Private Equity 24-Hour Briefing
×Last updated: May 8, 2026, 5:30 AM ET
Dealmaking Dynamics & Valuations
Private equity deal flow continues to show divergence across sectors, with defense valuations reportedly complicated by the "war effect," according to Houlihan Lokey pehub.com. This complexity surfaced as EQT’s third bid for Intertek pehub.com, the assurance and testing provider, was ultimately rejected. Elsewhere in services, MSouth is testing the buyout market for USA Hometown Experts pehub.com, an HVAC and plumbing firm that could fetch upwards of $480M based on peer multiples trading near 16x EBITDA, while Capstone Partners noted a general challenging environment for industrials deals pehub.com as several business services companies, including those shopped by Audax and Copley, hit the block.
Consolidations within niche service providers persisted, with PE-backed Pye-Barker acquiring AAA Fire Extinguisher Co pehub.com to bolster its fire protection footprint, and NTC Group-backed Entwistle snapping up Hales pehub.com. In healthcare IT, Silversmith’s portfolio company MTS purchased health tech firm Avarion pehub.com, while Sovereign-backed Bioscript acquired clinical consultancy Triducive pehub.com. In the energy sector, Carlyle and Diversified Energy agreed to purchase Andarko Basin oil assets from Camino for $1.2bn pehub.com, securing an additional 100 undeveloped inventory locations in Oklahoma.
Exits are providing significant returns in select areas, as Siris is expected to realize a 3x return on its sale of Equiniti to Bullish pehub.com, with Siris co-founder Frank Baker citing anticipated demand for tokenized public equity securities following the success of tokenized U.S. dollars. In a related transaction, Siris also acquired renewable energy services provider Takkion from Apollo pehub.com, which Apollo had previously purchased in 2020. Meanwhile, management buyouts saw specialized elevator firms, Specialized Elevator and Wyatt Elevator, merge pehub.com, backed by Berkshire Hathaway.
Sector Focus: AI, Tech, and Infrastructure
The technology sector saw mixed signals, with Fidelity quietly closing its venture capital arm sifted.eu while specialized funding targeted emerging areas. Quantum computing received a substantial injection, as Quantum Motion raised $160M in a Series C round sifted.eu. In the financial technology space, Fazeshift secured $17M in Series A funding news.crunchbase.com to automate accounts receivable using AI agents, mirroring the strategic focus of corporate venture arms like Amex Ventures, which backs startups building autonomous commerce news.crunchbase.com. Conversely, the European AI push faces headwinds, as evidenced by DeepL cutting 250 jobs sifted.eu in its effort to maintain a competitive edge against major players like Anthropic sifted.eu.
In infrastructure and specialized assets, GI Partners launched Rose BioSolutions pehub.com following the acquisition of a contract development and manufacturing organization from Charles River Laboratories International. SVP also finalized the acquisition of the New Frontera Holdings power generation facility following its 2021 restructuring pehub.com. The broader trend of private markets grappling with asset valuation is evident in the "semi-liquids’ valuation conundrum," as noted by Apollo CEO Marc Rowan privateequityinternational.com.
Talent, Strategy, and Secondaries
Executive movements across the industry suggest strategic geographic expansion and internal promotions. ICG appointed Brant Gresham as US West head and Felipe Sotomayor as Latin America head pehub.com, signaling continued focus on those regions. Internally, MiddleGround promoted Alexander van der Have to partner pehub.com to bolster its European presence, while Vistria added John Atkinson as an operating partner pehub.com for its financial services team.
The secondaries market is reportedly thriving amidst volatility and geopolitical shocks, providing a needed avenue for liquidity as industry professionals adapt to a new reality secondariesinvestor.com. This environment contrasts with sovereign wealth funds, such as Texas Teachers, which is reportedly pivoting toward co-investments privateequityinternational.com. Specific to Australia, proposed reforms that would benchmark total superfund returns instead of individual asset classes could drive greater adoption of total portfolio approach (TPA) strategies among managers PE International reported privateequityinternational.com. Meanwhile, specialized capital continues to back diverse ventures, with Arāya Sie Fund closing £7.5M for women-led startups sifted.eu, while firms like Revolut’s new bets division focus on 'hustling' and pivoting sifted.eu.