Private Equity 3 Days

Last updated: May 29, 2026, 5:31 PM ET

Major Transactions & Platform Acquisitions

Private equity activity accelerated across multiple sectors this week as mega-deals underscored the industry's continued appetite for large-scale investments. Anthropic secured $65 billion in Series H funding, with Apollo and Blackstone syndicating $36 billion in private credit to finance the AI company's infrastructure buildout in what ranks among the largest private credit financings on record. Meanwhile, CVC Capital Partners closed in on a $4 billion carve-out of International Flavors & Fragrances' food ingredients business, with the seller expecting approximately $3.8 billion in net cash proceeds at closing. In infrastructure, DigitalBridge agreed to acquire ArcLight Capital for $1.05 billion, comprising a $650 million base purchase price plus up to $400 million in contingent consideration, as the data center company expands into energy-focused private equity.

Geographic Expansion & Leadership Appointments

European and Asian expansion remained a focal point for global firms seeking to capitalize on regional opportunities. EQT appointed Nicholas Macksey and Hari Gopalakrishnan as co-heads of Private Capital Asia, tasking the duo with deploying a record $15.6 billion regional fund across the continent. The Swedish firm simultaneously struck a Google Cloud partnership to accelerate AI adoption across more than 300 portfolio companies through streamlined access to Google's agentic AI platform. KKR opened a Milan office marking its latest European localization push, while KKR and Capital Group prepared an Asia expansion of their hybrid credit franchise with a public-private credit fund targeting the region. On the fundraising front, Actis reached $2.5 billion at first close of its $6 billion flagship energy fund, and I Squared Capital committed up to $1 billion to launch a US data center platform focused on colocation and AI inference workloads.

Healthcare & Special Situations

Healthcare investments dominated deal flow as firms targeted specialized platforms amid evolving market dynamics. Blackstone Life Sciences agreed to a $1.3 billion financing package with Apogee Therapeutics, combining royalty and debt components to support the biopharmaceutical company's development pipeline. In behavioral health, Frazier acquired Altruix from WindRose, adding a pharmacy services platform serving patients with severe mental illness, substance use disorders, and developmental disabilities. Heritage Imaging was acquired by ACP, with CEO Dr. Steve Coppess continuing to lead the medical technology firm post-transaction. Meanwhile, Kinderhook Industries outlined consolidation plans for Enhabit in the hospice care segment, joining broader private equity interest in oncology assets that saw AEA Investors, Bridgepoint, and Kohlberg pursue six separate deals in the sector.

Technology & Software Consolidation

Technology-focused buyouts continued at a steady pace, particularly in vertical software and enterprise applications. Main Capital acquired a majority stake in Belgium's Ferranti, adding an international software provider serving utility companies to its portfolio. The firm's portfolio company Xait simultaneously purchased Germany's SAE, a software business offering CPQ and variant management services. Hg invested $500 million in Rightsline, entering the busy rights and royalties sector, while Ambienta-backed No Dig Alliance acquired Sweden's JS Drilling Solutions, expanding underground pipe installation capabilities. In payments technology, Periscope Equity invested in Amusement Connect, with new leadership appointments including John Tarpley as CEO and Frank Licausi as chief customer and brand officer.

Continuation Funds & Secondary Activity

Secondary market complexity intensified as firms navigated liquidity constraints through creative financing structures. Littlejohn completed a continuation fund for commercial building services firm Valcourt Group, with Carlyle Alp Invest serving as lead investor on the transaction. British Columbia Investment Management launched a Capital Solutions Group to provide financing to buyout firms facing prolonged exit shortages, reflecting ongoing distribution challenges across the industry. Legal costs for secondary transactions remained elevated, with buyers and sellers paying over $25,000 per LP-led fund interest, while GP counsel fees ranged from zero to approximately $79,000 according to Alt Convey research.

Operating Model Evolution & Talent Moves

Firms emphasized operational excellence amid market volatility, with leadership changes signaling strategic shifts. Carlyle appointed Ian Fujiyama as chairman of a US/Europe-focused midmarket platform, citing geopolitics, security priorities, and resilience as growth drivers in defense technology services. Quad-C named Ali Shams as managing director, adding a technology operating executive from HIG Capital to its investment team. Transom appointed Jeff Haight as operating partner to oversee value creation initiatives across select portfolio companies, while EIV Capital promoted Jason Tracton to partner after joining as managing director in September 2022. Industry commentary emphasized that top-performing firms distinguish themselves through disciplined execution rather than compelling theses alone, as operating models become central to value creation strategies.

Market Challenges & Outlook

Despite headline-grabbing transactions, underlying market pressures persisted across fundraising and deal execution. Canadian private equity fundraising slumped in 2025 despite record investment activity in the country, highlighting divergent trends between deployment and capital raising. Venture funding patterns showed scarcity of capital for Black startup founders even amid overall funding improvements, while placement agents raised $82 billion in new capital for GP clients, indicating continued reliance on external fundraising support. CVC Credit reinforced its position in Curium through a new debt and equity package supporting business refinancing, demonstrating sustained activity in credit-oriented strategies. The market's direction remains influenced by geopolitical instability driving supply chain reconsiderations at major sovereign wealth funds including Saudi's $1.15 trillion Public Investment Fund.