Private Equity 24 Hours

Last updated: April 2, 2026, 5:30 PM ET

Fundraising Momentum and Internal Growth

The private equity industry continues to see major capital commitments, with KKR closing its North America Fund XIV at an impressive $23 billion, marking its largest regional vehicle to date. This substantial close contrasts with smaller, targeted fundraising efforts, such as Gateway Capital announcing the first close of its $25 million Fund II, which will enable the Milwaukee-based venture firm to commence new investment operations. Furthermore, L Squared Capital Partners successfully capped its fifth flagship fund at $2 billion, an oversubscribed close intended to scale its existing growth strategy, while Ares raised approximately $5.4 billion across its value-add real estate strategies in the U.S. and Europe, capitalizing on perceived market recovery.

In organizational developments, Frazier Healthcare elevated Ryan Lucero and Christina Reszka to general partner roles, reflecting internal success at a firm that has invested in over 200 companies and managed more than $11 billion in capital. Simultaneously, operational focus is shifting toward specialization and technology integration, as evidenced by Windrose Health Investors launching a dedicated technology services team for its healthcare services portfolio, which manages approximately $7 billion in assets under management. Meanwhile, institutions are exploring advanced financing structures; the Carlyle Group is advancing structured solutions, while LPs and GPs alike show escalating interest in CFO technology, following precedents like Temasek’s 2006 launch of its first collateralised fund obligation.

Sector-Specific M&A Activity

Consolidation remains fierce across several key sectors, particularly healthcare administration and environmental services. A trio of healthcare administrative software deals saw activity: New Mountain and Francisco Partners-backed Office Ally acquired Jopari Solutions to integrate automation into financial workflows, while 5CP-backed Radon acquired Majestic Medical Solutions to expand its geographic reach and service offerings. Separately, EagleTree Capital acquired The Opus Group from Growth Catalyst Partners, signaling intent to accelerate growth through organic initiatives and further strategic takeovers. In energy infrastructure, Antin acquired LNG service provider Sapphire Gas Solutions from Apollo, incorporating Sapphire’s liquified and compressed natural gas services into its portfolio. Elsewhere, Goldman Sachs-backed Liquid Environmental scooped up New Orleans Grease Trap Cleaning, adding the firm to its network of non-hazardous wastewater collection facilities.

The consumer and industrial sectors also saw movement, including a major potential sale as Panini shareholders evaluate a $5.8 billion sale or external investment amid burgeoning private equity interest in the iconic brand. In specialized manufacturing, DC Partners-backed PK Cos. acquired Pro-Surve Technical Services, combining Intelli SPEC and Pro-Vision technology platforms, and Bosqar Invest agreed to purchase Croatian meat processor PIK Vrbovec. In the beauty space, American Pacific Group made a strategic investment in Dossier, which offers over 150 fragrances across digital and physical retail.

Technology, AI, and Service Provider Transactions

Technology-focused acquisitions saw several firms bolster their capabilities through add-on deals. Omni Partners-backed Infoshare completed its eighth add-on with the purchase of Barbour Logic, whose software automates correspondence related to penalty charge notices, while a related transaction saw the Keensight Capital-backed Aconso acquire Centric Germany. Venture funding supported nascent AI infrastructure, with KKR leading a $90 million Series C round for Coder to scale its enterprise AI development tools, and Anvil Robotics raising $5.5 million in seed funding to build its modular platform for physical AI teams. Separately, Miravoice, which uses AI voice agents for long-form phone surveys, secured $6.3 million in seed financing.

The professional services segment remains targeted by buyout firms, with Crowe and Eide Bailly testing the market for potential private equity investment, joining the seven of the top 20 U.S. CPA firms already PE-backed. This focus on service providers extends to caregiver services, where Carlyle, HIG Capital, and LLR Partners are among the PE firms actively transacting. On the LP side, the Florida State Board of Administration is nearing selection of an AI vendor to streamline data workflow analysis, aiming to redirect staff focus toward analyzing distributions from exits and dividend recaps, according to CIO Lamar Taylor.

Market Commentary and Exits

Activist investor Jana Partners disclosed a 5.1% stake in Alkami Technology, explicitly signaling an interest in pursuing a private equity exit route for the firm. Meanwhile, institutional investors are navigating infrastructure secondaries, where BNP Paribas AM Alts’ infrastructure secondaries team held a first close on its debut fund after establishing a seed portfolio last year. In an unusual development, reports indicate that over 100 startups are now waiting for committed cash following the collapse of an EU-funded body, illustrating counterparty risk in the early-stage ecosystem. Finally, in the U.K., a flagship fund of funds dedicated to backing female investors and founders announced a first close at £130 million.