Private Equity 24 Hours

Last updated: March 31, 2026, 8:30 AM ET

Dealmaking Activity & Exits

Private equity firms aggressively pursued carve-outs and large-scale divestitures across sectors, signaling continued deployment despite market uncertainties. CVC Capital Partners submitted a non-binding offer valuing the Italian pharmaceutical firm Recordati at $12.6 billion in a potential take-private buyout, while Leonard Green & Partners moved to exit its investment in wholesale supplier Jetro Restaurant Depot to Sysco for $29.1 billion, reflecting significant value capture from the 166-store operation serving independent foodservice operators. Elsewhere, Advent International agreed to acquire a stake between 8% and 10% in cosmetics group Natura as part of a governance overhaul, and in the technology space, Hg agreed to divest its digital infrastructure platform Geomatikk to Axcel.

Buyouts and Growth Investments

A flurry of middle-market transactions spanned industrial services, consumer products, and enterprise software. Greenbelt finalized an investment into American Wire Group intended to fuel its ongoing expansion, and Wynnchurch-backed Archer announced the acquisition of Sterno’s food service business in a strategic carve-out of portable food-warming solutions. In the consumer space, Ambienta backed Bridge, a developer of plant-based dairy alternatives, while Inflexion is set to purchase fire protection specialist Marioff. Furthermore, software investment remained active as TA Associates injected capital into iBase-t to support global expansion, and Astorg agreed to purchase French B2B technical services provider Barkene from Montefiore Investment.

Infrastructure & Credit Moves

Large-cap managers continued to leverage their balance sheets for major infrastructure plays and credit market opportunities. Blackstone-backed Mundys is moving to secure a nearly 30% stake in European infrastructure operator Getlink as part of a broader push into essential assets. In private credit, Ares Management spearheaded a substantial $1.7 billion continuation vehicle for Antares, a move designed to unlock liquidity for existing investors in the private credit space. Separately, concerns over AI’s impact on enterprise software valuations are leading Permira to target discounted software loans, aiming to acquire distressed credit at favorable pricing.

Fund Management Trends & Regulatory Shifts

The private fund industry is grappling with operational shifts driven by technology and regulatory oversight, while liquidity management remains a concern for limited partners. Private fund managers are experiencing rising risks related to sanctions compliance, potentially complicating global distribution efforts, and the general distribution drought is reportedly altering LP allocation behavior. In the complex world of fund administration, executives see significant opportunity in integrating AI to enhance agentic capabilities, following mergers like that of Alchelyst and Lyra. On the regulatory front, the U.S. Department of Labor reinforced the fiduciary framework governing 401(k) plans, setting stricter guidelines for offering alternatives like private equity, though a separate proposal aims to ease litigation fears for DC pensions wishing to access these asset classes.

Secondary Market & Exit Speculation

Secondary transactions and IPO considerations are shaping exit strategies for legacy holdings. In a significant real estate transaction, Blackstone agreed to sell its Spanish residential portfolio, Fidere, to Brookfield Asset Management for $1.4 billion. Concurrently, owners of the elevator giant TK Elevator—Advent and Cinven—are reportedly weighing options between an initial public offering or a direct sale amid competing speculation involving Kone. Furthermore, the restructuring of fund-of-funds managers continues, with Alantra IM agreeing to sell a minority stake in French manager Access Capital Partners (ACP) for €115.1 million, expected to close in the second half of the year.