Private Equity 3 Days

Last updated: April 9, 2026, 11:30 AM ET

Fundraising & Capital Markets Activity

Private equity fundraising showed signs of stabilization in the first quarter, with nearly half of closed funds hitting their targets, marking the highest proportion recorded in at least five years. This positive performance contrasts with broader LP priorities shifting, as detailed in the latest LP Perspectives study, which investors are now unpacking in a new podcast series. Separately, the market for GP stakes is adapting, with institutional investors increasingly looking to invest directly into GPs, potentially reshaping the secondary market landscape, while emerging managers are using equity stakes to secure anchor commitments from LPs, effectively serving up stakes to overcome initial capital hurdles.

Fundraising momentum is evident in specific manager announcements, where Court Square Capital Partners successfully closed its fifth flagship fund at $3.8 billion, significantly exceeding its initial goal. Personnel moves further indicate platform expansion, such as Sagard completing a partnership with Unigestion Private Equity to scale its combined platform to $23 billion. Conversely, the world of venture capital, though distinct from traditional PE, is seeing specialized funds emerge, with Collide Capital closing Fund II at $95 million to target fintech and future-of-work startups, while OpenAI alumni are reportedly raising a $100 million fund called Zero Shot to continue early-stage investments.

Mega-Deals and Take-Private Transactions

Large-scale buyouts continue to anchor the market, with CVC Capital Partners seeking co-investors for a proposed $12.7 billion takeover of Italian pharmaceutical firm Recordati, signaling a major push into mega LBO territory. In the US, defense contractor Madison Dearborn-backed AEVEX is aiming for a $2.35 billion valuation in its planned $336 million initial public offering, demonstrating continued appetite for specialized defense technology assets. Meanwhile, Blackstone and TPG finalized the take-private buyout of women’s health firm Hologic, a transaction which also drew significant minority investment from entities affiliated with the Abu Dhabi Investment Authority and GIC.

The aerospace and defense sector saw multiple transactions, including a significant European deal where Blackstone and Tinicum agreed to acquire UK-listed supplier Senior for $1.85 billion, while in a separate but related move, Tinicum and Blackstone also agreed to a take-private of another engineering company. Further bolstering the sector, Juniper Capital sold manufacturer Precision Aerospace to Centerbridge-backed Precinmac, and ATL Partners-backed Aero Accessories bolstered its maintenance footprint by picking up NGA and Tri-County Aerospace. In technology, Francisco Partners announced plans to take Blackline Safety Corp private for $850 million, contingent on a Q2 2026 closing timeline.

Continuation Vehicles and Secondary Markets

Continuation vehicles remain a key tool for sponsors seeking to extend asset ownership, exemplified by Onex Partners completing a $1.6 billion multi-asset vehicle backed by lead investors including Neuberger, GIC, Apollo S3, and Step Stone, covering assets like Fidelity Building Services Group and Power School. A similar single-asset structure was launched by Neuberger Berman for Tailwind’s Axis Portable Air business. Despite the activity, the secondary market is characterized by buyers seeking "scarce opportunities," particularly within infrastructure assets that are difficult to access via primary funds, according to panelists at the Infrastructure Investor Global Summit. Furthermore, LPs are advised by influential groups like ILPA to exercise caution regarding tiered carry structures in continuation funds, even though these structures aim to improve alignment with sponsors.

Strategic Add-ons and Sector Consolidation

Throughout the market, portfolio companies are aggressively pursuing bolt-on acquisitions to scale operations and increase revenue density. In the ingredients space, Astorg is seeking further add-ons for Solabia, which has already seen its revenue jump from approximately €180 million to €240 million following three recent acquisitions. Similarly, German industrial firm Mutares agreed to acquire two automotive supplier businesses carved out from Magna, specifically to scale its Amaneos and HiLo Group platforms, aiming to build a $320 million automotive platform. In professional services, regulatory lag regarding AI adoption is creating new avenues for consolidation, such as Keensight Capital-backed DimoMaint making its initial add-on acquisition, while Keensight-backed Aconso acquired Centric Germany to expand its SAP-based HR tools offering.

The healthcare and services sectors also saw activity: Council Capital acquired health tech firm Medical Service Quotes.com, while Great Hill-backed Sidekick Therapy Partners expanded its pediatric speech therapy footprint by acquiring Word of Mouth Clinical Associates. In the B2B media space, Mountaingate-backed WTWH Media acquired healthcare media firm Health Leaders. In the real estate segment, Ares Management agreed to an all-cash transaction to acquire Whitestone REIT for approximately $1.7 billion.

Personnel, Strategy, and Tech Focus

Firms are actively onboarding talent to source new deals, with Transom appointing Luke Dauch as principal to focus on cultivating new investment opportunities and maintaining relationships with intermediaries. In leadership changes, H.I.G. Capital appointed long-time executive Brian Schwartz as its new Chief Executive Officer. Strategically, there is a clear focus on infrastructure and specialized credit, with Chicago Atlantic moving into emerging markets private credit to counter a pullback from US investors, and Morgan Stanley preparing to launch a new private credit vehicle to address market liquidity squeezes. The AI boom continues to influence investment, drawing private wealth directly into startups to bypass traditional VC structures, leading to a trend described as the AI gold rush pulling wealth into riskier early bets, while specialized VC firms like Eclipse are raising $1.3 billion specifically to incubate "physical AI" startups.