Private Equity 24 Hours

Last updated: March 24, 2026, 5:30 AM ET

Dealmaking & Exits: Mega-Transactions and Strategic Sales

The private equity exit environment remains constrained, evidenced by Bain & Co data showing that the number of Asia-Pacific portfolio companies held for over five years rose by 18% in 2025, signaling an overhang despite some active dealmaking. Major European exits are being explored, with Advent and Cinven jointly considering a potential €25 billion divestiture of industrial giant TK Elevator, as Kone enters advanced talks for the acquisition. On the strategic sale front, Francisco Partners is planning to hand over music publisher Kobalt to Brookfield-backed Primary Wave, with CEO Laurent Hubert set to remain in charge. Meanwhile, Olympus Partners agreed to sell the retina business of US eye-care provider Eye South for a reported $1.1 billion, pointing to continued sector consolidation in healthcare services.

In infrastructure and defense, Arlington Capital is moving to acquire Eptec Defence, a specialist in naval and defense preservation services, while in the energy sector, funds are reportedly targeting a $7 billion Kuwait pipeline deal, showcasing sustained infrastructure appetite in the Gulf region as energy transactions advance. Further activity includes Actis completing the purchase of a 90% stake in Singaporean environmental management firm 800 Super, bringing Actis's Southeast Asia deployment to $1.7 billion. In packaging, One Equity Partners finalized a take-private transaction for UK wholesale distributor Kitwave, while in the German manufacturing space, Apollo-managed funds are taking a 37% minority stake in €1.75 billion packaging firm Syntegon alongside CVC to fuel the next growth phase.

Fundraising & Capital Markets

Fundraising continues apace for specialized strategies, even as general market slowdowns persist. Lead Edge Capital successfully closed its seventh fund at $3.5 billion, focusing on software investments within the growth equity space. In Europe, London-based Air Street Capital secured a substantial Fund III of $232 million, intending to back early-stage AI companies across Europe and North America, positioning itself as one of the largest solo venture firms on the continent. Furthermore, a new prediction markets VC fund, 5(c) Capital, is launching with $35 million, backed by the CEOs of rival platforms Kalshi and Polymarket to support the burgeoning category. On the institutional investor side, the University of California system is seeking liquidity by marketing a $3 billion portfolio in the secondaries market, following a trend of LPs prioritizing capital access.

Sector Focus: Technology, AI, and Robotics

The technology sector remains a primary focus, though large funding rounds are becoming more selective; US startup funding slowed sharply in March, largely attributed to fewer mega-rounds closing in the artificial intelligence sector this month. Startups addressing AI efficiency are capturing significant capital, such as Gimlet Labs, which raised an $80 million Series A for technology enabling AI inference to run simultaneously across a diverse range of chips from NVIDIA, AMD, Intel, and others. Meanwhile, in the deep tech space, a robotics spinout from Oxford University secured backing from Amadeus Capital and OSE to tackle long-term memory challenges in robotics, though questions linger over whether another robotics company, Rivr, sold to Amazon prematurely. In a move that drew controversy, Mistral AI’s CEO sparked a backlash by proposing new AI copyright rules focused on building code rather than addressing existing intellectual property.

Secondaries, Talent, and Operational Moves

Interest in secondary market liquidity solutions is driving strategic acquisitions; Mercer’s recent purchase of Altamar CAM bolstered the latter’s secondaries capabilities, particularly valuable amid heightened demand for liquidity. Separately, a Japanese secondaries shop is preparing to close its inaugural fund near its hard-cap, with flexibility to invest in both direct secondaries and primary rounds. Talent movements saw ECI appoint David Danon as a new partner, bringing nearly two decades of experience from Bain Capital's private equity team, while GTCR named Donnie Phillips as managing director and chief administrative officer in its Chicago office to manage administrative functions. In a reminder of the varied backgrounds in finance, former Green Bay Packers wide receiver Terrence Murphy launched Synergy Sports Capital and announced a debut deal, following his path as a dealmaker to watch after his NFL career ended.

Portfolio Company Add-ons & Strategy

Private equity firms continue to execute bolt-on acquisitions to drive organic and inorganic growth within portfolio companies. Gryphon-backed Rootstock acquired ERP software provider Ascent Solutions, which offers cloud ERP applications on the Salesforce platform. Diversis Capital scooped up fintech firm LTi, with the co-founders retaining minority stakes and active management roles. Aquiline-backed Relation Insurance completed the purchase of Chinook Insurance Group, while AEA Elevate invested in tech firm Trinamix, which serves mid-market and enterprise organizations with its specialized services. Sovereign, after owning Knovia, which saw revenue quadruple through organic growth and acquisitions, sold the education firm to Eureka Education. In the UK, the focus on M&A for growth is also seen in consumer staples, where Danone agreed to acquire the celebrity-backed nutrition brand Huel to strengthen its market position.