Private Equity 24 Hours

Last updated: March 23, 2026, 7:30 PM ET

Fundraising & Capital Deployment

Growth equity firm Lead Edge Capital raised $3.5bn for its seventh fund, signaling sustained investor appetite for software investments despite broader market volatility, while London-based Air Street Capital closed $232 million for its Fund III, marking it as one of Europe’s largest solo GP funds focused on early-stage European and North American artificial intelligence ventures. In a demonstration of sector-specific focus, the CEOs of rivals Kalshi and Polymarket co-backed a new $35 million venture fund, 5(c) Capital, dedicated to funding startups operating in the burgeoning predictions markets category. Furthermore, French-Italian firm 360 Capital secured €85 million for a deeptech fund specifically backed by a European defense prime contractor, illustrating targeted capital flow into strategic technology areas.

Strategic Exits & Portfolio Sales

Major players are exploring substantial divestitures, as Advent and Cinven weigh a potential €25 billion exit of elevator giant TK Elevator, with Kone entering advanced acquisition talks for the privately held asset. Elsewhere in the technology sector, Francisco Partners is selling music publisher Kobalt to Brookfield-backed Primary Wave, with management remaining intact under CEO Laurent Hubert to ensure continuity. In the healthcare space, Olympus Partners plans to sell the retina business of its US-based eye-care organization Eye South for an estimated $1.1 billion, signaling a focused monetization of specialized medical assets. In corporate carve-outs, Sovereign Equity Partners sold Knovia, which saw its revenue more than quadruple under its ownership through a combination of 15 percent-plus annual organic growth and two strategic acquisitions.

Acquisitions & Portfolio Activity

Private equity dealmaking continued across sectors, with Apollo and CVC jointly acquiring a 37% minority stake in German packaging firm Syntegon, valued at €1.75 billion, to support its next expansion phase. Infrastructure and energy assets remain a focus, as Actis finalized the purchase of a 90% stake in Singaporean environmental management company 800 Super, bringing its total deployment in Southeast Asia to $1.7 billion, while other infrastructure funds are targeting a significant $7 billion Kuwait pipeline deal amid continued Gulf energy interest. In software and enterprise services, Diversis acquired fintech firm LTi, allowing LTi’s co-founders to retain minority ownership and remain active, while Gryphon-backed Rootstock acquired ERP provider Ascent Solutions to enhance its cloud offerings on the Salesforce platform.

Secondaries Market & LP Liquidity

The secondary market is seeing significant activity driven by institutional needs for liquidity, exemplified by the University of California system shopping a $3 billion LP portfolio to realize capital. This demand for exits is being met by growing secondary specialists; for instance, Mercer’s acquisition of AltamarCAM was strategically timed to bolster Altamar CAM’s secondaries capabilities amidst heightened investor interest in accessing locked-up capital. Further evidence of the growing segment is seen in Japan, where a local secondaries shop is nearing the hard-cap for its debut fund, RGCM Fund I, which will maintain flexibility to invest in both direct secondaries and primary funding rounds. Separately, research suggests that independent sponsors often target returns exceeding 3x, driven by greater deal selectivity and a preference for lower initial valuation multiples compared to traditional large-cap funds.

Executive Moves & Operational Shifts

The industry saw several key leadership appointments and internal promotions reflecting strategic priorities. Aware Super appointed Alex Satchcroft to lead its $11 billion private equity portfolio, signaling a commitment to oversight in that asset class. Furthermore, GTCR appointed Donnie Phillips as managing director and chief administrative officer based in its Chicago headquarters, while ECI welcomed David Danon as a new partner, bringing nearly two decades of experience from Bain Capital’s private equity team. In deal-making talent, former NFL player Terrence Murphy unveiled Synergy Sports Capital after launching the firm in March, and is profiled as a dealmaker to watch alongside his debut transaction.

Sector-Specific Tech & Defense Investments

Capital is flowing into specialized technology solving infrastructure challenges, as Gimlet Labs raised an $80 million Series A for its technology that efficiently manages AI inference workloads across disparate chip architectures, including NVIDIA, AMD, and Intel. In defense, the M&A environment is active, with Arlington Capital agreeing to acquire Eptec Defence, a specialist in naval and defense preservation services. This follows news that Advent-backed Cobham Ultra will sell Ultra Cyber to Airbus Defence and Space, a transaction that underscores ongoing restructuring within the defense supply chain. Meanwhile, European defense deeptech is attracting capital, as a French-Italian VC fund raised €85 million backed by a major defense prime.