Private Equity 3 Days

Last updated: April 11, 2026, 2:30 AM ET

Fundraising and Capital Deployment

Private equity fundraising shows tentative signs of recovery, with nearly half of the funds that closed in Q1 meeting their fundraising targets, the highest proportion seen in at least five years. This improvement follows a period of extended timelines, though average fundraising periods still clocked in around 14 months in Q1, the shortest duration since 2022 suggesting green shoots. Major players continue to deploy capital aggressively, exemplified by Blackstone raising $10 billion for its latest opportunistic credit vehicle to capitalize on market volatility, while Court Square Capital Partners closed its fifth flagship fund at $3.8 billion, substantially exceeding its goal. In strategic scaling, Sagard completed its partnership with Unigestion Private Equity, formally integrating the business to expand its overall private equity platform to $23 billion.

Sector-Specific M&A Activity

Activity remains buoyant across several specialized sectors, particularly healthcare and personal care, alongside ongoing defense consolidation. Sterling has acquired Healthcare Linen Services Group from York Private Equity, while Avista acquired Bentech Medical from Greyrock and Hermitage Equity Partners. The medtech space saw Blackstone and TPG finalize the take-private of Hologic, a Marlborough, Massachusetts-based women’s medtech developer, as firms continue to target underinvested areas like women’s health. In personal care, firms including Advent, Round Table, and Gemspring are gaining traction in consumer-facing brands. Furthermore, defense saw action as Tinicum and Blackstone agreed on a take-private of an unnamed engineering company, mirroring the trend of defense assets being in vogue.

Add-on Acquisitions and Platform Building

The secondary theme across recent deals involved platform companies executing strategic add-on acquisitions to build scale, often following large primary investments. Astorg is actively seeking more add-ons for Solabia after three recent bolt-ons increased the ingredients portfolio’s revenue from €180 million to €240 million. Elsewhere, Granite Creek-backed Salem One acquired brand development agency SmashBrand, while Gryphon-backed Caylent acquired tech firm Pronetx, an Amazon Web Services partner. In infrastructure, Ambienta’s portfolio company No Dig Alliance expanded into Norway via the purchase of Altiva, a specialist in underground pipe rehabilitation.

Exits and Secondary Market Transactions

Firms are progressing on significant exits, with TPG exploring strategic options for Asia OneHealthcare, which could involve a sale or IPO targeting an estimated $7.5 billion valuation. In the credit secondaries sphere, Arcmont views the burgeoning market as an ‘absolute sweet spot’, with CEO Anthony Fobel expressing openness to dealing with traditional private debt rivals. Meanwhile, EQT agreed to divest its stake in Nordic Ferry Infrastructure to a consortium including Rederiaktiebolaget Gotland. Separately, LPs are navigating capital management, as demonstrated by China’s Ping An Insurance exploring a sizable circa $1 billion portfolio sale through a secondaries process for at least the sixth time.

Venture Capital and Technology Valuations

While overall venture funding to fintech startups in Q1 2026 totaled $12 billion across 751 deals—a 5% dollar increase year-over-year—the deal volume suggests a shift toward larger checks in fewer transactions reflecting global VC trends. In Europe, the number of $1 billion-plus startups minted reached the highest level in four years indicating a strong late-stage environment, though AI's impact on venture secondaries pricing is raising questions about the sustainability of recent recoveries as AI-driven tech disruptions continue. Startups commanding large checks included SiFive, which led funding rounds by raising $400 million for custom chip designs, while Collide Capital closed its Fund II at $95 million targeting fintech and future-of-work companies.

Defensive and Industrial Listings and Deals

The aerospace and defense sectors saw notable movement on both the private and public fronts. Madison Dearborn-backed defense technology company AEVEX is preparing to launch a $336 million US IPO, targeting an $2.35 billion valuation, following similar plans filed by the firm which is targeting an $11.2 billion valuation for Arcline-backed aerospace components maker Arxis. In corporate divestitures, Juniper Capital sold manufacturer Precision Aerospace to Centerbridge-backed Precinmac, which serves the defense and semiconductor sectors. Furthermore, in industrial carve-outs, Mutares agreed to acquire two automotive supplier businesses from Magna to build out a $320 million platform.

Credit and Infrastructure Investments

Large institutional investors are anchoring significant debt packages, with Pimco reportedly in talks to anchor a $14 billion debt financing for Oracle’s data center project in Michigan. Private equity firms are also making direct infrastructure plays; Blackstone took a minority stake in Rowan Digital Infrastructure, which is backed by Quinbrook. In specialized credit, Neuberger Berman led a single-asset continuation vehicle for Tailwind Capital’s Axis Portable Air, demonstrating continued appetite for asset continuation structures. In contrast to US investor pullbacks, Chicago Atlantic is expanding into emerging markets private credit to capture shifting opportunities.

Governance and LP Dynamics

Investor alignment remains a focal point, particularly regarding continuation vehicles, where influential LP groups like ILPA are cautioning against tiered carry structures designed to boost sponsor returns, despite their potential to improve pricing. Meanwhile, US regulators are reportedly expressing wariness over increased insurance company exposure to private markets amid broader concerns about market shocks. In a positive sign for fund managers, Blackstone alum Blitzer closed 154 Partners’ debut fund at $400 million for sports investments, while global LPs are reportedly driving diversification drives that could favor APAC allocations as part of broader investment shifts.