Private Equity 24 Hours

Last updated: March 23, 2026, 10:30 AM ET

Fundraising & Strategy Shifts

Lead Edge Capital secured $3.5 billion for its seventh fund, signaling continued investor appetite for growth equity focused on software investments despite current market volatility, while a Japanese secondaries shop, RGCM Fund I, nears its hard-cap, planning flexibility to deploy capital across both direct secondaries and primary funding rounds. Separately, research from Headway Capital indicates that independent sponsors are demanding higher returns, often seeking three-times-plus multiples, due to their greater deal selectivity and preference for lower entry valuation multiples compared to traditional large funds. Furthermore, OpenAI is attempting to draw private equity interest into its AI joint venture initiatives by offering investors a guaranteed minimum return threshold of 17.5 percent.

Dealmaking Activity: M&A and Portfolio Transactions

The deal pipeline remains active across several sectors, highlighted by Apollo-managed funds agreeing to purchase a 37 percent minority stake in packaging firm Syntegon, valued at €1.75 billion, alongside CVC to foster its next growth cycle. In the UK, One Equity completed a take-private transaction for Kitwave, a wholesale distributor of consumables, while in the US, the healthcare sector saw activity as Olympus Partners prepared to divest the retina business of its eye-care MSO, EyeSouth, for an expected $1.1 billion. Elsewhere, the software and services space saw consolidation: Diversis acquired fintech firm LTi, ensuring the co-founders retain minority ownership and operational involvement, and Gryphon-backed Rootstock purchased ERP software provider Ascent Solutions, which specializes in cloud applications on the Salesforce platform.

Exits and Portfolio Optimization

Exit strategies are evolving amid market challenges, with reports suggesting that exit difficulties are prompting firms toward partial sales and extended sell-side preparation periods according to West Monroe. This trend contrasts with past successes, such as when Sovereign sold education provider Knovia to Eureka Education after quadrupling Knovia's revenue under its ownership through 15 percent per annum organic growth and two strategic acquisitions. In another disposition, Advent-backed Cobham Ultra entered a definitive agreement to sell its cyber division, Ultra Cyber, to Airbus Defence and Space, demonstrating a focus on streamlining defense technology assets.

Sector-Specific Investments and New Entrants

Investment activity spanned infrastructure, energy, and technology, with Actis acquiring 800 Super, a Singaporean business specializing in waste management and resource recovery services, marking a push into environmental services. In energy, Ares Management committed at least €1 billion toward a larger €1.5 billion capital increase for Plenitude, valuing the asset at €13.1 billion in a deal with Eni. The insurance vertical saw action as Aquiline-backed Relation completed the acquisition of Chinook Insurance Group. Furthermore, the private equity sphere witnessed the launch of new dealmaking platforms, including Synergy Sports Capital, founded by former NFL wide receiver Terrence Murphy, who is now being profiled as a Dealmaker to Watch.

Talent Moves and Operational Focus

The industry continues to see senior personnel shifts, with ECI appointing David Danon as a new partner, bringing nearly two decades of experience from the private equity team at Bain Capital, and GTCR adding Donnie Phillips as managing director and chief administrative officer based in Chicago. Meanwhile, the focus in portfolio management is shifting toward human optimization; for instance, one firm is exploring an AI performance coach aimed at optimizing human potential rather than mere efficiency. Amidst these structural moves, there is a reminder that operating companies often overlook valuable financial incentives, as many startups fail to claim tax credits due to insufficient internal processes for documentation throughout the fiscal year.