Private Equity 3 Days

Last updated: May 2, 2026, 11:30 AM ET

Dealmaking Activity & Sector Focus

Private equity deal flow continues across multiple sectors, with ArchiMed securing $1.1B to take Esperion Therapeutics private, a transaction anticipated to finalize in the third quarter of 2026. Elsewhere in healthcare, a flurry of activity suggests sponsors are actively pursuing eye care consolidation, with firms including Goldman Sachs and Gryphon Investors targeting platform investments in that space. In related corporate actions, AnaCap completed the sale of its French private bank, Milleis, to LCL and Crédit Agricole Assurances, finalizing the exit of the broader Milleis Group assets including Milleis Vie and Cholet Dupont Asset Management. The exit environment remains active, as demonstrated by Macquarie-led group divesting Louisiana electric utility Cleco to Stonepeak and Bernhard Capital, amidst a broader focus on business services attractiveness at Deal Max.

Sector-specific transactions also saw Clearlake finalize its buyout of power and electric services grid platform Qualus from New Mountain Capital, while in infrastructure leasing, Freshstream agreed to sell regional aircraft lessor True Noord to Arcus Infrastructure. Portfolio company activity included a tuck-in acquisition by DBAY-backed Finsbury Food Group, which acquired snack producer Flower & White, a company specializing in light sweet treats and lower-calorie bars sold across D2C and retail channels. Furthermore, GTCR formed Avelis Holdings by teaming up with Brian Crotty, who will serve as the new entity’s CEO, signaling platform build activity in the business services arena.

Venture Capital & Growth Equity Raises

The venture capital ecosystem saw significant capital deployment, particularly in defense technology, where space security startup True Anomaly pulled in $600M, topping the week’s largest U.S. funding rounds which also included AI applications in fintech and marketing. In growth equity, 137 Ventures successfully raised $700M across two dedicated growth-stage funds, counting high-profile portfolio companies such as SpaceX and Anduril. Demonstrating non-dilutive financing innovation, DTC brand Musely secured $360M from General Catalyst, capital earmarked to aggressively super-charge customer acquisition efforts without reducing founder equity. Meanwhile, AI platform Legora, which builds software for legal professionals, extended its Series D round by $50 million, funded partly by Nvidia’s venture arm, NVentures.

Firm Launches, Appointments, and Strategic Moves

The private equity industry welcomed the official rollout of a new firm, Mako, co-founded by former United Airlines CEO Oscar Munoz, signaling continued confidence in the sector despite market headwinds. Personnel shuffles included Riverwood appointing Mac Hofeditz as managing director, following his tenure at Vector Capital Management, and Beach Point naming Fred Storz as a managing director based in its New York office. In fund structuring, Neuberger is set to acquire a significant minority stake in Flow Control Group, with existing majority owner KKR maintaining control of the company. In Europe, Inflexion plans to acquire a minority stake in Marktlink Capital, which provides access to private equity and credit funds for European entrepreneurs and families.

Thematic Investment Trends: AI and Democratization

The accelerating role of Artificial Intelligence remains a core theme, with TPG observing a shift from defensive to offensive investment strategies within its software portfolio, which has seen 20% year-on-year growth despite AI disruption. Investment managers are recognizing the concentration of AI capital, as nearly half—about 207—of all companies that became unicorns since 2024 are AI-focused firms. Furthermore, LPs are demanding clarity regarding how GPs plan to navigate the potential ‘Saa Spocalypse’ resulting from widespread AI adoption, according to recent LP feedback regarding disruption. Meanwhile, the trend toward democratizing private markets involves innovating fund structures, as hybrid fund structures gain traction for bringing public and private capital closer together. Legal experts suggest that the goal of democratization is less about granting new access and more about restoring prior access to economic growth opportunities, while others emphasize providing individual investors with institutional-quality access through vehicles like private wealth solutions backed by Ardian.

Secondaries Market and Exit Strategy

Market volatility, coupled with a persistent lack of liquidity, is strengthening the case for the secondaries market, according to Pomona Capital CEO Michael Granoff. This dynamic is reflected in investor intentions, as the South Korean pension fund GEPS plans to be active in secondaries across various asset classes, including private equity and infrastructure, in 2026. Manulife is also actively buying infrastructure secondaries and other assets to address immediate distribution demands, or low DPI, with rising retail flows offering a new exit avenue. For GPs facing valuation challenges, Partners Group maintains that building, transforming, and successfully exiting quality businesses remains achievable despite the unsettled environment, but quality now outweighs volume. In a related move, Avenue Sports Fund invested in professional soccer team The North Carolina Courage, while KKR established Hometown Soccer Holdings to support the evolution of MLS Next Pro, indicating that sports platforms remain a viable investment area.