Private Equity 3 Days

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

Dealmaking & Sector Focus: Healthcare and Industrials Lead

Private equity deal activity showed a distinct focus on healthcare and industrial platforms, with ArchiMed announcing its definitive agreement to take Esperion Therapeutics private in an $1.1 billion transaction expected to close in the third quarter of 2026. In a separate development impacting specialized healthcare, PE firms are eyeing eye care assets, with major players like Goldman Sachs, and Mid Europa reportedly pursuing platform investments and consolidation opportunities within that sector. Meanwhile, in the industrial space, Clearlake concluded its buyout of Qualus, the power and electric services grid platform, from seller New Mountain Capital, while T2Y Capital secured a majority investment in Ackermann, a firm specializing in custom automation and testing systems for industrial applications.

Portfolio Management & Exits: Secondary Market Dynamics

As managers navigate valuation pressures, activity in the secondary market appears increasingly vital for liquidity, evidenced by GEPS planning to be active in secondaries across private equity, debt, real estate, and infrastructure in 2026, while the South Korean pension fund also intends to commit between $150 million and $200 million to buyout and secondaries funds in 2025. This reliance on secondaries, particularly for infrastructure assets, is partly driven by the need to address lower-than-desired distribution yields, as Manulife utilizes infrastructure CVs and secondaries to manage its low DPI figures. Furthermore, the challenging market environment, characterized by volatility and a lack of liquidity, is making the case for secondaries stronger, according to Pomona Capital CEO Michael Granoff. Exits are still occurring, however, such as Freshstream agreeing to sell its regional aircraft lessor, TrueNoord, to Arcus Infrastructure, and AnaCap finalizing the sale of French private bank Milleis to LCL and Crédit Agricole Assurances.

Firm Strategy & Capital Deployment: AI and Growth Focus

The accelerating impact of artificial intelligence is compelling firms to shift from defensive positioning to offensive deployment, as TPG notes that its software bets remain sound, with portfolio companies recording 20% year-on-year growth despite AI disruption, viewing the technology as a "positive weapon" for private equity. This perspective is shared by Adams Street Partners, who emphasize that investors with preferential access to high-quality AI opportunities—often sourced through the venture capital pipeline—are well-positioned for future gains, contrasting with general investor concerns about the "Saa Spocalypse" that LPs are awaiting clarity on. Separately, specialized capital deployment continues across various sectors, including large growth-stage funding, where 137 Ventures successfully raised over $700 million for two funds supporting companies like SpaceX and Anduril. In a unique financing structure, direct-to-consumer brand Musely obtained $360 million in non-dilutive capital from General Catalyst to aggressively pursue customer acquisition efforts.

The Democratization Trend and Investor Access

A significant theme across the industry involves expanding private market access beyond traditional institutional channels, a concept lawyers describe as "democratization," which Simpson Thacher & Bartlett views as restoring prior access to economic growth rather than simply opening new doors. This trend is supported by structural innovation, with hybrid fund structures becoming an increasingly appealing route to achieve this integration, according to Ropes & Gray. Firms like Ardian are actively developing private wealth solutions to serve both established institutional LPs and smaller private wealth investors, an effort mirrored by StepStone Group in providing individual investors with institutional-quality access to private markets. Furthermore, Inflexion is acquiring a minority stake in Marktlink Capital, which provides entrepreneurs and families access to a range of private funds across North America and Europe.

New Ventures, Personnel Moves, and Sector-Specific Deals

The industry saw the formal rollout of new firms, including Mako, co-founded by former United Airlines chairman and CEO Oscar Munoz. Strategic partnerships and personnel additions are also reshaping advisory and investment teams, such as KKR and MLS forming Hometown Soccer Holdings to advance the MLS Next Pro league, and Neuberger taking a significant minority stake in Flow Control Group, where existing backer KKR will retain majority ownership. In other notable deal activity, Searchlight is set to invest in the B2B events firm CloserStill Media, which is currently backed by Providence Equity Partners, while GTCR is launching Avelis Holdings in partnership with executive Brian Crotty. On the hiring front, Riverwood appointed as managing director, and Beach Point added as managing director in its New York office.

Venture Capital Trends and Geographic Concentration

While private equity grapples with portfolio valuations, the venture side shows capital concentrating heavily in specific geographic and technology areas. An analysis confirms that the San Francisco Bay Area expanded its share of U.S. seed funding dollars and deals in 2025, even as startup dispersal remains high across the country. Unsurprisingly, AI remains the dominant sector for large venture rounds, with defense technology leading this week's largest deals, topped by a $600 million raise for space security startup True Anomaly. In the generative AI space, sources indicate that Anthropic has received preemptive bids valuing the Claude developer near $900 billion, potentially leading to a new $50 billion fundraising round. Separately, Avenue Sports Fund invested in the professional soccer team The North Carolina Courage, while the Swedish legal tech startup Legora extended its Series D round by $50 million, backed by Nvidia's venture arm.