Private Equity 24 Hours

Last updated: April 21, 2026, 2:30 AM ET

Private Equity Dealmaking & Exits

Firms are actively pursuing add-on acquisitions across diverse sectors, demonstrating continued appetite for platform consolidation, even as some larger exits loom. RedBird Capital Partners has elected to acquire Affinia, a fully-integrated UK accounting services platform, while in the U.S., Concentric-backed Collective Waste scooped up Straight Flush Rentals to deepen its service offerings. Similarly, Quad-C-backed Vortex bolted on water-main service company Mainlining America to operate under its existing Vortex Water brand, and Revelar-backed Steele Solutions expanded into adjacent product categories by taking over Maysteel Industries 9. Elsewhere, Bain Capital Insurance-backed Aptia reinforced its retirement services portfolio by picking up Pension Decision Service, a firm providing personalized guidance on pension options.

In the aerospace and defense space, Acorn Capital is preparing to acquire MTI Aviation, citing the target as a compelling platform aligned with its strategy of investing in highly differentiated businesses. Meanwhile, another potential exit is surfacing as Gryphon Investors is reportedly testing the market for its fire safety platform, Jensen Hughes, with sources suggesting a valuation could exceed $1.5 billion based on recent EBITDA multiples for comparable providers 22. On the debt side, Cerberus Capital successfully closed a single-asset continuation vehicle (CV) for Subsea Communications, securing approximately $2.3 billion in commitments led by CVC Secondary Partners 12.

Sector Focus: Tech, Biotech, and Industrials

The technology sector continues to see significant investment, although there are some mixed signals regarding deal execution speed. Arrowpoint Capital noted that AI disruption is currently slowing down the execution of legal services deals, even as portfolio activity remains high. In biotech, Eli Lilly made a blockbuster move by announcing the acquisition of gene therapy developer Kelonia Therapeutics for up to $7 billion in cash, marking one of the largest funded startup purchases in recent memory 3. In deeptech and AI, reports suggest that CuspAI is raising $200 million at a unicorn valuation, while a group of alumni from Stripe are launching their own AI-powered fintech venture, Seapoint, having successfully raised €7.5 million in seed funding 1.

European Market Dynamics & Investor Activity

European private markets are attracting attention from international capital pools, despite localized concerns about digital sovereignty. Senior officials from Australian superannuation funds are currently touring the UK and France with plans to deploy $430 billion into European assets 19. This influx comes as many European startups wrestle with demands for greater tech sovereignty 23. In secondary markets, there is an increasing expectation that General Partners align their interests closely with investors in GP-led continuation vehicles, with secondaries investors demanding that GPs be "as much all-in on trophy, crown-jewel assets as they possibly can be" 13.

Further consolidation is expected in the UK, where TA Associates is reportedly in talks to acquire the UK-listed Advanced Medical Solutions for a potential transaction valued around $810 million 28. Meanwhile, in the race for sports agency assets, Permira is among several investors exploring the acquisition of The Team 18. Elsewhere in Europe, IK Partners agreed to acquire Selatek, a technical installation business specializing in security and automation services, from Amplio Private Equity 26.

Investor Education & Regulatory Environment

The broader private markets ecosystem faces ongoing challenges related to investor education and liquidity management, though enthusiasm for certain structures persists. Despite liquidity concerns and inexperienced managers, enthusiasm for European Long Term Investment Funds (ELTIFs) remains strong 20. Concurrently, asset managers are weighing in on the complexities surrounding the UK’s pension-pooling transition, where the primary hurdles now involve integration, education, and portfolio stewardship for local government pension schemes increasing their private market exposure 17. Separately, funding for cybersecurity startups remained elevated this past quarter, with investors deploying $4.9 billion globally into security and privacy-focused companies, well above year-ago levels despite a slight sequential dip 21.