Private Equity 3 Days

Last updated: April 10, 2026, 11:30 AM ET

Dealmaking & Buyouts: Sector Focus

Private equity deal activity remains focused on targeted sectors, with notable movement in healthcare and industrials. Blackstone and TPG finalized their take-private buyout of women’s medtech developer Hologic in a transaction that included minority investments from the Abu Dhabi Investment Authority and GIC, while elsewhere in healthcare, Avista acquired Bentech Medical from Greyrock and Hermitage Equity Partners. The personal care space is also attracting capital, as firms like Advent, Round Table, and Gemspring gain traction, exemplified by Avista’s bet on the sector alongside a focus on underinvested women’s health assets. In the industrial space, Mutares signed a dual carve-out deal with Magna to construct a $320 million automotive platform, and Ara Partners committed up to $500 million to waste management firm Sedron to expand its manufacturing capabilities across North America.

Divestitures and Exits

Sponsors continue to prune portfolios, with several significant sales and planned exits surfacing. TPG is exploring strategic options, including a sale or IPO, for its Asia One Healthcare unit, which is valued around $7.5 billion, hiring Malayan Banking and UBS to manage the process. In Europe, EQT agreed to divest its stake in the Nordic ferry operator to a consortium comprising Rederiaktiebolaget Gotland, Interogo Infrastructure, and Lægernes Pension, following an earlier report of the sale. Meanwhile, Littlejohn Capital finalized the sale of manufacturer Maysteel Industries, which operates six North American facilities, to the Revelar-backed Steele Solutions. Furthermore, defense assets are proving attractive, as Juniper Capital sold Precision Aerospace to Centerbridge-backed Precinmac, and Tinicum and Blackstone agreed to a take-private of an undisclosed engineering firm, alongside Triton Fund 6’s acquisition of Integris Composites from Agilitas.

Public Market Activity & IPOs

The pipeline for public listings remains active, suggesting some thawing in the traditional exit environment despite broader market caution. Madison Dearborn-backed AEVEX is preparing to launch its U.S. IPO, setting terms to raise $336 million and targeting an aggregate valuation of $2.35 billion. Similarly, defense technology provider Arxis, backed by Arcline Investment Management, is gearing up for a $1.06 billion U.S. IPO with an expected $11.2 billion valuation. Separately, Francisco Partners plans to take Blackline Safety Corp private in a transaction valued at $850 million, anticipated to close in the second quarter of 2026. On the credit side, Blackstone is partnering with Dubai Aerospace Enterprise to initiate a $1.6 billion annual aircraft leasing program.

Fundraising & Capital Markets

Fundraising conditions appear to be stabilizing, with a notable increase in successful closings above target. Court Square Capital Partners successfully closed its fifth flagship fund at $3.8 billion, securing commitments above its original target in what is described as a record raise. This trend aligns with broader data suggesting that fundraising timelines averaged just 14 months in the first quarter, the shortest duration seen since 2022. In complementary capital markets, Arcmont’s Ares-led $2.5 billion credit vehicle is viewed as being in the "absolute sweet spot" of the burgeoning credit secondaries market, with CEO Anthony Fobel indicating openness to dealing with traditional private debt competitors. On the venture front, Collide Capital closed its $95 million Fund II to back fintech and future-of-work startups, while European venture capital saw the highest number of $1 billion startups minted in four years.

Secondaries and Portfolio Management

The secondaries market continues to show activity, particularly in infrastructure and credit, though risks surrounding AI-driven pricing volatility persist. Buyers in the infrastructure secondaries space are actively seeking scarce opportunities that are difficult to access in primary markets, according to panellists at the Infrastructure Investor Global Summit. However, the recent pricing recovery in venture secondaries is facing scrutiny due to the disruptive impact of AI technologies. In terms of corporate structure, JPMorgan Asset Management suggests that "window dressing" is driving the rationalization of evergreen funds, as some benefit from short-term performance boosts derived from secondary market mark-ups. Meanwhile, China’s Ping An Insurance is reportedly exploring a secondaries process for a portfolio valued near $1 billion, marking the sixth time the insurer has attempted such a sale.

Sector Specialization & Talent Shifts

Firms are deepening specialization through targeted personnel moves and strategic acquisitions focusing on specific niches. Blackstone is taking a minority stake in Rowan Digital Infrastructure, which is itself backed by Quinbrook, signaling continued PE interest in digital infrastructure assets. In the realm of AI and technology, Eclipse is allocating a portion of its new $1.3 billion fund toward building or incubating "physical AI" startups. Healthcare talent acquisition is also active, with Frazier Healthcare Partners tapping Randy Hyun as an executive in residence to focus specifically on pharmacy services investment opportunities. Consolidation continues in professional services, where KLB Business Valuations & Forensic Accountants is set to merge with Tower Brook-backed Eisner Amper in a transaction expected to finalize in May 2026.

European Tech & Venture Dynamics

European technology investment shows signs of cautious re-engagement after a period of outflow, though specific funding patterns remain uneven. Data indicates that global venture funding for fintech startups reached $12 billion across 751 deals as of April 6, 2026, representing a 5% dollar increase over the comparable period. European founders are seeing the impact of AI, which is revising the rules for entrepreneurship across the continent, even as some founders who left the region now consider returning. Despite the overall environment, there is tension surrounding profit-sharing structures, as the influential LP group ILPA urges caution regarding tiered carry designed to align sponsors and secondaries buyers. Furthermore, reports indicate that VC firms with all-male teams in the UK have been halved over the last decade, according to a recent report.