Private Equity 24 Hours

Last updated: March 23, 2026, 3:30 PM ET

Major Exits and Portfolio Transactions

The private equity exit environment saw significant activity, highlighted by Advent and Cinven exploring a €25 billion sale of their stake in TK Elevator amidst advanced acquisition talks with Kone. Elsewhere in large-scale divestitures, Olympus Partners plans to sell the retina business of Eye South, a US-based eye-care MSO, for $1.1 billion, while Sovereign successfully exited Knovia after growing its revenue fourfold through organic expansion of 15 percent annually plus two strategic acquisitions. In the secondary market, the University of California is actively shopping a $3 billion limited partner portfolio, signaling a continued institutional need for liquidity, a trend echoed by AltamarCAM bolstering its secondaries capabilities through the acquisition of Mercer’s capabilities, which Michael Dempsey noted is attractive amid heightened interest in realizing value.

Fundraising and Capital Deployment

Growth equity saw a substantial commitment as Lead Edge Capital secured $3.5 billion for its seventh fund, doubling down on software investments despite market volatility, while Japan's secondary market is seeing a debut close, with RGCM Fund I nearing its hard-cap with flexibility for direct secondaries and primary rounds. In contrast, the broader US startup ecosystem experienced a sharp deceleration in March, with overall funding slowing dramatically due primarily to a reduction in massive AI megarounds closing this month. Meanwhile, specialized technology investors continued to deploy capital; Gimlet Labs successfully raised an $80 million Series A to address the AI inference bottleneck by enabling simultaneous computation across diverse chip architectures, including NVIDIA, AMD, and Intel.

Sector-Specific Transactions and Infrastructure Interest

Activity in infrastructure and energy remains strong, with private equity and infrastructure funds targeting a $7 billion Kuwait pipeline deal as Gulf energy transactions gain momentum. In Southeast Asia, Actis finalized its acquisition of a 90% stake in Singaporean environmental management firm 800 Super for an undisclosed sum, bringing Actis's regional deployment to $1.7 billion. Deal-making in enterprise software continued, with Diversis acquiring fintech firm LTi, allowing LTi’s co-founders to retain minority ownership and remain involved. Furthermore, Apollo and CVC jointly purchased a 37% minority stake in €1.75 billion packaging firm Syntegon to support its next growth phase, and Francisco Partners is selling music publisher Kobalt to a Brookfield-backed Primary Wave, with management remaining in place under Laurent Hubert.

Strategic Add-ons and Corporate Strategy

Portfolio companies continued to pursue add-on acquisitions, such as Gryphon-backed Rootstock acquiring ERP software provider Ascent Solutions, which specializes in cloud ERP on the Salesforce platform, and Aquiline-backed Relation purchasing Chinook Insurance Group. In the realm of take-privates, One Equity acquired UK-based wholesaler Kitwave in a privatization transaction. Separately, large firms are maneuvering for strategic positioning; Ares committed at least €1 billion toward energy company Plenitude as part of a larger €1.5 billion capital increase valuing the firm at €13.1 billion alongside Eni. The challenges in achieving smooth exits are leading sponsors toward longer sellside preparation times, according to West Monroe, a dynamic contrasted by the example of Advent's Cobham Ultra agreeing to sell its Ultra Cyber division to Airbus Defence and Space.

Talent Moves and Investment Philosophy

The industry is seeing key personnel shifts, with Aware Super appointing Alex Satchcroft to lead its $11 billion private equity portfolio, while ECI welcomed David Danon as a new partner, following nearly two decades in Bain Capital's private equity team. On the dealmaker front, former NFL player Terrence Murphy launched Synergy Sports Capital, marking his debut deal two decades after his playing career was cut short by injury. Research suggests that independent sponsors often seek higher returns, targeting 3x plus, driven by greater selectivity and a preference for lower entry valuation multiples compared to traditional mega-funds. Finally, OpenAI is attempting to attract private equity capital into its AI ventures by offering investors a guaranteed minimum return of 17.5 percent.