Private Equity 3 Days

Last updated: March 26, 2026, 2:30 PM ET

Dealmaking & Sector Acquisitions

Private equity activity spanned multiple sectors, with significant moves noted in healthcare, technology, and infrastructure services. In eye care, Olympus Partners-backed EyeSouth acquired Aslett-Kurica Eye Center, furthering the consolidation trend within the physician practice management space, while in specialized healthcare IT, GPI-backed Hopper OS snapped up Efferent to enhance its configurable intelligent healthcare operating system capabilities. The sector focus also extended to women’s health, where the pending Blackstone and TPG $18.3bn take-private of Hologic is viewed as a bellwether for future investment appetite in that niche. Elsewhere, defense technology saw deployment as Advent committed to invest $1bn in Shield AI, with a portion earmarked to finance Shield AI’s acquisition of Sagewind Capital portfolio company Aechelon Technology Inc.

Further consolidation occurred across industrial and enterprise software verticals. In the UK, FPE-backed Point74 purchased Quor to forge the nation’s first unified food software platform, incorporating compliance tools, while in the U.S., Heartwood Partners-backed Amlon acquired Lion Industrial Resources to bolster its industrial waste solutions offering. Technology acquisitions were also active, as Etna Capital purchased digital engineering firm CodeRoad, and Terminus Capital invested in insurtech firm Andesa to scale its administrative tools. Meanwhile, in infrastructure services, Clearlake Capital bought Qualus from New Mountain, signaling continued private equity interest in power services amid escalating grid demand, while Hull Street agreed to acquire two power plants in Illinois and Ohio from Rockland.

Exits & Secondary Market Activity

Firms pursued exits across consumer and specialized technology, with Advent achieving a $1.4bn sale of OLAPLEX to Henkel as premium beauty M&A gained momentum, even as M&A in the beauty sector faces pressure from Middle East conflict, according to BCLP analysis. In a partial exit, Advent sold a £46m stake in Trustpilot despite a resulting share price dip following the discounted sale. In the clinical trial data space, an investor group led by Astorg, Nordic Capital, Novo Holdings, and Cinven successfully sold Clario to Thermo Fisher for $8.9bn. Separately, secondary market structures were utilized, as TowerBrook completed a continuation fund for consulting firm EisnerAmper, with Carlyle AlpInvest leading the transaction and noting the deep transformation of the business over the four-plus year hold.

The secondary advisory space saw personnel shifts, with Jefferies hiring senior GP-led talent from Lazard to enhance competitive positioning, while institutional sellers tested the market; the University of California is shopping a $3bn LP portfolio seeking liquidity. Concurrently, sector-specialist buyout firms are increasingly active in this space, exemplified by Linden mulling a dedicated secondaries strategy, joining a broader trend among established managers.

Geographic & Thematic Investment Trends

Investment flows demonstrated a continued focus on the Middle East, despite geopolitical tensions, with Blackstone committing $250m to a UAE payments platform as part of a broader $1bn regional bet, and Alterra backing General Atlantic in the Wireless Logic deal in a continuation of Middle East-linked investment activity. However, capital allocators are showing caution elsewhere, as LPs reportedly slash their Africa budgets due to dwindling risk appetites. In Europe, firms are targeting divestitures and growth plays; Aurelius is exploring the $4.6bn Carrefour Belgium carve-out, while Brookfield and La Caisse agreed to a $9.7bn take-private of Boralex to scale renewable energy growth.

The UK market is seeing focused platform building across various niches; Sun European invested in logistics provider B&H Worldwide after acquiring another logistics business, Sun European buys Heathrow-based aerospace logistics company, while TowerBrook acquired sports apparel platform ID Unlimited to capitalize on jersey personalization trends, following its earlier acquisition of ID Unlimited. Meanwhile, fundraising also saw geographical specialization, as Pictet raised €403m for its first direct PE fund targeting founder-led businesses, and KKCG-backed Allwyn listed on the Athens Stock Exchange following a merger that created the world's second-largest listed lottery operator.

Fundraising & Operational Dynamics

General Partners are adjusting strategies to secure capital, with managers willing to double down on the Middle East region expected to have better fundraising outcomes, even as reports suggest that the Iran conflict could accelerate a rebalancing among Gulf LPs. On the venture side, funding remains concentrated at the higher end, with U.S. seed funding deals of $10 million and above growing, while Kleiner Perkins closed $3.5bn across new AI-focused funds, including $2.5 billion for growth-stage mandates. Furthermore, the increasing role of technology in PE operations is evident, with anecdotes suggesting AI is already influencing investor relations processes, contrasting with concerns that half of GPs see their AI efforts falling short.

In specialized financial maneuvers, Bain Capital secured a A$430m loan, approximately $300m, to finance its acquisition in the Australian wealth management sector, while Bank of America launched a dedicated Private Capital M&A Unit aimed specifically at facilitating PE exits.

Sector Deep Dives: Beauty, Defense, and Tech

The beauty and wellness space attracted specialized capital, marked by Bansk Group acquiring wellness shots provider So Good So You, and Semcap launching a dedicated beauty and wellness arm in partnership with Veralis Group. Advent expanded its beauty portfolio by acquiring Salt & Stone for $165m, reflecting a broader appetite for high-end personal care assets, though Chimney Rock’s purchase of UEC highlights robust demand in defense servicing. In defense technology, Advent is preparing to deploy up to $1bn, while Arlington Capital plans to acquire Eptec Defence, a specialist in naval preservation services. In the broader tech ecosystem, OpenAI has executed 17 M&A deals in the last three years to bolster offerings, while AI startup Harvey achieved an $11bn valuation following a $200m round led by GIC and Sequoia.