Private Equity 24 Hours

Last updated: March 24, 2026, 1:30 AM ET

Dealmaking & Exits

Private equity firms are navigating a challenging exit environment, particularly in Asia-Pacific where the number of held companies rose 18% in 2025 for assets held over five years, according to Bain & Co’s 2026 report. This overhang is prompting alternative approaches, evidenced by Advent & Cinven exploring a €25bn exit of TK Elevator, with Kone entering advanced talks for the acquisition. In the U.S., Olympus Partners is marketing the retina business of Eye South for $1.1 billion, while Francisco Partners plans to sell music publisher Kobalt to Brookfield-backed Primary Wave. Separately, Arlington Capital agreed to acquire Eptec Defence, a specialist in naval and defense preservation services, signaling continued M&A activity in niche defense sectors.

Fundraising & Capital Deployment

Growth equity continues to attract substantial capital, as seen by Lead Edge Capital raising $3.5 billion for its seventh software-focused fund. In Europe, London's Air Street Capital secured a substantial Fund III, targeting $232 million primarily for early-stage AI companies across Europe and North America. Meanwhile, the momentum in secondaries is clear, with Mercer’s acquisition of AltamarCAM designed to bolster capabilities amid heightened demand for liquidity. This trend is mirrored in Japan, where a local secondaries shop is nearing the hard-cap on its debut RGCM Fund I, which will deploy capital across direct secondaries and primary rounds.

Sector-Specific Transactions

Activity remains concentrated in technology and essential services globally. Actis completed its acquisition of a 90% stake in Singapore-based environmental management firm 800 Super, bringing its Southeast Asia deployment total to $1.7 billion. In energy infrastructure, private equity and infrastructure funds are targeting a major $7 billion Kuwait pipeline deal in the Gulf region. Tech transactions include Diversis acquiring fintech firm LTi, while Gryphon-backed Rootstock bolstered its ERP footprint by purchasing Ascent Solutions, a Salesforce platform provider. Furthermore, Apollo, alongside CVC, is taking a 37% minority stake in €1.75 billion Syntegon to fuel its next growth phase.

Venture Capital & Emerging Themes

The broader venture market is experiencing a contraction, with U.S. startup funding slowing sharply in March, primarily due to a decrease in massive AI megarounds. Despite this, capital is flowing into specific AI infrastructure plays; Gimlet Labs successfully raised an $80 million Series A for technology enabling simultaneous AI inference across diverse chip architectures. In a peculiar convergence of finance and speculation, CEOs from rival prediction market platforms Kalshi and Polymarket are backing a new $35 million VC fund, 5(c) Capital, dedicated to the sector. Moreover, OpenAI is attempting to court PE investment by offering a guaranteed minimum 17.5% return on its AI joint venture initiatives.

LP Movements & Internal Governance

Institutional investors are actively seeking liquidity, as demonstrated by the University of California shopping a $3 billion private equity portfolio in the secondaries market. This push for liquidity is a primary driver behind recent strategic moves, such as Mercer’s acquisition of AltamarCAM, which solidifies Mercer’s focus on investor liquidity solutions. On the operational side, established firms are expanding leadership ranks; GTCR appointed Donnie Phillips as managing director and chief administrative officer in Chicago, while ECI added David Danon as a new partner following his nearly two decades at Bain Capital. Separately, warnings circulate regarding potential governance issues, with speculation that evergreen fund drama could stem from "mis-selling" or "mis-structuring" issues.

Niche Strategies & Energy Commitments

Firms focusing on specialized mandates are demonstrating clear investment theses. Independent sponsors are reportedly seeking returns exceeding 3x, achieved through greater deal selectivity and preference for lower valuation multiples compared to traditional funds. In the energy sector, Ares Management committed at least €1 billion towards Plenitude as part of a larger €1.5 billion capital increase deal valued at €13.1 billion with Eni. Meanwhile, former professional athlete Terrence Murphy launched Synergy Sports Capital, closing a debut deal shortly after unveiling the firm in March, marking a new entrant into the dealmaking arena following his NFL career.