Private Equity 24 Hours

Last updated: March 23, 2026, 11:30 AM ET

Fundraising & Strategy

Growth equity firm Lead Edge secured $3.5bn for its seventh flagship fund, signaling continued appetite for software investments despite broader market volatility, while specialized managers are targeting superior returns. Research indicates that independent sponsors, favoring greater deal selectivity and lower valuation multiples, frequently seek multiples exceeding 3x, a higher target than that typically sought by traditional buyout funds. Separately, in the Japanese market, a local secondaries shop is nearing the hard-cap for its debut RGCM Fund I, which will possess flexibility to deploy capital across both direct secondaries and primary funding rounds.

Deal Activity & Portfolio Transactions

Mega-cap managers continued to deploy substantial capital, with Apollo taking a 37% stake in the €1.75 billion German engineering firm Syntegon alongside CVC to fuel its next growth phase. In the energy transition space, Ares committed at least €1bn as part of a €1.5 billion capital increase for Plenitude, valuing the Italian company at €13.1 billion in a deal with Eni. Meanwhile, on the Asian deployment front, Actis finalized its acquisition of a 90% stake in Singapore-based environmental services firm 800 Super, bringing its total Southeast Asia deployment to $1.7 billion.

Further transactional activity saw Sovereign exit Knovia to Eureka Education following a period where Knovia quadrupled its revenue through organic growth of 15% annually and two strategic acquisitions. In the UK, One Equity completed a take-private of wholesale distributor Kitwave, while in the US healthcare sector, Olympus Partners plans to divest the retina business of Eye South for an expected $1.1 billion. Other sector-specific deals included Diversis acquiring fintech LTi and Aquiline-backed Relation snapping up Chinook Insurance.

Sector Acquisitions & Tech Focus

The software and enterprise services sector remains a focus for add-on acquisitions, exemplified by Gryphon-backed Rootstock acquiring ERP provider Ascent Solutions, which builds on the Salesforce platform. Similarly, AEA Elevate invested in Trinamix, a technology firm serving enterprise and mid-market clients. These activities contrast with the high-profile capital needs of frontier technology, where OpenAI is reportedly offering a guaranteed minimum 17.5% return to attract private equity investment into its joint venture initiatives.

Firm Movement & Personnel

Private equity firms are also adjusting leadership and strategic focus areas. GTCR appointed Donnie Phillips as Managing Director and Chief Administrative Officer, based in its Chicago headquarters. In Europe, ECI announced David Danon as a new partner, bringing nearly two decades of experience from Bain Capital’s private equity team, while Freshstream promoted Tom Carroll and Gilles Gradassi to partner, reflecting their central roles in the firm’s strategy across the Benelux and France. Furthermore, the emergence of new entrants includes former NFL player Terrence Murphy launching Synergy Sports Capital with a debut deal, following his initial unveiling of the firm in March.

Market Dynamics & Operational Insights

The complexities of exiting investments are leading to adjustments in sell-side preparation, with some sponsors opting for partial sales or longer prep times due to exit difficulties; this comes as Advent-backed Cobham Ultra agreed to sell its Ultra Cyber division to Airbus Defence and Space. On the governance front, concerns persist regarding fund structures, as some observers suggest that dramatic evergreen drama stems from potential 'mis-selling' or 'mis-structuring' of mandates raising liquidity questions. Meanwhile, on the operational side, Mercer is reportedly prioritizing investor liquidity when making its latest acquisitions.