Private Equity 24 Hours

Last updated: April 3, 2026, 8:30 AM ET

Dealmaking Activity & Healthcare Sector Focus

Private equity deal flow remained active across several verticals, with M&A activity in healthcare services drawing attention as firms targeted scale and technological modernization. New Mountain Capital and Francisco Partners, through their combined portfolio company Office Ally, acquired Jopari Solutions to integrate automation into healthcare administrative workflows. Separately, 5CP successfully executed a bolt-on acquisition, taking control of Majestic Medical Solutions via its portfolio company Radon to expand geographic reach, while Goldman Sachs-backed Liquid Environmental scooped up New Orleans Grease Trap Cleaning to grow its non-hazardous wastewater collection network. Furthermore, the caregiver services sector saw continued PE interest, with major players like Carlyle, and LLR Partners involved in at least six recent transactions targeting caregiver services.

Mega-Deals and Credit Market Dynamics

Large-scale negotiations are progressing in the credit space, where Blackstone is reportedly driving discussions concerning the future of software firm Medallia, bringing along private credit lenders including Apollo and KKR to weigh in on the situation. In a major strategic shift in consumer goods, Boyu Capital finalized its joint venture with Starbucks, acquiring a controlling 60% stake in the coffee giant’s China retail operations as part of a 20,000-store expansion push. Meanwhile, in the high-profile take-private arena, Sycamore Partners is projecting an ambitious doubling of Walgreens’ profitability to a $4 billion annual run rate following its initial $10 billion buyout.

Fundraising Milestones and LP Education

Managers continue to secure significant commitments, with L Squared Capital Partners successfully closing its fifth flagship fund at its $2 billion hard cap to fuel its growth strategy. In real assets, Ares announced it had raised approximately $5.4 billion spanning its U.S. and European value-add real estate strategies, reflecting sustained investor demand amid market recovery. To address the increasing complexity of private markets, HarbourVest has initiated a partnership with CAIA aimed at expanding specialized education and bolstering investor expertise in these asset classes.

Sector Exits and Technology Integration

In portfolio management, HGGC finalized its exit from Grand Fitness Partners via a sale to the Flynn Group, allowing the latter to further expand its franchise platform. Strategic acquisitions are also occurring in niche B2B spaces; EagleTree Capital purchased The Opus Group from Growth Catalyst Partners, planning to accelerate growth through organic initiatives and further acquisitions. Across the industry, there is a noticeable rise in interest for financial technology, as both Limited Partners (LPs) and General Partners (GPs) are showing increased focus on structured solutions and CFO technology, a trend perhaps exemplified by Temasek’s early adoption of collateralised fund obligations two decades ago.

AI, Automation, and Early-Stage Growth

The influx of capital into early-stage technology continues, with Q1 2024 seeing 47 seed- and early-stage companies attaining unicorn status, putting the current year on track to surpass previous records if the pace holds. Startups focused on AI deployment are attracting seed capital, such as Miravoice, which develops AI voice agents for long-form surveys and raised $6.3 million, and Anvil Robotics, which secured $5.5 million to build its "Legos for robots" platform for physical AI teams. Despite the fervor, some strategists caution against undisciplined automation, noting that complex global systems are sometimes deployed to solve problems better handled locally, posing strategic risks. Separately, the trend of integrating technology into traditional sectors is seen in the launch of a new AI law firm, named Keith, by a vegan sausage pioneer.

Personnel Moves and Infrastructure Investment

Firms are also elevating key personnel, with Frazier Healthcare promoting Ryan Lucero and Christina Reszka to General Partner, reflecting the firm’s substantial history of investing in over 200 companies and raising over $11 billion in capital. In infrastructure, the market is seeing emerging opportunities in secondaries, following the establishment of a seed portfolio in 2023 by the team that previously operated under AXA IM Prime, which held a first close on its debut infrastructure fund this year. The overall trend of private markets seeking operational efficiency extends to pension funds, where the Florida SBA is nearing selection of an AI vendor to streamline data workflows and allow staff to focus more on analyzing distributions from transactions like dividend recaps.