Private Equity 3 Days

Last updated: May 2, 2026, 5:30 AM ET

Fundraising, Personnel Moves, and New Entrants

The private equity sector saw notable structural developments, including the official rollout of a new firm, Mako officially rolls out, co-founded by former United Airlines Chairman and CEO Oscar Munoz, signaling continued appetite for launching new platforms despite market volatility. Firm expansions were also evident at Riverwood appoints Mac Hofeditz as managing director, bringing in talent from Vector Capital Management, while Beach Point appoints Fred Storz added a new managing director to its New York base. Elsewhere in executive strategy, Ares Management appoints Peter Ogilvie as COO and head of strategy, reflecting ongoing shifts in senior management structures across major asset managers.

Deal Activity: Buyouts and Sector Consolidation

Deal flow remained active across several verticals, with healthcare M&A showing signs of resurgence under new sponsor methodologies Healthcare M&A in 2026: Five rules smart sponsors are following. In the life sciences space, ArchiMed to take Esperion Therapeutics private for $1.1bn marks a significant take-private transaction expected to close in the third quarter of 2026, while Archi Med also partnered with La Caisse to acquire Stago, a manufacturer of hemostasis equipment. The industrial and infrastructure arenas saw activity as well: Clearlake completes buyout of power and electric services grid platform Qualus from New Mountain Capital, and Macquarie-led group exits Cleco to Stonepeak and Bernhard Capital in a notable energy transition deal. Furthermore, Freshstream to sell TrueNoord to Arcus Infrastructure, a lessor of regional aircraft, highlights continued portfolio reshuffling in aviation assets.

Sector-Specific Investment Trends

Specific sectors are attracting focused private equity attention, with the eye care industry seeing heightened interest as firms such as Goldman Sachs, Gryphon Investors, Mid Europa and Olympus are among the PE firms eying platform investments for consolidation plays. In the B2B services space, Searchlight to invest in B2B events firm CloserStill Media which is currently backed by Providence Equity Partners, signals continued confidence in niche business services platforms. Meanwhile, portfolio companies are actively executing add-on acquisitions; DBAY-backed Finsbury Food Group picks up Flower & White, a producer of lower-calorie snack bars, and HKW-backed Urban Armor Gear picks up smartphone manufacturer Nomad Goods, expanding its consumer electronics accessories footprint. In the realm of engineering and construction, Algebris to acquire stake in Italy’s Geosec, which specializes in ground consolidation services, points to infrastructure resilience plays.

Sports & Media Investments Signal New Asset Classes

Private equity continued its foray into sports and media rights, viewing these assets as durable investments. KKR invests in professional men’s soccer league MLS Next Pro, leading to the formation of Hometown Soccer Holdings to support the league’s expansion. In parallel, Avenue Sports Fund invests in professional soccer team The North Carolina Courage, demonstrating multi-tiered interest in the sector. In media, Chad Doerge pivots to music dealmaking at Round Hill, which holds rights for artists including Elvis Presley and Madonna, underscoring the perceived long-term value of intellectual property assets.

The AI Effect and Technology Valuations

The accelerating impact of Artificial Intelligence is reshaping expectations across the technology stack, from early-stage funding to established portfolio companies. TPG: AI shift from defensive to offensive play is ‘positive weapon’ for PE as their software holdings demonstrated 20% year-on-year growth despite disruption, while LPs are demanding clarity on how managers will navigate the coming 'Saa Spocalypse' LPs want more clarity around AI disruption. In venture capital, the concentration of early capital remains intense, with the San Francisco Bay Area expanding its dominance of U.S. seed funding in 2025, although deal counts are tightening Seed Funding Is Bigger Than Ever — And Harder To Get. Separately, AI platform Anthropic has reportedly received offers in the $850 billion to $900 billion range for a potential new $50B round at a valuation of $900B, setting a high watermark for large-scale AI valuations.

Focus on Secondaries, Liquidity, and LP Relations

As managers face pressure to generate distributions, the secondary market is gaining importance for both GPs and LPs seeking liquidity solutions. Pamona Capital on how secondaries shine in a challenging PE market notes that volatility and low liquidity favor this segment, a sentiment echoed by South Korean pension fund GEPS to be active in secondaries across various asset classes. For infrastructure funds, Manulife is actively buying infra CVs, secondaries to address low DPI, utilizing rising retail flows as a new exit avenue. However, LP concerns persist regarding governance; Investor concerns grow around conflicts, particularly in CVs: ILPA suggests LPs are prioritizing key person provisions and carried interest distribution terms to manage the GP relationship.

Structural Shifts and Non-Dilutive Capital

The methods of capital provision are evolving, with some firms finding attractive, non-dilutive financing routes. DTC brand Musely secures $360M from General Catalyst without giving up equity to fund customer acquisition efforts, providing a model for growth without immediate valuation dilution. Meanwhile, the broader conversation around democratisation continues, with firms emphasizing that improving access is about restoring prior access to economic growth, often through hybrid fund structures that bring public and private together. Separately, the growth-stage VC segment remains active, evidenced by SpaceX backer 137 Ventures raises $700M for two growth-stage funds to target companies like Anduril and Hadrian.

Exits and Portfolio Optimization

Firms are actively executing portfolio optimization strategies through sales, carve-outs, and minority stake sales. AnaCap sells French private bank Milleis to LCL and Crédit Agricole Assurances involving the sale of Milleis Banque and its subsidiaries. In the energy sector, PSEI sells minority stake in Big Sky Wind to Hamilton Lane and GCM Grosvenor while retaining operational control. In the realm of infrastructure, Partners Group has invested further equity to enable its UK-based portfolio company North Star to acquire four new offshore wind Service Operation Vessels, highlighting tactical capital deployment to enhance asset value ahead of potential exits.