Private Equity 8 Hours

Last updated: May 14, 2026, 5:30 PM ET

Fundraising & Secondaries Activity

The market for advisory services is showing signs of consolidation, evidenced by Lazard’s recent acquisition of Campbell Lutyens, signaling that scale is becoming paramount in the increasingly competitive advisory space. This drive for size extends to fundraising, where Welsh Carson is targeting $5bn for its 15th flagship fund, focused on mid-market buyouts across North America, according to recent LP documentation. Separately, increased buyside capital formation is impacting pricing in the secondaries market, causing fewer commercial valuations (CVs) to be priced in the lower range, as reported by Houlihan Lokey in its latest study, suggesting greater asset selection scrutiny. Dealmakers are simultaneously being cautioned not to neglect LPs at Annual General Meetings, as these interactions remain vital for maintaining crucial limited partner relationships.

Infrastructure & Tech Buyouts

Private equity firms are deploying capital into infrastructure, with Blackstone raising $1.75bn in a record-setting blind-pool REIT initial public offering aimed specifically at acquiring AI data centers. In related deal activity, PAI Partners and EQT are divesting World Freight Company, the outsourced air cargo management provider, to Brookfield Asset Management. Elsewhere in technology, General Atlantic has invested in PowerGEM, joining existing investor TA Associates in the energy software firm. Meanwhile, Sunstone Partners is backing Peloton Consulting Group, which aids global organizations in modernizing operations across manufacturing and retail sectors.

Consumer & Specialized Software Investments

Consumer-focused investment continues, as the LVMH-affiliated L Catterton takes a stake in Saint Bella Group, forming a strategic partnership to expand the China-based family-care platform globally. In the specialized software vertical, Balance Point has injected capital into The Edge, the jewelry retail software provider, in conjunction with Serent Capital’s acquisition of the firm. On the venture front, despite a past failure, Khosla Ventures is committing $10M to Ian Crosby's new venture, Synthetic, which aims to provide fully autonomous AI bookkeeping services for startups. This contrasts with the challenging perception of hardware, where Benchmark nearly passed on Cerebras, a company that later proved highly valuable, illustrating the risk inherent in deep-tech specialty investments.

Energy Transactions & AI Startups

The energy sector is poised for further M&A activity, with Houlihan Lokey flagging $30bn of oil and gas assets potentially coming to market, even while factoring in geopolitical impacts like the Iran War on upstream deals. Demonstrating a major exit, Gen Nx360 finalized its $2bn sale of Precision Aviation to VSE. In early-stage automation, construction technology startup Xpanner secured $18M in Series B funding to scale its robotics and physical AI platform offering "Automation As A Service" for job sites. Separately, James Wise addressed criticism regarding sovereign AI initiatives, while also noting one company he regrets not backing in the sector Sovereign AI Unit.