Private Equity 3 Days

Last updated: April 20, 2026, 11:30 PM ET

Biotech & Mega-Deals Lead M&A Activity

The healthcare sector saw one of the largest recent biotech acquisitions, as Eli Lilly announced Monday it is buying gene therapy developer Kelonia Therapeutics for a potential consideration of up to $7 billion in cash, marking one of the biggest funded startup purchases in years, especially for a cancer-focused treatment firm acquiring Kelonia In Largest Funded Biotech Startup Purchase In Years. This activity contrasts with broader tech funding, where overall cybersecurity investment dipped sequentially last quarter but still totaled $4.9 billion globally, remaining significantly elevated compared to the prior year Cybersecurity Funding Holds Up At Robust Levels. Elsewhere in large-cap exits, Blackstone-backed Jersey Mike’s Subs has filed for an Initial Public Offering, signaling a potential $8 billion exit for the private equity giant from the sandwich chain.

Roll-Ups Continue Across Industrials & Services

Private equity firms continued deploying capital through strategic add-on acquisitions across niche industrial and business services platforms over the past three days. Concentric-backed Collective Waste expanded its service offerings by scooping up Straight Flush Rentals, absorbing its assets to deepen operational capabilities. Similarly, Quad-C-backed Vortex integrated Mainlining America, a water-main service company, which will now operate under Vortex Water’s existing U.S. structure to enhance its infrastructure footprint. In the specialty manufacturing space, Revelar-backed Steele Solutions acquired Maysteel Industries, continuing a trend of expanding into adjacent product categories both organically and via merger and acquisition under the New York-headquartered firm’s ownership.

Aerospace, Insurance, and Technical Services Transactions

Activity in specialized sectors saw dealmaking focused on differentiated platforms and essential services. Acorn Capital confirmed its intent to acquire MTI Aviation, viewing the target as a compelling platform aligned with its strategy of investing in aerospace and defense businesses demonstrating strong growth potential. In financial services, RedBird Capital Partners finalized the purchase of Affinia, a fully integrated UK-based accounting services platform, while JC Flowers-backed OneItalia Alliance bolstered its insurance brokerage offerings by acquiring Strategica Group, which was launched only last year. Furthermore, IK Partners agreed to purchase Selatek, a technical installation business specializing in security, electrical, and automation services in security-sensitive environments, from Amplio Private Equity IK Partners to acquire Selatek from Amplio Private Equity.

Secondaries Market Deepens Amid Liquidity Needs

The secondaries market remains active, driven partially by LP demand for liquidity and the increasing sophistication of continuation vehicles (CVs). Cerberus Capital Management successfully closed a single-asset CV for its Subsea Communications portfolio, securing approximately $2.3 billion in commitments led by CVC Secondary Partners, illustrating the strong appetite for mature assets. GPs are increasingly using cross-fund commitments for these single-asset CVs, as secondaries investors expect them to remain heavily invested in these "trophy" assets GPs increasingly step up CV alignment with cross-fund commitments. Despite this booming GP-led activity, pricing remains a central friction point, with the bid-ask spread cited as the most contentious challenge in negotiations Bid-ask spread most contentious of secondaries’ challenges.

European Buyout Interest and Investor Tours

European assets are attracting substantial international attention, even as local market dynamics present challenges like technology sovereignty demands Europe is a digital colony. Major European buyout shops are circling a significant deal, as Hg, TowerBrook, and Vitruvian Partners are reportedly among firms submitting bids for the $270 million Benchmark deal as Schroders reshapes its portfolio. Meanwhile, capital deployment interest from Down Under is intensifying, with Australian superannuation funds embarking on a UK–France tour specifically to deploy capital into European private markets, targeting an estimated $430 billion in potential allocations. The underlying appeal for institutional investors remains high, evidenced by UK local government pension schemes maintaining their preference for private market exposure despite integration and education hurdles Asset managers weigh in on the UK’s pension-pooling transition.

Market Testing and Sector Focus

Firms are actively testing the market for valuations in specific verticals, while other sectors report slowing deal execution. Gryphon Investors is reportedly in the early stages of reviewing a sale of fire safety platform Jensen Hughes, with sources suggesting a potential valuation exceeding $1.5 billion based on current EBITDA multiples for comparable providers Exclusive: Gryphon to test market for fire safety platform Jensen Hughes, sources say. Separately, deal execution in the legal services sector is reportedly slowing down due to the disruptive impact of Artificial Intelligence, according to Arrowpoint AI disruption slowing legal services deal execution, says Arrowpoint. In contrast, enthusiasm for ELTIFs persists despite concerns over liquidity and inexperienced managers, suggesting investor appetite for new structures remains strong Liquidity concerns, inexperienced managers fail to dent ELTIF enthusiasm.

Venture Capital Shifts and Founder Updates

While the broader PE environment sees strategic acquisitions, the venture capital sphere saw high-profile updates regarding funding and leadership changes. Deeptech startups led by female founders are gaining attention in Europe, even as the general AI startup ecosystem acknowledges that the current window of opportunity based on foundational model limitations may be short-lived The 12-month window. In a personal note, prominent venture investor Ron Conway announced he is stepping back from some activities as he battles a rare form of cancer, though he affirmed continued support for founders backed by SV Angel. Separately, the UK fintech space saw the CEO of Revolut targeting 2028 for a potential IPO, setting a long-term public market horizon for the digital bank.