Private Equity 3 Days

Last updated: April 2, 2026, 5:30 AM ET

Fundraising & Capital Deployment

Private equity fundraising momentum showed continued strength in Europe and Asia, with BC Partners securing €2.2bn (approximately $2.5bn) for the first close of its new flagship fund amid a strategic shift toward Europe. Similarly, Inflexion successfully closed its Buyout Fund VII above its target, raising €4.5bn (about $4.9bn) for middle-market expansion. In contrast, GL Capital held a $385m first close for its latest China opportunities fund, which aims for a total raise of $800m focused on buyout investments. Further demonstrating capital availability, Ares landed over $9.8bn for its flagship opportunistic credit strategy, capitalizing on high demand for flexible financing solutions.

Demand for specialized financing vehicles was evident as 17Capital closed its Credit Fund 2 at $7.5bn, a record size driven by accelerating demand for private equity net asset value (NAV) loans. In the continuation fund space, L Squared successfully wrapped up a vehicle for manufacturer BTX Precision, with Harbour Vest Partners leading the transaction, while ACP closed a $405m continuation fund for legal tech firm Proceed, which had previously completed twelve add-on acquisitions under ACP ownership. On the LP side, the Westfield Retirement Board issued an RFP seeking private equity investment managers, even as US regulators reinforced the fiduciary framework governing 401(k) plans' access to alternatives following a stricter new framework.

Deal Activity: Buyouts & Add-Ons

The M&A pipeline remained active across several sectors, with significant activity noted in the technology and industrial sectors. Carlyle agreed to acquire a majority stake in MAI Capital Management for $2.8bn in a wealth management deal, while also taking a stake of up to 10% in Natura following a governance overhaul. Strategic carve-outs and add-ons continued to define portfolio maneuvers: Omni Partners-backed Infoshare added Barbour Logic, which specializes in automating correspondence for penalty charge notices, marking its eighth bolt-on acquisition. In security and industrial services, Platinum Equity-backed Cook & Boardman acquired Assurance Media, a systems integrator for access and security solutions, and HIG acquired aviation security firm GEG from seller Securitas AB.

Exits also materialized, including Court Square divesting Kodiak Building Products to QXO for $2.25bn, and AURELIUS successfully exited LSG Asia-Pacific to a Japanese consortium after achieving an operational turnaround and margin expansion. In real estate, Blackstone sold its Fidere residential portfolio in Spain to Brookfield Asset Management for $1.4bn, while the firm also exited the Radisson Blu Leicester Square hotel in a prime London transaction. Conversely, CVC Capital Partners submitted a non-binding $12.6bn buyout proposal to take Italian pharmaceutical firm Recordati private.

Sector Focus: AI, Tech, and Healthcare

Investment into artificial intelligence infrastructure and application development remains a primary focus for growth capital. KKR spearheaded a $90m Series C funding round for Coder, aimed at scaling its enterprise AI development environment. In specialized AI hardware, Cognichip raised $60M to fund its mission of using AI to design the chips that power AI, claiming it can cut development timelines by over half. Seed-stage funding, particularly for AI-native startups, commanded high prices, with some recent Y Combinator cohort members achieving $40 million valuations. Meanwhile, European fintechs are embracing AI-native models, though concerns persist about government support favoring weaker domestic startups over true technological sovereignty.

Healthcare and life sciences saw targeted investments, often focused on compliance and data expansion. Eir Partners invested in health tech firm Long Tail to scale its proprietary data network and product innovation, while Bridgepoint-backed Prescient snapped up healthcare tech firm Dolon, which specializes in pricing and market access for rare diseases. In pharma compliance, MTIP invested in Verifarma, a provider serving 2,000 companies across 26 countries. In the broader technology space, 26North is set to acquire Intermedia Intelligent Communications from seller Madison Dearborn Partners, and Oak Hill completed the buyout of internet provider Hunter Communications.

Japan Market Dynamics & LP Sentiment

The Japanese private equity environment is characterized by a confluence of fragmented industries, aging founders, and increasing institutional interest, creating strong backing for buy-and-build strategies as noted by J-STAR executives. Domestic reforms are reportedly unleashing the full potential of Japanese PE according to NSSK, with global capital flowing in, though domestic constraints create an uneven fundraising picture as observed by PE International. Institutional investors in Japan, such as those tracked by Neuberger Berman, are expanding their allocations into the mid-market, co-investment, and secondaries. Investment opportunities are emerging in specialized areas, such as home-based healthcare, driven by demographic shifts as highlighted by Nihon PMI Partners.

Meanwhile, LP concerns are centering on liquidity management and fund structures. Family offices are voicing apprehension over the proliferation of "zombie funds", urging swift wind-ups to avoid valuation ambiguities, while wealth managers are dismissing evergreen structures as potentially detrimental as detailed in a private letter. The broader liquidity crunch is forcing allocation adjustments, with some LPs reportedly defaulting on commitments, pushing secondaries markets to potentially receive further capital injections.

Personnel Moves & Governance

Key leadership appointments across the industry signal strategic expansions, particularly in value-add and healthcare verticals. CVC DIF appointed Enrico Del Prete as Partner and Co-Head of its $25bn value-add platform. Partners Group named Pete Zippelius, a veteran from Leonard Green, as Co-Head of its Private Equity Health & Life vertical, which manages a $13.2bn strategy. In personnel shifts, Matt Clifford is stepping back from Entrepreneurs First after 15 years at the organization. On the governance front, the industry recognized several leading women, including CalPERS CEO Marcie Frost, who rose from a typist role without a degree to lead the largest US public pension fund, and Jennifer James of Thoma Bravo, who steered Fund XVI to a top North American close in 2025.

Credit & Secondaries

Demand for private credit solutions continues to drive significant capital raises and structuring activity. Ares led a $1.7bn continuation vehicle for Antares to unlock liquidity within that private credit portfolio. In the realm of discounted assets, Permira is actively targeting discounted software loans as concerns over AI adoption reshape credit market valuations. In the secondaries space, infrastructure secondaries pricing remains firm despite capital constraints, though Macquarie noted insufficient dry powder to cover a full year of potential transaction volume. To attract larger transactions, Palico reduced its platform fees to 5 basis points for sales exceeding $50 million.