Private Equity 3 Days

Last updated: March 28, 2026, 11:30 AM ET

Private Equity Dealmaking & Exits

Private equity dealmaking is entering a more selective phase, moving away from the era defined by cheap debt and inflated multiples toward a focus on operational substance rather than mere financial structuring, according to recent analysis. This shift is visible in several recent transactions, including Advent selling Olaplex to Henkel for $1.4 billion, marking a full exit from the Nasdaq-listed hair care brand. Concurrently, HIG Capital agreed to divest its Brazilian internet service provider unit to Claro for approximately $750 million, while Audax and Greenbriar co-sold airport services firm AGI to Lone Star, concluding their joint investment from June 2021. Furthermore, Tower Brook finalized a continuation fund for the business consulting firm Eisner Amper, with Carlyle Alp Invest leading the transaction alongside Hamilton Lane.

In the technology and infrastructure space, Clearlake Capital is acquiring power grid service provider Qualus from New Mountain Capital, a move that follows soaring regional power demand, while KKR is reportedly providing a substantial payout to employees from its exit in Cool IT Technologies. In defense, Advent committed capital to Shield AI, with a portion of the funds earmarked to support Shield AI's planned purchase of Sagewind Capital's portfolio company, Aechelon Technology Inc. Separately, SAP confirmed its intention to purchase Reltio from New View Capital, expecting the acquisition to conclude in the second or third quarter of 2026, while Advent is also investing in engineering and consulting firm Atwell, with that deal anticipated to close in the second quarter of 2026.

Sector Focus: Healthcare, Defense & Property

Healthcare remains a prime area for private equity targeting, driven by an estimated '$1 trillion gap' in women's health needs, as noted by Kearney’s Paula Bellostas Muguerza. This trend is exemplified by the pending $18.3 billion take-private of Hologic by Blackstone and TPG expected to close shortly, and PE firms like Astorg, Cinven, and Nordic Capital are actively pursuing acquisitions in the pathology sector. In other medical deals, Olympus Partners-backed MSO Eye South acquired Aslett-Kurica Eye Center in Atlanta, and Trinity Hunt-backed Allvia expanded its workforce services platform by snapping up HR Pals. LDC, the PE arm of Lloyds Banking Group, has already completed its exit from PAM Healthcare to Optima Healthcare, illustrating activity in the broader health services market driven by GLP-1 and preventative products. Meanwhile, Sun European made twin deals in aerospace logistics, investing in the Heathrow-based firm B&H Worldwide which manages aviation components and also purchasing another logistics business from an undisclosed seller amid pressures on the beauty sector.

Geographic & Secondary Market Shifts

Investment into the Middle East is continuing, evidenced by Alterra backing General Atlantic’s investment in Wireless Logic, signaling sustained regional interest despite broader geopolitical tensions. Blackstone demonstrated this commitment by committing $250 million to a UAE payments platform as part of a larger $1 billion investment, even as regional conflict places pressure on other sectors like beauty dealmaking according to BCLP analysis. General Partners seeking capital in the region are advised to double down on commitment to better serve investor needs. In Europe, Evercore is strengthening its Europe-based credit secondaries team by hiring four individuals, two of whom are relocating from PJT, while sector specialist Linden, a Chicago-headquartered firm, is mulling a dedicated secondaries strategy to join other buyout firms entering that market. In Australia, Bain Capital has secured a A$430 million loan, equating to about $300 million, to finance its acquisition of a local wealth manager.

Venture Capital & Early Stage Activity

The venture funding environment shows signs of consolidation and focus, with large rounds dominating attention, such as OpenAI disclosing a further $10 billion raised this week, leading the general uptick in big deals. At the seed stage, U.S. seed funding is skewing toward larger outlier rounds; only deals of $10 million and above have shown growth in 2025, indicating increased competition at the very top of the early funding bands. Activity in specific tech hubs remains strong, with Austin’s startup ecosystem reporting its funding levels hitting an all-time high. Meanwhile, investors are actively chasing the next wave of innovation from accelerator cohorts; nearly a dozen VCs polled at YC Demo Day favored several W26 startups focusing on diverse areas, from moon hotels to cattle herding, alongside 16 other interesting companies ranging from humanoid robots to doomscrolling redirects. Specific AI startups are also capturing attention, with note-taking firm Granola achieving unicorn status after a $125 million Series C, and firms like Brahma, a Synthesia rival, already forecasting $100 million in revenue according to Sifted reporting.

Operations & Firm Strategy

The industry is also seeing internal adjustments, as evidenced by Speedinvest cutting 10% of its team following a period of internal churn, reflecting broader pressures on VC operational efficiency. On the platform side, FPE-backed Point74 is acquiring compliance platform Quor to establish the UK’s first unified food software platform, while Sovereign-backed Affinia made a bolt-on acquisition of HR Pals following its initial investment in LB Group. In fixed income platforms, Bonaccord has made a minority investment in Prime Finance, a commercial real estate credit platform, which will be used to strengthen its balance sheet and expand its credit offerings. Furthermore, Bank of America has responded to the need for liquidity by launching a dedicated Private Capital M&A Group aimed specifically at unlocking private equity exits. The role of technology is also growing, with anecdotes suggesting AI is already impacting investor relations processes as seen in placement AI-agents, even as embattled software portfolios face a looming maturity wall.