Private Equity 24 Hours

Last updated: April 1, 2026, 5:30 AM ET

Deal Activity & Portfolio Transactions

European dealmaking saw several portfolio changes across various sectors, with Mutares concluding two distinct transactions. The firm finalized the sale of Kalzip, a provider of aluminum roofing and facade systems, to Tremco, and simultaneously completed the carve-out of Hamberger Industriewerke’s flooring business, a manufacturer of parquet and hard floor coverings. Elsewhere, Carlyle secured a majority stake in wealth manager MAI Capital Management in a deal valuing the transaction at approximately $2.8 billion, while Investcorp-backed Resultant expanded its consulting footprint by acquiring Liberty Advisor Group, a firm specializing in M&A advisory for private equity clients. In the technology space, 26North is acquiring Intermedia Intelligent Communications from seller Madison Dearborn Partners, and in infrastructure, Oak Hill completed the buyout of internet provider Hunter Communications.

Further portfolio activity includes strategic exits and acquisitions across specialized industries. HGGC sold its stake in Planet Fitness franchisee Grand Fitness Partners to Flynn Group, marking an exit for both HGGC and previous owner Monogram Capital Partners. In the aviation sector, Aurelius plans to divest its airline catering unit, LSG Asia-Pacific, which it had previously acquired from Deutsche Lufthansa in 2023. Meanwhile, investment continued in specialized services, as Quad-C invested in independent medical exam provider Dane Street, and Greenbelt invested in American Wire Group (AWG) to support its ongoing expansion.

In Europe, several targeted acquisitions underscore sector focus, including Inflexion moving to acquire fire protection firm Marioff, known for high-pressure water mist systems, and CapVest completing its acquisition of pharmaceutical firm Stada from Bain Capital and Cinven. In the U.S., Wynnchurch-backed Archer is set to acquire the food service business of Sterno through a carve-out, while Closed Loop Partners scooped up recycling processor Sutter Metals. Complementing this, Mountaingate snapped up marketing firm UpSwell, which serves various local consumer services, and Fortress picked up bankruptcy services firm Omni Agent Solutions to fund technology development.

Sector Focus: Healthcare, Tech & Industrials

Private equity firms are increasing exposure to technology and healthcare, often leveraging AI capabilities. TA Associates made a strategic growth investment in iBase-t to scale its AI-driven manufacturing solutions within the aerospace and defense sectors, while Ambienta invested in Bridge, a producer of dairy alternatives, reflecting interest in plant-based consumer goods. In healthcare services, LonguVue and Swaney Group Capital partnered to invest in Apex Dental Laboratory Group. The focus on deep technology is evident in Europe, where even niche players like Danish AI lab Corti beat major competitors in medical coding, suggesting regional strength in specialized AI that could attract growth capital, despite concerns that tech sovereignty measures may weaken weaker startups Matt Miller.

Personnel Moves & Strategy Shifts

Major firms are bolstering leadership, particularly within specialized verticals. Partners Group appointed Pete Zippelius, a veteran from Leonard Green, as Co-Head of its Private Equity Health & Life vertical, where he will oversee new investments and value creation for the strategy that manages a portfolio valued at $13.2 billion. Furthermore, leadership development within established firms continues, with Mérieux Equity Partners promoting Quentin de Labarre to partner across its buyout and innovation teams. On the topic of gender representation, several senior women leaders were recognized, including Jennifer James of Thoma Bravo, who helped close Fund XVI as the top North American PE fund for 2025, and Marcie Frost, CEO of CalPERS, who rose from a clerical role without a degree.

Financing, Secondaries, and GP Stakes

Demand for private equity financing solutions is accelerating, prompting significant fund closes in credit and GP stakes. 17Capital closed its Credit Fund 2 at a record $7.5 billion, driven by high demand for Net Asset Value (NAV) loan facilities. Similarly, Dawson closed its latest GP financing strategy above its target, raising over $800 million for Dawson GP Finance 2 against a $500 million goal. In the GP stakes market, Bonaccord Capital Partners noted that GP stakes investors can assist mid-market managers seeking scale by sharing global expertise and providing new liquidity solutions. Separately, Ares led a substantial $1.7 billion private credit continuation vehicle for Antares to unlock liquidity in that asset class.

Japan Market Dynamics

The Japanese market continues to attract substantial attention as institutional capital broadens its scope. Japanese institutional investors are expanding their private equity allocations into the mid-market, co-investment strategies, and secondaries, according to Neuberger Berman. This activity fuels opportunities in fragmented sectors, where J-STAR sees strong potential for buy-and-build strategies driven by ageing founders. Firms like T Capital Partners are focusing on unlocking value in the small and mid-cap space through transformation initiatives, while Nihon PMI Partners is targeting the shift toward home-based healthcare due to demographic changes. However, navigating the local ecosystem requires diligence, as LYFE Capital stressed the need to integrate into the local community despite the influx of global capital.

Exit Preparations & Market Commentary

Major portfolio companies are nearing potential liquidity events, with Advent and Cinven weighing options for elevator firm TK Elevator, including an IPO or sale, amidst speculation concerning a potential deal with Kone. In other news, Maven successfully exited its investment in financial software firm AccessPay to Accel-KKR. On the venture side, the trend of high seed valuations continues, with many AI seed startups commanding $40 million valuations, particularly those blending AI with physical world applications. This increased valuation comes with higher expectations for performance from these early-stage companies.