Private Equity 3 Days

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

Deal Making & Platform Builds Accelerate Across Sectors

Private equity deal volume remains brisk across several specialized verticals, with numerous platform companies executing bolt-on acquisitions to build scale. In the Southeast US, PE-backed Aqua Dermatology expanded its footprint by acquiring Steele Dermatology in Palm Beach Gardens, Florida, while Osceola Capital-backed Fortify Restoration added Beach Contracting to bolster its structural restoration services in Florida and the surrounding region. Similarly, HIG-backed Coriant acquired SCA, a provider of industrial support services for the defense and infrastructure sectors, and HIG-backed Andwis completed its 29th acquisition since 2023 by purchasing fire and safety firm Senseco Systems. These roll-up strategies are also evident in the landscaping sector, where Century Park unveiled its new platform, Green Summit Landscape Group, immediately following the acquisition of two Lansing, Michigan-based companies, R&D Landscape and Land Mark Landscape.

The strategy of building scale through M&A is proving popular in the fire safety space, driven by regulatory stability and high revenue visibility, according to market observers. Gryphon Investors is reportedly testing the market for its platform, Jensen Hughes, which could fetch a valuation exceeding $1.5 billion based on recent sector multiples, while HIG is preparing to collect first-round bids for Capstone Logistics—an asset sources suggest, with $215 million in EBITDA, may be too large for a strategic buyer. Furthermore, Excelsior-backed Lydian Energy expanded its power generation portfolio by purchasing Hanwha Renewables’ Bess Atlas North portfolio, and Heartwood-backed Amlon Group executed its seventh acquisition under Heartwood’s ownership by scooping up waste treatment facility Excel.

In specialized industrials and technology, ACP-backed StenTech added toolmaker Pentagon EMS to enhance its surface mount technology offerings, and Revelar-backed Steele Solutions expanded into adjacent product categories by acquiring Maysteel Industries. Manufacturing assets are also seeing consolidation; Avem Partners, supported by family offices and high-net-worth individuals, acquired manufacturer Precision Aircraft Machining Company, while Catchment Capital, with the seller being SK Capital, announced plans to buy manufacturer Isolatek. Elsewhere, IK Partners agreed to purchase Selatek, a specialist in security and automation services, from Amplio Private Equity, and Accel-KKR provided backing to Staritas, a spin-out from the healthcare quality and safety nonprofit ECRI.

Insurance & Financial Services Consolidate Amid Exit Planning

The insurance sector saw several moves, including Goldman Sachs-backed Doxa announcing the acquisition of Eaton Gate Group, an insurance distribution company based in Fort Wayne, Indiana. In the brokerage space, JC Flowers-backed OneItalia Alliance continued its growth by acquiring Strategica Group, an insurance brokerage provider launched last year. Meanwhile, deal-making continues in the UK pensions advisory space, where Bain Capital Insurance-backed Aptia picked up Pension Decision Service (PDS), which offers one-to-one guidance for members navigating retirement options. These portfolio management activities are occurring alongside potential blockbuster exits, as Sycamore Partners explores a potential London IPO for retailer Boots in 2027, targeting an exit valuation potentially exceeding $8 billion. Adding to the exit pipeline news, Blackstone is preparing a public markets debut for sandwich chain Jersey Mike’s Subs, eyeing a similar $8 billion exit via an IPO.

Fundraising, Secondaries, and Macro Trends

Capital raising activity showed continued momentum, particularly for established managers and in the secondaries market, even as specific sector fundraising faces mixed results. HarbourVest Partners held the final close of its thirteenth US flagship fund, reeling in $2.4 billion, with its venture capital component closing above target. In a more specialized close, Baird Capital finalized its third global fund at the hard cap of $450 million. The secondaries market remains a fixture for institutional investors, with OCIO firm Partners Capital encouraging its clients to participate in the growing segment despite historical return mechanisms becoming less attractive in the current environment. Friction points persist, however, as pricing remains the most contentious challenge in negotiations, even as the market anticipates increased deployment speed from buyers inundated with opportunities.

The growing complexity of capital management is prompting GPs to increase alignment through continuation vehicles (CVs), which secondaries investors typically support for "trophy, crown-jewel assets," according to market commentary on cross-fund commitments. Cerberus Capital successfully completed a single-asset CV for its Subsea Communications unit, which secured roughly $2.3 billion in commitments led by CVC Secondary Partners. On the asset management consolidation front, the impending merger between Standard Life and Aegon UK will create a life and pensions giant managing approximately £480 billion in assets, reflecting broader industry consolidation among both LPs and managers. In wealth management infrastructure, Renovus-backed F2 Strategy acquired investment consultant Meradia to expand its business and digital transformation services for the asset management industry.

Venture Capital and Sector Focus

Venture investment remains focused on AI enablement and specialized industrial technology, though some areas previously boosted by the pandemic are cooling. Schematic, a startup focused on simplifying pricing and packaging for software and AI firms, secured $6.5 million in seed funding. Meanwhile, CuspAI is reportedly raising $200 million at a unicorn valuation, reflecting strong interest in frontier AI labs. The overall cybersecurity funding environment remains elevated, with global companies securing $4.9 billion in the last quarter, well above year-ago levels, despite a slight sequential dip. In contrast, life sciences fundraising and capital deployment present a mixed picture, slipping from its COVID-19 peak. On the M&A front outside core tech, Eli Lilly announced an agreement to acquire gene therapy developer Kelonia Therapeutics in a deal valued up to $7 billion in cash, representing one of the largest funded biotech acquisitions in recent years.

Sports, Real Estate, and Regulatory Activity

Major transactions outside traditional buyout sectors continue to emerge, including Clearlake Capital co-founder José E Feliciano nearing the completion of an MLB-record $3.9 billion acquisition of the San Diego Padres. In real estate services, KKR secured a commitment from the UAE’s $30 billion ALTÉRRA Acceleration Fund for its Global Climate Transition Strategy, underscoring the flow of sovereign wealth capital into climate-focused assets. In the UK, asset managers are weighing in on the ongoing pension-pooling transition, where the focus now shifts to education and portfolio stewardship for local government pension schemes facing privatization pressures. Furthermore, RedBird Capital Partners acquired Affinia, a fully-integrated UK accounting services platform, while Long Path Partners’ offer for UK regulatory software builder Idox was declared unconditional.