Private Equity 24 Hours

Last updated: May 7, 2026, 5:30 AM ET

Private Equity Dealmaking & Portfolio Activity

Private equity firms are actively pursuing M&A across specialized sectors, with Kainos-backed Colorado Premium acquiring Old Hickory Smokehouse to bolster its protein supply across foodservice and direct-to-consumer channels. Simultaneously, platform build-ups continue in services, as Godspeed-backed Next Point purchased UScontracting, a provider of mission enablement solutions for defense intelligence, and Ansor-backed Complii agreed to buy Classic Lifts Scotland to expand its maintenance and modernization footprint. In healthcare, Frazier Healthcare-backed Care Tria completed the purchase of digital pharmacy CaryHealth, aiming to solidify its role as a therapy initiation partner for pharmaceutical giants, while PE-backed Pye-Barker added a security and fire alarm firm to its rapidly expanding fire protection portfolio.

Deal flow is also concentrating on specialized verticals, as Baird Capital prepares to test the buyout market for water treatment firm Cleanwater1, which sources suggest could command a high exit multiple of 15x–17x EBITDA based on $40M in recent year EBITDA. Meanwhile, Sentinel is preparing to divest manufacturer NSI Industries for an expected $3bn, a supplier serving industrial and infrastructure end markets. In the realm of professional services, JLL Partners will inject capital into CAI to expand its global footprint and invest in next-generation technologies, while Park South-backed Infinite acquired Dukas Linden Public Relations to enhance its communications and reputation management capabilities.

In European transactions, Norvestor is set to acquire Germany’s Debtist a provider of AI-driven receivables management, signaling continued PE interest in specialized fintech applications, while Montage Partners invested in live events production firm Lighten Up, with the founder retaining a significant ownership stake. Further activity shows PE firms are also actively managing existing assets through continuation funds, with Ares leading the capital raise for a single-asset CV involving Blue Matter Consulting, a move Baird Capital views as occurring for the right strategic reasons.

Fundraising, Strategy, and Talent Infusion

Firms are actively recruiting seasoned executives to drive operational improvements, with Tayeh Capital Group tapping Scott Harrison as an operating partner to support portfolio company management teams. Similarly, Tortuga Growth Partners appointed Michael O’Neil as an operating partner, who concurrently serves as vice chair at an AI-first healthcare company. L Squared has brought on Philip Gunn as an operating executive to evaluate buy-and-build platforms specifically in the aerospace, space, and defense sector. Furthermore, Aqualis Partners expanded its leadership appointing a new CFO and IR director, drawing talent from CVC Secondary Partners and SV Health Investors, respectively.

On the fundraising front, Japan’s Advantage is pursuing an ambitious goal to double its Assets Under Management within one year, a move that follows its January sale of a 5% equity stake to Australia’s Pinnacle Investment Management. Meanwhile, Mubadala has taken an equity position in Power Factors which is already backed by Vista Equity Partners, suggesting continued institutional commitment to energy transition technology providers. Retail investor appetite for private market exposure is also evident, as Robinhood’s CEO stated over 150,000 retail investors joined the fintech’s new venture fund, gaining exposure to private tech firms like OpenAI and Stripe.

Venture Capital & AI Disruption Focus

The venture capital ecosystem remains highly focused on artificial intelligence, with seed-stage funding supporting foundational infrastructure. Andreessen Horowitz (a16z) led a $16M seed round in Voi co-founder’s new AI startup, Pit, demonstrating continued high-profile early bets in the sector. Another recent raise saw a startup seeking to automate workflows for non-coders secure $9M in funding to empower business users. In the broader tech funding environment, insurance startup Corgi achieved a $1.3B valuation just four months after its Series A, following a $160M Series B led by TCV.

Strategic investment in AI is driving shifts in how PE firms evaluate early-stage companies, with leaders from Clearlake, Thoma Bravo, and TPG sharing insights on navigating AI disruption. These firms emphasize that for software investments amid disruption, deep domain expertise and trusted enterprise franchises will determine the winners. This trend suggests technical skills alone are insufficient for differentiation, as generative AI lowers the barrier to basic coding, prompting investors to re-evaluate what constitutes a core team advantage in technical startups. The continued maturation of the private markets is also leading to calls for greater rigor, as one executive warns that the rush to extend access risks mistaking more products for better portfolios in the new private markets.