Private Equity 3 Days

Last updated: May 22, 2026, 8:30 AM ET

Mega-Deals & Portfolio Exits

KKR is exiting CIRCOR Aerospace to Parker Hannifin for $2.55 billion, a return on its 2023 $1.8 billion carve-out, while Authentic Brands Group is acquiring denim brand Lee, adding to its portfolio of IP-driven labels. In a sector-defining move, London-based GHO Capital and Singapore’s CBC Group are merging to form a $21bn healthcare giant, creating the world’s largest dedicated healthcare investment manager. Meanwhile, CPP Investments has completed a $2.9bn private equity portfolio sale to Blackstone Strategic Partners and Ardian, a transaction that includes 33 fund interests and underscores the growing appetite for secondaries liquidity.

AI Integration & Infrastructure Bets

EQT is pushing to operationalize AI across its portfolio with a “very, very high sense of urgency,” aiming to rewrite legacy code and expand its investable universe. Partners Group, meanwhile, is targeting long-hold, yield-focused private equity with a new strategy emphasizing immediate cash yield and up to 12-year holds in mature heavy industries. This focus on AI and infrastructure is echoed in deals like EQT’s potential backing for the EU’s €5bn superfund, where it is scouting over 100 companies, and in Blackstone’s $5 billion injection into a Google JV for data centers, highlighting the capital intensity of AI infrastructure.

Secondaries Market Evolution

The secondaries market is adapting to longer hold periods and seeing fee model innovations, with Step Stone adjusting fee rates to lower costs during investment periods. Pantheon’s debut CFO is unlocking secondaries for constricted investors, while ICG has delayed its mid-market Strategic Equity fund amid a boom in GP-stake sales that is raising diligence questions. A notable large-scale transaction is CPPIB’s $2.9bn portfolio sale to Blackstone and Ardian, which is part of Project Ember, a 56-line portfolio that attracted multiple bidders.

Defense, Security & Dual-Use Tech

Capitol Meridian has appointed former Navy Secretary Ryan McCarthy as an operating partner to advise on defense trends and opportunities, while Earlybird is raising a €500m defense fund with French investor AVP. This defensive pivot is mirrored in the corporate world, where Oakley Capital has tapped ex-Red Bull F1 boss Christian Horner to scout premium sports deals, and Arctos Partners has acquired a 10% stake in the Cleveland Browns at a $9bn valuation, reflecting institutional interest in scarce live assets.

Sector-Specific Consolidation

In industrials, One Bow River is backing aerospace firm PteroDynamics to accelerate VTOL drone development, while KKR is exiting CIRCOR Aerospace to Parker Hannifin. Gryphon-backed Southern Home Services is acquiring Blazer Heating & Plumbing to consolidate residential services, and Nautic-supported Integrated Home Care is buying Dina Care to expand its in-home benefit management platform. In consumer, Yellow Wood-backed Scholl’s Wellness is buying athletic performance brand Vktry, and Madison Air is filing for a $500M IPO after three quarters of double-digit growth.

Private Credit & Direct Lending Scale

Barings has closed $19bn for its global direct lending strategy, a raise that highlights the continued concentration of private credit firepower. Publica, the Swiss federal pension fund, is planning a $1.1bn push into direct lending, while Investec used an innovative secondaries process to launch its inaugural European senior debt fund. Ares Management and Blue Owl are also active, with Blue Owl’s Ostrover exiting his Commanders stake amid private credit pressures.

Fundraising & Platform Builds

Convective Capital is raising an $85m fund to build disaster resilience after initially focusing on fire tech, while Sky Peak is unveiling a new precision manufacturing platform via a three-way merger. Trinity Hunt is forming Elevation Landscape Group with its first add-on in Colorado, and Ptero Dynamics is scaling manufacturing for its transwing VTOL drones. In tech, KKR-backed Fresha has hit a $1B valuation after an $80m round, and Balderton-supported Primer is raising a $100m Series C for its payments infrastructure.

Deal Log & Add-On Activity

The quarter saw a steady stream of add-ons, with ACP-backed Marco snapping up Pride Seals for specialty rubber components, Kelso-backed Novvia buying APC Packaging for life sciences distribution, and TSCP-supported Pest Co acquiring University Termite. In healthcare, Bregal Sagemount and Ardian are backing health tech firm Ennov to fuel AI innovation, while GHO and CBC’s merger creates a $21bn platform. Private equity is also active in business services, with H.I.G. Bayside refinancing UK care provider Lifeways with a £90m unitranche loan.

Market Structure & LP Dynamics

Longer hold periods are reshaping private equity structures, with managers expected to offer more differentiated alpha strategies. Secondaries are seen as an “excellent way” to speed up platform growth, according to Investec’s Callum Bell, while Step Stone is defending secondaries pricing mechanisms amid a boom in GP-stake sales that is raising fund diligence questions. The CPPIB portfolio sale to Blackstone and Ardian is a bellwether for large-scale liquidity events.

Geopolitical & Regulatory Crosscurrents

The EU is rapidly rewriting the AI Act, with changes that could affect AI-native companies in venture portfolios. Europe’s quantum lead is under threat from US acquirers, while a Nobel winner argues that Europe’s AI future depends on a UK-France-Germany DARPA alliance. Meanwhile, the SEC’s scrutiny of PE investments in youth sports is intensifying, and private equity’s role in shaping sports franchise ownership continues to evolve with Arctos’ Browns stake.