Private Equity 24 Hours

Last updated: May 1, 2026, 11:30 AM ET

Private Equity Deal Flow & Sector Activity

The private equity sector evidenced continued activity across corporate carve-outs and specialized investments, highlighted by Clearlake completing its buyout of the power and electric services platform Qualus from New Mountain Capital. Concurrently, ArchiMed agreed to take Esperion Therapeutics private in an $1.1 billion transaction, though that deal is slated for a 2026 close, suggesting longer timelines for certain healthcare acquisitions. In the secondary and growth equity space, Searchlight is poised to invest in B2B events organizer Closer Still Media, which is currently backed by Providence Equity Partners, indicating ongoing appetite for niche service providers. Furthermore, AnaCap finalized the sale of its French private bank, Milleis Group, which includes Milleis Banque and asset management subsidiaries, to LCL and Crédit Agricole Assurances, marking a significant European financial services exit.

Firm Launches and Personnel Moves

The industry saw the formal rollout of a new player with Mako officially launching, co-founded by former United Airlines chairman and CEO Oscar Munoz, signaling continued capital formation despite market headwinds. Personnel additions across established firms suggest ongoing strategic hiring: Riverwood appointed Mac Hofeditz as a managing director, bringing experience from Vector Capital Management, while Beach Point tapped Fred Storz to join as a managing director based in the New York office. These moves reflect GPs positioning their teams to navigate complex deal sourcing and portfolio management environments, especially as Partners Group emphasizes that transformation and quality execution are paramount for successful exits in the current unsettled market.

Capital Markets and Fundraising Trends

Discussions among senior market participants centered on evolving investor bases and the need for pragmatic valuation approaches. Ardian noted that private wealth solutions can benefit both long-standing institutional LPs and smaller private wealth investors, pointing toward the expansion of private capital access. This trend aligns with commentary from StepStone Group, which stated that individual investors are increasingly gaining institutional-quality access. Amid these shifts, general partners are facing pressure regarding asset pricing, with some suggesting managers may need to adopt a more pragmatic approach to pricing to meet rising demand for distributions. Meanwhile, hybrid fund structures are gaining traction as a mechanism for bringing public and private markets together through democratization efforts.

Sector Focus: Healthcare, Tech, and Sports

Targeted investment activity continues across specialized sectors, with private equity firms showing a collective interest in healthcare consolidation, as evidenced by six deals currently eyeing eye care assets involving major players like Goldman Sachs and Gryphon Investors. In technology, while the broader venture ecosystem sees capital concentrating geographically, with the San Francisco Bay Area expanding its seed funding dominance in 2025, specialized AI opportunities are attracting dedicated private market focus. For instance, Adams Street Partners noted that investors with preferential access to high-quality AI opportunities are well-positioned due to accelerating innovation. Outside traditional sectors, Avenue Sports Fund has invested in professional soccer team The North Carolina Courage, while in Europe, Inflexion is moving to acquire a minority stake in Marktlink Capital, which services access to PE, VC, and private credit funds.

Democratization and Regulatory Environment

The ongoing push for wider private market access continues to involve structural and regulatory considerations. Legal experts from Kirkland & Ellis argue that the expansion of private markets relies on nuanced innovation in fund structures and sponsor partnerships. Similarly, Simpson Thacher & Bartlett suggested that true democratization involves restoring prior access to economic growth, rather than simply granting new access. In areas touching regulatory compliance, the US Department of Labor’s proposal concerning 401(k) plans flagged Commingled Vehicles (CVs) as an area of concern, though advisors caution against ruling them out entirely. Furthermore, in the AI space, limited partners are seeking greater clarity from managers on how they plan to navigate the 'Saa Spocalypse' disruption.

Secondary Markets and Firm Strategy

In volatile conditions, the secondary market is proving its utility. Pomona Capital’s CEO, Michael Granoff, observed that market volatility, an evolving investor base, and ongoing liquidity constraints make a compelling case for secondaries strategies. This resilience is crucial as GPs aim to prove they can still build, transform, and exit assets successfully. Separately, KKR will retain majority control in Flow Control Group after Neuberger agreed to back the company, taking a significant minority stake, illustrating how co-investment and minority recapitalizations are being used to manage portfolio holdings.