Private Equity 24 Hours

Last updated: April 23, 2026, 11:30 PM ET

Dealmaking and Corporate Activity

Private equity deal flow continues across sectors, with KKR committing $1.5 billion to communications infrastructure operator Vertical Bridge, joining existing backers Digital Bridge and La Caisse in the investment. In carve-out activity, AIP agreed to acquire Honeywell’s warehouse and workflow solutions business, while in the fragmented telecom space, Grain Management-backed Spectrotel will merge with Aire Spring, a managed network services provider. Separately, the German firm Mutares is exploring a Houston presence as it sees increased U.S. visibility following its agreement to purchase the Sabic ETP business in the Americas and Europe, signaling a focus on the chemicals sector expansion.

Platform acquisitions saw Allied Industrial-backed CES Power complete three bolt-on deals in Ireland, acquiring GH Energy Rental, Event Power, and Purecore, while in the contract furniture market, Triton-backed Flokk picked up Spec Furniture, which services the healthcare and education segments in North America. This M&A flurry comes as JP Morgan’s John Burns anticipates a stronger volume of companies entering the market, according to a preview for the Deal Max conference.

Technology & AI Acquisitions

The technology sector remains active, particularly in artificial intelligence applications. Bret Taylor’s Sierra acquired the YC-backed French startup Fragment, which develops AI customer service agents, while Cloneable raised $4.6 million in seed funding to build agentic AI capable of replicating expert workflows in energy and infrastructure industries. The competition in advanced models continues, with reports indicating Elon Musk had mulled a deal with Mistral to counter rivals like OpenAI and Anthropic. Furthermore, FTV Capital invested in fintech firm Valitana to accelerate its AI roadmap, especially within structured credit markets.

Sector-Specific Investment Launches and Exits

Healthcare saw the launch of a new primary care firm, Mangrove Health, which secured an investment from Mako, founded by veteran executives Elena Castañeda and Dr. Emily Maxson. In behavioral health software, TCV-backed Kipu Health snapped up Team Recovery Technologies, based in Miami. Meanwhile, the transportation sector saw movement as ride-hailing giant Lyft moved to acquire Gett’s UK black cab business. In a move signaling brand aggregation, L Catterton and Patricof teamed up to form CHAMP, an athlete branding firm already partnering with 250 individuals including Kevin Durant and Justin Jefferson.

Fundraising Trends and LP Dynamics

Limited Partners are driving shifts in fundraising strategies, with diversification emerging as a key focus; four debut strategies, including three focused on single-asset continuation vehicles (CVs), ranked in the top ten Q1 2026 fundraises. This appetite for new structures is reflected in evolving governance, as a new report reveals that over half of CVs mandate carried interest waterfalls using both IRR and MOIC return thresholds. In infrastructure, both Pantheon and Ardian launched new evergreen products targeting private wealth, with Pantheon receiving regulatory approval for its Global Infrastructure Secondaries Fund and Ardian releasing a feeder fund for Australian wholesale investors.

Geopolitics and Governance Concerns

Geopolitical uncertainty is actively reshaping deal activity and fundraising inflows across the private markets ecosystem. Governance issues also surfaced, as the Nevada Public Employees' Retirement System handed control of its Clearlake Capital assets to an adviser due to a conflict of interest, granting the adviser discretion, including the ability to liquidate via the secondaries market. On the personnel front, former Disney CEO Bob Iger rejoined Thrive Capital as an advisor following his exit from the entertainment giant, maintaining his prior relationship as a venture partner with the firm.