Private Equity 3 Days

Last updated: May 2, 2026, 2:30 AM ET

Dealmaking Activity & Exits

Private equity firms continued to execute complex transactions across sectors, ranging from healthcare buyouts to infrastructure sales. ArchiMed taking Esperion Therapeutics private for $1.1 billion exemplifies ongoing consolidation in life sciences, though the deal is not expected to close until the third quarter of 2026. In the energy space, Macquarie-led interests announced the sale of Louisiana electric utility Cleco to Stonepeak and Bernhard Capital, while Freshstream agreed to divest its regional aircraft lessor, True Noord, to Arcus Infrastructure. Furthermore, AnaCap divested the French private bank Milleis Group—comprising Milleis Banque and its subsidiaries—to LCL and Crédit Agricole Assurances, marking a significant exit in European financial services.

In buyouts, Clearlake completed the acquisition of power and electric services grid platform Qualus from New Mountain Capital, and Montagu moved to acquire German certification provider DQS globally. Elsewhere, GTCR partnered with Brian Crotty to launch Avelis Holdings, with Crotty slated to serve as CEO of the new platform. The activity also touched mid-market tech, as Battery Ventures-backed Verti GIS acquired 1Spatial, a location master data management software provider.

Sector Focus: AI, Defense, and Healthcare

The acceleration of artificial intelligence remains a defining theme for investment, with TPG observing that the shift from defensive to offensive AI plays is proving to be a "positive weapon," evidenced by their software portfolio growing 20% year-on-year despite market disruption. In venture capital, large U.S. deals this week were dominated by defense tech, specifically the $600 million raise for space security startup True Anomaly, signaling heightened focus on national security technology. Concurrently, BMW i Ventures launched a new $300 million fund explicitly targeting startups in agentic AI, physical AI, and industrial software. In healthcare M&A, while dealmaking is improving, sponsors are advised to rethink methods to navigate the complex closing environment, even as firms like Archi Med and La Caisse acquire hemostasis specialist Stago.

Fundraising, Capital Structure, and Democratization Trends

The private markets infrastructure continues to evolve concerning capital access and structure. Legal experts suggest that the expansion of private markets is being underpinned by nuanced innovation in fund structures and sponsor partnerships, facilitating the move toward democratisation. This democratisation, according to Simpson Thacher & Bartlett, is less about opening doors entirely and more about restoring prior access to economic growth opportunities. Hybrid fund structures are increasingly viewed as an attractive route to achieve this, as noted by Ropes & Gray. For institutional investors, South Korean pension fund GEPS plans to be active in secondaries and is targeting a commitment of between $150 million and $200 million to buyout funds in 2026.

In unique capital moves, DTC brand Musely secured $360 million in non-dilutive funding from General Catalyst to finance customer acquisition without equity dilution, a rare structure for a brand of that stage. Meanwhile, the secondary market remains attractive, with Pomona Capital CEO Michael Granoff stating that market volatility and a lack of liquidity are making the case for secondaries shine. Furthermore, Manulife is reportedly buying infrastructure continuation vehicles (CVs) and secondaries to help address lower-than-desired distributions (DPI), even as rising retail flows offer new exit routes.

Personnel Moves & New Entrants

The industry saw several high-profile appointments and the official launch of a new firm. Mako officially rolled out, co-founded by former United Airlines chairman and CEO Oscar Munoz, signaling further expansion among established industry leaders launching new private equity ventures. Ares Management appointed Peter Ogilvie, currently head of its corporate strategy group, to the expanded role of COO and strategy head; Ogilvie assumes a key operational leadership position. In investment appointments, Riverwood tapped Mac Hofeditz, formerly of Vector Capital Management, as a managing director, and Beach Point appointed Fred Storz to MD in its New York office.

Niche Investments and Portfolio Activity

Firms are deploying capital into specialized areas, including both established industrial services and emerging sports platforms. KKR formed Hometown Soccer Holdings to support the evolution of the men's professional league, MLS Next Pro, mirroring Avenue Sports Fund’s investment in the women’s league, The North Carolina Courage. In industrial services, Catchment invested in Vertech, which serves data center and energy sectors, while T2Y Capital took a majority investment in Ackermann, a developer of industrial automation systems. In the realm of consumer goods, DBAY-backed Finsbury Food Group acquired snack bar producer Flower & White, and HKW-backed Urban Armor Gear expanded by picking up smartphone accessory maker Nomad Goods. The eye care sector remains a target for consolidation, with firms including Goldman Sachs and Gryphon reportedly eyeing platform investments.