Private Equity 3 Days

Last updated: May 1, 2026, 2:30 PM ET

Private Equity Dealmaking and Exits

Dealmaking in the private equity sphere saw several key transactions across sectors, ranging from healthcare to infrastructure. Archi Med and La Caisse jointly acquired Stago, a developer of hemostasis equipment, while Archi Med separately moved to take Esperion Therapeutics private for $1.1bn, with that transaction slated for closing in the third quarter of 2026. In other major moves, AnaCap sold French private bank Milleis to a consortium including LCL and Crédit Agricole Assurances, finalizing the divestiture of the group’s assets, which included Milleis Vie and Cholet Dupont Asset Management. Meanwhile, in infrastructure, Freshstream is divesting TrueNoord, the regional aircraft lessor, to Arcus Infrastructure, signaling continued portfolio refinement among infrastructure sponsors.

Further transaction activity included consolidation plays and strategic bolt-ons across different industries. Clearlake completed its buyout of Qualus, the power and electric services grid platform, from seller New Mountain Capital, while GTCR teamed up with Brian Crotty to establish the new entity Avelis Holdings, with Crotty slated to serve as CEO. In the lower middle market, DBAY-backed Finsbury Food Group picked up Flower & White, a producer of light sweet treats, marking a strategic expansion into the snack bar segment, and Boomerang-backed Pinnaql made its third tuck-in acquisition in ten months by acquiring Pharma Resource Group. Elsewhere, Martin Marietta agreed to acquire New Frontier Materials, the construction materials platform previously backed by Declaration Partners.

The secondary markets remain active as managers seek liquidity amid valuation pressures. Manulife is increasing its infrastructure CV purchases and secondaries allocations specifically to address lower-than-expected distribution yields (DPI), though rising retail flows for infrastructure assets introduce new complexities. In Asia, the South Korean pension fund GEPS intends to be active in secondaries across private equity, debt, real estate, and infrastructure in 2026, alongside a planned commitment of $150 million to $200 million into buyout and secondaries funds in the same year. This focus on secondaries is supported by commentary suggesting that market volatility and a lack of liquidity make the case for secondaries shine.

Sector Focus: AI, Healthcare, and Sports

The accelerating influence of Artificial Intelligence continues to shape investment theses, with TPG noting that AI shifts defensive PE bets to an “offensive weapon”, as its software portfolio demonstrated 20% year-on-year growth despite disruption. Adams Street Partners suggests that private markets investors with privileged access to high-quality AI opportunities are well-positioned to benefit from this innovation wave. In related technology funding, Anthropic is reportedly fielding offers that could value the Claude developer as high as $900 billion in a potential new $50 billion round, reflecting intense capital concentration in frontier AI firms.

Investment activity targeted specific verticals, including healthcare and sports. Goldman Sachs, Gryphon Investors, and others are reportedly analyzing six potential deals across the eye care sector, signaling a PE drive for platform investments and consolidation. On the sports front, private capital is flowing into professional leagues: KKR has formed Hometown Soccer Holdings to back the evolution of MLS Next Pro, while Avenue Sports Fund invested in The North Carolina Courage, demonstrating appetite for assets underlying media rights and fan engagement.

Firm Launches, Personnel Moves, and Market Structure

The industry saw the formal rollout of a new general partner, Mako, co-founded by former United Airlines chairman and CEO Oscar Munoz. Personnel shifts included Riverwood appointing Mac Hofeditz, formerly of Vector Capital Management, as managing director, and Beach Point naming Fred Storz to a managing director role based in New York. Furthermore, Ares Management appointed Peter Ogilvie as Chief Operating Officer and head of strategy, drawing from his existing role as partner and head of the Ares corporate strategy group.

Discussions around the democratization of private markets reveal a focus on structural innovation and LP/GP dynamics. Simpson Thacher & Bartlett views democratization not merely as access expansion, but as restoring prior access to economic growth. This trend is manifesting in the increasing attractiveness of hybrid fund structures, which aim to merge public and private market accessibility. Concurrently, LPs are demanding greater clarity, particularly concerning AI disruption and 'Saa Spocalypse' navigation, while also focusing diligence on key person provisions and carried interest distribution in CVs.

Venture Capital and Geographic Trends

Venture funding shows a marked concentration in specific geographic areas and sectors, despite overall seed deal counts falling from their 2021-2022 peak. The San Francisco Bay Area expanded its dominance in U.S. seed funding in 2025, capturing a greater share of both deals and dollars, even as early-stage startups generally remained geographically spread out. In Europe, while established hubs continue to attract interest—with Oxford Saïd Entrepreneurship Centre reporting many investors tapping into its ecosystem—emerging centers like Iceland are gaining attention on a per capita basis. Meanwhile, venture capital firms like 137 Ventures, backers of SpaceX, raised $700 million for two growth-stage funds, indicating continued support for later-stage technology assets.