Private Equity 3 Days

Last updated: April 1, 2026, 5:30 PM ET

Fundraising and Capital Deployment

Private equity fundraising momentum remains strong across varied strategies, though limited partners express evolving concerns regarding fund structure and valuation transparency. BC Partners secured €2.2bn (approximately $2.5 at the first close of its newest flagship, signaling continued European confidence, while Inflexion closed its Buyout Fund VII above target at €4.5bn ($4.9 , strategically tapping wealth capital for the first time to meet demand. Conversely, family offices are pushing for the swift winding up of ageing vehicles to mitigate valuation risk, with groups like Stonehage Fleming demanding expediency from zombie funds. Supporting the broader ecosystem, Ares successfully gathered over $9.8 billion for its flagship opportunistic credit strategy, capitalizing on the need for flexible capital solutions in volatile markets.

Geographic fundraising activity shows a pronounced focus on Asia, particularly Japan, where global capital influx is notable but domestic constraints create an uneven picture. In Tokyo, GL Capital held a $385 million first close for its latest flagship, targeting $800 million for buyout investments, while pension funds like the Westfield Retirement Board issued an RFP seeking private equity managers. On the financing front, private credit demand accelerated, evidenced by 17Capital closing its Credit Fund 2 at a record $7.5 billion, and the need for liquidity solutions was further addressed by Ares leading a $1.7 billion continuation vehicle for Antares.

Deal Activity: Buyouts and Exits

Dealmakers across sectors continued to execute transactions, frequently focusing on specialized services, manufacturing, and technology integrations. In the industrial services space, Mutares completed the sale of Kalzip to Tremco and concurrently executed a carve-out of Hamberger Industriewerke’s flooring business. Elsewhere, Windjammer acquired manufacturer PrecisionX, and HIG scooped up aviation security provider GEG from Securitas AB. Exits included Starwood Capital Group's sale of the Radisson Blu Leicester Square to a family office, and AURELIUS successfully divested LSG Asia-Pacific to a Japanese consortium following an operational turnaround. In the building products segment, Court Square sold Kodiak Building Products for $2.25 billion to QXO.

Financial services M&A remained active, driven by wealth management and fintech consolidation. Carlyle took a majority stake in MAI Capital Management for $2.8 billion, while Investcorp-backed Resultant expanded its advisory services by acquiring Liberty Advisor Group. In infrastructure and security, Platinum Equity-backed Cook & Boardman acquired systems integrator Assurance Media, and Hyperion-backed Ranger Fire and Security snapped up Total Fire Group. Furthermore, Concentric and Summer Street exited their investment in solid waste and recycling firm Frontier Waste Solutions.

Sector Focus: AI, Tech, and Healthcare

The technology and innovation sectors continue to command significant capital, particularly in areas related to artificial intelligence and deeptech. Venture funding shattered records in Q1, driven by mega-deals into AI leaders like OpenAI, Anthropic, xAI,** [and Waymo. This trend extended to early-stage capital, where seed rounds for AI startups are commanding higher valuations, with some cohorts seeing $40 million valuations, exemplified by Cognichip raising $60 million to develop AI-designed chips. BlackRock-managed funds invested approximately $57 million into quantum computing firm IQM ahead of its planned $1.8 billion IPO. In healthcare, Bridgepoint-backed Prescient acquired healthcare tech consultancy Dolon, and Quad-C invested in independent medical exam provider Dane Street.*

Private Markets Structure and Governance

Discussions around the structure of private equity funds and LP interactions are intensifying, particularly concerning the rise of evergreen vehicles and the push for greater transparency. Wealth managers are reportedly skeptical of evergreen structures, labeling them 'weapons of mass destruction'. LP sentiment is shifting amid liquidity pressures, forcing a reassessment of investment terms. Regulatory oversight is also tightening, with the US Department of Labor reinforcing the fiduciary framework governing private equity alternatives within 401(k) plans, although new proposals aim to provide safe harbour for DC pensions offering such investments. On the GP side, Partners Group appointed Pete Zippeliusas Co-Head of its Private Equity Health & Life vertical, leveraging his experience** [from Leonard Green.*

Executive Moves and Women in PE

Key personnel changes underscore strategic shifts within major firms. CVC DIF appointed Enrico Del Prete as Partner and Co-Head of its Value-Add platform to scale its $25 billion strategy. In Japan, NSSK’s Jun Tsusaka noted that market reforms are unlocking the full potential of local private equity. The industry also recognized leadership achievements, with publications naming prominent female executives, including Cal PERS’ Marcie Frost, who rose from a typist role to CEO without a college degree, and Thoma Bravo’s Jennifer James, who spearheaded one of the year's top North American fund closes. Meanwhile, Matt Clifford stepped back from his leadership role at Entrepreneurs First after 15 years.

Credit and Secondaries Market DynamicsThe private credit market, valued at $1.8 trillion, is drawing increased attention from lawmakers, prompting engagement from major players like** [Blackstone and Ares. Liquidity needs are also driving activity in the secondary market, although infrastructure secondaries face a dry powder shortage relative to potential deal volume, according to Macquarie's Wandy Hoh. To address financing needs, L Squared wrapped up a continuation fund for manufacturer BTX Precision, and ACP finalized a $405 million continuation fund for legal tech firm Proceed. Furthermore, Bonaccord Capital Partners noted that GP stakes investors are essential for providing novel liquidity solutions to scaling mid-market GPs.*