Private Equity 3 Days

Last updated: April 23, 2026, 11:30 AM ET

Dealmaking and Exits: Sector Activity & Valuations

Private equity deal execution remained active across several sectors, with notable activity in infrastructure, defense, and consumer branding. KKR is committing $1.5 billion to communications infrastructure owner/operator Vertical Bridge, alongside existing backers Digital Bridge and La Caisse, reflecting sustained PE interest in digital assets. In the defense space, Warburg Pincus launched a strategy ready to deploy €200 million checks targeting European defense and security resilience businesses, capitalizing on what Houlihan Lokey notes are ‘attractive valuations’ in the sector. Meanwhile, Goldman Sachs-backed Doxa plans to acquire Eaton Gate Group, an insurance distribution firm, while Sycamore Partners is reportedly eyeing a potential $8 billion-plus exit via a 2027 London IPO for retailer Boots.

In consolidation plays, the roofing sector saw several firms deploying their "renovations, roll-ups and AI roll-outs" playbook, with Angeles Partners, Sumeru Equity Partners, Osceola Capital, and Huron Capital all active in the space; specifically, HIG Capital is currently collecting first-round bids for Capstone Logistics, which sources estimate could command a valuation based on $215 million of EBITDA. Other sector-specific M&A included Allied Industrial-backed CES Power completing three acquisitions in Ireland (GH Energy Rental, Event Power, and , and Triton-backed Flokk acquiring Spec Furniture to expand its contract furniture segments serving education and healthcare. Furthermore, GTCR acquired Fiduciary Trust Company, bringing former Wilmington Trust CEO Doris Meister on board as executive chair, and First Eagle concluded its take-private buyout of Diamond Hill Investment Group for $175.00 per share in cash.

Healthcare, Tech, and AI Roll-Ups

The healthcare sector saw significant platform launches and bolt-on acquisitions, driven by specialized investment theses. Mako launched a new primary care firm, Mangrove Health, founded by Elena Castañeda and Dr. Emily Maxson. In diagnostics, HIG Capital plans to divest clinical research organization Celerion to THL Partners, while PE-backed Alcami announced its intent to acquire contract development and manufacturing organization Tjoapack. In specialized technology, Accel-KKR is backing the spin-out Staritas from ECRI, a Pennsylvania-based nonprofit focused on healthcare quality and safety. On the consumer side, L Catterton and Patricof teamed up to form athlete branding firm CHAMP, which already partners with 250 athletes including Justin Jefferson and Kevin Durant, aiming to accelerate brand awareness.

The intersection of AI and specialized industries continues to attract capital, though general tech funding shows caution. Cloneable, which uses AI to replicate expert workflows for utilities, raised $4.6 million in seed funding, while Schematic secured $6.5 million to simplify pricing and packaging for AI companies. Fusion energy investment is also heating up, with private capital surging from $10 billion to $15 billion in recent months, as investors speculate whether the science has finally reached an inflection point. Simultaneously, the broader EV funding environment suggests restraint, showing funding remains far below previous peaks despite some large upstart brand rounds.

Fundraising, Structures, and LP Dynamics

Limited Partner (LP) scrutiny over fund structures and governance is intensifying, particularly concerning complex vehicles like continuation vehicles (CVs). A Morgan Lewis report indicates that the majority of CVs now employ both internal rate of return (IRR) and multiple of invested capital (MOIC) thresholds for carried interest waterfalls. Furthermore, LPs are increasingly using side letters to gain greater visibility into CV terms, especially as some face pressure to become forced sellers due to restrictive election periods within the funds. This structural complexity is mirrored by asset managers exploring new access methods; Temasek’s Azalea is betting on an evergreen structure to democratize access to private equity, while Pantheon and Ardian both launched evergreen products targeting infrastructure investments, with Ardian specifically targeting Australian wholesale investors.

In manager fundraising, Adams Street Partners successfully closed its sixth co-investment fund at a hard cap of $2.5 billion, and Baird Capital finalized its third global fund at its $450 million target. Harbour Vest Partners also concluded its thirteenth U.S. flagship fund, reeling in $2.4 billion. On the institutional side, the Nevada PERS handed control of its Clearlake Capital assets to an external adviser due to a conflict of interest, granting the adviser discretion, including the potential to liquidate assets via the secondaries market. Meanwhile, the consolidation trend is visible at the LP level, as seen in the Standard Life and Aegon UK merger, which creates a life and pensions giant managing an asset portfolio valued at roughly £480 billion.

Personnel, Strategy, and Market Sentiment

Firms are adjusting strategies and personnel to navigate market uncertainty, with a clear emphasis on resilience and specialized sectors. Warburg Pincus is focusing on defense, ready to deploy large checks for European defense companies, a theme that aligns with investor focus on resilience. Firms like Apax are navigating tech uncertainty by seeking companies that are either 'ideally AI winners, or at best, AI-neutral'. In terms of internal movements, Bowmark announced three investment team promotions, elevating Jamal Lakhani to investment director. On the deal flow front, JP Morgan's John Burns anticipates stronger volume of companies coming to market, a sentiment echoed by Forward Consumer Partners’ Matt Leeds, who expects "really good companies" to appear in the next few months, with Forward targeting control positions in six to eight deals from its second fund. Finally, the industry is preparing for industry events, with the first StrictlyVC conference of 2026 scheduled for April 30 in San Francisco, inviting VCs and founders to attend.