Private Equity 24 Hours

Last updated: April 24, 2026, 8:30 AM ET

Private Equity Deal Activity & Sector Focus

The healthcare sector saw notable activity, with several firms deploying capital into specialized care niches, as Archimed, Cinven, Gemspring, and InTandem all participated in six separate transactions within the orthopedics market, signaling sustained investor interest in high-margin medical services. Simultaneously, behavioral health software provider Kipu Health secured an acquisition by TCV, which purchased Team Recovery Technologies, further consolidating the health tech space. In primary care, a new platform named Mangrove Health launched following an initial investment from Mako, founded by healthcare veterans Elena Castañeda and Dr. Emily Maxson to target the fragmented primary care market.

Platform expansion through M&A continues across various industries, exemplified by the Avance-backed Alchemy Technology Group acquiring cybersecurity firm IOvations; Alchemy, a Houston-based IT advisory and consulting firm, is utilizing buy-and-build strategies to boost its technology offerings. In energy infrastructure, Allied Industrial-backed CES Power completed three distinct acquisitions in Ireland—namely GH Energy Rental, Event Power, and Purecore—demonstrating targeted growth in power rental services. Meanwhile, investment banking advisors at Drake Star anticipate significant transaction volume ahead for private equity-backed video gaming companies Technology & AI Acquisitions

The technology sector witnessed strategic acquisitions focused on AI and foundational infrastructure. Bret Taylor’s Sierra acquired the YC-backed French startup Fragment, which develops AI customer service agents, as the former Salesforce co-CEO continues to invest in emerging artificial intelligence applications. In foundational AI, the European generative AI firm Aleph Alpha struck a merger deal with Canada’s Cohere, valuing the combined entity at an estimated $20 billion, reflecting the massive capital infusion currently targeting large language model competition. Separately, European hyperscaler Verda raised €100 million to fund expansion, planning to onboard over 100 new employees and enter new geographic markets.

Fundraising, Investor Sentiment, and Talent

Investor sentiment remains complicated by international dynamics, as geopolitical developments are already reshaping both deal flow and the trajectory of fundraising inflows globally. Within the limited partner community, Japanese LPs are reportedly finding participation in credit secondaries challenging due to the "asymmetry" of information and a perceived lack of look-through capabilities, according to discussions at the Private Debt Investor Tokyo Forum. On the fundraising front, diversification is a key theme, with debut strategies—including three focused specifically on single-asset continuation vehicles (CVs)—ranking among the top ten fundraises during Q1 2026. Furthermore, legal analysis indicates that the majority of CVs are now employing term structures that include both Internal Rate of Return (IRR) and Multiple of Invested Capital (MOIC) thresholds for carried interest waterfalls.

In talent and advisory roles, Manna Tree appointed Jessica Schmitt as managing director of capital formation to manage relationships with its global investor base and oversee growth initiatives, particularly as consumer health investments garner increased interest. In venture capital circles, former Disney CEO Bob Iger rejoined Thrive Capital as an advisor following his exit from the entertainment giant, having previously held a venture partner role at the firm.

Public Markets & Exit Pipeline

The initial public offering pipeline is showing signs of life, with S-1 filings increasing over recent weeks for venture-backed firms specializing in areas such as semiconductors, nuclear and geothermal power, and space and defense technology, all positioning for potential public debuts. This potential uptick in exits comes as firms in adjacent sectors explore strategic sales; ride-hailing operator Lyft moved to acquire Gett’s UK business, signaling consolidation in the urban mobility space. Separately, the outlook for European spacetech remains active, with mapping efforts identifying over 70 startups aiming for significant growth.