Private Equity 3 Days

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

Dealmaking & Exits: Sector Focus and Portfolio Moves

Private equity firms are demonstrating sector-specific focus, with eye care assets drawing interest from major players including Goldman Sachs, and Mid Europa amid consolidation trends. In healthcare exits, ArchiMed is set to take private in an $1.1 billion transaction expected to close in the third quarter of 2026. Elsewhere in Europe, AnaCap completed the sale of its French private bank, Milleis, including its subsidiaries like Milleis Vie, to LCL and Crédit Agricole Assurances. Further portfolio activity saw Clearlake finalize a buyout of the power and electric services platform Qualus from New Mountain Capital, while Freshstream agreed to sell aircraft lessor TrueNoord to Arcus Infrastructure.

Platform Acquisitions and Minority Investments

Dealmakers continue to execute platform investments and bolt-on acquisitions across diverse sectors. T2Y Capital made a majority investment in Ackermann, a developer of customized automation systems for industrial applications, while DBAY-backed Finsbury Food Group bolstered its snack portfolio by acquiring Flower & White, a producer of lower-calorie snack bars. In the professional sports arena, KKR established Hometown Soccer Holdings to support the evolution of MLS Next Pro, and Avenue Sports Fund invested in the women's soccer team, The North Carolina Courage. On the minority investment front, Inflexion will acquire a stake in Marktlink Capital, a firm that provides access to private equity and credit funds for European and North American families.

Sector Consolidation and Infrastructure

Consolidation efforts are evident in business services and infrastructure, exemplified by Macquarie-led group exiting utility Cleco to Stonepeak and Bernhard Capital. Separately, Pinnaql, backed by Boomerang, completed its third tuck-in acquisition in ten months, snapping up Pharma Resource Group. In infrastructure, GTCR partnered with Brian Crotty to launch Avelis Holdings, which will be led by Crotty as CEO. Meanwhile, in the B2B events space, Searchlight is set to invest in CloserStill Media, which is currently backed by Providence Equity Partners.

Firm Launches, Personnel Moves, and Fundraising

The private equity ecosystem saw the formal launch of a new firm and several key personnel appointments. Mako officially rolled out, co-founded by former United Airlines Chairman and CEO Oscar Munoz. Talent moves included Riverwood appointing Mac Hofeditz, formerly of Vector Capital Management, as managing director, and Beach Point adding Fred Storz to its New York office as managing director. In fundraising, 137 Ventures, a backer of SpaceX, successfully raised over $700 million across two growth-stage funds. Furthermore, Neuberger will take a significant minority stake in Flow Control Group, while the existing majority owner, KKR, maintains control.

Shifting Market Dynamics and AI Integration

General Partners are navigating market volatility and the immediate implications of technological shifts, with TPG noting that the pivot by portfolio companies from a defensive to an offensive AI posture is proving to be a "positive weapon," evidenced by their software holdings recording 20% year-on-year growth. Investors, however, are demanding clarity, as LPs are waiting for managers to outline strategies for navigating the "Saa Spocalypse" driven by AI disruption. This technological focus is mirrored in venture capital, where defense technology led large U.S. deals this week, topped by a $600 million raise for space security startup True Anomaly. Separately, AI-focused companies accounted for nearly half of all new unicorns since 2024, with an estimated 207 achieving $1 billion valuations, and rumors suggest Anthropic could seek a new $50 billion round at an $850 billion to $900 billion valuation.

The Democratization Trend and LP Intentions

Discussions across the industry centered heavily on the expansion and democratization of private markets access. Leading law firms suggest that hybrid fund structures are an increasingly attractive route for bringing public and private markets together, while others argue that true democratization means restoring prior access to economic growth rather than simply opening new doors. Asset managers like Ardian are emphasizing that private wealth solutions benefit both established institutional LPs and smaller investors. Investment intentions from large allocators show continued commitment to private assets, with South Korean pension fund GEPS planning to commit between $150 million and $200 million to buyout and secondaries funds in 2026 45. GEPS will also be active in secondaries across private equity, debt, real estate, and infrastructure.

Secondaries Market Strength and Non-Dilutive Capital

Market volatility and the persistent lack of liquidity are strengthening the case for secondary transactions, according to Pomona Capital CEO Michael Granoff. This trend is also influencing infrastructure allocation, as Manulife seeks to address low distribution yields (DPI) by buying infrastructure CVs and increasing secondaries exposure. In a unique financing move, direct-to-consumer brand Musely secured $360 million in non-dilutive capital from General Catalyst, which the brand intends to use to aggressively super-charge customer acquisition without equity dilution. Separately, experts advise that although US Department of Labor proposals raised concerns about capital-raising vehicles (CVs) in 401(k) plans, they should not be entirely ruled out by investors.

Geographic Focus and Portfolio Management

While global expansion is a theme, manager quality is overriding geographic mandates for many sophisticated investors, according to Cambridge Associates. However, certain regions are attracting concentrated capital: the San Francisco Bay Area expanded its dominance in U.S. seed funding in 2025, capturing a greater share of both deals and dollars. In Europe, Iceland is being cited by VCs as potentially the continent's most exciting startup hub on a per capita basis. For managers facing valuation pressures, Partners Group suggests that success in the unsettled market hinges on prioritizing quality when seeking exit opportunities, even as tech investors prepare for increased competition and potential partial exits.