Private Equity 3 Days

Last updated: April 1, 2026, 11:30 AM ET

Fundraising Momentum & Liquidity Structures

Private equity fundraising continues to show strength in key segments, with Inflexion closing its Buyout Fund VII at €4.5 billion (approximately $4.9 , exceeding its target, while simultaneously tapping wealth capital for the first time in the oversubscribed raise. Elsewhere in Europe, BC Partners secured $2.5 billion at the initial close of its newest flagship, signaling continued appetite for large-cap European mandates despite shifting geographical focus. In contrast, specialized credit solutions are accelerating liquidity, as demonstrated by 17Capital closing its Credit Fund 2 at a record $7.5 billion, meeting accelerating demand for private equity financing products.

Liquidity solutions are also being deployed via secondary structures, with ACP finalizing a $405 million continuation fund for legal tech firm Proceed, which was rebranded following twelve add-on acquisitions since the firm’s initial purchase in October 2023. Similarly, L Squared completed a continuation fund for manufacturer BTX Precision, with Harbour Vest Partners leading that transaction, underscoring the broader use of these vehicles to manage asset lifecycles. The trend of utilizing structured solutions extends to private credit, where Ares led a $1.7 billion continuation vehicle for Antares to unlock further liquidity within that asset class.

While fundraising is strong for established players, the relationship between institutional investors and managers is evolving under pressure, as LPs grapple with liquidity pressures and the rise of evergreen capital, which one wealth manager dismissively labeled 'weapons of mass destruction' in a recent side letter. This dynamic is prompting LPs to scrutinize manager relationships, with some issuing Requests for Proposals, such as the Oklahoma Tobacco Settlement Endowment Trust seeking a manager for its global private equity portfolio. Furthermore, US pension funds are seeing regulatory clarity, as the Department of Labor reinforced the fiduciary framework governing 401(k) plans, while also acting to ease litigation fears when offering alternatives like private equity in those retirement plans.

Deal Making Across Sectors

The M&A environment remains active across various industries, with a notable concentration in aerospace, defense, and manufacturing roll-ups. HIG secured aviation security services firm GEG from seller Securitas AB, while Godspeed backed Galt Aerospace, which supports the US Marine Corps and Navy. In manufacturing, Windjammer acquired PrecisionX, just months after Core initially invested in February 2023, and Court Square sold Kodiak Building Products to QXO, a major North American distributor, for $2.25 billion. In the building products space, Monument-backed EarthWay Products merged with Border Concepts, a designer of precision lawn and garden products based in Bristol, Indiana.

The healthcare sector saw several transactions, including Kain Capital investing in White Wilson Medical Center and appointing a new CEO, Brad Logan. Quad-C invested in independent medical exam provider Dane Street, while Gryphon-backed VIP acquired Frederick Eye Institute, expanding its Mid-Atlantic eye care platform to 69 locations. Further consolidation occurred in pharma compliance, where MTIP invested in Verifarma, a firm serving 2,000 companies across 26 countries. In the life sciences, Bridgepoint-backed Prescient snapped up Dolon, a London-based pricing consultancy focused on oncology and rare diseases.

Financial services M&A remains dynamic, driven by wealth management and fintech consolidation. Carlyle agreed to buy a majority stake in MAI Capital Management in a deal valuing the firm at $2.8 billion, while Investcorp-backed Resultant acquired Liberty Advisor Group, bringing in a firm that advises PE firms and Fortune 500 companies. In fintech, Stella Point invested in TRX Services, whose leadership team will remain in place. On the exit front, Maven sold financial connectivity software AccessPay to Accel-KKR, and HGGC sold Planet Fitness franchisee Grand Fitness Partners to Flynn Group.

Personnel Moves & Firm Strategy

Major firms continued to bolster leadership across specialized verticals and geographic mandates. Partners Group appointed Pete Zippelius as Co-Head of its Private Equity Health & Life vertical, bringing in a veteran from Leonard Green to co-lead the $13.2 billion strategy. CVC DIF appointed Enrico Del Prete as Partner and Co-Head of its Value-Add strategy, tasked with scaling its $25 billion platform. Leadership changes also occurred at Brighstar, tapping Eric Epstein as partner and co-chair, effective May 2026, and Mérieux Equity Partners promoted Quentin de Labarre to partner.

In Europe, the race to manage the proposed €5 billion EU Scaleup Fund is heating up, with EQT and Atomico reportedly competing for the mandate, as managers await final decisions on fees for the fund. Meanwhile, Matt Clifford has stepped back from Entrepreneurs First after 15 years leading the venture builder, as UK pension providers committed £200 million to a fund aimed at scaling homegrown startups amid ongoing confusion over climate change disclosures.

Geographic Focus: Japan & The AI Boom

The Japanese private equity market is undergoing a transformation fueled by fragmentation and demographic shifts, presenting strong opportunities for buy-and-build strategies in aging industries according to J-STAR. Domestic institutions, including Japanese LPs, are expanding their PE allocations into the mid-market, co-investment, and secondaries, according to Neuberger Berman analysis. Capital is actively flowing into niche areas, such as home-based healthcare, where Nihon PMI Partners sees opportunities driven by demographic change.

The global venture scene continues to be dominated by Artificial Intelligence spending, with Q1 2026 shattering records by attracting nearly $300 billion in startup investment, largely driven by expenditures on AI compute. This AI intensity is reflected even at the earliest stages, where the latest Y Combinator cohort saw startups commanding $40 million valuations. European firms are also leveraging AI capabilities, with Danish lab Corti claiming superiority over OpenAI in medical coding, while Runway launched a $10 million fund to back early-stage startups building with its video models. Furthermore, BlackRock is backing IQM Quantum with $57 million ahead of the quantum computing firm's anticipated $1.8 billion IPO.