Private Equity 24 Hours

Last updated: April 2, 2026, 11:30 AM ET

Mega-Fund Launches and Investor Caution

KKR closed its North America Fund XIV at a record $23 billion, marking its largest regional private equity vehicle to date, a closing that builds upon the firm's history of implementing employee ownership programs within its portfolio companies. This massive capital raise contrasts with growing concerns from limited partners regarding market longevity, as family offices outline worries about the proliferation of "zombie funds" and push for quicker winding up of aging vehicles to avoid valuation ambiguities. Further illustrating fund inflows, L Squared Capital Partners successfully closed its fifth flagship fund at a $2 billion hard cap, capitalizing on strong demand for growth equity strategies, while a UK flagship fund of funds announced its first close at £130 million, specifically backing female investors and founders.

Dealmaking Trends: Healthcare, AI, and Secondaries

Private equity firms are showing a concentrated interest in the healthcare sector, with six recent deals targeting caregiver services involving major players such as Carlyle, and LLR Partners. In contrast to traditional buyouts, venture funding for foundational Artificial Intelligence startups surged to $178 billion in Q1 across just 24 deals, more than double the total raised throughout all of 2025, reflecting intense capital deployment into core AI infrastructure. Furthermore, the secondary market is seeing opportunities emerge in infrastructure, as the team formerly under AXA IM Prime began building a seed portfolio in 2023 before holding a first close on its debut fund this year.

Technology Exits and Portfolio Management

In technology, activist investor Jana Partners disclosed a 5.1% stake in Alkami Technology, signaling an interest in pushing for a private equity exit route for the firm. Meanwhile, portfolio management is focusing on operational turnarounds, exemplified by AURELIUS agreeing to sell LSG Asia-Pacific following a period of margin expansion and operational improvement, while Sycamore Partners is targeting a $4 billion profit at Walgreens after completing its $10 billion take-private acquisition. Elsewhere in the software space, Omni Partners-backed Infoshare completed its eighth add-on, acquiring Barbour Logic, a company specializing in automating correspondence related to penalty charge notices.

Credit Market Stress and Exit Activity

Market volatility is causing some asset managers to pull back on liquidity, as Blue Owl has placed caps on withdrawals from two of its funds in response to elevated redemption requests within its private credit offerings. Despite these constraints, large-scale sector consolidation continues, with Crowe and Eide Bailly testing the market for potential private equity backing, joining the seven of the top 20 U.S. CPA firms already PE-backed by firms like Blackstone and Hellman & Friedman. In real assets, Ares acquired a 7.3 million square foot logistics portfolio from EQT Real Estate, continuing the deployment of capital into large-scale US warehousing assets.

Venture Capital and Early-Stage Funding

The seed stage remains active, albeit focused on highly technical deep tech, as Anvil Robotics raised $5.5 million to develop its "Legos for robots" platform aimed at physical AI teams. Similarly, Miravoice secured $6.3 million in seed funding to scale its use of AI voice agents for conducting long-form phone surveys. Venture capital is also flowing into the semiconductor space, where Cognichip raised $60 million to develop AI that designs the chips powering AI itself, claiming it can reduce chip development costs by over 75%. However, caution remains necessary for smaller firms, as illustrated by the collapse of an EU-funded body that left over 100 startups waiting for promised cash disbursements.

Investment Philosophy and Asia Focus

Discussions continue regarding optimal investment timing and structure, with smaller venture capital partners advising clients on when to strategically take money off the table, while interest in complex financing structures remains steady, as evidenced by Temasek’s early adoption of collateralised fund obligations continuing to attract institutional interest today. In Asia, the collectibles market is buzzing, as Panini shareholders are weighing a potential $5.8 billion sale amid growing private equity interest in the Italian brand. Furthermore, reports from Japan detail the market’s key fundraising trends and note that the head of private equity at Japan's largest LP has recently assumed a new role amidst the Destination Japan coverage.