Private Equity 24 Hours

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

Dealmaking & Exits

Private equity firms are actively pursuing large-scale transactions globally, evidenced by Arlington Capital targeting the acquisition of Eptec Defence, a specialist in naval and defense preservation services. Concurrently in Europe, Advent and Cinven are exploring a massive €25 billion exit of the elevator manufacturer TK Elevator, with Kone entering advanced talks to acquire the asset, while elsewhere, Apollo and CVC agreed to purchase a 37% minority stake in Syntegon for €1.75 billion to support its next growth phase. In the U.S. mid-market, Olympus Partners is preparing to divest the retina business of Eye South, a management services organization, for $1.1 billion, signaling continued appetite for healthcare divestitures.

The secondary market remains active as institutional players seek liquidity; the University of California system is shopping a $3 billion LP portfolio in a significant move to realize capital. This drive for liquidity is also reflected in advisory services, where Mercer's acquisition of AltamarCAM's secondaries capabilities is seen as filling a "missing link" for Altamar CAM during a period of heightened investor interest in accessing capital. Further supporting secondary market infrastructure, a new Japanese secondaries shop is nearing the hard-cap for its debut fund, RGCM Fund I, which will maintain flexibility to deploy capital across both primary and direct secondary investments.

Sovereign wealth and infrastructure funds are focusing on energy assets, with private equity sponsors targeting a $7 billion Kuwait pipeline deal amid accelerating Gulf energy transactions. In Southeast Asia, Actis finalized the purchase of a 90% stake in Singapore-based environmental manager 800 Super, bringing the firm's regional deployment to $1.7 billion, covering waste management and recycling services. Meanwhile, in technology exits, Francisco Partners is set to sell music publisher Kobalt to Brookfield-backed Primary Wave, with the management team expected to remain in place under the new ownership structure.

Fundraising & Firm Strategy

Fundraising remains strong for specialized mandates, as demonstrated by Lead Edge Capital successfully raising $3.5 billion for its seventh fund dedicated primarily to software investments, highlighting continued growth equity focus. In the European venture ecosystem, London-based Air Street Capital closed its $232 million Fund III, positioning it as one of the largest solo venture capital funds in the region, concentrating on early-stage AI companies across Europe and North America. Separately, in deeptech, the French-Italian venture firm 360 Capital raised €85 million for a new fund backed by a European defense prime contractor.

Internal promotions and leadership appointments signal strategic continuity; GTCR appointed Donnie Phillips as managing director and chief administrative officer in its Chicago headquarters, while ECI brought on David Danon as a new partner, who joins after nearly two decades at Bain Capital's private equity team. Growth in governance is also visible, with Aware Super appointing Alex Satchcroft to head its $11 billion private equity portfolio. Furthermore, the market is seeing the launch of new venture strategies, including a $35 million fund from 5(c) Capital, which has garnered support from the CEOs of rivals Kalshi and Polymarket, aimed at backing startups in the burgeoning prediction markets sector.

Sector Focus: Tech & AI

Investment in artificial intelligence infrastructure and optimization remains a dominant theme, with OpenAI offering a guaranteed minimum return of 17.5% to entice private equity participation in its joint venture initiatives. Startups solving core bottlenecks are attracting substantial capital; Gimlet Labs secured an $80 million Series A round for its technology that enables AI workloads to run concurrently across chips from NVIDIA, AMD, Intel, and others. In enterprise software, Gryphon-backed Rootstock acquired ERP provider Ascent Solutions, which builds cloud operational applications on the Salesforce platform, while Diversis acquired fintech firm LTi, where the co-founders will retain minority stakes and remain engaged.

The broader startup ecosystem is experiencing deceleration in major funding rounds; U.S. startup funding slowed sharply in March, a deceleration attributed almost entirely to the reduced pace of massive AI megarounds closing that month. In related defense technology, Advent-backed Cobham Ultra agreed to sell its Ultra Cyber division to Airbus Defence and Space, a partial exit strategy perhaps reflecting broader exit pressures, as Bain & Co reported that the number of APAC portfolio companies held over five years rose 18% in 2025, indicating insufficient exit activity across the region.

Independent Sponsors & Operational Value

Independent sponsors continue to pursue higher return targets than traditional funds, with research indicating they generally seek returns exceeding 3x by prioritizing greater deal selectivity and accepting lower initial valuation multiples. This focus on operational uplift is seen in the sale of Knovia, where Sovereign’s ownership resulted in revenue quadrupling via 15% per annum organic growth and two strategic acquisitions before its sale to Eureka Education. In strategic acquisitions, One Equity completed a take-private transaction for UK wholesale distributor Kitwave, a business serving the foodservice and retail sectors.