Private Equity 24 Hours

Last updated: March 23, 2026, 4:30 PM ET

Major Exits and Portfolio Activity

The private equity secondary market is seeing heightened activity as large institutional investors seek liquidity, exemplified by the University of California system shopping a substantial $3 billion limited partner portfolio. This push for exits is mirrored in Europe, where Advent and Cinven are exploring a potential €25 billion divestment of elevator manufacturer TK Elevator, with Kone entering advanced acquisition talks. Meanwhile, in the U.S., Olympus Partners is looking to sell the retina business of Eye South, a U.S.-based eye-care MSO, for a reported $1.1 billion, indicating continued appetite for specialized healthcare carve-outs despite broader exit uncertainty.

Dealmaking Momentum Across Sectors

Deal flow remains healthy across several specialty sectors, with infrastructure and technology leading the charge. Private equity and infrastructure funds are actively targeting a $7 billion Kuwait pipeline deal as Gulf energy transactions advance, signaling sustained interest in core regional assets. In software, Lead Edge Capital successfully closed its seventh fund, securing $3.5 billion to double down on software investments despite market volatility, while in the M&A space, Diversis acquired fintech firm LTi, with the founders retaining minority stakes. Furthermore, Actis completed its acquisition of a 90% stake in Singaporean environmental management firm 800 Super, marking a $1.7 billion deployment in Southeast Asia for the firm.

Technology, AI, and Venture Capital Shifts

The venture landscape is reflecting a sharp deceleration in mega-deal funding, with U.S. startup funding slowing sharply in March almost entirely due to fewer massive AI rounds closing this month. However, specialized tech continues to attract capital; OpenAI is offering private equity firms a guaranteed minimum return of 17.5% to secure investment into its joint venture pushes for artificial intelligence development. Addressing the computational challenge, startup Gimlet Labs secured an $80 million Series A round for technology that efficiently runs AI inference across diverse chip architectures, including NVIDIA, AMD, and Intel.

Secondary Market Sophistication & Personnel Moves

The secondary market infrastructure is deepening, with AltamarCAM enhancing its capabilities through the acquisition of Mercer’s secondaries unit, a move designed to capitalize on heightened demand for liquidity. This trend towards specialized secondary solutions is also seen in Japan, where a local shop is nearing the hard-cap for its debut fund dedicated to direct secondaries and primary rounds. Personnel changes reflect the maturity of the sector: Aware Super appointed Alex Satchcroft to lead its $11 billion private equity portfolio, while ECI named David Danon as a new partner, bringing nearly two decades of experience from Bain Capital's PE team.

Strategic Add-Ons and Secondary Exits

Portfolio companies continue to execute strategic bolt-on acquisitions, often following periods of rapid growth under private equity ownership. Sovereign sold Knovia to Eureka Education after the company more than quadrupled its revenue under its ownership through organic growth exceeding 15% annually and two strategic buys. In other transactions, Gryphon-backed Rootstock acquired ERP software provider Ascent Solutions, which operates on the Salesforce platform, and Aquiline-backed Relation snapped up Chinook Insurance Group. Separately, on the exit front, Francisco Partners agreed to sell music publisher Kobalt to a Brookfield-backed Primary Wave entity, with management set to remain in place.

Energy and Infrastructure Investments

Large infrastructure plays remain a focus, as demonstrated by Ares Management committing at least €1 billion toward Plenitude as part of a broader €1.5 billion capital increase, valuing the Eni unit at €13.1 billion. In a complex transaction involving multiple sponsors, Apollo acquired a 37% stake in €1.75 billion packaging firm Syntegon alongside CVC to finance the next phase of growth. Meanwhile, the trend of strategic divestitures continues, with Advent-backed Cobham Ultra agreeing to sell its Ultra Cyber division to Airbus Defence and Space, while Bridgepoint-backed PEI Group acquired benchmark provider Scientific Infra & Private Assets.

Independent Sponsors and Specialist Strategies

Independent sponsors are increasingly prioritizing selectivity to achieve higher fee structures, with research indicating that these smaller players are aiming for returns exceeding 3x by favoring lower valuation multiples. In firm-level developments, former NFL player Terrence Murphy launched Synergy Sports Capital after unveiling the firm earlier in March with its debut deal, while former Green Bay Packer Murphy is profiled as a dealmaker to watch following his new firm's launch. In European dealmaking, One Equity completed a take-private of UK wholesale distributor Kitwave, and Freshstream promoted Tom Carroll and Gilles Gradassi to partner roles central to its strategy across the Benelux and French markets.