Private Equity 24 Hours

Last updated: April 22, 2026, 2:30 PM ET

Private Equity Deal Activity & Exits

Activity across the middle market remained brisk, evidenced by HIG Capital divesting Celerion to THL Partners, a transaction involving a provider of clinical monitoring and biostatistics services for biotech clients. In related sector moves, GTCR finalized its acquisition of Fiduciary Trust Company, appointing former Wilmington Trust chair Doris Meister as executive chair. Elsewhere, in public-to-private space, First Eagle completed its take-private buyout of Diamond Hill Investment Group, paying shareholders $175.00 per share in cash, while CVC Capital and GTCR launched a joint bid for the medical device maker Teleflex.

Further deal flow spanned several industrial and specialized sectors; Behrman Capital scooped up Metallizing Service Company Holdings, which services aerospace and defense applications, and SK Capital acquired Brothers International Food Holdings from seller Benford Capital Partners. In distribution and manufacturing, Bessemer-backed Tencarva purchased WWater Tech, a flow control equipment provider, and LFM invested in L&R Industries, a firm providing tube products alongside metal fabrication and electrical services. Add-on activity also continued within portfolio companies, as SFEP-backed Xceed Foodservice Group invested in Encore Food Solutions, a US-based brokerage, and Gemspring-backed Shrieve Chemical Company picked up FIS Chemicals, a specialized chemical formulator.

Sector Focus: Defense and Consumer

Firms are increasingly targeting resilience and defense assets, with Warburg Pincus launching a dedicated strategy ready to deploy €200 million checks specifically for European defense, security, and resilience businesses. This focus aligns with broader market sentiment, as reports suggest defense assets are reaching "attractive valuations," according to Houlihan Lokey, making the surge in defense deals positive for both LPs and GPs examining resilience themes. Separately, Forward Consumer Partners’ Matt Leeds anticipates that "really good companies" will come to market soon, planning six to eight control deals from its second fund, while Leeds also shared outlooks on consumer and retail dealmaking.

Fundraising Structures & LP Concerns

The industry continues to grapple with liquidity management, particularly concerning newer fund structures. Temasek’s Azalea is betting on the evergreen structure as a means to democratize private equity access, contrasting with warnings from some investors that these structures have potentially "overpromised on liquidity" according to BFA Global Investors' CIO. Meanwhile, limited partners are seeking greater transparency, with some LPs reportedly finding themselves forced sellers in portfolio company sales due to the lengthy election periods stipulated in side letters. In contrast to redemption concerns, Adams Street Partners successfully closed its sixth co-investment fund, reaching $2.5 billion, and EQT seems to have avoided the redemption rout, planning its next fundraising cycle for 2026 after expanding under Coller's ownership into real asset secondaries.

Credit, Tech, and Specialized Investment

Mega-managers are actively tapping debt markets, as Blackstone’s private credit fund is preparing to sell investment-grade notes, joining a rising trend of business development companies (BDCs) ending their recent issuance drought. In the technology and healthcare venture space, Esther and Anne Wojcicki have backed a new accelerator, Treehub, and an early-stage firm, AI Health Fund, both launched by Mary Minno to support startups operating at the intersection of healthcare and artificial intelligence. Furthermore, London-based Apax is navigating tech uncertainty by focusing its thesis on companies that are either established AI winners or, at minimum, AI-neutral.

Startup Infrastructure and Niche Plays

Specialized services are emerging to support the lifecycle of technology companies, including those facing closure. Simple Closure launched Asset Hub, a marketplace designed to help founders salvage value by selling assets like source code and data during a wind-down process. Separately, Wendel completed its acquisition of a 56% stake in Committed Advisors, a global mid-market private investment firm, while New State Capital-backed Blackhawk acquired MCA Aviation, a UK-based maintenance and engineering provider. Elsewhere, Brightstar Capital acquired children’s products provider Bendon, with the founder remaining in place to lead the company.