Private Equity 3 Days

Last updated: April 9, 2026, 2:30 PM ET

Mega-Deals and European Pharma Transactions

Private equity dealmaking showed activity across major European sectors, highlighted by CVC Capital Partners seeking co-investors to back its proposed $12.7 billion takeover of Italian drugmaker Recordati, signaling appetite for mega-buyouts in the pharmaceutical space. Concurrently, GTCR finalized its acquisition of Zentiva, a European generics pharmaceutical company, from Advent, while in the defense sector, Blackstone and Tinicum agreed to a $1.85 billion deal to acquire UK-listed aerospace and defense supplier Senior. Further consolidation in European aerospace saw Juniper Capital sell manufacturer Precision Aerospace to the Centerbridge-backed Precinmac, underscoring sustained investment interest in specialized industrial components.

Healthcare, Aerospace, and Specialized Industrials

Large-scale take-private transactions continued with Blackstone and TPG closing their buyout of women’s health firm Hologic, a deal that included minority investments from the Abu Dhabi Investment Authority and GIC. In infrastructure and defense, Madison Dearborn Partners is preparing to take defense technology company AEVEX public via a $336 million US IPO, targeting an aggregate valuation of $2.35 billion as detailed by sources. The aerospace sector also saw significant activity as AEI Industrial-backed ATC Group acquired aerospace repair firm PAS MRO, while ATL Partners-backed Aero Accessories picked up two specialized firms, NGA and Tri-County Aerospace, bolstering component repair capabilities.

Fundraising Momentum and Continuation Vehicles

Fundraising activity showed positive signs, with Court Square Capital Partners closing its fifth flagship fund at $3.8 billion, significantly exceeding its target in what appears to be a strong period for specialist managers. This trend of structured liquidity was evident in Onex Partners completing a substantial $1.6 billion multi-asset continuation vehicle, attracting lead investors including Neuberger, GIC, Apollo S3, and Step Stone for assets such as Fidelity Building Services Group and Power School as confirmed by reports. Separately, Sagard finalized a partnership with Unigestion Private Equity to scale its overall platform to $23 billion, indicating growth through strategic integration.

Sector-Specific Add-Ons and Investments

Add-on activity across niche sectors was broad, focusing on specialized services and B2B platforms. Astorg is actively pursuing further add-ons for Solabia, having already increased the ingredients platform's revenue from approximately €180 million to €240 million through three previous acquisitions. In professional services, Keensight Capital-backed Dimo Maint made its first bolt-on acquisition of Camileia, a cloud-based integrated workplace management system provider, while its portfolio company Aconso acquired Centric Germany. Meanwhile, Ara Partners committed up to $500 million to accelerate the project pipeline and manufacturing expansion for waste management firm Sedron across North America.

Real Estate and Infrastructure Deals

In real estate, Ares Management agreed to acquire Whitestone REIT in an all-cash transaction valued near $1.7 billion, signaling continued private equity interest in take-private deals within the REIT sector. Infrastructure investment saw EQT agreeing to divest its stake in Nordic Ferry Infrastructure to a consortium comprising Rederiaktiebolaget Gotland, Interogo Infrastructure, and Lægernes Pension. Buyers in the infrastructure secondaries market are actively seeking scarce opportunities that offer access to unique assets unavailable in primary offerings, according to recent summit discussions.

Technology, AI, and Venture Capital Dynamics

The influence of artificial intelligence continues to reshape venture capital, with Eclipse securing a new $1.3 billion fund earmarked partly for incubating "physical AI" startups. However, the recent pricing recovery in venture secondaries is facing scrutiny, as AI-driven tech disruptions raise questions over sustainability. In related tech funding, the AI gold rush is prompting family offices to bypass traditional VCs for direct exposure to emerging AI startups. On the smaller deal front, the AI tax preparation startup Juno raised $12 million to automate returns for underserved SMB accounting firms, while Collide Capital closed a $95 million Fund II targeting fintech and future-of-work companies.

GP Stakes Market Evolution and Credit Expansion

The market for GP stakes is evolving, with *LPs increasingly looking to invest directly in GPs rather than through traditional fund structures, a shift that could redefine the market's structure. This diversification is also extending to emerging managers, as some offer ownership stakes to anchor investors to secure LP commitments. Amid broader market uncertainty, Morgan Stanley is preparing to launch a new private credit vehicle to capitalize on liquidity squeezes, while Chicago Atlantic is expanding into emerging markets private credit as US investor participation recedes in that area.

Corporate Exits and Personnel Moves

Activity in the exit environment included Francisco Partners moving to take Blackline Safety Corp private for $850 million, expected to close in Q2 2026. In M&A, Ardian agreed to sell its majority stake in Acousti Engineering to Gamut Capital Management, which subsequently agreed to acquire the company. Furthermore, Mutares agreed to acquire two automotive supplier businesses from Magna in a dual carve-out to scale its Amaneos and HiLo Group platforms, creating a combined automotive entity valued at $320 million as part of its strategy. Personnel updates included Sovereign promoting two team members and Round Hill appointing Chad Doerge as president and deputy CEO.