Private Equity 3 Days

Last updated: March 26, 2026, 5:30 PM ET

Sector Consolidation & Add-On Activity

Private equity dealmaking continued across numerous specialized sectors, with several firms executing add-on acquisitions to bolster existing platforms. Olympus Partners-backed EyeSouth acquired Aslett-Kurica Eye Center, an Atlanta-based organization focused on eye care management services, continuing the trend of platform building in specialized healthcare services. Elsewhere, Trinity Hunt-backed Allvia snapped up HR Pals, a U.S. workforce services platform, while Sovereign-backed Affinia made an add-on purchase following its initial investment in the founding firm, LB Group, in May 2023. The industrial segment also saw activity as Heartwood Partners-backed Amlon acquired Lion Industrial Resources, a provider of industrial waste solutions, demonstrating deep-sector consolidation efforts across verticals.

UK-based investment saw several strategic integrations, including FPE-backed Point74 purchasing compliance platform Quor to establish the UK’s first unified food software platform, showcasing focus on compliance technology integration. In the defense space, Advent committed capital to defense technology firm Shield AI, with a portion earmarked to support Shield AI’s acquisition of Aechelon Technology Inc., which is a portfolio company of Sagewind Capital. Further solidifying defense/government tech, Chimney Rock Equity scooped up United Electronics Company (UEC), capitalizing on demand centered on supporting aircraft and ground-based vehicles with radar systems.

Exits and Secondary Market Movements

Firms realized significant exits across diverse markets, notably in beauty and software. Advent exited OLAPLEX in a $1.4 billion sale to Henkel, reflecting an acceleration of M&A activity in the premium beauty segment over the past few days. In a more complex transaction, TowerBrook completed a continuation fund for business consulting firm EisnerAmper, with Carlyle Alp Invest leading the transaction alongside Hamilton Lane serving as co-lead, reflecting ongoing GP-led secondary activity after a four-plus year hold. Separately, Viking Growth exited Tamigo, a European workforce management software provider, to Accel-KKR, which subsequently integrated the company into its portfolio alongside other acquisitions like a stake in Tamigo.

Exit activity in the broader market is facing headwinds regionally, as Bain & Co.’s report indicated that the number of Asia-Pacific portfolio companies held for more than five years increased by 18% in 2025, suggesting exit overhang persists despite overall market attempts to clear backlogs. In the U.S., an investor group led by Astorg, Nordic Capital, Novo Holdings, and Cinven completed the $8.9 billion sale of clinical trial data firm Clario to Thermo Fisher. Meanwhile, Audax and Greenbriar jointly sold airport services firm AGI to Lone Star, having initially co-invested in AGI in June 2021.

Sector Deployment and Strategic Thematic Investing

Deployment remains concentrated in specialized technology, infrastructure, and defensive sectors. Clearlake Capital is acquiring power grid service provider Qualus from New Mountain Capital, an exit that provided a "handsome payout" for CoolIT Technologies employees via KKR’s prior involvement. In infrastructure, Brookfield and La Caisse agreed to acquire Boralex in a $9.7 billion take-private deal aimed at scaling renewables growth, while Hull Street is set to acquire two power plants from Rockland, one in Illinois and one in Ohio.

Defense and aerospace technology attracted significant capital deployment. Advent is preparing to deploy up to $1 billion into defense technology, including funding Shield AI’s acquisition of Aechelon. This focus aligns with broader trends, as Blue Fire Equity discussed specializing in defense and government technology following its first platform investment in Jovian Concepts. Furthermore, Altor has agreed to purchase Eltera, a provider of electrical installation services, following recent activity in the sector.

Healthcare investment remains a key focus, with firms seeking to capitalize on demographic shifts. Kearney notes that the women’s health sector is ripe for PE investments, citing the pending $18.3 billion take-private of Hologic by Blackstone and TPG as a bellwether transaction. In operational technology, GPI-backed Hopper OS acquired healthcare data firm Efferent to enhance its configurable intelligent healthcare operating system capabilities.

Fundraising, Secondaries Evolution, and Regional Focus

Middle Eastern managers seeking capital must demonstrate commitment to regional investors’ specific needs to secure commitments in the current climate. This contrasts with some LP behavior elsewhere, as reports suggest LPs are slashing Africa budgets due to dwindling risk appetites. The U.S. secondaries market is seeing established players adapt, with Chicago-based healthcare specialist Linden mulling a secondaries strategy, joining a growing group of buyout firms entering this space. Advisory firms are also jockeying for position, evidenced by Jefferies hiring senior GP-led talent from Lazard to bolster its secondary advisory capabilities.

In fundraising, Kleiner Perkins closed $3.5 billion across new funds, allocating $1 billion toward early-stage KP22 and $2.5 billion for growth-stage investments. European VC saw the EIF launch a €15 billion fund of funds intended to back 100 growth-stage venture capital firms. Meanwhile, Pictet Alternative Advisors closed its first direct PE fund targeting founder-led businesses at €403 million, or approximately $440 million.

Technology, AI, and VC Ecosystem

The venture ecosystem shows increasing polarization, with seed funding growth concentrated in larger outlier rounds of $10 million and above in the U.S. . At the top end, Harvey reached an $11 billion valuation following a $200 million round co-led by GIC and Sequoia. Elsewhere, OpenAI continues its M&A push, completing nearly as many deals in 2026 as it did all of the previous year, as it seeks to acquire capabilities.

The startup world continues to generate interest, with 16 startups emerging from the latest YC W’26 Demo Day spanning areas from humanoid robot training to tools redirecting doomscrolling. In specialized tech, TPG and Allianz led a $350 million strategic investment into CMT to scale its AI-driven mobility platform. In the UK, growth is concentrated, with Semcap launching a beauty and wellness arm in partnership with Vasiliki Petrou’s Veralis Group, suggesting sector specialization remains a key driver for new investment vehicles.