Private Equity 24 Hours

Last updated: April 22, 2026, 11:30 PM ET

Dealmaking & Portfolio Activity

The middle market saw a flurry of acquisitions as PE-backed Alcami moved to acquire Dutch contract manufacturer Tjoapack, signaling continued consolidation in the pharmaceutical services sector. Simultaneously, HIG Capital initiated the sale of Celerion, a contract research organization providing clinical monitoring and biostatistics support to biotech clients, with THL Partners emerging as the likely buyer. In other carve-outs, Behrman Capital scooped up Metallizing Service Company Holdings, which services aerospace and defense clients, while Bessemer-backed Tencarva expanded its flow control distribution platform by acquiring WWater Tech. Further diversification occurred as SK Capital purchased Brothers International Food Holdings from Benford Capital Partners, and Brightstar Capital acquired children’s products provider Bendon.

Strategic Focus & Sector Bets

Private equity firms are increasingly targeting niche, defensive sectors, evidenced by Warburg Pincus launching a dedicated strategy prepared to write €200 million checks for European defense, security, and resilience businesses, noting that defense assets are currently presenting "attractive valuations". This focus on resilience is echoed by industry analysis suggesting that the surge in European defense deals is viewed favorably by both limited partners and general partners. In the consumer space, Forward Consumer Partners expects to execute six to eight control deals from its second fund, with Managing Partner Matt Leeds anticipating that "really good companies" will enter the market in the coming months. Elsewhere in manufacturing, LFM invested in L&R Industries, a firm providing tube fabrication and associated industrial services.

Fundraising, Liquidity, and Structure

Firms are adapting capital structures to manage LP demands amid market uncertainty. Adams Street Partners successfully closed its sixth co-investment fund at a substantial $2.5 billion, demonstrating appetite for co-investment vehicles. Meanwhile, Temasek’s Azalea is betting on an evergreen structure to democratize access to private equity for a broader investor base. However, liquidity remains a concern, as some LPs are finding themselves as forced sellers in secondary sales due to overly long election periods specified in side letters. This pressure is contrasted by reports that EQT appears to have avoided the recent redemption wave hitting other structures, while Coller plans to expand into real asset secondaries under EQT ownership. An Australian wealth manager issued a warning that PE evergreens have "overpromised on liquidity," urging the industry to better manage withdrawal events in unlisted funds.

Credit, Secondaries, and Consolidation

In private credit, the issuance drought among Business Development Companies (BDCs) is ending, prompting large managers like Blackstone to tap the bond market to sell investment-grade notes for its private credit fund. The trend toward consolidation is visible in large-scale asset management, where the acquisition of Standard Life's Aegon UK division will create a pensions giant with an approximate £480 billion asset portfolio, a move seen as "good news for bigger GPs". In the secondary market, firms are planning future fundraises, with Coller plotting a 2026 launch for its next flagship and credit raise. In major transaction news, GTCR finalized its acquisition of Fiduciary Trust Company, appointing former Wilmington Trust chair Doris Meister as executive chair, and First Eagle completed the take-private buyout of Diamond Hill Investment Group, offering shareholders $175.00 per share in cash.

Venture Capital & Emerging Themes

The intersection of healthcare and artificial intelligence is attracting significant early-stage capital, as evidenced by the launch of the Treehub accelerator and the AI Health Fund by Mary Minno, attracting backers including Esther and Anne Wojcicki. The longer timeline required for deep technology plays, such as fusion energy, is being accepted by investors, with private investment in the sector surging from $10 billion to $15 billion in recent months. For founders navigating the current environment, guidance suggests focusing on solving specific industry problems by developing vertical, AI-driven solutions. Meanwhile, in corporate governance, a CEO from a portfolio company apologized after a security scare, stating, "I take accountability for the lapse". On the operational side, Los Angeles-based Simple Closure launched Asset Hub, a marketplace designed to help founders salvage value from startup shutdowns by selling assets like source code and data.