Private Equity 3 Days

Last updated: April 21, 2026, 8:30 AM ET

Dealmaking & Sector Activity

Private equity deal flows reveal notable activity across healthcare, industrial services, and insurance distribution, even as technology sectors see mixed signals. In healthcare, Apollo agreed to purchase a minority stake in McKesson’s medical-surgical solutions business, valuing the unit at $13 billion, while TA Associates is reportedly in talks to take Advanced Medical Solutions private in an estimated $810 million transaction focused on tissue-healing technology. Elsewhere, the insurance distribution sector saw movement as Goldman Sachs-backed Doxa moved to acquire Eaton Gate Group, and JC Flowers-backed OneItalia Alliance scooped up brokerage provider Strategica Group. Furthermore, the industrial sector saw consolidation, with ACP-backed StenTech acquiring toolmaker Pentagon EMS, and Revelar-backed Steele Solutions adding Maysteel Industries to expand product categories.

The fire safety and infrastructure maintenance segments are attracting heavy buyout interest, driven by regulation and the build-out of data centers. Gryphon Investors is reportedly reviewing a sale of its fire safety platform, Jensen Hughes, which sources suggest could command a valuation exceeding $1.5 billion based on recent EBITDA multiples in the sector. This interest reflects broader trends, as Ardian sold its stake in quality management provider Trigo to Montyon Capital, while HIG-backed Andwis completed its fourth acquisition of 2026 by purchasing Senseco Systems. In related infrastructure plays, Excelsior-backed Lydian Energy acquired Hanwha Renewables’ Bess Atlas North portfolio, specializing in utility-scale power projects, and Quad-C-backed Vortex bolted on Mainlining America to bolster its water-main service capabilities.

In specialized software and services, Accel-KKR backed a spin-out from the healthcare nonprofit ECRI to form Staritas, while in the UK, Long Path Partners’ offer for Idox became unconditional, securing the regulatory compliance software firm. The accounting space also saw activity, with RedBird Capital Partners acquiring the UK accounting platform Affinia. Meanwhile, IK Partners is set to acquire, which focuses on security and automation services, from Amplio Private Equity. In the insurance sphere, Bain Capital Insurance-backed Aptia added Pension Decision Service to enhance retirement guidance offerings.

Exit Strategies and Valuation Benchmarks

Sellers are positioning major assets for public market debuts, with several firms exploring exits valued in the billions. Sycamore Partners is examining a London IPO for the retailer Boots as early as 2027, potentially securing an exit north of $8 billion. Concurrently, Blackstone-backed Jersey Mike’s Subs has filed for an IPO, targeting a similar $8 billion exit valuation. On the technology front, prediction market platform Polymarket is reportedly seeking a $400 million capital raise that would place its valuation at $15 billion. This activity occurs as the broader market saw 37 companies join the Crunchbase Unicorn Board in March, marking the highest monthly count in nearly four years, led by robotics and AI infrastructure plays.

The Booming Secondaries Market

The secondaries market continues to expand in both breadth and depth, though negotiation friction remains a central theme for buyers and sellers. Pricing disparities, specifically the bid-ask spread, are cited as the most contentious challenge in current negotiations, even as overall sentiment remains positive. Many limited partners (LPs) are intensifying activity due to a "distribution desert," leading to a surge in first-time LP sellers seeking immediate liquidity. Investment managers like Partners Capital are actively encouraging clients to participate in the growing secondaries space despite some historical return mechanisms proving less attractive in the present environment. General partners (GPs) are increasingly using continuation vehicles (CVs) for single-asset sales, with Cerberus Capital completing a $2.3 billion CV for Subsea Communications, often involving cross-fund commitments to demonstrate alignment on high-value assets.

Sector Spotlights: Defense, Life Sciences, and Tech

Investor focus is shifting toward themes of resilience, particularly in the defense sector, where deal flow is surging across Europe. This environment supports aerospace and defense acquisitions, such as Acorn Capital’s pending purchase of aviation firm MTI Aviation. In contrast, the life sciences sector is experiencing a mixed picture post-pandemic, with fundraising and capital deployment slipping from their COVID-era peaks. Meanwhile, in technology, cybersecurity funding remained elevated, with global companies securing $4.9 billion last quarter, well above year-ago levels, even as AI disruption reportedly slows deal execution in adjacent legal services. Separately, the sports agency market is active, with Permira reportedly exploring an acquisition of The Team agency.

European Market Dynamics and Investment Flows

European private equity is seeing significant capital flow from international sources, with Australian superannuation funds touring the UK and France intending to deploy up to $430 billion into the region's private markets. Within Europe, infrastructure and specific industrial niches are favored; for example, multiple firms, including Huron Capital and Angeles Equity Partners, are employing renovation, roll-up, and AI integration strategies in the booming roofing sector. However, some European tech founders are grappling with increased demands for tech sovereignty. On the venture side, despite the overall focus on AI and robotics, one observation notes that startups built on current foundation models face a limited window before those models expand into their categories. In fintech, while Stripe alumni raised €7.5 million for new venture Seapoint, the established banking giant Revolut is targeting a 2028 IPO.