Private Equity 3 Days

Last updated: May 2, 2026, 8:30 AM ET

Dealmaking & Exits: Sector Focus and Firm Announcements

Private equity dealmaking appears poised for improvement, though managers face pressure regarding valuations and rising distribution demands, requiring a more pragmatic approach to pricing exits in the near term. Sector-specific activity remains high, with several firms, including Goldman Sachs and Gryphon Investors, targeting consolidation opportunities within the eye care sector, where six potential deals are being eyed. In healthcare, ArchiMed announced the definitive agreement to take Esperion Therapeutics private for $1.1 billion, with closure anticipated in the third quarter of 2026, even as sponsors globally are advised to rethink M&A methods to navigate current complexities. Elsewhere, a significant infrastructure exit saw Freshstream agreeing to sell TrueNoord, a specialist regional aircraft lessor, to Arcus Infrastructure.

Platform Investments and Minority Stakes

New platform investments and strategic minority stakes populated the middle market this period, demonstrating continued appetite for established operational businesses. Searchlight is set to invest in CloserStill Media, the B2B events firm currently backed by Providence Equity Partners. In the industrial automation space, T2Y Capital secured a majority investment in Ackermann, which develops customized testing systems for industrial applications. Furthermore, Inflexion moved to acquire a minority stake in Marktlink Capital, a firm that provides access to private equity and credit funds for European and North American families and entrepreneurs. The consumer sector saw movement as DBAY-backed Finsbury Food Group completed the tuck-in acquisition of Flower & White, a producer of lower-calorie snack bars and sweet treats.

Healthcare & Life Sciences Exits and Growth Plays

AnaCap finalized the divestiture of the French private bank Milleis to LCL and Crédit Agricole Assurances, concluding the sale of the entire group, including Milleis Banque and Cholet Dupont Asset Management. In the infrastructure space, Macquarie-led group sold the Louisiana electric utility Cleco to Stonepeak and Bernhard Capital, a deal highlighted amid broader discussions at Deal Max regarding the attractiveness of business services. Meanwhile, healthcare M&A discussions focused on strategy, with ArchiMed taking Esperion Therapeutics private, and Pinnaql, backed by Boomerang, completing its third tuck-in acquisition in ten months by purchasing Pharma Resource Group.

New Firm Launches and Personnel Moves

The ecosystem saw the official rollout of a new private equity manager, Mako, co-founded by Oscar Munoz, the former chairman and CEO of United Airlines. Significant partner movements also occurred, with Riverwood appointing Mac Hofeditz, formerly of Vector Capital Management, as managing director, and Beach Point naming Fred Storz to the same role in its New York office. Separately, Greybull Stewardship added Kevin Mohr, who brings two decades of financial leadership from the U.S. Coast Guard, as CFO operating partner, suggesting a focus on operational rigor within its portfolio management.

AI, Tech, and Specialized Sector Focus

The intersection of Artificial Intelligence and core industries continues to drive large capital raises and strategic investments. TPG noted that the shift toward using AI as an offensive tool in software investing has proven beneficial, with their portfolio recording 20% year-on-year growth despite accelerating disruption. Venture capital flowed heavily into defense technology, highlighted by True Anomaly securing $600 million for its space security platform, leading the week's largest U.S. funding rounds. In adjacent technology, BMW i Ventures launched a new $300 million fund specifically targeting agentic AI and physical AI applications, alongside industrial software. Meanwhile, DTC brand Musely secured $360 million in non-dilutive capital from General Catalyst to accelerate customer acquisition in the skin, hair, and menopause care segments.

Sports & Infrastructure Investments

Private equity extended its reach into professional sports leagues, marking a growing trend in asset diversification. KKR invested in the professional men's soccer league MLS Next Pro, forming Hometown Soccer Holdings to support the league’s evolution. In a parallel move, Avenue Sports Fund invested in the professional women's soccer team, The North Carolina Courage . Infrastructure saw a capital event where PSEI sold a minority stake in Big Sky Wind to Hamilton Lane and GCM Grosvenor, while retaining operational control.

The Democratization of Private Markets & LP Strategy

Discussions across major law firms and asset managers emphasized the growing trend of private market democratization, focusing on providing better access and quality for individual investors. Simpson Thacher & Bartlett argued this movement is about restoring prior access to economic growth rather than simply granting new access, while Ropes & Gray pointed to hybrid fund structures as an increasingly viable route for combining public and private market access. Ardian suggested private wealth solutions benefit both established institutional Limited Partners and smaller private wealth investors. South Korean pension fund GEPS signaled its intent to commit between $150 million and $200 million to buyout and secondaries funds in 2026, while also planning to be active in secondaries across debt, real estate, and infrastructure. Secondaries markets are proving attractive amid volatility, with Pomona Capital noting that market uncertainty and lack of liquidity favor this segment.