Private Equity 3 Days

Last updated: April 19, 2026, 2:30 PM ET

Secondaries Market Activity & Major Fund Closes

The private equity secondaries market demonstrated sustained momentum, with data showing that secondaries funds raised nearly $39bn in the first quarter of 2026, continuing a strong fundraising run. Reflecting this strength, Partners Group successfully closed its latest private equity secondaries programme, securing commitments exceeding $9 billion, while insurer MetLife worked with Evercore to market an $1.8 billion portfolio, dubbed Project Trident. Further illustrating sector focus, Pollen Street is building a dedicated GP-led strategy aimed at capturing opportunities within the European mid-market, leveraging the firm’s pre-existing expertise in financial services.

Dealmaking in Real Estate & Industrials

Activity in large-scale real estate transactions saw a major transaction where KingSett Capital and Choice Properties agreed to acquire First Capital REIT in a deal valued at $6.85 billion, signaling continued major capital deployment into retail property assets. In the credit space, Ares committed up to $300 million to a new C-PACE financing vehicle established with Clearwater, intended to scale specialized real estate credit platforms. Meanwhile, in the consumer and industrial sectors, Carlyle completed an exit from KFC Korea, acquiring the franchise from Orchestra Private Equity following a three-year turnaround strategy.

Exits, IPOs, and Regulatory Context

Several portfolio companies are preparing for public market debuts or are being sold, indicating potential paths to liquidity for sponsors. Madison Dearborn-backed Aevex is set to go public today, with underwriters including Goldman Sachs and Bof A Securities leading the offering. Separately, GIC-backed Envision AESC is exploring a Hong Kong listing that could potentially raise up to $2 billion for the battery manufacturer. This trend toward exits is viewed favorably by some, as the potential relaxation of EU antitrust rules is seen by advisors as a positive catalyst for private equity divestitures, a sentiment echoed by PAI Partners-backed Pasubio’s acquisition of Italian luxury textile manufacturer Luilor.

Venture Capital Megadeals & AI Focus

Venture capital deployment was heavily skewed toward transportation and enterprise technology this past week, with the largest single financing round reaching $650 million for electric pickup truck maker Slate Auto. Investment in autonomous vehicles more than tripled in Q1 2026 to hit a record amount, demonstrating that investors are betting on companies ready for commercial deployment, not just research. The artificial intelligence sector continues to absorb massive capital, with Sequoia raising $7 billion for its first major fund under new co-stewards Alfred Lin and Pat Grady, while AI infrastructure firm Upscale AI is reportedly seeking a $2 billion valuation in its latest round just seven months after launching.

Sector-Specific PE Investments and Leadership Shifts

Private equity firms are actively targeting specialized healthcare sectors, with Aquitaine Capital, Goldman Sachs, and Renovus among those investing in platform scaling opportunities within autism care. In European tech, while overall funding is substantial, AI startups are reportedly consuming half of the total capital raised across the continent, although performance data suggests the impact on existing software-focused PE funds remains nuanced. On the leadership front, SV Angel founder Ron Conway announced he is stepping back from some activities due to a rare form of cancer, though he plans to maintain support for his firm’s portfolio founders. Separately, General Atlantic secured a minority investment from Abu Dhabi capital into Joe & the Juice at a $1.8 billion valuation.