Private Equity 24 Hours

Last updated: April 15, 2026, 2:30 AM ET

Fundraising Milestones & Strategy Shifts

Private equity fundraising continues to show strong momentum, particularly for debut and specialized vehicles, even as some established players streamline their focus. Josh Harris’ 26North secured $5.9 billion for its inaugural fund, exceeding its target upon market entry, while 154 Partners closed its first fund at the $400 million hard cap, demonstrating persistent LP interest in lower mid-market strategies. In contrast, Thoma Bravo is winding down its growth equity platform to recalibrate its strategy back toward core buyouts, signaling a selective approach among established names. Further demonstrating varied allocation targets, Carlyle raised $1.5 billion in the initial close of a new asset-backed income fund, contrasting with the Australian sovereign fund Future Fund flagging potential job cuts as it manages costs and reviews its investment teams.

M&A Activity Across Sectors

Dealmaking remains active across industrial, technology, and healthcare verticals, with several firms pursuing platform acquisitions or strategic exits. Olympus Partners is proceeding with the purchase of fiber installation provider Network Connex from Orix Capital Partners, a move that mirrors Carlyle Alp Invest’s reported activity in leading single-asset continuation vehicles, having already led four such transactions this year according to reports. In the industrial space, Gen Nx360-backed Horsburgh & Scott acquired Cleveland-based Franklin Machine & Gear, a specialist in industrial gearing solutions. Meanwhile, the healthcare sector saw AIP take medtech firm Avanos Medical private in a transaction valuing the company at approximately $1.272 billion, while KKR, Advent, and EQT are reportedly circling Swiss-based Poly Peptide Group.

Secondary Markets and Credit Strategies

The secondary market is heating up as firms look to unlock portfolio liquidity and capitalize on perceived discounts. Goldman Sachs Asset Management and Ardian jointly acquired a $1 billion US portfolio from Credit Industriel et Commercial (CIC) at a discount in a recent secondary transaction. Capitalizing on this demand, Sycamore Tree Capital Partners launched a dedicated credit secondaries investment platform, while Samsung Asset Management’s head noted that such opportunities offer downside protection against broader macroeconomic flows. Elsewhere, in European capital deployment, Pantheon led a sustainability-focused Alder in moving two assets into an Article 9 continuation vehicle, indicating continued interest in ESG mandates even within secondary structures.

Sector-Specific and Geographic Focus

Investor attention is being directed toward specialized sectors, including defense and areas where Europe is attempting to close capital gaps. US managers are actively seeking to deploy expertise in the European defense sector, following a key deal involving MEAG-Warburg Pincus, as appetite for defense investment rises regionally. This focus on closing funding gaps is mirrored by Baillie Gifford noting a "dearth of capital" for growth investments across Europe, even as overall European venture funding climbed nearly 30% year-over-year in Q1 2026, driven primarily by AI investments. Furthermore, technology consulting saw M&A activity, with HGGC-backed Equity Methods planning to acquire Equity Plan Solutions, a provider of advisory services related to complex securities and equity compensation.

Talent Moves and Fintech Tools

Firms are aggressively recruiting specialized talent and building technology platforms to manage new risks and complex compensation structures. THL Partners appointed Dave Guilmette as an executive partner to bolster its fintech and services investment group, focusing on insurance and financial services sourcing. Simultaneously, the broader industry is seeing internal restructuring, with Lovable poaching a new engineering chief from Meta, citing the industry-wide transformation driven by new technologies. On the platform side, financial risk management startup Pillar raised $20 million in seed funding led by a16z, aiming to democratize institutional-grade hedging tools for SMEs, making risk management as accessible as standard accounting software.