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Last updated: May 22, 2026, 11:32 AM ET

Private Equity Briefing: Recent Market Developments

Strategic Shifts & Fundraising

Partners Group has launched a Total Return Strategy targeting "white space" in the corporate private equity market, focusing on mature heavy industries and traditional sectors. The strategy will hold businesses for up to 12 years, prioritizing immediate cash yield alongside long-term equity appreciation, according to Todd Miller. Meanwhile, Switzerland's Publica is preparing to commit up to $1.1 billion to direct lending strategies as institutional investors seek alternative yield sources in the current rate environment. On the venture side, EQT is positioning to back UK startups through the EU's €5 billion Scaleup Europe Fund, while Earlybird is raising a €500 million defense fund with French investor AVP, reflecting the increased private capital flowing to specialized sectors.

Deal Activity & Exits

The private equity market continues to see significant deal flow across various sectors. KKR completed a $2.55 billion exit of CIRCOR Aerospace to Parker Hannifin, marking a substantial return on a business acquired for $1.8 billion just last year. In healthcare, GHO Capital and CBC Group merged to create a $21 billion healthcare investment giant, while Leonard Green completed a take-private buyout of Mister Car Wash at $7 per share, valuing the enterprise at $3.1 billion. On the industrial front, Onex, Frontenac, and Sterling are testing the market for portfolio companies in hydraulics, wire cable, and sustainable building products, with Trinity Hunt Partners forming Elevation Landscape Group through its investment in Landscape Endeavors.

Secondaries Market Evolution

The secondaries market is experiencing notable developments as firms adapt to changing conditions. StepStone is adjusting fee rates in its flagship secondaries funds, lowering fees during investment periods before increasing them afterward, a model that reflects current market dynamics. CPP Investments completed the sale of a $2.9 billion private equity portfolio to Blackstone and Ardian through Project Ember, offloading 33 limited partnership fund interests. Meanwhile, Pantheon leveraged a $1 billion CFO vehicle to create access for insurance investors that had lost the ability to back private equity opportunities, while ICG delayed the launch of its mid-market Strategic Equity fund despite its current Strategic Equity Fund V raising $11 billion last year.

Industry-Specific Investment Trends

Private equity firms continue to target specific sectors with strategic investments. In the healthcare space, Charterhouse Capital, Iron Path, and Revelar Capital are among the firms investing in pain management platforms, with Bregal Sagemount and Ardian backing health tech firm Ennov with a focus on AI innovation. Industrial sector activity includes Sky Peak creating Excelus through the merging of three precision manufacturing companies, and Kelso-backed Novvia acquiring APC Packaging to expand its rigid container and life sciences packaging distribution. Consumer services sector activity features Gryphon-backed Southern Home Services acquiring Blazer Heating, Air & Plumbing, and Nautic-backed