Private Equity 24 Hours

Last updated: March 25, 2026, 11:30 AM ET

Dealmaking & Portfolio Activity

Private equity firms continued an active day of deal execution across sectors, ranging from infrastructure take-privates to specialized technology acquisitions. Brookfield and La Caisse jointly agreed to acquire Boralex in a massive take-private transaction valued at $9.7 billion, aimed at accelerating growth within renewable energy assets. In the defense and aerospace space, Chimney Rock’s purchase of manufacturer United Electronics Company (UEC) was fueled by what sources describe as an "insatiable" demand for maintaining radar systems, with the seller being Albion River. Further consolidation occurred in the digital engineering space, where Etna Capital snapped up software developer CodeRoad.

Sector specialization drove several mid-market transactions, showcasing PE firms capitalizing on niche growth areas. Advent expanded its beauty portfolio by agreeing to acquire a majority stake in premium brand Salt & Stone for $165 million, reflecting broader appetite for high-growth consumer assets. Simultaneously, Tower Brook bought French sports apparel platform ID Unlimited, which supplies personalization elements like logos and patches to major global brands, capitalizing on the sports jersey customization trend. In the industrial waste management sector, [Heartwood Partners-backed Amlon acquired] Lion Industrial Resources to bolster its offerings in waste solutions.

Exits and secondary activity provided returns and strategic repositioning. A seller group led by Astorg, Nordic Capital, Novo Holdings, and Cinven successfully divested clinical trial data firm Clario to Thermo Fisher for a substantial $8.9 billion. Elsewhere, Industrial Opportunity Partners realized $325 million from the sale of retail fixtures provider Royston to LSI, marking the exit from a 2018 investment. In the software space, Viking Growth exited its stake in European workforce management software provider Tamigo to Accel-KKR. Mid-market healthcare investor QHP delivered a 10x multiple to its selling limited partners through a successful management carve-out extension of a top-performing asset.

Fundraising & Capital Markets

New capital deployment strategies were evident as firms specialized their vehicles and sought capital in distinct markets. Pictet Alternative Advisors successfully closed its inaugural direct private equity strategy at €403 million, or approximately $440 million, specifically targeting founder-led businesses. Conversely, investor appetite for certain geographies waned, as reports indicate that LPs are actively slashing their budgets allocated to African investments due to dwindling risk tolerance. In the venture space, established technology investors continued to raise large funds, with Kleiner Perkins raising a total of $3.5 billion across new vehicles, including $1 billion for its early-stage KP22 fund and $2.5 billion for growth-stage mandates.

In the realm of diversity-focused investing, both BKR Capital and BRK Capital announced they have so far secured $20 million Canadian toward their respective $50 million targets for Fund II, aimed at investing in Black founders. Meanwhile, in the private credit space, redemption pressures are mounting, forcing large managers like Ares Management to cap withdrawals from its $10.7 billion Strategic Income Fund.

Sector Focus: AI, Defense, & Consumer Brands

Investments in artificial intelligence and technology platforms remain a dominant theme, even as traditional sectors see strategic investment. TPG and Allianz led a $350 million strategic investment into Cambridge Mobile Telematics (CMT), an AI-driven mobility platform, with participation from State Farm. In the legal tech sector, AI infrastructure provider Harvey hit an $11 billion valuation following a $200 million co-led round from GIC and Sequoia. In the adjacent tech space, YC doubled down on Trayd, a construction tech startup, providing $10 million in Series A funding for its back-office operating system.

The defense and space technology sectors attracted significant venture capital due to geopolitical considerations. Swiss spacetech Pave Space raised $40 million in seed funding amid growing concerns about space sovereignty. Similarly, Arinna secured a $4 million seed round to develop next-generation, ultrathin solar cells intended for spacecraft power systems. In the broader venture ecosystem, Accel and Prosus selected six 'off-the-map' startups for their inaugural India cohort, providing each selected company with between $500,000 and $2 million.

Personnel & Strategy Shifts

The advisory side of the industry saw personnel adjustments as firms repositioned for competitive secondary and buyout mandates. Jefferies brought on senior talent focused on GP-led transactions from Lazard, continuing the movement of specialized advisory professionals across major firms. Strategically, firms are leveraging deep sector knowledge to source deals; New Mountain stated that its sector focus helps it stay "ahead of processes" to find buyout opportunities, utilizing its sector teams to lead and co-lead GP-led deals. Meanwhile, specialist firms are expanding their mandates; Semcap launched a dedicated beauty and wellness arm in partnership with industry veteran Vasiliki Petrou and her Veralis Group.