Private Equity 24 Hours

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

Dealmaking Activity & Sector Focus

Private equity dealmaking remains active across niche sectors, exemplified by several recent acquisitions and roll-ups. Brightstar invested in Simon Eye Holdings, with CEO Edward DiMartino retaining leadership and a meaningful ownership stake, signaling continued management alignment post-close. In the health technology space, Silversmith-backed Med Tech acquired Avarion, a California-based provider of managed healthcare IT services, continuing PE consolidation in tech-enabled services. Furthermore, Pye-Barker, backed by PE, expanded its footprint by scooping up AAA Fire Extinguisher Co., a Georgia-based safety services provider, underscoring the trend of platform builds in fragmented service industries.

Exits and Returns

Firms are realizing significant returns on prior investments, although some strategic shifts are occurring behind the scenes. Siris is reportedly set to reap a 3x return on its investment in Equiniti following a sale to Bullish, with Siris co-founder Frank Baker noting the move was based on anticipated demand for tokenized public equity securities. Separately, Siris also purchased renewable energy services provider Takkion from Apollo, which had originally acquired the asset in 2020. These transactions occur as Apollo CEO Marc Rowan has recently commented on the "messy situation" surrounding valuations in semi-liquid private markets, suggesting potential divergence in exit multiples.

Energy & Infrastructure Transactions

Activity in the energy and infrastructure sectors saw major transactions close as firms maneuvered for hard assets and operational control. Carlyle, alongside Diversified Energy, agreed to acquire Andarko Basin oil assets from Camino for $1.2bn, securing an additional 100 undeveloped inventory locations in Oklahoma. In power generation, SVP acquired the New Frontera Holdings facility, following an earlier investment via a first lien term loan during the company’s 2021 restructuring. Meanwhile, European GPs are actively pursuing international deals, with Mutares planning an office in Houston as part of its strategy to increase overseas dealmaking, even as overall April deal value dropped following a strong first quarter, according to S&P Global data.

Software, Services, and Prop Tech Consolidation

Software and business services remain a core focus for PE deployment, often involving add-on acquisitions to build scale. Main Capital-backed Zig acquired Unik System Design, a proptech firm specializing in software for property management, demonstrating continued interest in real estate technology. In the consulting realm, Sovereign-backed Bioscript snapped up Triducive, a consultancy focused on clinical opinion gathering for pharmaceutical companies. Additionally, NTC Group-backed Entwistle acquired Hales, while Berkshire-backed Specialized Elevator merged with Wyatt Elevator, pointing to active M&A strategies in specialized industrial and technical services.

Talent Moves and Internal Promotions

Firms continued to bolster senior leadership and operational teams across the globe. ICG appointed Brant Gresham as managing director and US West head, while naming Felipe Sotomayor as managing director for Latin America, signaling a focus on regional expansion. In internal progressions, MiddleGround promoted Alexander van der Have to partner after he helped expand the firm's European footprint. In personnel shifts aimed at operational efficiency, Vistria appointed John Atkinson as an operating partner for its financial services team, drawing on his recent experience leading a fast-growing unit at Marsh.

Venture Capital Environment & AI Focus

The venture capital ecosystem shows a bifurcated environment, with strong funding flowing into AI while other areas contract or consolidate. A16z led a $16M seed round for Pit, a new AI startup founded by a Revolut co-founder, coinciding with Fazeshift raising $17M in a Series A round to automate accounts receivable using AI agents. In contrast, Fidelity quietly shuttered its dedicated venture capital arm, sources confirmed. This AI investment wave comes as European firms grapple with competitive pressures, with DeepL cutting 250 jobs to maintain its edge in the AI race, suggesting high capital requirements for sustained technological leadership.

Secondaries Market Dynamics

The secondaries market is thriving amid broader economic uncertainty, acting as a crucial liquidity valve. Geopolitical shocks are fueling record-breaking secondaries activity as limited partners seek to rebalance portfolios. This liquidity reality is forcing the industry to adjust, with Munich Private Equity Partners’ Hans-Christian Moritz describing the current adjustment period using a model of "CV grief" to describe the new liquidity reality. Furthermore, institutional investors are adjusting allocation strategies, as seen with Texas Teachers pivoting toward co-investments, even if it involves a slight premium, while European defense investment remains constrained.

New Fund Launches and Strategic Exits

Firms are also launching new vehicles and testing the market for valuations. GI Partners rolled out Rose Bio Solutions following the acquisition of a Charles River Laboratories unit, aiming to create a new platform in the CDMO space. Separately, MSouth is reportedly testing the buyout market for USA Hometown Experts, an HVAC and plumbing service provider that analysts suggest could command a valuation exceeding $480M based on peers trading near 16x EBITDA multiples. Meanwhile, Japan’s Advantage seeks to double its assets under management within one year, a plan supported by the January sale of a 5% equity stake to Australia’s Pinnacle Investment Management.