Private Equity 3 Days

Last updated: May 22, 2026, 2:33 AM ET

Major Exits & Deal Making

KKR finalized its $2.55bn sale of CIRCOR Aerospace to Parker Hannifin, marking a significant return on the business it carved out from CIRCOR International in 2023. The transaction allows KKR to maintain ownership of CIRCOR's naval and industrial businesses while exiting the aerospace division. In a separate exit, Leonard Green completed a take-private buyout of Mister Car Wash at $7 per share, valuing the company at approximately $3.1bn enterprise value. Meanwhile, Authentic Brands Group agreed to acquire denim brand Lee as the PE-backed brand platform continues expanding its portfolio of consumer labels.

Fundraising & Strategic Shifts

EQT is positioning to deploy the EU's €5bn superfund for UK startups, with Per Franzén noting a "very, very high sense of urgency" to operationalize AI across portfolio companies. The firm has over 100 companies in its pipeline for potential investment. Partners Group launched a new Total Return Strategy targeting long-hold and yield "white space", planning to hold businesses for up to 12 years while focusing on immediate cash yield alongside long-term appreciation. In secondaries, StepStone announced fee rate adjustments in flagship funds, lowering fees during investment periods and increasing them thereafter, while Cari Lodge's Aqualis set targets for a debut secondaries fund focusing on smaller transactions.

Healthcare Mega-Merger

London-based GHO Capital and Singapore-headquartered CBC Group merged to create a $21bn healthcare investment giant, combining forces to become the world's largest dedicated healthcare investment manager. The merger brings together GHO's European expertise and CBC's Asian footprint, with co-founders Mike Mortimer and Fu Wei serving as co-CEOs of the combined entity. This consolidation reflects growing scale demands in healthcare investing as firms seek broader global reach and deeper sector specialization.

Defense & Aerospace Momentum

Earlybird began raising a €500m defence fund with French investor AVP, joining a growing cohort of European managers targeting security technology investments. Capitol Meridian appointed former US Navy Secretary Ryan McCarthy as operating partner, leveraging his expertise in defense market trends and executive mentorship. The firm's defense investments include portfolio company support and identifying new opportunities in the sector. One Bow River backed aerospace company PteroDynamics, providing capital to accelerate development of transwing VTOL unmanned aircraft systems.

Technology & AI Deployment

Accel-KKR invested in asset operations platform UpKeep, supporting continued platform expansion and AI-native vision development for enterprise maintenance operations. Anthropic-backed AI-native enterprise services firm acquired Fractional AI, with backing from Goldman Sachs, General Atlantic, and other major investors. Cohere acquired its second German AI startup just weeks after announcing the Aleph Alpha deal, signaling aggressive European expansion. Imperagen raised £5 million for quantum physics and AI-driven enzyme engineering.

Secondaries & Portfolio Activity

CPP Investments completed a $2.9bn private equity portfolio sale to Blackstone and Ardian, part of a broader trend of large institutional investors recycling capital. Project Ember saw Ardian and Blackstone participate in CPPIB's large portfolio sale, with the Canadian pension giant selling exposure across 33 funds. Q1 2026 saw 27 continuation vehicle transactions close, with nine involving asset classes beyond traditional private equity. ICG delayed launch of its mid-market Strategic Equity fund despite its predecessor raising $11bn.

Consumer & Retail Consolidation

KKR-backed beauty booking startup Fresha achieved $1B valuation after raising $80 million from KKR's Next Generation Technology Growth fund. Yellow Wood-backed Scholl's Wellness Company acquired athletic performance brand Vktry, expanding the footwear company's wellness portfolio. Boyne Capital invested in consumer apparel brand Local Boys Outfitters alongside Sisu Equity and Consumer Growth Partners.

Industrial & Manufacturing Activity

McNally-backed Foundral acquired mechanical contracting firm A. Hattersley & Sons, expanding the platform's geographic footprint. Trinity Hunt formed Elevation Landscape Group with its first investment in Landscape Endeavors, a Colorado Springs commercial landscaping company. GreyLion invested in manufacturer Tanis Brush, whose products serve precision cleaning and material handling applications. Sky Peak unveiled Excelus as a new precision manufacturing company following the merger of three manufacturing businesses.

Energy & Infrastructure Capital Flows

EIG-backed MidOcean secured $120m from The Arab Energy Fund, supporting the liquefied natural gas company's growth initiatives. Post