Private Equity 24 Hours

Last updated: April 28, 2026, 8:30 AM ET

Deal Flow: Infrastructure, Industrials, and Security

Private equity dealmaking continued across specialist sectors, notably in infrastructure and security services. Stonepeak and Bernhard Capital agreed to acquire the electric utility Cleco from a consortium including Macquarie Asset Management and BCI, signaling continued appetite for regulated assets. In the cybersecurity space, Bridgepoint agreed to buy majority control of iC Consult from Carlyle, while Southfield-backed Protos acquired At-Risk International, a security managed services provider. Simultaneously, add-on activity persisted: Aquiline-backed ClearCourse is purchasing Kurve, which supplies self-service kiosks, and Main Capital Partners-backed Mach is absorbing SMS Stiewi, a provider of non-wage expense administration software.

Sector-Specific Transactions: Water, Drilling, and Fitness

Mid-market firms saw transactions in niche industrial and essential services. Fusion Capital completed its purchase of the sustainable water management firm Aqualis from seller DFW Capital Partners. Elsewhere, O2 invested in Steffl Drilling & Pump, a company servicing municipal and agricultural water needs throughout the Upper Midwest. In the consumer segment, Providence-backed VivaGym announced plans to expand its European footprint by acquiring the Spanish gym chain Synergym. Furthermore, Artemis has acquired optical engineering specialist Optikos, where founder Dr. Stephen D. Fantone will remain as chair emeritus.

Specialized Investment Platforms and Secondary Markets

Activity in specialized secondary funds and insurance platforms showed focus areas for capital deployment. Kline Hill and Cendana successfully raised $400 million for their second venture capital secondaries fund, closing above their initial $300 million target at the hard-cap. In insurance, Lovell Minnick-backed Newport Specialty Partners made an investment into Complex Coverage, a newly established specialty insurance platform. Meanwhile, the high-profile secondaries sale involving Vinted drove the company's valuation to €8 billion, illustrating the premium placed on established consumer tech assets.

Venture Capital Trends and AI Valuation Debate

Discussions around artificial intelligence valuations contrast with the steady performance of more tangible sectors. Research suggests that AI's actual contribution to portfolio alpha remains in its nascent stages, according to a recent industry analysis on AI overstatement. This contrasts with venture activity, where Redpine secured €6.8 million to enable AI agents to access non-public datasets, and e-bike startup Forest closed a £40 million Series B round. New Enterprise Associates Partner Tiffany Luck discussed how startup founders should focus on building moats within vertical AI applications to secure durable advantages against platform dominance.

Macro Headwinds and Geographic Focus

Broader economic and regulatory shifts are impacting investment operations in Europe. Changes to UK visa guidance are reportedly making it more challenging for private equity firms to relocate foreign staff to establish British offices. In contrast to chasing grants, European startups are being advised to prioritize equity funding. Separately, Maharlika Investment Corporation, the Philippines sovereign wealth fund, is actively seeking GP partnerships with managers who possess deep local operational understanding. Fixed income markets are anticipating a divergence in credit performance, as StepStone predicts asset quality gaps will lead to mixed results in the upcoming GP-led secondaries market.

Targeting Stability and Ecosystem Deals

Firms are prioritizing recession-resistant sectors like pharmacy, while also exploring broader ecosystem plays like sports. Pharmacy remains a compelling mid-market target due to its inherent stability and high resilience, as detailed by advisors at Bass, Berry & Sims. In the sports vertical, firms including TPG, GTCR, and Otro are actively pursuing deals across the broader ecosystem, including technology and consumer sports. This interest is mirrored by Harbinger Sports Partners, which announced the initial closing of its first fund aimed at investing in professional sports teams. Personnel moves also occurred, with Maple Park appointing Robert Zell as its new Chief Financial Officer, having previously served as COO and CCO at Alta Fox Capital Management.