Private Equity 3 Days

Last updated: April 17, 2026, 2:30 PM ET

Fundraising and Secondaries Activity

The secondaries market displayed continued strength, with data showing that secondaries funds raised nearly $39bn in the first quarter of 2026, cementing a strong start to the year. Leading the charge, Partners Group successfully closed its newest private equity secondaries program, securing over $9 billion in total commitments. This robust fundraising environment contrasts with some allocation debates, as seen in the divergence of views on market alignment in the upcoming Global Market Survey. Furthermore, in Asia, South Korean limited partners are increasingly viewing secondaries as an entry point for credit investments, seeking downside protection at lower entry prices.

Further illustrating capital deployment, a Pantheon-led investor group acquired the portfolio assets SI and SMG from Alder II in a significant secondary transaction. Meanwhile, specialized firms are building out new mandates; Pollen Street is establishing a GP-led strategy specifically targeting European mid-market opportunities, bolstered by the recent hiring of Brookfield’s former co-head of sponsor solutions, Mark McDonald. In fixed income secondaries, large institutional sales continue, with MetLife working with Evercore to shop a substantial $1.8 billion portfolio, internally dubbed Project Trident.

Dealmaking and Sector Investments

Private equity deal activity spanned across consumer, healthcare, and manufacturing sectors, with several notable add-on acquisitions reported. In healthcare, WindRose-backed Stellus Rx acquired Tria Health, a technology-enabled pharmacy care management platform based in Plano, Texas. Similarly, Iron Path’s portfolio company, CPIhealth, expanded its footprint by purchasing Midwest Interventional Spine Specialists and Serenity Surgical Center to bolster its interventional pain management platform. Leeds Equity also executed an add-on in education, as its portfolio company Engage2Learn acquired consultancy Education Elements to enhance its leadership coaching and data insight offerings.

In consumer and retail, Carlyle completed its exit from KFC Korea, selling the unit to Orchestra Private Equity after a three-year turnaround effort, while King Sett Capital and Choice Properties agreed to a massive $6.85 billion acquisition of First Capital REIT in a major retail property push across Canada. On the manufacturing front, L Squared-backed BTX Precision scooped up Maitland Engineering, an advanced manufacturing supplier, to scale its industrial platform. Meanwhile, Warburg Pincus-backed Service Compression acquired Axip Energy Services to expand its natural gas compression services in Texas.

Exits and Public Market Activity

The pipeline for exits saw movement, complicated in some areas by market conditions, though public offerings proceeded. Madison Dearborn-backed Aevex is set to go public today, with major underwriters including Goldman Sachs and Bof A Securities managing the process. Arcline-backed Arxis, a producer of engineered components, also achieved a public listing. In contrast, EQT has reportedly restarted the sale process for the China business of contact lens maker Ginko, aiming for a potential $1 billion divestiture following Advent’s earlier exit from the asset. Elsewhere, General Atlantic is preparing for a profitable exit from its investment in Tory Burch, supported by a planned $700 million leveraged loan for the fashion brand.

Sector Focus: AI, Tech, and Defense

Technology and artificial intelligence remained central to investment strategies, driving both venture capital concentration and buyout interest. Sequoia, under new leadership by Alfred Lin and Pat Grady, raised a $7 billion fund specifically to expand its AI bets, marking their first major capital raise since the leadership transition. The trend toward large-scale AI investment is evident globally, with European VC funding seeing half of all dollars flow into AI startups, while global startup deal counts declined in Q1 2026. In infrastructure, Jane Street and Situational Awareness are reportedly in talks to co-lead a $1 billion funding round for Fluidstack, targeting an $18 billion valuation.

In specialized defense and infrastructure, BlueFive Capital is planning to raise a $3 billion fund dedicated to the booming Middle East defense sector, while Danish pension fund P+ is actively seeking General Partner allocations for defense investments given the sector's appeal. Furthermore, KKR committed $820 million to Samsung SDS to accelerate its digital transformation, while Thoma Bravo partnered with Google Cloud to scale AI integration across its substantial $8 billion cybersecurity portfolio assets.

Credit, Real Estate, and Geographic Expansion

Capital deployment in real estate and credit vehicles saw significant commitments. Ares committed up to $300 million to a new C-PACE financing vehicle being established in partnership with Clearwater, aiming to scale the real estate credit platform. In European real estate, King Sett and Choice Properties moved forward with the $6.85 billion acquisition of First Capital REIT in a major retail push. On the M&A front, Blackstone and I Squared Capital are reportedly exploring a joint $3.8 billion bid for the core advertising unit of Ströer.

Firms are also expanding their physical presence to better service regional capital pools. Bain Capital established a new office in the Abu Dhabi Global Market to deepen relationships with Middle Eastern investors, mirroring Eurazeo’s move to open its third German office in Munich to target Mittelstand deals. These moves come as LPs, such as the €25 billion Danish pension P+, are exploring new asset classes like defense, while other European tech hubs like London pulled further ahead of Paris and Berlin in Q1 fundraising metrics.