Private Equity 3 Days

Last updated: March 26, 2026, 8:30 AM ET

Dealmaking Activity & Exits

Private equity firms continued to execute transactions across various sectors, with Audax and Greenbriar selling airport services provider AGI to Lone Star, concluding a co-investment period that began in June 2021. In the consulting space, TowerBrook finalized a continuation fund for Eisner Amper, a complex deal led by Carlyle Alp Invest and Hamilton Lane, demonstrating continued appetite for GP-led transactions. Further exits materialized as an investor group including Astorg, Nordic Capital, Novo Holdings, and Cinven offloaded clinical trial data firm Clario to Thermo Fisher for a substantial $8.9 billion. Meanwhile, Industrial Opportunity Partners realized $325 million from the sale of retail fixtures provider Royston to LSI, a firm they had held since 2018.

Sector-Specific Acquisitions: Industrials & Aerospace

Activity in the industrial and aerospace logistics sectors remained brisk, exemplified by Sun European acquiring Heathrow-based B&H Worldwide, a specialist in logistics for aviation components. This aligns with broader defense sector interest, as Advent prepares to deploy up to $1 billion into defense technology opportunities. In a parallel move focusing on maintenance demand, Chimney Rock Equity purchased United Electronics Company (UEC) to capitalize on the "insatiable" need for maintaining aircraft and vehicle radar systems. Furthermore, Sovereign-backed Affinia completed an add-on acquisition, following Sovereign’s initial investment in Affinia’s founding firm, LB Group, in May 2023.

Thematic Focus: Beauty, Wellness, and Consumer Goods

Several firms targeted the beauty and wellness space, even as geopolitical concerns temper deal flow in beauty, according to BLCP commentary regarding Middle East conflict pressures. Advent expanded its consumer footprint by agreeing to a $165 million majority stake purchase in skincare brand Salt & Stone to bolster its beauty portfolio. Bansk Group is set to acquire wellness shots provider So Good So You while the founders retain equity, and Semcap launched a dedicated beauty and wellness arm in partnership with Veralis Group to target strategic opportunities. On the exit side, Generate Capital divested greenhouse operator Equinox Growers to Taylor Farms, which supports regional food supply chains.

Infrastructure & Energy Plays

Large-scale infrastructure transactions saw Brookfield and La Caisse agree to a $9.7 billion take-private of Boralex aimed at scaling renewable energy growth. In the Gulf region, infrastructure funds and PE groups are showing persistent interest, centering bids on a potential $7 billion Kuwait pipeline deal as Gulf energy transactions advance. Separately, Hull Street is moving to acquire two power plants from Rockland, including facilities in Illinois and Ohio to secure operational assets. In Southeast Asia, Actis completed the purchase of a 90% stake in Singapore-based environmental management firm 800 Super, bringing its regional deployment to $1.7 billion following the major acquisition.

Financial Services, Tech, and Healthcare Transactions

In the financial services arena, WPCG and HGGC are joining forces to invest in RIA Verdence, which involves the sale of Emigrant Partners’ existing stake in the advisory firm. Meanwhile, in wealth management, Bain Capital secured a roughly A$430 million loan, equivalent to $300 million, to finance its acquisition of Perpetual’s Australian wealth management arm signaling debt deployment for growth deals. Healthcare saw GPI-backed Hopper OS acquire Efferent to enhance its intelligent healthcare operating system, while in adjacent sectors, Trinity Hunt-backed Allvia snapped up US-based workforce platform HR Pals to expand service offerings.

Middle East Investment Flows and Regional Context

Middle Eastern capital deployment continues, with Alterra backing General Atlantic in its investment in IoT connectivity provider Wireless Logic, illustrating ongoing regional interest in high-growth technology platforms. This activity contrasts slightly with reports suggesting that Gulf Limited Partners, whose sovereign wealth funds total $5.4 trillion, have been turning investment focus inwards recently due to regional tensions potentially accelerating a rebalancing. In a significant direct deployment, Blackstone committed $250 million into UAE-based Advanced Digital Gaming Technology as part of a larger $1 billion regional bet.

Fundraising Environment and Investor Liquidity

The fundraising environment shows divergence, with established players securing substantial mandates. Kleiner Perkins successfully closed $3.5 billion across new AI-focused funds, split between $1 billion for early-stage KP22 and $2.5 billion for growth investments. Similarly, Lead Edge Capital raised $3.5 billion for its seventh software-focused fund indicating strong LP commitment to growth equity. Conversely, liquidity remains a key theme, evidenced by Mercer’s acquisition of Altamar CAM to bolster its secondaries capabilities addressing heightened demand for liquidity, and the University of California shopping a $3 billion LP portfolio seeking to realize capital in the secondaries market.

Banking Sector Response and Secondary Market Personnel

Major investment banks are restructuring to capture secondary market activity, as Bank of America launched a dedicated Private Capital M&A Group specifically designed to facilitate private equity exits. Personnel moves reflect the competitive nature of advisory services, with Jefferies hiring senior GP-led talent from Lazard to bolster its secondary advisory team. Research from Bain & Co suggests that exit activity in Asia-Pacific remains insufficient, as the number of portfolio companies held for over five years increased 18% in 2025 indicating an overhang in the region.

Software, AI, and Venture Dynamics

Software and AI remain prime targets for both PE and VC, with Gryphon-backed Rootstock acquiring ERP provider Ascent Solutions which runs on the Salesforce platform, and Main Capital investing in enterprise resource management software Gingco Systems which develops modular workplace solutions. In venture capital, seed funding has not stalled entirely but is skewing toward larger rounds ($10 million and which are becoming more competitive. AI startup Harvey reached an $11 billion valuation after co-led by GIC and Sequoia in a $200 million Series C, while AI notetaking startup Granola achieved unicorn status following its own $125 million Series C round.

Specialized Investment Themes and Corporate Activity

Firms are increasingly targeting niche, specialized markets. Advent’s Salt & Stone deal reflects a broader appetite for beauty, while its move on UEC alongside Chimney Rock's purchase shows a dual focus on consumer and defense. In the defense technology space, Arlington Capital plans to acquire Eptec Defence, a specialist in naval preservation services confirming PE interest in defense services. Meanwhile, in the competitive European venture scene, $350 million was committed by TPG and Allianz to scale mobility platform CMT leveraging AI-driven technology.