Private Equity 3 Days

Last updated: May 29, 2026, 8:31 PM ET

Large-Scale Fundraising & Megarounds

Private equity and venture capital activity continues to concentrate among established players, with Anthropic securing $65 billion in Series H funding that dwarfed most weekly venture rounds. The AI company's massive raise coincided with Apollo and Blackstone structuring $36 billion in private credit for the same firm's chip infrastructure buildout, marking one of the largest syndicated debt financings on record. Meanwhile, DigitalBridge's $1.05 billion acquisition of energy-focused ArcLight Capital signals continued consolidation in infrastructure investing, though the deal includes up to $400 million in contingent payments that could raise the total consideration. On the exit side, CVC Capital Partners completed a €4 billion sale of its 13.8% stake in Spanish energy group Naturgy after an eight-year holding period, representing one of the largest secondary transactions in European energy this year.

Geographic Expansion & Platform Buildout

European and Asia-Pacific expansion dominated personnel moves this week, as EQT appointed Nicholas Macksey and Hari Gopalakrishnan to co-lead its Private Capital Asia business with a record $15.6 billion regional fund to deploy. The Swedish firm simultaneously struck a Google Cloud partnership to accelerate AI adoption across more than 300 portfolio companies. In continental Europe, KKR opened its Milan office as part of a broader localization strategy, while Tikehau Capital promoted Guillaume Arnaud to head of France after his 18-year tenure at the firm. Omni Partners made its first hire outside the UK, bringing on Roald Hunvik as partner in Oslo, and Modella Capital expanded its UK high-street platform through the acquisition of Flying Tiger Copenhagen.

Healthcare & Specialty Services M&A

Medical technology and healthcare services drew significant private equity interest, with ACP acquiring Heritage Imaging, a medical technology firm led by Dr. Steve Coppess who will remain CEO post-transaction. Frazier Healthcare Partners purchased Altruix from Wind Rose, gaining a behavioral health pharmacy serving patients with severe mental illness, substance use disorders, and developmental disabilities. The healthcare push extends to oncology, where multiple PE firms pursued six separate deals including AEA Investors, Bridgepoint, and Kohlberg backing specialized cancer treatment assets. Meanwhile, Blackstone Life Sciences committed up to $1.3 billion to Apogee Therapeutics in a combination of royalty and debt financing.

Technology Infrastructure & AI Enablement

AI-focused infrastructure investments accelerated across multiple sectors, as I Squared Capital launched a $1 billion US data centre platform targeting colocation and AI inference workloads. The move follows Mistral's partnerships with BMW and Airbus as the French AI company pushes deeper into industrial applications. In software, Hg invested $500 million in Rightsline, a rights and royalties management platform for IP-intensive industries, while Main Capital acquired majority control of Belgium's Ferranti, which provides utility software across international markets. ClickHouse tripled annualized revenue to $250 million as the database provider charts a course toward IPO within the next few years.

Secondaries Market & Fund Structures

The secondaries market grappled with valuation questions and regulatory considerations, as senior executives defended mark-up practices following public skepticism about valuation methodologies. UK regulatory scrutiny appears more operational than structural according to Winston & Strawn's Yulia Makarova, though it continues influencing deal structures. Littlejohn completed a continuation fund for commercial building services firm Valcourt Group with Carlyle Alp Invest serving as lead investor. On the fundraising front, placement agents raised $82 billion in new capital for GP clients last year, showing momentum returning to external fundraising support.

Mid-Market Activity & Strategic Acquisitions

Mid-market private equity saw robust deal activity across diverse sectors. Main Capital-backed Xait acquired Germany's SAE, adding CPQ and variant management software capabilities to expand European reach. In the Netherlands, Eurazeo's Planetary Boundaries Fund entered Denmark through acquiring majority stake in T1A Group, a circular IT economy business. Shore Capital-backed Ondex Automation purchased The Fitch Company, strengthening its electrical engineering capabilities as a discrete and process automation integrator. Fortress acquired IPValue, which has handled licensing for over 20,000 technology patents, expanding the firm's intellectual property portfolio.

Defense Technology & Resilience Investing

Defense and resilience-focused investments gained traction amid shifting geopolitical priorities. Carlyle appointed Ian Fujiyama as chairman of its US/Europe-focused midmarket platform, leveraging his expertise in government cybersecurity and AI-enabled defense technologies. Fujiyama noted that governments prioritize cyber capabilities, software, autonomy and next-generation defense technologies, driving growth in ADG services. This aligns with broader trends where KKR and Capital Group prepare an Asia push with a public-private credit fund, marking their first expansion outside the United States.

Impact Investing & ESG Considerations

Impact investing faced increased scrutiny around due diligence requirements, as impact-focused LPs seek to 'lock' company missions through continuation vehicles according to PEI Group's Impact Investor Global Summit. APG works with GPs to reach its €10 billion impact target, with the €615 billion Dutch pension giant broadening its sustainable investment focus. In secondaries, Oaktree partnered with Pantheon to scale European lending with up to €1 billion in investment, reflecting growing appetite for private credit strategies.

Venture & Growth Equity Highlights

Venture funding showed signs of selectivity amid broader market caution, with Groq reportedly raising $650 million as the AI chip startup pivots toward inference workloads rather than pure hardware. Corgi doubled valuation to $2.6 billion in just three weeks, raising questions about rapid step-ups despite the company's $106 million raise. Triomics secured $22 million from Battery Ventures to bring oncology-specific AI to cancer centers, while Capchase obtained $200 million in combined debt and equity financing as the B2B fintech provider positions for growth. Despite an overall AI funding boom, venture dollars for Black startup