Private Equity 8 Hours

Last updated: March 23, 2026, 3:30 PM ET

Dealmaking & Exits: Mega-Transactions and Software Acquisitions

The exit pipeline shows signs of activity, with Advent and Cinven exploring a €25bn exit of elevator manufacturer TK Elevator as Kone enters advanced discussions for a potential takeover, signaling large-scale industrial divestitures. In the technology space, Francisco Partners agreed to sell music publisher Kobalt to a Brookfield-backed Primary Wave, with current CEO Laurent Hubert expected to remain in his leadership role. Meanwhile, the packaging sector saw Olympus Partners planning a $1.1b sale of the retina business unit belonging to US eye-care MSO, Eye South. Consolidation also continued in the enterprise software sphere, where Gryphon-backed Rootstock acquired ERP provider Ascent Solutions, which specializes in cloud applications on the Salesforce platform, while Diversis scooped up fintech firm LTi.

Growth Equity & Sector Focus

Growth equity managers continue to raise capital despite market volatility, as Lead Edge successfully secured $3.5bn for its seventh fund, doubling down on software investments. The firm’s successful close contrasts with a broader slowdown in US startup funding during March, which contracted sharply, largely attributable to fewer massive AI megarounds closing this month. However, AI infrastructure remains a focus, evidenced by Gimlet Labs, which raised an $80 million Series A for technology enabling AI inference across a diverse range of chips including NVIDIA, AMD, and Intel simultaneously. In specialized sectors, AEA Elevate made an investment in tech company Trinamix, which services mid-market and enterprise organizations.

Infrastructure & Energy Investments

Private capital’s appetite for Gulf energy assets remains strong, with infrastructure and private equity funds targeting a $7bn Kuwait pipeline deal as energy transactions in the region advance. Elsewhere in energy infrastructure, Ares Management committed at least €1bn as part of a larger €1.5bn capital increase related to Plenitude, which is valued at €13.1bn in its deal with Eni. Moving to Asia-Pacific environmental services, Actis completed the acquisition of a 90% stake in Singapore-based 800 Super, bringing Actis's total deployment in Southeast Asia to $1.7bn.

Secondaries Market & LP Activity

The secondary market is seeing heightened demand for liquidity, prompting major institutional investors to offload assets; the University of California is actively shopping a $3bn limited partner portfolio as it seeks to exit via the secondaries channel. This interest in liquidity is mirrored by advisory shifts, as Mercer’s acquisition of Altamar CAM was partly driven by the latter’s secondaries capabilities, which Mercer sees as essential given the current market environment according to a recent Q&A. Furthermore, new entrants are solidifying their presence, with a Japan-based shop preparing to close its debut secondaries fund near its hard cap, offering flexibility for direct investments and primary funding rounds. Simultaneously, institutional LP management saw Aware Super appointing Alex Satchcroft to lead its substantial $11bn private equity portfolio, following broader trends where major LPs are restructuring their senior investment roles.

Firm Moves & Strategy

In corporate maneuvers, Apollo, alongside CVC, acquired a 37% minority stake in €1.75bn Syntegon to support the firm’s next phase of expansion. Sovereign completed a successful exit, selling Knovia to Eureka Education after quadrupling the portfolio company's revenue under its ownership through organic growth and two strategic acquisitions. On the talent and strategy front, GTCR appointed Donnie Phillips as managing director and chief administrative officer in its Chicago headquarters. Meanwhile, independent sponsors, often seeking higher absolute returns, are demonstrating greater selectivity, with research indicating they generally pursue multiples that lead to target returns exceeding 3x.