Private Equity 24 Hours

Last updated: March 24, 2026, 7:30 AM ET

Mega-Deals and Sector Focus in Europe & Defense

Activity remains high on the European front, with Apollo and Bain leading a competitive €4 billion bidding race for Continental’s industrial unit, Conti Tech, signaling private equity's persistent appetite for established industrial assets. In a separate, large-scale transaction, Apollo is partnering with CVC to acquire a 37% minority stake in Syntegon, valued at €1.75 billion, aimed at financing the German engineering firm's next growth phase. Meanwhile, in the defense sector, Arlington Capital plans to acquire Eptec Defence, a specialist in naval and defense preservation services, demonstrating targeted M&A in specialized government services. Elsewhere, Altor has agreed to acquire electrical installation services provider Eltera from Valedo, a deal that occurs as the UK's Competition and Markets Authority finalizes reforms impacting private equity investments in the pet care sector following its market review.

Digital Infrastructure, Energy, and Asian Deployments

Infrastructure and energy transactions continue to attract large capital commitments, with private equity and infrastructure funds targeting a $7 billion Kuwait pipeline deal as Gulf energy transactions accelerate. In Southeast Asia, Actis has finalized its acquisition of a 90% stake in Singapore-based environmental manager 800 Super, bringing Actis’s total deployment in the region to $1.7 billion. On the energy transition front, Ares Management committed at least €1 billion towards Plenitude as part of a larger €1.5 billion capital increase, placing the Italian energy firm at a €13.1 billion valuation. These infrastructure plays contrast with high-profile exits, such as the potential €25 billion divestment of TK Elevator, which Advent and Cinven are exploring as Kone enters advanced talks to purchase the private equity-owned business as reported this week.

Tech M&A and Strategic Exits

The software and fintech sectors saw several targeted acquisitions, including Diversis scooping up fintech LTi, where the co-founders will retain minority stakes and remain actively involved. In the enterprise space, Gryphon-backed Rootstock acquired ERP software provider Ascent Solutions, which builds on the Salesforce platform, indicating ongoing consolidation among vertical software specialists. Furthermore, Francisco Partners is divesting music publisher Kobalt to Brookfield-backed Primary Wave, a transaction where the existing management team is slated to remain in place under new control. In healthcare, Olympus Partners is seeking $1.1 billion from the sale of Eye South’s retina business, a U.S.-based eye-care management services organization.

Venture Capital Trends and AI Investment Dynamics

Venture capital activity is showing polarization, with overall U.S. startup funding slowing sharply in March primarily due to fewer massive AI megarounds closing as observed by Crunchbase News. Despite this slowdown, specific AI infrastructure plays are securing large funding rounds; for instance, Gimlet Labs raised an $80 million Series A for technology enabling AI inference across multiple chip architectures simultaneously. In a bold move to secure private capital for its ventures, OpenAI is offering a guaranteed minimum return of 17.5% to attract private equity into its joint venture efforts. Meanwhile, London’s Air Street Capital launched a large $232 million Fund III focused on early-stage European and North American AI companies, while Lead Edge Capital successfully closed its seventh fund, securing $3.5 billion dedicated to software deals as part of its growth equity strategy.

Secondaries Market and Operational Headwinds

The secondaries market is experiencing disruption, particularly concerning artificial intelligence exposure, while institutional investors seek liquidity; the University of California is shopping a $3 billion LP portfolio in a major sale process. This focus on liquidity is also evident in Europe, where Mercer’s recent acquisition of AltamarCAM was driven by the desire to enhance secondaries capabilities amidst heightened investor interest. In Asia, exit activity remains insufficient to clear overhang, with Bain & Company data showing that the proportion of APAC portfolio companies held for over five years rose by 18% in 2025. Operationally, half of general partners surveyed report that their internal AI initiatives are falling short, compounding Europe’s existing talent gap, which sees firms struggling to fill critical roles leading to missed opportunities.