Private Equity 3 Days

Last updated: May 1, 2026, 11:30 AM ET

Dealmaking Activity & Sector Focus

The private equity sector continues to see varied transaction flow, with a notable focus on healthcare and technology roll-ups. ArchiMed announced its intention to take Esperion Therapeutics private in an $1.1 billion transaction slated for closure in the third quarter of 2026, while ArchiMed and La Caisse jointly acquired Stago, a manufacturer of hemostasis equipment and reagents. Separately, consolidation efforts are intensifying in the eye care sector, where firms including Goldman Sachs, Mid Europa, and Olympus are reportedly evaluating at least six platform investments. In the business services space, Clearlake finalized its buyout of the power and electric services platform Qualus from New Mountain Capital, and Macquarie-led group executed a large exit, selling the Louisiana electric utility Cleco to Stonepeak and Bernhard Capital.

Buyout & Growth Equity Transactions

Activity spanned infrastructure, industrial services, and specialized technology, demonstrating an appetite for both core assets and niche software plays. GTCR partnered with executive Brian Crotty to launch Avelis Holdings, where Crotty will assume the CEO role, while T2Y Capital secured a majority investment in Ackermann, which engineers customized automation and testing systems for industrial use. In the software arena, Battery Ventures-backed completed the acquisition of location master data management provider 1Spatial, and PE-backed Corporate Technologies scooped up RPM Technologies, an IT services and cybersecurity firm targeting SMBs. Furthermore, Falfurrias backed Young American Food Brands, where Robert Young will remain CEO, and DBAY-backed added Flower & White, a producer of low-calorie snack bars.

Secondary Markets & Investor Strategy

The secondary market is gaining traction as institutional investors look for ways to manage distributions and navigate market volatility. South Korean pension fund GEPS indicated intentions to be active in secondaries across private equity, debt, real estate, and infrastructure during 2026, aligning with a broader commitment to allocate between $150 million and $200 million to buyout and secondaries funds next year. Manulife is actively purchasing infrastructure CVs and secondaries to address issues related to low DPI (Distributions to Paid-In , even as rising retail flows present new exit routes for infrastructure assets. Pomona Capital suggests that market volatility and the ongoing lack of liquidity are strengthening the case for secondaries, a viewpoint shared by GEPS in their forward planning.

Firm Strategy, Talent Moves, and New Entrants

The ecosystem saw significant personnel changes and the launch of new investment platforms. Ares Management appointed Peter Ogilvie, currently head of the Ares corporate strategy group, to the role of COO and strategy head, while Riverwood onboarded Mac Hofeditz, formerly of Vector Capital Management, as a managing director. A major new market participant is Mako, officially rolling out with co-founders including Oscar Munoz, the former chairman and CEO of United Airlines. Elsewhere, Beach Point named Fred Storz to its New York office as a managing director, and Greybull Stewardship tapped Kevin Mohr, who previously held senior financial roles in the US Coast Guard, as CFO operating partner.

Democratization and LP/GP Dynamics

Discussions around the "democratization" of private equity are centering on innovation in fund structures and managing governance concerns. Legal experts from Kirkland & Ellis see the expansion of private markets being supported by nuanced innovations in fund structures and sponsor partnerships, enabling better access for private wealth. Simpson Thacher & Bartlett argue that this shift is about restoring prior access to economic growth rather than simply granting new access, while Ropes & Gray points to hybrid fund structures as an increasingly attractive path forward. However, LPs are demanding greater clarity, with ILPA noting that investor concerns are focusing on key person provisions and the distribution of carried interest, issues that also dominate discourse around 'conflict vehicles'.

Sector-Specific Investments and Exits

Exits remain challenging, prompting managers to adopt more pragmatic pricing approaches, though some large deals are closing. Advent and Cinven’s €29.4 billion exit from the escalator business TKE stands out as a bright spot in the exit market. In infrastructure, Blackstone Infrastructure committed further equity into its portfolio company North Star to facilitate the acquisition of four offshore wind Service Operation Vessels, while Freshstream is divesting its regional aircraft lessor, TrueNoord, to Arcus Infrastructure. In media and content, Searchlight is taking an investment stake in CloserStill Media, which is already backed by Providence Equity Partners, and KKR formed Hometown Soccer Holdings to support the evolution of MLS Next Pro.

AI, Tech Focus, and Geographic Trends

The intersection of private capital and artificial intelligence remains a key theme, though LPs seek guidance on navigating potential disruption, referred to as the ‘Saa Spocalypse’. Adams Street Partners suggests that private markets investors with preferential access to high-quality AI opportunities are well-positioned to benefit from accelerating innovation. Venture funding is also concentrating geographically, with the San Francisco Bay Area expanding its lead in U.S. seed funding in 2025, capturing a growing share of both deals and dollars despite startup dispersion. Meanwhile, in Europe, firms are watching emerging technology clusters, with VCs tracking startups in places like Iceland, which is cited as potentially Europe’s most exciting startup hub on a per capita basis, and France.

Financial Services & Corporate Divestitures

Divestitures in the financial services sector included AnaCap successfully selling the French private bank Milleis and its subsidiaries to LCL and Crédit Agricole Assurances. Elsewhere, Genstar is planning to divest its insurance holding firm Obsidian to Protective Life, while Summit Partners agreed to sell its AI platform for legal professionals, Doctrine, to Relx Group. In adjacent areas, Neuberger is backing the Flow Control Group, with existing majority owner KKR maintaining control through the transaction.