Private Equity 3 Days

Last updated: April 10, 2026, 2:30 PM ET

Fundraising & Market Sentiment

Private equity fundraising appears to show early signs of thawing, with nearly half of funds closing in the first quarter meeting their targets, marking the highest proportion in at least five years and suggesting improving conditions after protracted timelines. This optimism is tempered by ongoing LP analysis of shifting allocations, as detailed in the latest PEI Perspectives study unpacking investor priorities. Meanwhile, major players continue to deploy capital aggressively; Blackstone successfully raised $10 billion for its latest opportunistic credit fund, capitalizing on investor appetite for deployment amid market volatility, while Court Square closed its Fund V above target at $3.8 billion.

Credit & Secondaries Activity

The credit secondaries market is generating considerable interest, with Arcmont viewing it as an "absolute sweet spot" and remaining open to dealing with traditional private debt rivals, according to CEO Anthony Fobel speaking to Secondaries Investor. In related deals, Neuberger Berman led a continuation vehicle for Tailwind Capital’s Axis Portable Air, illustrating the ongoing use of these structures. However, LP groups like ILPA are urging caution regarding tiered carry in continuation funds, despite these structures often boosting sponsor alignment and pricing through variable profit-sharing mechanisms. On the distribution side, China’s Ping An Insurance is exploring a circa $1 billion portfolio sale, marking the sixth time the insurer has initiated a secondaries process.

Exits and IPO Preparation

Sponsors are actively pursuing high-value exits, with TPG evaluating strategic options for Asia OneHealthcare, including a potential sale or IPO, for the entity valued around $7.5 billion. Furthermore, several portfolio companies are testing public markets: Madison Dearborn-backed Aevex set IPO pricing terms targeting a $2.35 billion valuation in a $336 million offering, while similarly backed Arxis aims for an $11.2 billion valuation in a $1.06 billion U.S. IPO for its aerospace components maker. In other exits, EQT agreed to divest its stake in Nordic Ferry Infrastructure to a consortium including Lægernes Pension, and Littlejohn Capital completed the sale of Maysteel Industries.

Sector-Specific M&A: Healthcare & Industrials

Activity across healthcare and industrials remains brisk, often focusing on specialized niches. Sterling acquired Healthcare Linen Services Group from York Private Equity, while Avista purchased Bentech Medical from Greyrock and Hermitage Equity Partners. In medtech, Blackstone and TPG finalized their take-private of women’s developer Hologic earlier this week, coinciding with other firms like Advent, Avista, and Main Post focusing on the personal care segment as underinvested women’s health draws PE interest. On the industrial front, Mutares agreed to a dual carve-out deal with Magna to construct a $320 million automotive platform, and Ara Partners committed up to $500 million into waste management firm Sedron to expand its development pipeline.

Sector-Specific M&A: Aerospace & Defense

The aerospace and defense sectors saw multiple transactions, reflecting high valuations for specialized engineering and component providers. Tinicum and Blackstone agreed on a take-private deal for an engineering company, while Juniper Capital sold manufacturer Precision Aerospace to Centerbridge-backed Precinmac. Further consolidation occurred as ATL Partners-backed Aero Accessories acquired two repair firms, NGA and Tri-County Aerospace, and AEI Industrial’s ATC Group acquired aerospace repair firm PAS MRO. Separately, defense technology firm Aevex, backed by Madison Dearborn, is preparing its public offering.

Technology, Data Infrastructure & Credit Acquisitions

In technology, Blackstone acquired a minority stake in Rowan Digital Infrastructure, which is currently backed by Quinbrook, signaling continued PE interest in digital assets. Simultaneously, venture secondaries pricing recovery is facing scrutiny due to AI-driven tech disruptions raising questions about sustainability. In related private credit moves, Chicago Atlantic is expanding into emerging markets private credit to counteract a pullback from U.S. investors, while Arcmont’s Ares-led $2.5 billion credit vehicle is proving popular. In the fintech space, global venture funding to startups reached $12 billion across 751 deals as of April 6, 2026, representing a 5% dollar increase from the prior period.

Add-on Activity and Platform Building

Platform building through strategic bolt-on acquisitions remains a primary PE strategy across various sectors. Astorg is actively hunting for further Solabia add-ons after three recent acquisitions increased the ingredients company’s revenue from approximately €180 million to €240 million. In the services sector, Granite Creek-backed Salem One acquired branding agency SmashBrand, and Gryphon-backed Caylent picked up AWS partner Pronetx. Furthermore, M&A activity targeted specialized B2B services, with Oaktree-backed GA Group scooping up G2 Capital Advisors, and MML Keystone-backed Evaaro acquiring Keg Logistics.

European Venture Ecosystem

The European tech scene showed mixed signals, with a record number of $1 billion-plus unicorns minted in Europe in the last four years, even as some founders previously exited for South Korean giant Naver acknowledging the difference in scale. Despite the growth in large valuations, European VC funds continue to emerge, with Sifted tracking all the first-time European VC funds of 2026. In startup funding, SiFive led the week’s funding rounds by raising $400 million for custom chip designs, while specialized funds are also closing, such as Collide Capital’s new $95 million Fund II to back fintech and future-of-work startups.

Miscellaneous Deal Flow & Corporate Activity

A diverse set of middle-market deals closed across the last few days. GTCR finalized its acquisition of generics pharmaceutical firm Zentiva from Advent, while Baymark Partners acquired fashion brand Katydid. In the infrastructure space, Energy Capital Partners reacquired nuclear waste handler Energy Solutions, marking the second time the firm has bought the company, while CenterGate invested in tool portfolio company Spartaco Tool Group. On the public market front, Arcline-backed Arxis is preparing its $1.06 billion U.S. IPO, and defense contractor AEVEX, backed by Madison Dearborn, is with its IPO filing.