Private Equity 3 Days

Last updated: June 1, 2026, 11:32 PM ET

Private Equity Briefing

Fundraising & Strategy Developments

The private equity industry showed renewed fundraising momentum with major firms targeting significant capital raises as the market recovers from last year's plateau. EQT set its sights on €21bn for its latest flagship infrastructure vehicle, EQT Infrastructure VII, reflecting continued institutional appetite for core infrastructure assets. Meanwhile, the PEI 300 ranking reveals a divided industry with mid-market managers finding their place amid shifting investor preferences. LPs are increasingly focusing on specialized mid-market strategies, a trend reflected in this year's rankings which welcomed 35 new firms while some established names struggled to maintain previous highs. The industry is also doubling down on private wealth as evergreen funds now account for approximately 5% of private markets NAV, a figure projected to grow long-term. In secondary markets, Westfield Retirement Board issued an RFP for private equity secondaries strategies, while Partners Group, Lexington Partners and Davis Polk analyzed how private wealth demand and evolving fund structures are accelerating growth in this space.

M&A Activity

Private equity-backed M&A activity remained robust across multiple sectors, with several significant transactions dominating the past three days. Thoma Bravo's portfolio companies WWEX Group and Auctane completed a strategic merger, combining a third-party logistics provider with a technology firm known for Ship Station, Stamps.com, Metapack, and Packlink. Onex and Neuberger Berman-backed Ryan struck a $400m deal to acquire European tax adviser Svalner Atlas Advisors, expanding the Texas-based tax services group's international footprint. In the insurance sector, 26North Re announced its entry into the US market through the acquisition of Independent Life Insurance Group, marking the firm's first onshore platform. Meanwhile, Long Range Capital entered exclusive negotiations to acquire Pizza Hut from Yum Brands, potentially one of the largest restaurant franchise transactions in recent memory. In infrastructure services, DBAG acquired a majority stake in TNL Gruppe, a provider of environmental planning and construction services for complex infrastructure projects.

New Fund Formations & Key Hires

Several private equity firms launched new funds and made strategic hires to capitalize on emerging opportunities. Reichmann Segal formed Metatron Private Equity while simultaneously acquiring Green Circuits Inc., a Silicon Valley-based electronics manufacturing services provider. In climate tech, former Meta CTO Mike Schroepfer raised $250M for Gigascale Capital to back founders building climate-friendly solutions addressing global energy and material shortages. The AI-focused hiring trend continued with Permira recruiting Thoma Bravo veteran Mike Hoffmann to lead its AI dealmaking push, bringing in one of the more experienced software investors. Shamrock backed CardsHQ and Sports Card Investor with participation from EnOne Ventures, while European private equity activity saw Astorg's Steliau adding on Acal BFI, a European electronic component distributor, in what the firm described as a "unique opportunity."

Industry Reports & Trends

Recent industry reports highlight significant shifts in private equity dynamics and investor expectations. The PEI 300 overcame its fundraising plateau with year-on-year growth back on track, though the nature of this growth has fundamentally shifted. Fund services providers identified three key trends reshaping how firms operate: advancing technology, intensifying regulatory pressures, and changing investor expectations. Citco Fund Services noted the need for stronger data foundations as hybrid fund structures continue to evolve investor expectations. The industry is also focusing on LP-GP dynamics, with this year's New Faces of Finance sharing insights on the future of fund services and investor relationships. BNP Paribas and other experts contributed analysis to PEI's 2026 LP-GP Dynamic report, highlighting areas that matter most in manager relationships, while RSM, Citco Fund Services and CSC provided expert commentary on how firms can turn transparency into a competitive advantage.

Venture Capital & Startup Activity

Venture capital activity showed continued strength, particularly in European tech and AI sectors. Anthropic's massive $65bn round sparked questions about Europe's competitive position in the AI race, while Sifted mapped 70+ companies racing to power the AI era. ASML spinout Invisix raised €20m in seed funding, supported by European tech leaders Revolut, Mistral and Wayve, who also backed Balderton's push to champion European technology. In social media, 20 Snap alumni launched Ghost Angels fund to back the next generation of social media platforms. Boston's startup fundraising appeared strong only by pre-AI parameters, with investors putting about $7.8 billion into area startups so far this year, representing the strongest tally in about four years. AI-powered finance startup Gradient Labs doubled its Series A to $26m, while founders adjusted their fundraising approaches when investor trust is built through repeated in-person encounters and authentic conversations rather than aggressive pitching.

Sector-Specific Investments

Private equity firms continued to deploy capital across diverse sectors, targeting specialized opportunities. CIVC invested in Nationwide Legal, which focuses on service of process, court filing, subpoena services, and court reporting. In the building products space, CCMP Growth-backed Decks & Docks