Private Equity 24 Hours

Last updated: April 20, 2026, 8:30 PM ET

Mega-Deals and Biotech Acquisitions

The healthcare sector saw massive private equity activity as Eli Lilly announced the acquisition of gene therapy developer Kelonia Therapeutics for up to $7 billion in cash, marking one of the largest funded biotech startup purchases in recent years. This aggressive M&A trend extends across industries, evidenced by TA Associates entering talks to acquire UK-listed Advanced Medical Solutions in a potential $810 million transaction, and IK Partners agreeing to purchase Selatek, a specialist in security and automation services, from Amplio Private Equity. Furthermore, in the insurance sector, Bain Capital Insurance-backed Aptia grew its footprint by picking up Pension Decision Service, which aids members with retirement guidance.

Sector Roll-Ups and Platform Buys

Private equity firms continued to build out platform companies through strategic add-on acquisitions across targeted niches. Concentric-backed Collective Waste expanded its service offerings by scooping up Straight Flush Rentals, while Quad-C-backed Vortex integrated Mainlining America into its U.S. water infrastructure operations. In industrial services, Revelar-backed Steele Solutions broadened its product categories by acquiring Maysteel Industries under the New York-headquartered firm's ownership. Simultaneously, Acorn Capital identified MTI Aviation as a compelling platform aligned with its strategy of investing in highly differentiated aerospace and defense businesses showing strong growth potential.

Exit Strategies and Valuation Testing

Potential blockbuster exits are shaping up for established portfolio companies, most notably with Blackstone preparing a potential public offering for Jersey Mike’s Subs, aiming for an $8 billion exit valuation. Elsewhere, Gryphon Investors is reportedly testing the market for its fire safety platform, Jensen Hughes, which sources estimate could command a valuation of $1.5 billion or more based on recent EBITDA multiples for comparable providers. In Europe, RedBird Capital Partners finalized its purchase of Affinia, a fully-integrated UK accounting services platform, while JC Flowers-backed OneItalia Alliance added Strategica Group to its insurance brokerage operations launched last year.

The Booming Secondaries Market

The GP-led secondaries market is experiencing considerable velocity, with Cerberus Capital successfully completing a single-asset Continuation Vehicle (CV) for Subsea Communications that secured approximately $2.3 billion in commitments, led by CVC Secondary Partners. This activity suggests general partners are maximizing value on "trophy" assets, as secondaries investors expect GPs to be "as much all-in" on these crown jewels. Despite this momentum, the broader secondaries space faces friction, primarily centered on the bid-ask spread remaining the most contentious element in negotiations, even as firms anticipate increasing deployment speed across their funds.

European Investment Focus and Tech Dynamics

Australian superannuation funds are intensifying their focus on European private markets, with senior representatives undertaking a tour of the UK and France to deploy capital, signaling a collective intent to invest $430 billion into the region. This capital influx occurs while European tech firms grapple with issues of digital sovereignty, even as areas like cybersecurity funding remain historically high, with global companies capturing $4.9 billion last quarter, only dipping slightly sequentially. Meanwhile, deal execution in areas like legal services is reportedly slowing due to AI disruption, according to Arrowpoint, even as portfolio companies like the one backed by Bain Capital Insurance continue to add on assets.

Manager Activity and Portfolio Reshaping

Competition remains fierce for high-quality assets, with established buyout giants circling prospective deals; Hg, TowerBrook, and Vitruvian Partners are reportedly among the firms submitting bids for the $270 million Benchmark deal as Schroders reshapes its portfolio. In the UK, despite broader investor education gaps and liquidity concerns persisting in the market, enthusiasm for ELTIFs remains undented. Furthermore, UK pension schemes are focusing on stewardship and integration as they manage their transition into private market exposure, which maintains an enduring appeal for local government funds. Separately, the AI startup space continues to attract major investment, with reports suggesting CuspAI is raising $200 million to reach a unicorn valuation.