Private Equity 3 Days

Last updated: May 23, 2026, 11:31 AM ET

Industrial Asset Sales & Market Testing Frontenac is preparing to divest its controlling interest in the industrials vehicle MCE, with Churchill Asset Management and 50 South Capital co‑leading the secondary purchase to extend Frontenac’s hold on the asset Frontenac gears up. At the same time, Onex, Frontenac and Sterling are probing the market for potential exits of portfolio companies in the hydraulics, wire‑cable and sustainable‑building products sectors, while a sale process for another industrial platform has been paused On the block.

Pain‑Management Consolidation Charterhouse, Iron Path and Revelar Capital are deepening their exposure to pain‑management platforms, targeting add‑on acquisitions that complement existing med‑tech holdings PE targets pain management. The wave of activity follows the recent merger of two orthopedic manufacturers into a consolidated platform backed by Charlesbank Capital, underscoring private equity’s push to build scale in niche therapeutic areas Charterhouse, Iron Path….

Yield‑Focused Strategies & Take‑Private Moves Partners Group’s Todd Miller outlined a “total‑return” strategy aimed at mature heavy‑industry and traditional sectors, arguing that white‑space exists for a yield‑oriented private‑equity playbook Partners Group’s Todd Miller. In parallel, CVC and GBL have launched a take‑private transaction for Recordati, marking one of the few European specialty‑pharma deals that blend cash‑flow stability with growth upside Partners Group’s Todd Miller.

GP Adaptation & Fee Re‑Engineering Longer holding periods and reduced distribution rates are prompting general partners to differentiate their alpha‑generation approaches, a shift that LPs are closely monitoring as capital markets tighten Shifting gear. Reflecting that trend, Step Stone announced a two‑stage fee structure for its flagship secondaries funds—lower fees during the investment period followed by higher fees after the period ends—to align manager incentives with longer‑term value creation StepStone to adjust fee rates.

Defense‑Sector Fundraising Earlybird is raising a €500 million defence fund with backing from French investor AVP, targeting European security‑technology companies as geopolitical tensions drive capital toward the sector Earlybird raising €500m defence fund. Complementing that effort, Capitol Meridian appointed former U.S. Army Secretary Ryan McCarthy as operating partner to advise on defense‑market trends, investment opportunities and portfolio‑company value creation Capitol Meridian appoints ex‑US Army Secy.

AI Integration & Disaster‑Resilience Capital Convective Capital expanded its mandate from fire‑tech to a broader disaster‑resilience focus after closing an $85 million fund, signaling investor appetite for climate‑risk mitigation assets Convective Capital raises an $85 million fund. Across the Atlantic, EQT’s Per Franzén warned of a “very, very high sense of urgency” to embed AI across portfolio companies, arguing that generative‑AI tools could rewrite legacy code and unlock new investable universes for private equity EQT’s Per Franzén.

Secondary‑Market Realignment Canada Pension Plan Investment Board completed a $2.9 billion sale of 33 limited‑partnership interests to Blackstone Strategic Partners and Ardian, a transaction that reshapes the secondary‑market landscape and provides fresh liquidity to pension fund LPs CPP Investments offloads $2.9bn. Meanwhile, ICG postponed the launch of its mid‑market Strategic Equity Fund, citing market conditions despite the fund’s $11 billion raise last year, highlighting the cautious stance of continuation‑vehicle managers ICG delays launch.

Infrastructure Secondaries Momentum Macquarie Asset Management and Baird’s Jeremy Duksin discussed the “tremendous tailwind” behind infrastructure secondaries, noting rapid growth driven by institutional demand for stable, long‑dated cash flows The ‘tremendous tailwind’. In a related defensive move, Step Stone used an earnings call to defend its pricing mechanisms for evergreen secondaries, reaffirming the firm’s commitment to transparent valuation practices amid heightened scrutiny Side Letter: Defending secondaries.