Private Equity 3 Days

Last updated: May 9, 2026, 8:30 AM ET

Dealmaking Activity & Portfolio Transactions

Private equity firms continued to execute strategic exits and acquisitions across diverse sectors, with Siris Capital Group expecting a triple return on its investment in Equiniti, which is being sold to Bullish, according to sources familiar with the matter. This strong exit contrasts with the challenges facing defense valuations, where geopolitical tensions have complicated pricing, evidenced by EQT’s third offer for Intertek being rejected. In healthcare, Amulet Capital is acquiring TFP Fertility Group from Benefit Street Partners, bringing the integrated network of 10 clinics across the UK and Poland under its umbrella, while Frazier Healthcare-backed CareTria snapped up digital pharmacy CaryHealth. Meanwhile, Carlyle and Diversified Energy agreed to acquire oil assets in the Anadarko Basin from Camino for $1.2bn to secure over 100 undeveloped inventory locations.

The consolidation trend persisted in fire safety and services, as PE-backed Pye-Barker acquired AAA Fire Extinguisher Co, expanding its footprint in fire protection and life safety services, and subsequently added a security and fire alarm firm to its portfolio. In the broader services space, Berkshire-backed Specialized Elevator merged with Wyatt Elevator, combining two established service providers, and Allied Industrial Partners invested in Trinity Industrial, an equipment rental firm where founders retain meaningful ownership. Furthermore, MSouth is preparing to test the buyout market for USA Hometown Experts, an HVAC and plumbing provider that could command a valuation exceeding $480M based on peer multiples around 16x EBITDA.

Geographic expansion and infrastructure investment characterized other major transactions, with FH Capital moving to acquire a majority stake in JinkoSolar’s US subsidiary, leaving Jinko Solar with a minority holding. In the energy transition space, Siris acquired renewable energy services provider Takkion from Apollo, marking a shift in ownership for the firm Apollo had bought in 2020. Additionally, SVP acquired the New Frontera Holdings power generation facility, following its earlier involvement via a first lien term loan during the company’s 2021 restructuring. European GPs are also increasing overseas dealmaking, exemplified by Mutares’ plans to open a Houston office, even as overall April deal value dipped following a strong first quarter.

Sector Focus: AI, Health Tech, and Defense

The artificial intelligence theme continues to drive substantial early-stage capital deployment, with enterprise AI, space tech, and biotech topping the week’s funding rounds. Specifically in financial technology automation, Fazeshift secured $17M in a Series A round for its AI agents designed to automate accounts receivable processes. In the broader enterprise software realm, companies in sales, marketing, and CRM categories have collectively attracted approximately $2.7bn globally so far this year per Crunchbase data. Meanwhile, corporate restructuring continues in the AI race, as demonstrated by DeepL cutting 250 jobs in its efforts to maintain a competitive edge.

The intersection of technology and healthcare remains active, with telehealth demand fueling several private equity investments from firms including Goldman Sachs, Avesi Partners, and Grovecourt Capital. In specialized medical technology, Silversmith-backed Med Tech acquired health tech firm Avarion, a provider of managed healthcare IT services in Valencia, California. In the life sciences consulting space, Sovereign-backed Bioscript acquired clinical opinion consultancy Triducive. In the fertility sector, Amulet Capital’s acquisition of TFP Fertility Group spans operations across the UK and Poland.

Defense and deep tech saw continued investor interest despite valuation complexities, with missile startups being cited as the new wave in European defense, mapped alongside over 70 companies in the sector according to Sifted analysis. Investment interest is also focused on specialized aerospace and defense platforms, as L Squared appointed an operating executive to pursue a thematic buy-and-build strategy within that segment. In quantum computing, Quantum Motion raised a substantial $160M Series C round as that sector accelerates investment.

Investor Strategy & Fund Activity

Limited partners are signaling evolving allocation strategies, with South Korean asset manager Kiwoom Asset Management indicating an openness to allocating capital toward North American and Western European funds, albeit preferring a relatively risk-averse approach. Conversely, Montana Capital Partners is deploying $40M across fund, secondary, and co-investments, specifically targeting climate and social impact mandates through a discretionary structure. In a move signaling a shift in focus, Fidelity quietly shuttered its venture capital arm, according to sources.

The secondary market is proving attractive amid broader volatility, as geopolitical uncertainty is fueling record secondaries activity, leading some experts to describe the current environment as a secondaries boom. This aligns with observations that some entities are coming to terms with a new liquidity reality. For asset managers, Japan’s Advantage is aggressively seeking to double its AUM within one year, a plan coinciding with the sale of a 5% equity stake to Pinnacle Investment Management earlier this year. Meanwhile, Harbour Vest’s CEO cautioned that extending private market access to new investors risks prioritizing product volume over portfolio quality.

Venture Capital & Emerging Themes

Venture capital deployment remains concentrated in high-growth technology areas, with major players like Amex Ventures focusing on startups building autonomous commerce using AI concierge services. Enterprise AI funding continues to draw large checks, contributing to a week where AI startups dominated the largest funding rounds. Specific AI applications are emerging, such as Pit, a new AI startup founded by a Voi cofounder, raising a $16M seed round led by A16z. In a related funding development, Revolut alumni secured $6M for a new palm-scan payments startup.

Beyond AI, niche investment themes are attracting dedicated capital, including a debut $10M fund from Mother Ventures, which specifically targets mothers as consumers. Seed funding also targeted underserved areas, with Arāya Sie Fund closing £7.5M in its first close for women-led startups amid cultural shifts in the tech sector. Insurance technology saw a valuation jump, as Corgi achieved a $1.3 billion valuation just four months post-Series A, following a $160M Series B led by TCV. Furthermore, Robinhood’s venture fund IPO attracted over 150,000 retail investors seeking exposure to private tech companies like OpenAI and Stripe.

Firm Movements & Personnel Updates

Private equity firms continued to bolster senior ranks and expand regional leadership to support investment strategies. ICG appointed Brant Gresham as managing director for the US West Coast and Felipe Sotomayor for Latin America, based in Chile. Vistria appointed John Atkinson as an operating partner to focus on its financial services team, leveraging his recent experience leading a fast-growing Marsh unit. Elsewhere, MiddleGround promoted Alexander van der Have to partner in recognition of his work expanding the firm’s European presence. Personnel changes also occurred at Tayeh Capital Group, which tapped Scott Harrison as operating partner, and Tortuga Growth Partners, which added Michael O’Neil to its operating partner roster to focus on its AI-first healthcare interests.