid Ocean raised $120 million from The Arab Energy Fund as the LNG company expands. Gryphon-backed Southern Home Services acquired Blazer Heating, Air & Plumbing as part of home service consolidation across Southeastern markets.

Platform Acquisitions & Rollups

Trinity Hunt formed Elevation Landscape Group with an initial investment in Landscape Endeavors, while Agellus-backed High Grove acquired Lawn Enforcement Agency expanding commercial landscaping presence. Kelso-backed Novvia scooped up APC Packaging as the rigid container distributor grows its life sciences portfolio. Sky Peak unveiled precision manufacturing company Excelus through the merger of three manufacturing businesses. Salt Creek acquired medical device firm MML Diagnostics Packaging, promoting Geoffrey Pestes to CEO after his decade leading operations.

Personnel Moves & Market Commentary

HIG Capital tapped Brian Dutzar as managing director for its private wealth management team alongside new principals Adam Whitman and Steven Stack. Weatherford Capital appointed Todd Marcy as partner to work alongside founding partner Drew Weatherford on sports investments. EQT's Per Franzén emphasized urgent AI operationalization across portfolio companies, calling it "the most important theme of our generation." Market participants defended secondaries pricing mechanisms amid rising continuation vehicle valuations.

Direct Lending & Credit Markets

Barings closed more than $19 billion for its Global Direct Lending strategy, marking one of the year's largest private credit raises. H.I.G. Bayside refinanced UK care provider Lifeways with a £90 million unitranche facility. Swiss Federal Pension Fund Publica prepared a $1.1 billion direct lending allocation as institutional demand for private credit intensifies. Investec's Callum Bell called secondaries an "excellent way" to accelerate platform growth through innovative structures.

Healthcare Mega-Merger & AI Integration

GHO Capital and CBC Group combined to manage $21 billion in healthcare assets, with co-founders Mike Mortimer and Fu Wei serving as co-CEOs of the merged entity. Verdane invested in healthcare tech company Eterno citing zero churn and rapid enterprise pipeline growth. QHP-backed Lexitas Pharma Services acquired Erie Retina Research expanding ophthalmology clinical research capabilities. Alvarez & Marsal