Private Equity 3 Days

Last updated: March 27, 2026, 2:30 AM ET

Sectoral M&A Activity Heats Up Across Defense, Beauty, and Infrastructure

Private equity dealmaking saw broad activity across specialized sectors, with defense technology receiving significant deployment capital and beauty M&A accelerating despite broader market pressures. Advent committed to deploy $1bn into defense technology, including a portion of proceeds earmarked to fund Shield AI’s acquisition of Aechelon Technology Inc. Separately, Chimney Rock Equity scooped up United Electronics Company, capitalizing on "insatiable" demand for maintaining radar and vehicle support systems. In consumer goods, Advent exited OLAPLEX in a $1.4 billion sale to Henkel, while simultaneously expanding its beauty portfolio by agreeing to acquire a majority stake in Salt & Stone for $165 million. Further consolidation occurred in the logistics space, as Sun European invested in B&H Worldwide, an aerospace component management firm, following reports that beauty dealmaking faced pressure from Middle East conflict.

Infrastructure, Energy, and Power Transactions

Large-scale take-privates and infrastructure plays marked major transactions, reflecting persistent capital deployment into essential services amidst rising power demand. Brookfield and La Caisse acquired Boralex in a $9.7 billion take-private deal aimed at scaling renewable energy growth. In the power services sector, Clearlake Capital acquired Qualus from New Mountain Capital, capitalizing on soaring regional power demand. Meanwhile, Hull Street Capital agreed to purchase two power plants—a natural gas facility in Illinois and a dual-fuel plant in Ohio—from Rockland. In related infrastructure moves, Audax and Greenbriar sold AGI to Lone Star after a co-investment period beginning in June 2021, while Generate Capital divested greenhouse operator Equinox Growers to Taylor Farms, supporting regional food supply chains.

Healthcare and Specialized Services Acquisitions

The healthcare vertical saw multiple add-on deals and strategic carve-outs, signaling strong investor interest in specialized care and data management. Olympus Partners-backed EyeSouth acquired Aslett-Kurica Eye Center to bolster its footprint as an Atlanta-based eye-care management organization. In software-enabled healthcare, GPI-backed Hopper OS snapped up healthcare data firm Efferent, a company focused on creating a configurable operating system across the care continuum. Furthermore, Kearney research suggests that women’s health remains ripe for PE investment, citing the pending $18.3 billion take-private of Hologic by Blackstone and TPG as a key indicator. In workforce services, Trinity Hunt-backed Allvia made an add-on acquisition of HR Pals, and Southfield invested in recruitment firm Metric Search, which services medtech and life sciences.

Software, Enterprise Tech, and AI Focus

Firms continued to target enterprise software providers, with a clear trend toward integrating AI capabilities or enhancing operational compliance. FPE-backed Point74 bought Quor to establish the UK’s first unified food software platform, with Quor serving as a compliance specialist. In enterprise resource management, Main Capital invested in Gingco Systems, a developer of modular software for intelligent workplace management. Elsewhere, the AI ecosystem saw significant funding, with Kleiner Perkins raising $3.5 billion across its early-stage and growth funds, including $1 billion for KP22. Separately, AI notetaking startup Granola achieved unicorn status following a $125 million Series C round. Investors are actively seeking "the next Deep Mind" in deeptech hubs like Oxford, while OpenAI has executed nearly as many M&A deals in 2026 as it did the prior year to bolster its offerings.

Geographic Expansion and Fund Strategies

Middle Eastern capital is actively being deployed globally, even as regional managers seek commitments from their own LPs. Blackstone committed $250 million to a UAE payments platform as part of a broader $1 billion regional bet, while Alterra backed General Atlantic in the Wireless Logic deal, continuing Middle East investment flows. Simultaneously, Bain secured a A$430 million loan (about $300 to finance its acquisition in the Australian wealth management sector. In Europe, TowerBrook completed a continuation fund for business consulting firm Eisner Amper, with Carlyle Alp Invest leading the transaction. Firms are also exploring new avenues for liquidity, as Bank of America launched a Private Capital M&A Unit specifically to unlock private equity exits. Furthermore, the secondaries market saw personnel shifts, with Jefferies hiring senior GP-led talent amid ongoing process disruptions caused by AI concerns.

Fundraising and Emerging Manager Activity

Emerging managers and specialized funds are making headway, though seed funding is becoming more competitive and skewed toward larger initial rounds. The European Investment Fund launched a €15 billion fund of funds intended to back 100 growth-stage venture capital firms. In direct investing, Pictet closed its first direct PE fund focused on founder-led businesses at €403 million ($440 . Diversity-focused funds continue to gain traction; BKR Capital and BRK Capital are targeting $50 million for their Fund IIs aimed at Black founders, having already secured $20 million Canadian toward that goal. Meanwhile, in the UK, investors are closely watching regional opportunities outside of London, while LPs are reportedly slashing their Africa budgets as risk appetites narrow.

Niche Sector Investments and Exits

Add-on activity spanned numerous niche areas, from professional sports to specialized industrial services. TowerBrook acquired French sports platform ID Unlimited, which supplies personalization elements for sports apparel, marking a play on the jersey personalization trend. GTCR-backed Ascent Sports Group acquired sports tech firm LiveBarn, while Synergy Sports Capital snapped up League One Volleyball Salt Lake. In industrial services, Industrial Opportunity Partners sold retail fixtures provider Royston for $325 million. In the beauty and wellness space, Bansk Group agreed to acquire wellness shots provider So Good So You, and Semcap launched a dedicated beauty and wellness arm in partnership with Veralis Group.