Private Equity 3 Days

Last updated: April 20, 2026, 2:30 PM ET

Dealmaking Activity & Portfolio Exits

Private equity firms are actively pursuing exits and initiating new buyouts across diverse sectors, with Blackstone preparing a potential IPO for its sandwich chain, Jersey Mike’s Subs, targeting an exit valuation near $8 billion. Concurrently, Gryphon Investors is reviewing the potential sale of its fire safety platform, Jensen Hughes, which sources suggest could fetch a valuation exceeding $1.5 billion based on recent industry EBITDA multiples. Further M&A activity saw Revelar-backed Steele Solutions expand its footprint by acquiring Maysteel Industries, building upon prior acquisitions in adjacent product categories, while RedBird Capital Partners acquired the fully-integrated UK accounting services platform, Affinia.

Sector-Specific Acquisitions & Growth Strategies

Targeting specialized services, JC Flowers-backed OneItalia Alliance scooped up the insurance brokerage provider Strategica Group, which was only launched last year, signaling rapid consolidation in the insurance space. In the technology and industrial services realm, IK Partners agreed to acquire, a firm specializing in security and automation services, from Amplio Private Equity. Meanwhile, Bain Capital Insurance-backed Aptia added on the Pension Decision Service (PDS), which offers personalized guidance on retirement options, suggesting a clear focus on integrating value-add services within its insurance portfolio companies. Separately, TA Associates is negotiating an $810 million takeover of the UK-listed medical device manufacturer, Advanced Medical Solutions.

Competition in European Buyouts

European buyout activity remains highly contested across several high-profile assets. Firms including Hg, TowerBrook, and Vitruvian Partners are reportedly vying for the $270 million Benchmark deal as Schroders reshapes its portfolio. Interest is also mounting in the sports agency sector, where Permira is among several investors exploring the acquisition of The Team. On the deal execution front, one advisory firm noted that AI disruption is reportedly slowing down legal services deal execution, contrasting with the general M&A flow. Furthermore, deeptech startups in Europe are attracting attention, with reports identifying 15 female founders to watch in the space, even as the continent struggles with digital sovereignty demands relative to the U.S. .

The Booming Secondaries Market & Alignment

The secondaries market continues its rapid expansion, though pricing remains the most contentious aspect of negotiations, with the bid-ask spread causing significant friction. General Partners (GPs) are increasingly utilizing continuation vehicles (CVs) for single-asset sales, a trend where Limited Partners (LPs) expect GPs to demonstrate maximum commitment; for instance, Cerberus Capital completed a $2.3 billion single-asset CV for Subsea Communications, led by CVC Secondary Partners. This practice is prompting GPs to step up investment alignment through cross-fund commitments, effectively putting their own capital alongside secondaries buyers on these "trophy assets". This activity comes as LPs face a distribution desert, leading to a surge in first-time sellers seeking liquidity.

Investor Sentiment and Capital Deployment

Investor focus is shifting towards deployment amidst market complexity. Australian superannuation funds, managing approximately $430 billion, are ramping up their focus on European private markets during their current tour of the UK and France. While the secondaries market is inundated with opportunities, maintaining deployment velocity remains a challenge for buyers. Despite enthusiasm for structures like ELTIFs, managers note a persistent education gap concerning private markets among individual investors. Furthermore, industry leaders suggest that while technology like tokenization could aid the secondaries market, its widespread adoption has yet to materialize, with current growth still reliant on established solutions-focused mechanisms.

Venture Capital and AI Funding Dynamics

While overall venture funding saw a slight sequential dip this past quarter, cybersecurity and privacy-focused startups maintained elevated investment levels, attracting $4.9 billion globally. In the AI space, early-stage companies are capitalising on the current gap before foundational models saturate their specific categories, a window some founders estimate may only last about twelve months. Amid this funding environment, early-stage European AI is attracting serious capital, evidenced by reports that CuspAI is raising $200 million at a reported unicorn valuation. Separately, in the fintech sector, Revolut’s CEO is targeting 2028 for the company’s IPO, providing a long-term exit horizon for its backers.