Private Equity 3 Days

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

Investor Activity & Mandates

South Korean public pension fund GEPS plans to commit between $150 million and $200 million to private equity funds in 2026, while also signaling an intention to become active in the secondaries market across private equity, debt, real estate, and infrastructure in the subsequent year 2026. This dual focus on primary commitments and secondaries participation reflects a broader trend among institutional allocators seeking both direct exposure and liquidity management tools. Elsewhere, Manulife is actively buying infrastructure CVs and secondaries to address lower-than-expected distribution yields (DPI) from its infrastructure portfolio, even as rising retail flows present a new, albeit complex, exit avenue for those hard assets, according to Kate Roscoe of Secondaries Investor. Meanwhile, LPs continue to press GPs on governance, with investor concerns growing over conflicts, particularly within continuation vehicles (CVs), leading them to prioritize key person provisions and carried interest distribution terms during negotiations ILPA.

GP Strategy & Fundraising Milestones

A new vehicle raised by Kline Hill and Cendana closed on its hard-cap of $400 million for their second venture capital secondaries fund, successfully exceeding its initial $300 million target. In contrast to emerging managers struggling for capital, a report from Corpay indicates that 'truly emerging managers' face greater hurdles in securing GP financing compared to those spinning out from established firms spin-outs enjoy an edge. Separately, while manager quality remains paramount, with Cambridge Associates noting that alpha seekers will back a quality GP irrespective of geography, the Philippines' sovereign wealth fund, Maharlika Investment Corporation, is seeking partnerships with managers who possess specific knowledge of the domestic operating environment.

Dealmaking: Infrastructure & Energy

A significant infrastructure transaction saw a Macquarie-led consortium, which included British Columbia Investment Management and Manulife Investment Management, agree to sell the Louisiana electric utility Cleco to Stonepeak and Bernhard Capital. This exit, which was among the highlights discussed at Deal Max 2026, involved a focus on business services attractiveness and the sale of grade-B portfolio companies dealmakers reviewed exits. In the renewables sector, Blackstone Infrastructure agreed to fund Eurowind Energy, a pan-European renewables developer, while PSEI offloaded a minority stake in Big Sky Wind to Hamilton Lane and GCM Grosvenor, retaining operational control of the asset PSEI sold stake. Furthermore, Freshstream is preparing to divest regional aircraft lessor TrueNoord to Arcus Infrastructure.

Dealmaking: Software & Tech Add-ons

The trend of software companies being integrated into larger platforms continued, with PE-backed Corporate Technologies acquiring Minneapolis-based IT service provider RPM Technologies, and Battery Ventures-backed Verti GIS snapping up location master data management specialist 1Spatial Battery Ventures-backed VertiGIS snaps up. In cybersecurity, Bridgepoint has agreed to take a majority stake in iC Consult from Carlyle, while Main Capital Partners-backed Mach acquired travel management software provider SMS Stiewi, one of two add-on moves for the firm Main Capital-backed Mach picks up. Separately, Skyview acquired Lightspeed Commerce’s Upserve US hospitality product line, covering approximately 3,200 customer locations.

Dealmaking: Sector-Specific & Buyouts

Mid-market activity saw several strategic add-ons, including DBAY-backed Finsbury Food Group purchasing snack bar producer Flower & White, and HKW-backed Urban Armor Gear acquiring smartphone accessory manufacturer Nomad Goods HKW-backed UAG picks up. In specialized engineering and materials, Algebris is set to take a stake in Italian ground engineering firm Geosec, and Martin Marietta agreed to purchase the construction materials platform New Frontier Materials from Declaration Partners. Archimed and La Caisse completed the acquisition of Stago, a developer of hemostasis equipment and reagents, while Astorg is reportedly eyeing opportunities within Thermo Fisher’s microbiology business, which it is acquiring for over $1 billion. On the corporate carve-out front, Open Gate will acquire the EMEA division of TotalSafety, focusing on safety and compliance.

New Ventures & Strategic Hires

GTCR partnered with Brian Crotty to establish Avelis Holdings, with Crotty slated to become the new CEO of the platform. In personnel moves, Ares Management appointed Peter Ogilvie as Chief Operating Officer and head of strategy, while KKR recruited Lauren Goodwin as managing director and chief investment strategist for global wealth, tasked with developing tools for financial advisors KKR taps Lauren Goodwin. Chad Doerge, who recently transitioned to become president and deputy CEO of the music-focused PE firm Round Hill—which holds rights to songs by artists like Madonna and Black Sabbath—is being closely watched as a dealmaker to watch. Greybull Stewardship bolstered its operational capabilities by tapping Kevin Mohr as CFO operating partner, drawing on his two decades of financial leadership experience in the U.S. Coast Guard.

Venture, AI Focus, and Regulatory Headwinds

The relentless pace of AI investment continues, with Anthropic potentially raising a new round valuing the company near $900 billion, while an estimated 207 AI-focused companies have attained unicorn status since 2024, representing roughly half of all new billion-dollar-plus valuations in that period Crunchbase data shows. BMW i Ventures announced a new €300 million fund prioritizing agentic AI and industrial software applications, and Hg invested in sports AI platform Teamworks, pushing its valuation past the $1.5 billion mark. However, venture firms face mounting challenges; Kompas VC is adapting to geopolitical fragmentation by focusing on startups rooted in the physical world Kompas VC adapts strategy, and tech investors must prepare for increased competition and partial exits, according to Bain & Co tech investors need to prepare. Furthermore, UK-based PE and VC firms are finding it more difficult to relocate foreign staff due to recent changes in visa guidance, potentially complicating plans for opening new offices in Britain.