Private Equity 24 Hours

Last updated: March 23, 2026, 5:30 PM ET

Dealmaking & Exits: Activity Across Sectors

Private equity activity saw a mix of defense sector acquisitions and technology divestitures over the past 24 hours, while major portfolio companies explored strategic sales. Arlington Capital agreed to acquire Eptec Defence, a specialist in naval and defense preservation services, signaling continued investment in the defense industrial base. In the crowded tech exit arena, Francisco Partners is selling music publisher Kobalt to a Brookfield-backed entity, Primary Wave, with management teams expected to remain in place post-closing. Elsewhere, Olympus Partners plans to divest the retina business of Eye South, a U.S.-based eye-care management services organization, for an expected $1.1 billion valuation. Furthermore, Sovereign concluded a sale of Knovia to Eureka Education after the portfolio company quadrupled its revenue under its ownership, achieving organic growth exceeding 15 percent annually alongside two strategic buys.

In Europe, high-value industrial assets are drawing significant attention for potential exits. Advent and Cinven are reportedly assessing a potential €25 billion exit of elevator giant TK Elevator, as Kone has entered advanced talks to acquire the private equity-owned business. On the infrastructure front, private equity and infrastructure funds are targeting a $7 billion pipeline deal in Kuwait, demonstrating sustained momentum in Gulf energy transactions. Concurrently, Apollo, alongside CVC, secured a 37 percent minority stake in packaging firm Syntegon, valued at €1.75 billion, aiming to finance its next expansion phase. In the UK, One Equity completed a take-private of Kitwave, a wholesale distributor of food and consumables, while in Southeast Asia, Actis finalized acquiring a 90 percent stake in Singaporean environmental management company 800 Super, bringing its regional deployment to $1.7 billion.

Software & Venture Capital Trends

The software sector continues to attract growth equity despite broader funding deceleration driven by cooling AI megadeals. Lead Edge Capital successfully closed its seventh software-focused fund, raising $3.5 billion to double down on software investments amid market volatility. In the platform space, Gryphon-backed Rootstock acquired ERP software provider Ascent Solutions, which builds cloud ERP applications on the Salesforce platform. Separately, Diversis completed the purchase of fintech firm LTi, with LTi’s co-founders retaining minority stakes and remaining involved in operations. Tech investment also targeted specialized bottlenecks, as Gimlet Labs raised an $80 million Series A for technology enabling AI inference to run simultaneously across diverse chip architectures, including NVIDIA, AMD, and Intel. Meanwhile, US startup funding slowed sharply in March, almost entirely attributable to fewer massive AI rounds finalizing compared to prior months.

Liquidity, Secondaries, and Talent Moves

The demand for liquidity is driving significant M&A activity in the secondaries market, prompting established players to enhance their capabilities. Mercer’s recent acquisition bolstered Altamar CAM’s secondary capabilities, addressing the heightened investor interest in realizing value from existing allocations. This trend is mirrored in Asia, where a new Japanese secondaries shop is nearing the hard-cap for its debut fund, which will maintain flexibility for both direct secondaries and primary funding rounds. Large institutional investors are actively managing exposures; the University of California system is seeking liquidity by shopping a $3 billion portion of its private equity portfolio on the secondaries market. Compensation structures in emerging opportunities are attracting attention, as OpenAI is offering private equity firms a guaranteed minimum return of 17.5 percent to secure investment in its joint ventures aimed at funding AI expansion. Firm personnel movements included GTCR appointing Donnie Phillips as managing director and chief administrative officer in Chicago, and ECI naming David Danon, formerly of Bain Capital, as a new partner.

Investment Strategy & Sector Focus

Firms are demonstrating targeted sector focus, ranging from infrastructure financing to specialized defense acquisitions and unique enterprise investments. Ares Management committed at least €1 billion as part of a larger €1.5 billion capital increase in Eni’s subsidiary, Plenitude, valuing the transaction at €13.1 billion. In defense technology, the French-Italian venture capital firm 360 Capital raised €85 million for a deeptech fund bolstered by backing from a major European defense prime contractor. Growth equity investment also saw AEA Elevate taking a stake in Trinamix, a technology company servicing enterprise and mid-market organizations. Separately, research suggests that independent sponsors, who prioritize greater deal selectivity and lower valuation multiples, often seek returns exceeding 3x, positioning them in a niche targeting higher performance than traditional large-cap funds. Furthermore, the launch of new platforms by industry figures continues, evidenced by former NFL player Terrence Murphy unveiling Synergy Sports Capital with a debut transaction after his playing career ended two decades ago.