Private Equity 3 Days

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

Dealmaking & Exits: Sector Focus and Transactions

Private equity activity spanned healthcare, infrastructure, and technology this week, featuring both platform acquisitions and strategic divestitures. ArchiMed announced plans to take Esperion Therapeutics private in an $1.1 billion transaction, with closing anticipated in the third quarter of 2026, while AnaCap completed the sale of French private bank Milleis to LCL and Crédit Agricole Assurances. In infrastructure, Clearlake finalized its buyout of power and electric services platform Qualus from New Mountain Capital, and Freshstream agreed to sell aircraft lessor TrueNoord to Arcus Infrastructure. Furthermore, DBAY-backed Finsbury Food Group expanded its consumer presence by acquiring Flower & White, a producer of lower-calorie snack bars.

The industrial and B2B services sectors also saw movement, with T2Y Capital making a majority investment in Ackermann, a specialist in industrial automation systems, and Algebris acquiring a stake in Italian ground engineering firm Geosec. In media and events, Searchlight is set to invest in CloserStill Media, a B2B events company currently backed by Providence Equity Partners. Separately, reports from Deal Max indicated that Macquarie-led group exited Cleco to Stonepeak and Bernhard Capital, though tech investors are bracing for greater competition following the rejection of the KKR & Energy Capital Partners offer for DCC.

Sports & Vertical Investments

Private capital continued its targeted push into sports and specialized technology verticals. KKR made a strategic investment into MLS Next Pro, forming Hometown Soccer Holdings to support the league's evolution, paralleling an investment by Avenue Sports Fund into the women’s professional soccer team, The North Carolina Courage. In healthcare, a strong appetite emerged for eye care assets, with Goldman Sachs, Mid Europa, and Olympus reportedly evaluating consolidation opportunities across the sector. Meanwhile, Boomerang-backed Pinnaql executed its third tuck-in acquisition in ten months, snapping up Pharma Resource Group.

AI, Venture Capital, and Non-Dilutive Funding

Venture capital deployment remains heavily skewed toward artificial intelligence, with nearly half of all new unicorns since 2024 being AI-focused, totaling an estimated 207 companies achieving $1 billion valuations since the start of 2024. Defense technology led large U.S. funding rounds this week, including a substantial $600 million raise for space security startup True Anomaly. In a notable structure, direct-to-consumer brand Musely secured $360 million from General Catalyst utilizing non-dilutive capital specifically earmarked to accelerate customer acquisition efforts. Further cementing the AI ecosystem, Swedish legal tech platform Legora raised a $50 million extension led by Nvidia’s NVentures arm, bringing its Series D total higher.

Market Structure, Democratization, and Talent

Discussions across the industry centered on market evolution, organizational shifts, and the increasing role of private wealth in accessing asset classes. TPG noted that the strategic shift toward AI has become a "positive weapon" for private equity, as their software portfolio recorded 20% year-on-year growth despite accelerating disruption. Legal and advisory firms emphasized the ongoing trend of private market democratization, with Simpson Thacher & Bartlett defining it as restoring prior access to economic growth, and Ropes & Gray pointing to hybrid fund structures as an attractive pathway by bringing public and private markets closer together. Separately, 137 Ventures, a backer of companies like SpaceX, successfully raised over $700 million across two new growth-stage funds.

Talent acquisition within the sector saw several key appointments, including Riverwood appointing Mac Hofeditz as managing director from Vector Capital Management, and Beach Point naming Fred Storz as managing director in its New York office. A new firm, Mako, officially rolled out, co-founded by former United Airlines chairman and CEO Oscar Munoz. Meanwhile, Inflexion agreed to acquire a minority stake in Marktlink Capital, which connects clients with private equity and credit funds across North America and Europe.

Secondaries, Exits, and Investor Intentions

Market volatility is bolstering the case for the secondaries market, which Pomona Capital CEO Michael Granoff cited as offering a solution amid low liquidity and rapid technological change. South Korean pension fund GEPS plans to be active in secondaries across private equity, debt, real estate, and infrastructure in 2026, with a separate indication that the fund intends to commit between $150 million and $200 million in 2026 to buyout and secondaries funds overall. Infrastructure funds are also navigating distribution pressures, as Manulife is buying infra CVs and secondaries to address low DPI, even as rising retail flows provide new exit avenues. Partners Group suggested that while exits remain possible, demonstrating quality in portfolio companies is now more critical than ever in the unsettled environment for building value.