Private Equity 24 Hours

Last updated: April 21, 2026, 5:30 AM ET

Fundraising & Exits: Mega-Rounds and IPO Prep

EQT closed its BPEA IX fund at $15.6 billion, establishing a new benchmark as the largest Asia Pacific-focused private equity vehicle ever raised, signaling continued investor appetite for regional growth despite global economic uncertainty. On the exit front, Blackstone-backed Jersey Mike’s Subs filed for an IPO, signaling a potential $8 billion public market offering that would mark a successful exit for the private equity giant. Elsewhere, Cerberus Capital completed a significant single-asset continuation vehicle for its Subsea Communications unit, securing approximately $2.3 billion in commitments led by CVC Secondary Partners, illustrating the growing trend of GPs utilizing CVs for trophy assets.

Sector M&A: Focus on Resilience and Infrastructure

The private equity sector demonstrated a clear preference for defensive and essential services M&A, with the European fire safety pipeline showing increased activity driven by revenue visibility and regulatory stability in the lower mid-market. This trend was exemplified by HIG-backed Andwis acquiring Senseco Systems, marking the fourth acquisition for Andwis this year, while Gryphon Investors is reportedly testing the market for Jensen Hughes, potentially fetching a valuation of $1.5 billion or more based on recent EBITDA multiples in the fire safety sector. In aerospace, Acorn Capital plans to acquire MTI Aviation, viewing the target as a platform aligned with its strategy in differentiated defense businesses, while Revelar-backed Steele Solutions expanded into adjacent categories by acquiring Maysteel Industries.

Deal Flow and Financing: Europe and Cosmetics

Activity remains high across European specialized sectors, with Long Path Partners’ offer for UK regulatory compliance software provider Idox declared unconditional, clearing the path for final integration. In the mid-market, RedBird Capital Partners acquired UK accounting platform Affinia, adding to its portfolio of professional services firms. Meanwhile, major financing maneuvers are underway in the beauty sector, where JPMorgan is structuring a massive $5.9 billion debt package to support Estée Lauder’s potential acquisition of Puig, testing the appetite for large-scale leveraged buyouts in consumer staples. In the secondaries market, Ardian sold its stake in quality management provider Trigo to Montyon Capital, as the firm actively manages its portfolio alongside a robust pipeline driven by data center build-outs and regulatory compliance needs.

Sector Consolidation and Strategy

Consolidation continued across niche infrastructure and services areas, with Quad-C-backed Vortex acquiring water-main service company Mainlining America to bolster its U.S. operations, and Concentric-backed Collective Waste scooping up Straight Flush Rentals to deepen its service offerings. In the insurance brokerage space, JC Flowers-backed OneItalia Alliance acquired Strategica Group, strengthening its position as an insurance intermediary. Furthermore, in the technology and life sciences arena, pharmaceutical giant Eli Lilly announced a major acquisition of gene therapy developer Kelonia Therapeutics for up to $7 billion, the largest funded biotech startup purchase in years, while TA Associates is reportedly negotiating to take tissue-healing technology developer Advanced Medical Solutions private.

Investor Focus and Regional Dynamics

European investors are increasingly prioritizing resilience themes, as noted by Houlihan Lokey, amidst a surge in defense sector dealmaking. This focus on stability is echoed by Australian superannuation funds, who are beginning a concerted tour of the UK and France with a mandate to deploy $430 billion into European private markets. Despite broader discussions concerning the education gap for individual investors and liquidity concerns, enthusiasm for European Long-Term Investment Funds remains strong. In technology, European startups are grappling with demands for digital sovereignty, even as AI-focused ventures attract capital, such as Stripe alumni raising €7.5 million for fintech Seapoint, and Cusp AI reportedly seeking a $200 million round at a unicorn valuation.