Private Equity 24 Hours

Last updated: March 24, 2026, 8:30 AM ET

Dealmaking Activity & Sector Focus

Private equity firms maintained a brisk pace of transactional activity across varied sectors, exemplified by Hull Street acquiring two power plants—the natural gas Lee County Generating Station in Illinois and the dual-fuel Tait Electric Generating Station in Ohio—from Rockland. In the technology space, Arlington Capital moving to purchase Eptec Defence, a specialist in naval and defense preservation, signals continued interest in niche government services, a focus also shared by Blue Fire Equity which recently made its platform investment by acquiring Jovian Concepts. Furthermore, TSCP completing an investment in Karpel, a government technology firm serving prosecutor and public defender offices nationwide, underscores the appetite for software serving public sector clients.

Mid-market activity saw Turnspire shopping its municipal water service provider, USG Water Solutions, to the broader PE universe, aiming to secure first-round bids by mid-April, while in the German industrial sector, Apollo and Bain leading a €4 billion bidding contest for Continental’s Conti Tech industrial unit suggests large-scale carve-outs remain competitive. Elsewhere, Altor agreeing to acquire electrical installation services provider Eltera from Valedo—a deal confirmed by a subsequent report that Altor inked the agreement—shows continued deployment in specialized B2B services, potentially navigating new regulatory scrutiny as the UK’s CMA finalized pet care reforms relevant to sponsors operating in that sector.

Large Exits & Portfolio Management

Activity in the exit arena included Francisco Partners preparing to sell music publisher Kobalt to Brookfield-backed Primary Wave, with CEO Laurent Hubert slated to remain in place post-transaction. In contrast, the Nordic region saw Apollo and CVC acquiring a 37% minority stake in €1.75 billion packaging machinery firm Syntegon to drive its next growth phase, indicating a preference for structured minority investments alongside existing partners. Meanwhile, Sovereign successfully exiting Knovia to Eureka Education, following a period where Knovia more than quadrupled revenue through organic growth exceeding 15% annually plus acquisitions, demonstrates effective value creation in the education technology space. In Southeast Asia, Actis finalizing the purchase of a 90% stake in environmental management firm 800 Super brings its regional deployment to $1.7 billion.

Fundraising & Talent Moves

The fundraising market showed continued momentum, particularly for growth equity and specialized mandates, as Lead Edge successfully raising $3.5 billion for its seventh software-focused fund demonstrates sustained LP confidence in established managers. On the venture side, London-based Air Street Capital landing $232 million for Fund III positions it as one of Europe’s largest solo VCs, concentrating on early-stage AI companies in North America and Europe, while an Oxford spinout securing investment from Amadeus Capital and OSE to tackle long-term memory issues in robotics shows where specialized deep tech capital is flowing. Talent management saw O2 appointing Rob Hays as its Investor Relations head, bringing in experience from his prior role as a managing director at Clean Bridge Securities, while Aware Super placing Alex Satchcroft at the helm of its $11 billion private equity portfolio signals internal restructuring among large institutional investors.

Secondaries and Market Headwinds

Liquidity solutions remain a key focus for LPs, with the University of California initiating the shopping of a $3 billion LP portfolio in the secondaries market, marking the latest instance of a major system seeking cash realization. This interest in liquidity is being met by specialized managers, as Mercer's recent acquisition brought a "missing link" to Altamar CAM's secondary capabilities, a move acknowledged amid heightened interest in secondary transactions. However, the broader market faces overhang issues; Bain & Co reporting that the number of APAC portfolio companies held for more than five years increased by 18% in 2025 suggests exit activity is insufficient to clear inventory. Furthermore, the impact of artificial intelligence is reshaping processes, with AI concerns disrupting secondaries workflows, even as GPs report that half of their internal AI efforts are falling short of expectations.

Sectoral Trends: AI, Fintech, and Infrastructure

The artificial intelligence sector continues to attract significant capital, even as overall U.S. startup funding slowed sharply in March due primarily to fewer massive AI megarounds closing, contrasting with targeted deployments such as the $80 million Series A Gimlet Labs secured to address the AI inference bottleneck across multiple chip architectures. Meanwhile, infrastructure investment remains strong, with PE and infrastructure funds showing keen interest in the Gulf region, targeting a potential $7 billion Kuwait pipeline deal. In the fast-growing fintech space, Revolut achieving record profits sets the stage for future expansion, aligning with broader trends seen in the UK and Ireland where several fintechs are reporting rapid revenue growth across the region. Finally, independent sponsors continue to target higher returns, with research indicating they generally seek multiples greater than traditional funds due to greater deal selectivity and a focus on lower valuation entry points to achieve 3x-plus returns.