Private Equity 24 Hours

Last updated: May 5, 2026, 8:30 AM ET

Deal Activity & Exits

Private equity dealmaking saw several significant carve-outs and platform acquisitions across sectors, including a planned exit in semiconductors where THL Partners agreed to sell its portfolio company AMI to Lattice Semiconductor for $1.65bn, with closing anticipated in the third quarter of 2026. In infrastructure and industrials, KKR and XPV Water Partners are divesting Axius Water—a nutrient management platform formed in 2019—to CRH, while PAI Partners and Fondo Italiano d’Investimento are acquiring Mecaer Aviation Group, an Italian firm specializing in flight-critical systems under a definitive agreement. Further consolidation occurred in the waste sector as Allied Industrial-backed Liberty Waste Solutions purchased Randolph County Garbage Services to expand its North Carolina footprint in integrated recycling solutions.

Sector-Specific Transactions

Activity remains concentrated in specialized services and technology, demonstrated by Carlyle acquiring two health tech firms, Knack RCM and Equalize RCM, with both founders reinvesting a portion of their proceeds. In the engineering space, Copley Equity is testing the market for civil and structural engineering firm LJB, potentially achieving valuations between 12x and 14x EBITDA, while Cata Cap-backed Thranekær bolstered its consultancy profile by acquiring Ingeniørgruppen. Separately, Bregal Milestone made a majority growth investment into Meteoviva, which uses AI for predictive building energy management, aligning with broader PE interest in energy efficiency technology.

Secondary Market Dynamics & Firm Strategy

The secondary market is shifting focus toward standardized deal terms rather than merely securing transactions, as evidenced by the convergence of fee terms in GP-led transactions, according to recent industry commentary. Investors are also closely monitoring sentiment shifts, with analysts analyzing survey findings from Secondaries Investor’s inaugural Global Market Survey to gauge market positioning. On the fundraising front, leaders in the space are being recognized, with individuals from firms like Step Stone and LGT Capital Partners featuring on Private Equity International’s list of future leaders in secondaries.

Growth Equity & Venture Capital Focus

Growth equity deployments continue, with Bain Capital, Sixth Street, and Harvest Partners backing Power Home Remodeling, where Harvest will maintain its position as the largest investor. Meanwhile, the venture ecosystem is being heavily influenced by artificial intelligence funding; global funding reached $56 billion in April, marking the third-highest monthly total in a year, largely propelled by mega-rounds in AI, including a $25 million raise by Lithosquare for critical metal discovery. In Europe, investors are expressing confidence that local startups can withstand AI-driven disruption, even as specialized funds continue to emerge, such as the new healthcare shop launched by executives from HIG and Permira.

Operational Moves & Market Obstacles

Firms are actively seeking operational improvements and strategic exits; SE Capital sold its HVAC firm Sierra Platform to Redwood Services, a platform focused on essential home services. In the context of M&A execution, a key obstacle frequently encountered is the misalignment between founder expectations and the realities of the M&A process, which often causes deals to collapse before closing. Separately, PE-backed GMR is testing the waters for an initial public offering, having set preliminary pricing terms for its emergency medical services business.

Infrastructure & Specialized Tech

Infrastructure plays saw movement as CapMan Infra takes a majority stake in Nordic helicopter operator Heli Air Sweden, which provides aerial services for utilities and defense. In industrial software, Long Path Partners finalized the take-private of UK public sector data provider Idox. Furthermore, the push toward sustainable energy solutions continues, with IFM Investors-backed Mobius Renewables acquiring biogas production assets from Air Liquide across the US, France, and Scandinavia, including five farm waste sites in France.