Private Equity 24 Hours

Last updated: April 20, 2026, 11:30 AM ET

Dealmaking & Sector Activity

Private equity deal flow showed continued activity across several sectors, with Blackstone-backed Jersey Mike’s Subs confidentially filing for an initial public offering following the firm’s 2024 acquisition from founder Pete Cancro. In European buyouts, TA Associates is exploring an $810 million takeover of UK-listed Advanced Medical Solutions, while IK Partners agreed to purchase Selatek, a specialist in security and automation services, from Amplio Private Equity. Further consolidation appeared in the advisory space as the JC Flowers-backed OneItalia Alliance acquired Strategica Group, a brokerage provider launched just last year, underscoring the trend of building specialized platforms.

The sports and fire safety verticals are also attracting significant buyout interest. Permira is reportedly exploring the acquisition of The Team, a sports agency, joining other investors looking at the space. Separately, Gryphon Investors is reviewing a potential sale of fire safety platform Jensen Hughes, with sources suggesting the asset could command a valuation of $1.5 billion or more based on recent EBITDA multiples for comparable firms. Meanwhile, in the software space, bidders including Hg, TowerBrook, and Vitruvian have submitted initial offers for a $270 million stake in Benchmark as Schroders actively reshapes its portfolio holdings.

Secondaries Market Dynamics & LP Behavior

The secondaries market remains characterized by high volume but persistent friction, particularly concerning pricing, as the bid-ask spread remains contentious in negotiations. Despite this challenge, GPs are increasingly utilizing cross-fund commitments to align interests, especially when dealing with trophy or crown-jewel assets. This practice, however, sparks diverging opinions regarding GP-led secondaries valuations and rationale. At the investor level, a distribution drought has caused a surge in first-time LP sellers seeking liquidity, simultaneously signaling a return of the primary staple due to a challenged fundraising environment. Experts suggest the market requires continuous innovation, noting that while AI could turbocharge underwriting, digital marketplaces and tokenization have yet to gain widespread traction.

Geographic Focus & Investor Appetite

Global private market capital is showing a pronounced focus on Europe, evidenced by Australian superannuation funds embarking on a UK–France tour with plans to deploy an aggregate of $430 billion into European private markets. This enthusiasm is tempered by local challenges, particularly in the technology sector, where some observers suggest Europe functions as a digital colony while startups grapple with demands for tech sovereignty. In the UK, asset managers are closely weighing the implications of the ongoing pension-pooling transition, where the main hurdles are now centered on integration, education, and diligent portfolio stewardship for local government schemes.

Sector Specifics and Manager Trends

Cybersecurity funding remains at elevated levels, with investors injecting $4.9 billion globally into security- and privacy-focused startups last quarter, dipping only slightly sequentially but holding well above year-ago figures. In related financial services activity, Bain Capital Insurance-backed Aptia expanded its footprint by acquiring Pension Decision Service (PDS), which offers personalized guidance on retirement options. This deal mirrors other consolidation moves, such as IK Partners acquiring Selatek, which specializes in security-sensitive automation services across infrastructure. Though deal execution in legal services appears slowed by AI disruption, there is sustained enthusiasm for European long-term investment vehicles (ELTIFs), even among individual investors who still face a substantial education gap regarding private markets.