Private Equity 24 Hours

Last updated: March 24, 2026, 3:30 AM ET

Fundraising & Capital Deployment

Lead Edge Capital has successfully closed its seventh fund, securing a substantial $3.5 billion earmarked for growth equity investments, primarily targeting software sector deals. This substantial closing contrasts with a broader slowdown in U.S. startup funding observed in March, which Crunchbase News reported was almost entirely attributable to a lack of mega-rounds in the artificial intelligence space. Separately, London-based Air Street Capital has raised a significant $232 million for Fund III, focusing its early-stage deployment across both European and North American AI companies, while a new venture firm, 5(c) Capital, secured $35 million, backed by CEOs from competing prediction markets Kalshi and Polymarket, to back startups in that burgeoning category.

Secondaries Market & LP Liquidity

Investor demand for liquidity is driving significant activity in the secondaries market, exemplified by the University of California seeking to divest a $3 billion portfolio of private equity assets. This move follows heightened interest in the sector, which Mercer noted made its recent acquisition of Altamar CAM's secondaries unit particularly attractive, filling what Michael Dempsey described as a "missing link" in their platform capabilities. Further evidence of market maturation is seen in Japan, where a local secondaries shop is preparing to hit the hard-cap for its debut fund, RGCM Fund I, which will possess flexibility across direct secondaries and primary funding rounds.

Exits, Acquisitions, and Portfolio Activity

The exit environment remains challenging, with Bain & Co. reporting that the number of Asia-Pacific portfolio companies held for over five years rose by 18% in 2025, suggesting that 'solid exit activity' is still insufficient to clear the systemic overhang in the region. Despite these headwinds, major transactions are proceeding: Advent and Cinven are reportedly exploring a potential €25 billion exit of TK Elevator, with Kone entering advanced acquisition talks. In the U.S., Francisco Partners is divesting music publisher Kobalt to Brookfield-backed Primary Wave, with Kobalt's CEO, Laurent Hubert, slated to remain in place. Meanwhile, Olympus Partners is preparing to sell the retina business of Eye South for $1.1 billion, and Actis finalized its $1.7 billion deployment in Southeast Asia by acquiring a 90% stake in Singaporean environmental management firm 800 Super.

Sector-Specific Transactions: Defense, Tech, and Infrastructure

Private equity firms are actively pursuing deals in specialized sectors, notably defense and infrastructure. Arlington Capital is set to acquire Eptec Defence, a provider of naval and defense preservation services, while Advent’s portfolio company, Cobham Ultra, agreed to sell its Ultra Cyber division to Airbus Defence and Space. In infrastructure, private equity and infrastructure funds are showing keen interest in a target of approximately $7 billion for a Kuwait pipeline deal amid broader Gulf energy transactions. In the software and services space, Diversis acquired fintech firm LTi, with co-founders retaining minority stakes, and Gryphon-backed Rootstock bolstered its cloud ERP capabilities by picking up Ascent Solutions, a provider on the Salesforce platform.

AI Investment and Talent Moves

Investment into the artificial intelligence stack continues unabated, with startups addressing bottlenecks attracting significant capital. Gimlet Labs secured an $80 million Series A for technology enabling AI inference across diverse chip architectures, including NVIDIA and AMD. Furthermore, OpenAI is attempting to draw in PE capital for joint ventures by offering a guaranteed minimum return of 17.5%. In terms of talent, ECI announced the appointment of David Danon as a new partner, bringing nearly two decades of experience from Bain Capital's private equity team, while GTCR tapped Donnie Phillips as managing director and chief administrative officer based in its Chicago office.

Deep Tech, Robotics, and Secondary Market Dynamics

Venture capital is flowing into deep technology, including robotics spinouts where the timing of exits remains a subject of debate, such as the potential early sale of Rivr to Amazon. In the UK, a University of Oxford spinout focused on solving long-term memory issues in robotics successfully raised capital from investors including Amadeus Capital and OSE. Separately, the ongoing drama surrounding evergreen funds points to potential issues like 'mis-selling,' while Aware Super appointed Alex Satchcroft to head its $11 billion private equity portfolio, indicating a focus on managing LP interests. Independent sponsors, meanwhile, are seeking returns exceeding 3x by maintaining greater deal selectivity and targeting lower valuation multiples compared to traditional funds.