Private Equity 3 Days

Last updated: May 1, 2026, 8:30 PM ET

Dealmaking Activity & Sector Focus

Private equity firms are actively pursuing exits and structuring new platform investments across several key sectors, even as valuation concerns persist. ArchiMed took Esperion Therapeutics private in an $1.1 billion transaction slated for closure in the third quarter of 2026, while AnaCap divested the French private bank Milleis Group to LCL and Crédit Agricole Assurances, concluding a holding period that spanned several key regulatory shifts in European finance. Elsewhere, consolidation is visible in the eye care space, with firms including Goldman Sachs, Gryphon Investors, and Olympus eyeing platform investments across at least six potential deals, signaling deep interest in healthcare assets despite broader M&A caution. In infrastructure, Blackstone Infrastructure committed capital to Eurowind Energy, a pan-European renewables developer, following the successful €29.4 billion exit by Advent and Cinven from escalator business TKE.

New Capital Launches & Firm Movements

The private equity ecosystem saw the formal rollout of a new firm and substantial capital raises across growth stages. Former United Airlines CEO Oscar Munoz co-founded the new PE firm Mako, marking a significant leadership entry into the market. Concurrently, venture firm 137 Ventures successfully raised $700 million across two growth-stage funds to back companies like SpaceX and Anduril. In personnel moves, Ares Management appointed Peter Ogilvie as COO and strategy head, while specialized appointments like Mac Hofeditz joining Riverwood and Fred Storz joining Beach Point underscore the ongoing need for senior operational expertise within established and emerging firms.

Thematic Investing: AI, Defense, and Sports

Artificial intelligence continues to drive major venture and growth financing rounds, with defense technology emerging as a particularly fertile area for large-scale capital deployment. Defense tech led large U.S. venture deals this week, topped by a $600 million raise for space security startup True Anomaly. This focus on AI penetration extends to software, where TPG noted its software holdings recorded 20% year-on-year growth, viewing the AI shift as an "positive weapon" in their offensive strategy. Separately, private equity is gaining presence in professional sports; KKR formed Hometown Soccer Holdings to support MLS Next Pro's evolution, and Avenue Sports Fund invested in the professional soccer team The North Carolina Courage.

Secondary Markets and LP Dynamics

Liquidity challenges and the demand for distributions are keeping the secondaries market highly relevant, with LPs seeking alternative exit routes. Manulife is actively buying infrastructure continuation vehicles (CVs) and secondaries to address low distribution yields (DPI), a strategy that may be amplified by rising retail flows into infrastructure assets. South Korean pension fund GEPS indicated intentions to commit between $150 million and $200 million to buyout and secondaries funds in 2026, showing continued commitment to the asset class. Meanwhile, discussions around governance persist, as LPs are focusing on key terms like key person provisions and carried interest distribution structures due to growing concerns over conflicts, particularly within continuation vehicles.

Democratization and Access Innovation

The movement to broaden private market access is accelerating through innovative fund structures and new investor bases, according to industry advisors. Legal experts suggest that hybrid fund structures are becoming an increasingly attractive avenue for democratisation, effectively bringing public and private markets closer together. Advisors at StepStone Group emphasize that individual investors are now receiving institutional-quality access, a trend supported by the expansion of private wealth solutions discussed by Ardian. The goal, as framed by Simpson Thacher & Bartlett, is less about granting new access and more about restoring prior access to economic growth opportunities, often facilitated by firms like Inflexion acquiring a minority stake in placement agent Marktlink Capital.

Venture Capital and Non-Dilutive Financing

While seed funding is becoming highly concentrated, with the San Francisco Bay Area capturing a growing share of dollars, innovative financing models are emerging outside traditional equity rounds. Consumer brand Musely secured $360 million from General Catalyst using a non-dilutive capital structure, which the DTC brand intends to deploy for customer acquisition efforts. The high valuation environment is also evident in late-stage tech, where sources suggest OpenAI competitor Anthropic is fielding offers valuing the company near $900 billion. Furthermore, venture capital is adapting to geopolitical fragmentation; Kompas VC is carving out a niche by focusing on startups dealing with the physical world, contrasting with the heavy concentration of recent unicorn funding in AI.