Private Equity 3 Days

Last updated: March 27, 2026, 8:30 AM ET

Private Equity Dealmaking & Sector Focus

The healthcare and life sciences sectors continue to attract significant private equity interest, exemplified by multiple firms pursuing transactions in pathology assets, including Astorg, Cinven, and Nordic Capital. This focus aligns with broader trends where consumer health dealmaking is shaped by the GLP-1 drug class and preventative products, as evidenced by LDC exiting PAM Healthcare to Optima Healthcare. Furthermore, specialist firms are targeting niche areas, with Kearney suggesting that women’s health is ripe for investment, noting Blackstone and TPG’s pending $18.3 billion take-private of Hologic as a key indicator. In diagnostics, an investor group led by Astorg, Nordic Capital, Novo Holdings, and Cinven successfully completed the $8.9 billion sale of clinical trial data firm Clario to Thermo Fisher.

Defense and aerospace technology also saw substantial capital deployment, with Advent committing to deploy up to $1 billion into defense technology, including funding Shield AI’s planned acquisition of Sagewind Capital portfolio company Aechelon Technology Inc. Separately, Chimney Rock Equity scooped up United Electronics Company (UEC), driven by the "insatiable" demand for maintaining radar systems on aircraft and vehicles. Meanwhile, Sun European invested in B&H Worldwide, a firm specializing in logistics for aviation and aerospace components, following its prior investment in a Heathrow-based logistics business.

Elsewhere in M&A, Clearlake Capital moved to acquire power and electric services grid Qualus from New Mountain Capital, an exit providing a "handsome payout" for Cool IT Technologies employees after KKR's involvement. In infrastructure, Brookfield and La Caisse agreed to a massive $9.7 billion take-private of renewables company Boralex to accelerate growth in that sector. In professional services, Tower Brook completed a continuation fund for business consulting firm Eisner Amper, a transaction led by Carlyle AlpInvest and Hamilton Lane. Exits in consumer-facing sectors included Advent’s $1.4 billion sale of premium beauty brand OLAPLEX to Henkel, occurring as premium beauty M&A accelerates, and Generate Capital selling greenhouse operator Equinox Growers to Taylor Farms.

Platform Builds and Add-on Acquisitions

Private equity firms continued to drive consolidation through strategic add-on acquisitions across various verticals over the past three days. FPE-backed Point74 is creating a unified food software platform in the UK by acquiring compliance platform Quor. In workforce services, Trinity Hunt-backed Allvia expanded its platform by snapping up HR Pals, while Sovereign-backed Affinia made an add-on purchase following its initial investment in the founding firm, LB Group, in May 2023. In the financial services sector, WPCG and HGGC are investing in RIA Verdence as Emigrant Partners sells its stake. In the eye-care space, Olympus Partners-backed Eye South, an MSO, scooped up Aslett-Kurica Eye Center.

The sports sector saw activity from GTCR-backed Ascent Sports Group, which acquired sports technology firm LiveBarn, and Synergy Sports Capital, which snapped up the US-based youth league League One Volleyball Salt Lake. Tower Brook also entered the sports apparel customization trend by acquiring French sports platform ID Unlimited, which supplies logos and patches to major global sports brands. Furthermore, Bansk Group is set to acquire wellness shots provider So Good So You, with the founders retaining board seats.

Fund Strategy, Fundraising, and Geographic Trends

Firms are increasingly looking at secondary strategies, with healthcare specialist Linden mulling its first secondaries fund, mirroring a growing trend among buyout firms entering that market. Capital raising efforts are seeing specialized funds gain traction, as seen with Pictet closing its debut direct private equity strategy at €403 million ($440 million target) aimed at founder-led businesses. Simultaneously, specialized emerging manager funds are building capital, with BKR Capital and BRK Capital each announcing their Fund II has closed $20 million Canadian toward a $50 million target to invest in Black founders. On the venture side, Kleiner Perkins successfully raised $3.5 billion, allocated between a $1 billion early-stage fund (KP22) and a $2.5 billion growth-stage fund.

Geographically, Middle Eastern General Partners are seeing increased interest from managers willing to commit capital to the region, though reports suggest that Gulf LPs may be rebalancing investment allocations inward due to geopolitical tensions. In Europe, the European Investment Fund launched a substantial €15 billion fund of funds designated to back 100 growth-stage VCs. Meanwhile, the momentum in Austin’s startup scene remains high, with venture funding hitting an all-time high for companies headquartered in the city.

Technology, AI, and Infrastructure Investments

Technology assets remain a core focus, with significant capital flowing into AI-driven platforms and infrastructure services. TPG and Allianz led a substantial $350 million strategic investment in Cambridge Mobile Technologies (CMT) to scale its AI-driven mobility platform. In the AI ecosystem, Harvey achieved an $11 billion valuation following a $200 million round co-led by GIC and Sequoia. AI also influenced M&A activity at OpenAI, which has completed 17 acquisitions in the last three years, executing nearly as many deals in the current year as it did in the entirety of the previous one.

In deeptech, investors continue to hunt for the next major breakthrough, particularly around Oxford, while European quantum startups are gaining attention. Relatedly, the space sector saw Arinna raise a $4 million seed round to develop ultrathin, efficient solar cells for spacecraft, and Swiss spacetech Pave Space securing a $40 million seed round amid rising concerns over space sovereignty. Supporting infrastructure, Bonaccord made a minority investment in Prime Finance to bolster the real estate credit platform’s balance sheet and institutional infrastructure. Furthermore, specialized software saw Main Capital invest in Gingco Systems, a provider of modular enterprise resource management software, and Etna Capital acquiring digital engineering firm CodeRoad.

Secondaries, Exits, and Firm Strategy

The secondaries market remains active, with firms jockeying for advisory positions, demonstrated by Jefferies hiring senior GP-led talent from Lazard. Sector specialists are increasingly adopting secondary strategies, as seen with Linden's contemplation. Bank of America also moved to unlock private equity exits by launching a dedicated Private Capital M&A unit. In terms of GP liquidity solutions, Tower Brook finalized a continuation fund for Eisner Amper, with Carlyle Alp Invest leading the transaction. In contrast to successful exits, Advent partially exited its investment in Trustpilot, selling a £46 million stake as the shares fell following the discounted sale. Bain Capital secured a A$430 million (approximately $300 loan to finance its acquisition of an Australian wealth management firm.