Private Equity 3 Days

Last updated: March 27, 2026, 5:30 AM ET

Dealmaking & Exits Across Sectors

Private equity firms continued a broad wave of M&A activity, spanning healthcare, defense, and consumer goods. In healthcare, a seller group led by Astorg and Cinven exited clinical trial data firm Clario to Thermo Fisher for a substantial $8.9 billion, while Olympus Partners-backed EyeSouth acquired Aslett-Kurica Eye Center, expanding its management services organization footprint in eye care. In the defense technology space, Advent committed to deploy $1 billion into the sector, including funding Shield AI’s planned acquisition of Sagewind Capital's portfolio company, Aechelon Technology Inc Advent commits to invest in defense tech firm Shield AI. Elsewhere, Advent successfully exited beauty brand OLAPLEX to Henkel for $1.4 billion as premium beauty M&A accelerates, while simultaneously expanding its beauty portfolio by taking a majority stake in Salt & Stone for $165 million.

Infrastructure, Industrials, & Power Transactions

Activity in infrastructure and industrial services showed resilience, often tied to underlying power demand or specialized logistics needs. Clearlake Capital acquired Qualus, a power infrastructure service provider, from New Mountain Capital amid soaring power demand, providing a handsome payout for CoolIT Technologies employees following KKR’s exit. In specialized logistics, Audax and Greenbriar co-sold airport services firm AGI to Lone Star after a four-year hold, while Sun European separately invested in aerospace logistics provider B&H Worldwide Sun European invests in Heathrow-based B&H Worldwide. In the energy transition space, Brookfield and La Caisse agreed to take Canadian renewable power producer Boralex private in a massive $9.7 billion transaction to scale green energy growth.

Technology, Software, & AI Investments

The technology sector remains hot, with deeptech and AI driving significant investment focus, though some portfolio companies face maturity pressures. Investors are actively hunting for the next DeepMind in Oxford amidst a deeptech boom, while Spanish AI startups attract investor attention across the continent. In generative AI, note-taking startup Granola achieved unicorn status following a $125 million Series C round, and OpenAI ramped up M&A activity, completing nearly as many deals in the current year as in the previous one. On the portfolio side, TowerBrook completed a continuation fund for business consulting firm Eisner Amper, which Carlyle Alp Invest led, while embattled software portfolios face a looming maturity wall.

Sector-Specific Add-ons and Platform Builds

Firms continued to use bolt-on acquisitions to build scale within existing portfolio companies across various niches. Trinity Hunt-backed Allvia made an add-on purchase of workforce services platform HR Pals, and Sovereign-backed Affinia executed an add-on following its 2023 investment in the founding firm, LB Group. In the food sector, FPE-backed Point74 acquired compliance platform Quor to establish the UK’s first unified food software platform. Meanwhile, TowerBrook expanded its consumer reach by acquiring French sports apparel platform ID Unlimited, which specializes in jersey personalization, while GTCR-backed Ascent Sports Group acquired sports tech firm Live Barn.

Geographic Focus and Capital Deployment

Regional allocation saw continued interest in the Middle East, alongside specific capital deployment in Europe and Australia. Managers who commit capital to the Middle East stand a better chance of success, a dynamic underscored by Blackstone committing $250 million to a UAE payments platform as part of a $1 billion regional bet. In Europe, Bain secured a A$430 million loan (approximately $300 to finance its acquisition in the Australian wealth management space, while Alterra backed General Atlantic’s move into IoT business Wireless Logic, continuing Middle East investment flows. Separately, the European Investment Fund launched a €15 billion fund of funds designed to back 100 growth-stage venture capital firms.

Secondaries Market Dynamics & Investor Relations

The secondaries market saw key personnel movements and strategic shifts as firms look to deploy capital and manage existing assets. Healthcare-specialist Linden mulls a secondaries strategy as more buyout shops enter this market, and Jefferies added senior GP-led talent from Lazard to bolster its advisory unit. On the LP side, reports suggest that LPs are slashing budgets allocated to Africa as risk appetites dwindle, contrasting with the growing role of AI in investor relations, such as the use of Placement AI-gents in fund financing. Furthermore, New Mountain Atlas is actively seeking to lead buyout deals utilizing its sector teams to get ahead of market processes.

Venture Capital Trends and Seed Stage Shifts

Early-stage funding showed a clear trend toward larger, more competitive rounds, even as overall seed volume matured. Crunchbase data indicates that only outlier seed rounds of $10 million and above grew in the U.S. in 2025, signaling a flight to quality or established founders. Y Combinator’s latest Demo Day featured 16 particularly interesting startups, ranging from humanoid robot training to doomscrolling redirection tools. In specific deeptech verticals, spacetech firm Arinna raised a $4 million seed round for spacecraft solar cells, and Pave Space secured $40 million amid growing concerns over space sovereignty. Furthermore, Kleiner Perkins closed $3.5 billion across new AI-focused funds, including $1 billion for early-stage KP22.

Specialized Investment Themes: Beauty, Wellness, & Defense

Specific consumer and government-facing sectors attracted dedicated capital deployments. Kearney notes that women’s health is ripe for PE investment, citing the pending $18.3 billion take-private of Hologic as a market indicator. In the beauty space, Semcap launched a dedicated arm in partnership with beauty industry veteran Vasiliki Petrou’s Veralis Group, while Main Post invested in Stellar Snacks, a pretzel brand with extensive national retail distribution. In defense, Blue Fire Equity focuses on defense and government tech, following its platform investment in Jovian Concepts, while Advent prepares to deploy up to $1 billion into defense technology generally.

Fundraising and Operational Developments

Firms continued to raise dedicated capital pools and streamline operations, with some high-profile companies navigating ownership transitions. Pictet closed its first direct PE fund targeting founder-led businesses at €403 million ($440 , while BKR Capital is targeting $50 million for its Fund II focused on Black founders. On the operational front, Bank of America launched a Private Capital M&A Unit specifically to help unlock private equity exits, aiming to streamline the sale process. Meanwhile, KKCG-backed Allwyn listed on the Athens Stock Exchange following a merger that created the world's second-largest listed lottery and gaming company.