Private Equity 24 Hours

Last updated: May 6, 2026, 2:30 AM ET

Private Equity Dealmaking & Sector Activity

Acquisition activity remained broad across sectors, with several specialized healthcare platforms seeing bolt-on expansion. Goldman Sachs-backed Xpress Wellness bolstered its footprint in rural and suburban care by acquiring Midwest Counseling Services, which offers urgent care and behavioral health, while MBF Healthcare-backed Arete Health expanded its outpatient physical therapy platform by taking over Virginia Rehabilitation & Wellness and Summerville Physical Therapy & Balance. Elsewhere in healthcare services, Cinven-backed fund administrator Alter Domus announced its definitive agreement to acquire MSC Group, a provider of trustee and fund administration services, signaling continued consolidation in the administrative backbone of private markets.

Industrial and environmental services saw several transactions, including KKR and XPV Water Partners successfully executing the sale of Axius Water, the nutrient management platform they formed in 2019, to CRH, following a period where KKR made targeted acquisitions to scale the business prior to exit. In waste management, Allied Industrial-backed Liberty Waste Solutions continued its expansion in North Carolina by taking over Randolph County Garbage Services, while Coalesce Capital-backed Miller Environmental Group increased its environmental services capability by acquiring Central Ohio Oil. Further industrial activity involved Platinum Equity finalizing its purchase of electric heating firm Infratech from its founder and CEO, and Sterling Group-backed HLSG acquiring Texas Textile Services to expand its outsourced linen laundry operations servicing healthcare institutions.

Technology and software buyouts included THL Partners agreeing to divest AMI to Lattice Semiconductor for $1.65bn, with the transaction anticipated to close in the third quarter of 2026, marking a substantial exit for the PE firm. In the UK, Long Path Partners completed the take-private of Idox, a provider of geospatial data and information management software for regulated industries. Meanwhile, M&A advisory saw William Blair move to acquire Inner Circle Sports, which will continue operating under its existing name for a transitional period post-closing, while Baird Capital closed a single-asset continuation vehicle for life sciences consultancy Blue Matter.

Venture Capital & Growth Equity Trends

Venture funding demonstrated continued strength in April, with global funding reaching $56bn, marking the third-highest monthly total in a year and doubling year-over-year, primarily driven by several large rounds, including major investments in AI that pushed funding higher. In the AI space, voice technology startup ElevenLabs secured new backing from investors including BlackRock and actor Jamie Foxx, announcing it has reached $500M in annual recurring revenue. Autonomous software development company Blitzy also attracted significant capital, raising $200M at a $1.4bn valuation to advance its development tools. Despite cooling in some areas, a16z crypto announced the closing of a new $2.2bn fund, signaling its intent to remain focused on crypto investments even as some peers pivot toward AI.

Growth equity focused on specialized technology and European expansion. Bregal Milestone made a majority growth investment in Meteoviva, which employs AI for predictive building energy management, while in a similar vertical, Bregal Milestone also backed a different AI-powered predictive building energy manager via a deal alongside PAI Partners and FII for Mecaer Aviation Group. In deep tech, Intel participated in a $178M Series B round for quantum startup Quantware to accelerate industrial-scale production, while a specialized European startup focused on quantum computing, Silo, secured €25M in new funding to build what its founder calls the "Palantir of quantum computing."

Fund Structure & Secondaries Market Dynamics

The evolution of private market vehicles continues, with the next generation of evergreen structures being designed to be engineered around the specific asset class rather than solely tailored to investor type, reflecting a structural shift in liquidity management PE International. This shift is occurring as secondaries play an increasingly vital role for these evergreen funds, with a recent Hamilton Lane report indicating that secondaries now constitute an average of 13% of private wealth client portfolios PE International. However, recent stresses in credit evergreens, which experienced a redemption rush, serve as a warning that the democratization of private markets still requires meticulous calibration regarding liquidity terms. Furthermore, the secondary market is seeing greater focus on deal quality, as evidenced by reports that fee terms are converging toward 'best practice' standards rather than merely facilitating transactions Secondaries Investor.

Personnel & Regulatory Shifts

Regulatory developments in the US are creating clearer pathways for collaboration between private markets and defined contribution capital, potentially unlocking vast pools of American retirement assets for private investment PE International. In personnel news, Amulet Capital appointed Adam Grossman as a partner, where he will concentrate on sourcing and scaling healthcare services platforms alongside management teams. In Europe, there is ongoing analysis of M&A deal friction, with one expert citing founder expectation misalignment as the primary reason M&A deals fail before they even commence. Meanwhile, the European ecosystem saw the emergence of a new healthcare shop launched by executives from HIG and Permira, while the trend of high-profile company alumni launching new ventures continues, exemplified by the "founder factory" emerging from Revolut.