Private Equity 24 Hours

Last updated: April 23, 2026, 5:30 PM ET

Dealmaking Activity & Sector Focus

Private equity deal flow evidenced continued sector consolidation, particularly in healthcare and infrastructure, even as geopolitical headwinds reshaped fundraising. In behavioral health software, TCV-backed Kipu Health acquired Team Recovery Technologies, while in the broader healthcare space, new primary care firm Mangrove Health launched with backing from Mako, founded by executives Elena Castañeda and Dr. Emily Maxson. Infrastructure saw a major carve-out, with AIP agreeing to buy Honeywell’s warehouse and workflow solutions business based in Charlotte, North Carolina. Furthermore, KKR committed $1.5 billion to communications infrastructure owner Vertical Bridge, with existing backers Digital Bridge and La Caisse also participating in the funding round.

European activity showed several strategic moves, including Allied Industrial-backed CES Power completing three acquisitions in Ireland: GH Energy Rental, Event Power, and Purecore. Meanwhile, German firm Mutares is considering establishing a Houston presence following its agreement to acquire the Americas and Europe ETP business from petrochemicals giant Sabic, signaling increased US visibility for the firm, particularly within the chemicals sector. Elsewhere, Triton-backed Flokk purchased Spec Furniture, which services key contract segments including healthcare and education across the US and Canada.

Connectivity and IT services also saw integration, as Grain Management-backed Spectrotel arranged a merger with Aire Spring, a New Jersey-based provider of managed network services. In the fintech space, FTV Capital invested in Valitana to accelerate its AI roadmap, focusing on structured credit products like CMBS and ABS. Separately, a former Creandum partner is launching a new fund designed to help scaleups raise capital through debt instruments rather than traditional equity rounds.

Fundraising Trends & Investor Sentiment

Limited Partners are demonstrating a clear desire for diversification, evidenced by the fact that four debut strategies, three of which centered on single-asset continuation vehicles (CVs), ranked among the top 10 fundraises in the first quarter of 2026. This push for varied exposure comes as LPs show increasing amenability to GP-led secondary transactions, according to analysis from Step Stone. In fixed income alternatives, both Pantheon and Ardian launched new private wealth products dedicated to infrastructure assets, with Pantheon receiving regulatory approval for its evergreen Global Infrastructure Secondaries Fund.

Investor apprehension regarding conflicts of interest surfaced as Nevada PERS handed control of its Clearlake Capital Partners assets to an adviser, granting the adviser the discretion to manage or liquidate the holdings via the secondaries market. Meanwhile, governance trends within venture capital show that over half of CVs now utilize carried interest waterfalls featuring both IRR and MOIC return thresholds, according to a forthcoming Morgan Lewis report on term trends.

Technology & AI Investment Themes

Artificial intelligence continues to drive significant capital deployment, although broader technology funding shows unevenness; for instance, EV funding is only tracking for modest gains compared to prior peaks. Startups focused on applying agentic AI to heavy industry are attracting seed capital, such as Cloneable raising $4.6 million to replicate expert workflows in utilities and infrastructure. The race to compete with established large language model developers remains active, with reports suggesting Elon Musk considered a deal with Mistral to challenge incumbents like OpenAI and Anthropic. Furthermore, GPs are reportedly offering larger compensation packages to attract specialized AI talent.

Personnel & Market Outlook

Firm-level appointments reflected internal growth and expansion planning. Bowmark announced three promotions within its investment team, elevating Jamal Lakhani to investment director and naming Inderpal Lall and Oleksandra Rovinska as investment managers. to deal volume, JP Morgan’s John Burns previewed a stronger volume of companies coming to market, as detailed in a Deal Max preview. In a non-deal development, the firm L Catterton partnered with Patricof to form CHAMP, an athlete branding firm already securing partnerships with 250 athletes including Kevin Durant and Justin Jefferson. Finally, industry recognition remains a focus, with calls out to nominate influential women across the private markets ecosystem for the sixth annual feature.