Private Equity 24 Hours

Last updated: March 24, 2026, 12:30 AM ET

Dealmaking & Exits: Sectoral Activity

Private equity activity showed mixed signals globally, with Advent and Cinven exploring an exit of TK Elevator valued near €25 billion, contingent upon Kone’s advanced acquisition discussions. Elsewhere, in the U.S. defense sector, Arlington Capital is moving to acquire Eptec Defence, a specialist in naval and defense preservation services, while Advent-backed Cobham Ultra agreed to sell its Ultra Cyber division to Airbus Defence and Space, following a broader trend of partial sales amid exit difficulties West Monroe noted. The trend toward strategic divestitures was also evident as Olympus Partners looks to sell Eye South’s retina business for $1.1 billion, and Francisco Partners prepares to sell music publisher Kobalt to Brookfield-backed Primary Wave.

Fundraising & Capital Deployment

Growth equity remained an active area, with Lead Edge Capital successfully closing its seventh software-focused fund at $3.5 billion, contrasting with a broader slowdown in U.S. venture funding in March driven primarily by a lack of large AI megarounds Crunchbase News reported. In Europe, London-based Air Street Capital secured a large Fund III totaling $232 million, positioning itself to back early-stage European and North American AI companies, making it one of the largest solo VCs in the region Air Street Capital closes $232m solo GP fund. Meanwhile, in specialized areas, the emerging prediction markets category attracted attention, with CEOs from rivals Kalshi and Polymarket backing a new $35 million venture fund, 5(c) Capital, aimed at supporting startups in that sector.

Secondaries Market & Investor Liquidity

Heightened interest in portfolio liquidity drove significant secondary market transactions, exemplified by the University of California shopping a $3 billion LP portfolio to generate capital. This demand for liquidity was also a key factor in Mercer’s acquisition of AltamarCAM, which bolstered the latter’s secondaries capabilities, according to Mercer’s Michael Dempsey Mercer prioritises investor liquidity. In Asia, a Japanese secondaries shop is nearing the hard-cap for its debut vehicle, RGCM Fund I, which will invest across direct secondaries and primary rounds. On the LP side, Aware Super appointed Alex Satchcroft to lead its $11 billion private equity allocation, signaling continued institutional focus on the asset class.

Sectoral Acquisitions & Infrastructure

Private equity funds are aggressively deploying capital in energy and technology infrastructure. Infrastructure investors are targeting a $7 billion Kuwait pipeline deal as Gulf energy transactions advance, while Ares Management committed at least €1 billion toward Plenitude as part of a larger €1.5 billion capital increase at a €13.1 billion valuation with Eni. In environmental services across Southeast Asia, Actis completed the acquisition of a 90% stake in Singapore-based 800 Super for environmental management services, bringing its regional deployment to $1.7 billion Actis buys Singaporean environmental management business. In software, Diversis acquired fintech firm LTi, allowing LTi’s co-founders to retain minority stakes and remain active.

Technology & AI Investment Focus

The drive toward artificial intelligence optimization continues to attract substantial capital, evidenced by Gimlet Labs raising an $80 million Series A for technology that addresses the AI inference bottleneck by enabling simultaneous processing across diverse chip architectures, including NVIDIA and AMD. Separately, OpenAI is reportedly offering guaranteed minimum returns of 17.5% to attract private equity participation in its new joint venture initiatives focused on AI development. The consolidation strategy within portfolio companies is also apparent: Gryphon-backed Rootstock acquired ERP software provider Ascent Solutions, which runs on the Salesforce platform.

Sponsor Strategy & Personnel Moves

Research suggests that independent sponsors, who require greater deal selectivity and often target lower valuation multiples, are pursuing return targets exceeding 3x, indicating a different risk-return calculus than traditional mega-funds Greater deal selectivity noted. In corporate structuring, Apollo and CVC jointly acquired a 37% minority stake in packaging firm Syntegon, valued at €1.75 billion, to drive its next growth phase. Personnel changes across the industry include GTCR tapping Donnie Phillips as managing director and chief administrative officer in Chicago, and ECI bringing on David Danon as a new partner following nearly two decades at Bain Capital. Furthermore, former Green Bay Packer Terrence Murphy launched Synergy Sports Capital and announced its debut deal, continuing a recent trend of former athletes entering dealmaking Terrence Murphy, former Green Bay Packers wide receiver, is a Dealmaker to Watch.