Private Equity 3 Days

Last updated: March 28, 2026, 8:30 AM ET

Private Equity Strategy & Restructuring

The private equity sector is undergoing a fundamental evolution, moving away from prior reliance on cheap leverage toward a focus on operational improvements, summarized by the adage that “12 is the new,” indicating a longer holding period for assets PE Insights. This shift requires GPs to prioritize substance over structure in deal execution, contrasting with recent staff reductions seen elsewhere, such as when early-stage venture firm Speedinvest cut 10% of its team following internal churn. Further illustrating structural changes, TowerBrook completed a continuation fund for the consulting firm Eisner Amper, led by Carlyle Alp Invest, while healthcare specialist Linden mulls adopting a secondaries strategy, joining a trend of buyout firms entering that market.

Dealmaking Activity & Sector Focus

Deal flow remained active across several specialized verticals, though large financing rounds skewed heavily toward artificial intelligence, exemplified by OpenAI disclosing a further $10 billion raise. In defense, Advent committed to deploying up to $1 billion into defense technology, with a portion earmarked to fund Shield AI’s planned acquisition of Sagewind Capital portfolio company Aechelon Technology Inc Advent commits to invest. The healthcare sector continues to draw significant attention, particularly women’s health, where a perceived “$1 trillion gap” is attracting major players; Astorg, Cinven, and Nordic Capital are among five firms targeting pathology assets, a trend underscored by Blackstone & TPG’s pending $18.3 billion take-private of Hologic women’s health ripe for private equity investments.

Exits and Portfolio Transactions

Firms are actively working through exits, including Advent selling the hair care brand Olaplex to Henkel for $1.4 billion, which will result in an immediate delisting from Nasdaq and a full exit for the PE firm Advent to sell hair care brand Olaplex. In infrastructure and services, Audax and Greenbriar are divesting airport services firm AGI to Lone Star, five years after their initial co-investment. Meanwhile, the energy transition saw Brookfield and La Caisse agree to a $9.7 billion take-private of renewables operator Boralex to scale growth, while Clearlake Capital acquired power grid services provider Qualus from New Mountain Capital, a deal expected to close in 2026 Clearlake buys Qualus from New Mountain.

Geographic & Credit Market Developments

Middle Eastern capital continues to flow internationally, evidenced by Alterra backing General Atlantic’s investment in Wireless Logic Alterra backs General Atlantic, as GPs who commit to the region stand a better chance of success in fundraising Middle East’s fundraising oasis awaits GPs. In credit markets, Evercore expanded its Europe-based credit secondaries team by hiring four professionals, including two departures from PJT, amid a broader movement of talent in secondaries advisory Jefferies brings on senior GP-led talent. Furthermore, Bain secured an A$430 million loan, equivalent to $300 million, to finance its acquisition of an Australian wealth management firm, while Blackstone committed $250 million to a UAE payments platform as part of a broader $1 billion regional bet.

The Technology & Venture Ecosystem

Despite the focus on large buyouts, venture activity remains highly competitive, especially at the seed stage, where only rounds of $10 million and above grew in 2025. Austin’s startup scene is reportedly stronger than ever Austin’s startup scene is stronger than ever, even as investors hunt for the next major AI firm, with Oxford being a key focus area for deeptech funding Investors hunt for ‘the next DeepMind’. In the software M&A space, SAP agreed to acquire NewView Capital-backed Reltio, with closing anticipated in Q2 or Q3 2026. In the UK, AI firm Brahma, a rival to Synthesia, is reportedly forecasting $100 million in revenue Meet Brahma: the quiet Synthesia rival, while Y Combinator graduates also attracted capital, with Glimpse securing a $35 million Series A led by Andreessen Horowitz YC graduate Glimpse raises $35M.

Sector-Specific Add-ons & Specialization

PE firms are executing targeted add-on acquisitions across several niches. In consumer wellness, Bansk Group is acquiring wellness shots provider So Good So You, whose co-founders will retain board seats. Semcap has launched a dedicated beauty and wellness arm Semcap launches beauty and wellness arm in partnership with Vasiliki Petrou's Veralis Group, although general dealmaking in the beauty sector faces pressure from Middle East conflict PE dealmaking in beauty under pressure. In specialized consulting, Advent is investing in engineering and consulting firm Atwell, expecting the transaction to conclude in the second quarter of 2026. Simultaneously, Trinity Hunt-backed Allvia snapped up HR Pals to expand its workforce services platform, and Sovereign-backed Affinia made an immediate add-on acquisition following its initial investment in LB Group Sovereign-backed Affinia makes add-on.

Financial Infrastructure & Secondaries Growth

Major banks are refocusing efforts to facilitate PE liquidity events, as Bank of America launched a dedicated Private Capital M&A Group aimed specifically at unlocking exits for private equity clients. The demand for specialized financing continues, with Bonaccord making a minority investment in Prime Finance to bolster its balance sheet and expand its credit platform. Meanwhile, the European Investment Fund is deploying capital to foster emerging VC, launching a €15 billion fund of funds intended to back 100 growth-stage venture capital firms. Finally, Pictet Alternative Advisors successfully closed its debut direct private equity strategy Pictet raises $440m for first direct private equity fund dedicated to founder-led businesses at €403 million (approximately $440 .