Private Equity 24 Hours

Last updated: March 24, 2026, 6:30 AM ET

Deal Flow & Sector Activity

European firms stayed active as Altor secured an agreement to acquire Eltera, an electrical installation services provider, from Valedo, adding to its portfolio in the infrastructure services sector. Separately, Arlington Capital moved to bolster its defense exposure by agreeing to purchase Eptec Defence, a specialist in naval and defense preservation services. In a large-scale transaction, Apollo & CVC jointly acquired a 37% minority stake in packaging firm Syntegon, valued at €1.75 billion, intended to fuel the company's next growth phase.

Private equity activity in Asia saw Actis complete the acquisition of a 90% stake in Singapore-based environmental management company 800 Super, pushing Actis’s Southeast Asia deployment past the $1.7 billion threshold. Meanwhile, the Gulf energy sector remains a focus, with PE and infrastructure funds targeting a $7 billion Kuwait pipeline deal. In the technology space, Diversis scooped up fintech firm LTi, with the co-founders retaining minority stakes and active management roles post-closing.

The exit environment in Asia-Pacific remains challenged, as Bain & Co. reported that the number of portfolio companies held for over five years increased by 18% in 2025, indicating that "solid exit activity" is still insufficient to clear the existing overhang. In contrast, Francisco Partners agreed to sell music publisher Kobalt to Brookfield-backed Primary Wave, with management staying in place under the new ownership structure. On the large-cap exit front, Advent & Cinven are exploring a potential €25 billion exit of TK Elevator, currently in advanced discussions with Kone for a potential acquisition.

Fundraising & Capital Markets

Growth equity firm Lead Edge successfully closed its seventh fund, securing $3.5 billion dedicated primarily to software investments. Across the Atlantic, London-based Air Street Capital raised a substantial Fund III totaling $232 million, positioning it as one of Europe’s larger solo venture capital firms focused on early-stage artificial intelligence companies in Europe and North America. Further capital was raised in the secondaries market, where a Japan-based shop plans to close its debut fund near its hard-cap, with flexibility to deploy into direct secondaries and primary funding rounds.

Liquidity needs are driving activity in the secondary market, as evidenced by the University of California system seeking to offload a $3 billion LP portfolio to realize capital. This focus on liquidity was also a factor in Mercer’s recent acquisition of Altamar CAM, which brought in vital secondaries capabilities. In a separate move to enhance capabilities, Aware Super appointed Alex Satchcroft to lead its $11 billion private equity portfolio.

Strategy & Valuation Trends

Independent sponsors are adopting a highly selective strategy, often seeking return profiles exceeding 3x due to a combined focus on lower valuation multiples compared to traditional funds. This selectivity contrasts with the broader slowdown in U.S. startup funding in March, which was driven almost entirely by a scarcity of massive AI megarounds closing that month. In a bold move signaling PE's first foray into the sector, Blackstone is evaluating a potential $200 million to $300 million investment in the Indian Premier League.

In the AI domain, OpenAI is attempting to attract private equity capital for joint ventures by offering a guaranteed minimum return of 17.5%. Meanwhile, investment continues in specialized technology solving infrastructure bottlenecks; Gimlet Labs raised $80 million in a Series A to fund technology enabling AI inference across multiple chip architectures simultaneously, including NVIDIA and AMD. In regulatory news, the UK’s Competition and Markets Authority announced its final reforms following its market investigation into the pet care industry, setting new parameters for future private equity transactions in that consumer segment.

Personnel & Emerging Themes

Executive appointments reflect movement in established firms, with GTCR naming Donnie Phillips as managing director and chief administrative officer based in its Chicago office. Amidst sectoral shifts, there is growing interest in areas like sports investment, exemplified by former Green Bay Packers wide receiver Terrence Murphy launching Synergy Sports Capital and announcing his firm’s debut deal. Furthermore, the talent crunch in Europe is becoming acute, with data suggesting that firms failing to fill open roles are consequently missing out on growth opportunities.