Private Equity 3 Days

Last updated: April 9, 2026, 8:30 PM ET

Fundraising & Capital Deployment Activity

Private equity fundraising shows nascent signs of improvement across the market, with the average time taken for funds to secure commitments dropping to 14 months in the first quarter, the shortest period seen since 2022, suggesting improving LP sentiment. This positive momentum is further evidenced by Court Square Capital Partners, which successfully closed its fifth flagship fund at $3.8 billion, significantly exceeding its target. In a move signaling diversification, Chicago Atlantic is expanding into emerging markets private credit to counterbalance a pullback observed among some U.S. investors. Elsewhere, Sagard formalized its expansion by completing its partnership with Unigestion, integrating Unigestion Private Equity to scale its overall platform to $23 billion.

Mega-Deals and Large Exits

Mega-buyout activity continues with CVC Capital Partners actively seeking co-investors for its proposed $12.7 billion takeover of Italian pharmaceutical firm Recordati. In the healthcare space, a major exit is being explored by TPG, which is evaluating options for Asia One Healthcare, potentially leading to a sale or IPO valued near $7.5 billion, with mandates given to Malayan Banking and UBS. Concurrently, Blackstone and TPG finalized a take-private buyout of women’s health firm Hologic, a transaction bolstered by significant minority investments from the Abu Dhabi Investment Authority and GIC. Exits also occurred in Europe, as GTCR formally completed its acquisition of Zentiva from Advent, taking control of the European generics pharmaceutical company.

Sector-Specific Acquisitions and Divestitures

M&A activity remains intense across specialized sectors, particularly in aerospace, defense, and infrastructure. Blackstone, alongside Tinicum, agreed to a substantial $1.85 billion deal to acquire UK-listed defense supplier Senior, while Tinicum and Blackstone also agreed separately to a take-private of an unnamed engineering company in a European defense push. In infrastructure, EQT agreed to divest its stake in Nordic Ferry Infrastructure to a consortium comprising Rederiaktiebolaget Gotland, Interogo Infrastructure, and Lægernes Pension finalizing an infrastructure exit. Furthermore, Avista executed a deal to acquire Bentech Medical from its current owners, Greyrock and Hermitage Equity Partners, while Juniper Capital sold Precision Aerospace, a manufacturer serving defense and power generation, to the Centerbridge-backed Precinmac finalizing a key aerospace sale.

Add-on Strategy and Platform Building

Private equity firms continued to pursue growth-by-acquisition strategies, reinforcing existing platform companies. Mutares secured two carve-outs from Magna to bolster its automotive platform, aimed at scaling its Amaneos and HiLo Group entities, a transaction valued around $320 million. In the specialized ingredients sector, Astorg is actively seeking further add-ons for Solabia following three recent acquisitions that collectively lifted revenue from €180 million to €240 million. The professional services segment also saw consolidation, with Keensight Capital-backed Dimo Maint completing its first add-on by acquiring cloud-based IWMS provider Camileia. In healthcare IT, Great Hill-backed Sidekick Therapy Partners acquired Word of Mouth Clinical Associates, a provider of pediatric speech therapy services.

Continuation Funds and Secondaries Market

Structured liquidity solutions remain a prominent feature, highlighted by Onex Partners completing a $1.6 billion multi-asset continuation vehicle encompassing holdings in Fidelity Building Services Group, Power School, and Sedgwick finalizing a complex CV structure. Similarly, Neuberger Berman partnered with Tailwind Capital to launch a single-asset continuation vehicle for Axis Portable Air anchoring a new fund structure. The secondaries market, while recovering, faces scrutiny regarding the impact of AI-driven valuations, raising questions about the sustainability of pricing rebounds. Meanwhile, influential LP group ILPA cautioned investors regarding tiered carry structures designed to align sponsors and buyers, emphasizing the need for prudence with variable profit-sharing.

Real Estate, Credit, and Specialized Investments

Large-scale real estate investments saw Ares Management agree to an all-cash transaction to take private Whitestone REIT in a deal valued at approximately $1.7 billion. In private credit, Morgan Stanley is preparing to introduce a new vehicle to address the current market liquidity squeeze by launching a dedicated private credit fund. Blackstone is deploying capital into aviation leasing, partnering with Dubai Aerospace Enterprise on a program targeting an annual commitment of $1.6 billion for new aircraft leasing initiatives. In the energy transition space, Ara Partners committed up to $500 million to waste management firm Sedron to accelerate its project pipeline and expand North American manufacturing capabilities.

Technology, AI, and IPO Preparations

Several portfolio companies are preparing for public debuts, illustrating the ongoing, albeit selective, IPO market. Madison Dearborn-backed drone provider Aevex has set its pricing terms for a U.S. IPO, aiming for a $2.35 billion post-money valuation on a $336 million offering preparing for a defense technology IPO. Arcline Investment Management is also targeting a $1.12 billion listing for aerospace components maker Arxis aiming for a $11.2 billion valuation. The influence of artificial intelligence is clear, with VC Eclipse raising a new $1.3 billion fund specifically to incubate and back 'physical AI' startups. Direct investment into AI by wealth managers is also escalating, as family offices increasingly bypass traditional VCs to gain earlier, direct exposure to AI ventures.

Firm Strategy and Personnel Movements

Firms are making strategic hires and internal promotions to support deal sourcing and growth initiatives. Transom tapped Luke Dauch as principal for its business development team, where he will focus on cultivating new investment opportunities and managing relationships with investment banks and intermediaries. Sovereign promoted two team members, elevating Philipp Zimmerer to investment director and Jaime Leslie to investment manager advancing key internal talent. In leadership changes, H.I.G. Capital appointed long-time executive Brian Schwartz as its new Chief Executive Officer in a planned leadership transition. Meanwhile, the GP stakes market continues to evolve, with LPs showing interest in investing directly in General Partners rather than through traditional fund structures driving a shift in GP stakes investment.