Private Equity 3 Days

Last updated: May 3, 2026, 11:30 PM ET

Private Equity Dealmaking & Exits

Ana Cap completed the divestiture of its French private bank, Milleis Group, selling it to LCL and Crédit Agricole Assurances in a move consolidating wealth management assets across France. In contrast to exits, Archi Med announced plans to take Esperion Therapeutics private in a $1.1bn transaction slated for closing in the third quarter of 2026, demonstrating sustained interest in healthcare targets. Meanwhile, Searchlight is set to invest in the B2B events sector by backing CloserStill Media, which is currently held by Providence Equity Partners, signaling continued appetite for specialized information services.

Fund Formation & Strategy Shifts

The industry saw the official debut of Mako, a new private equity firm co-founded by Oscar Munoz, the former chairman and CEO of United Airlines, signaling continued capital formation despite market volatility. In strategy, TPG suggested that the current pivot toward artificial intelligence is transforming PE’s approach from "defensive to offensive," viewing AI capabilities as a "positive weapon" for portfolio value creation, evidenced by their software holdings recording 20% year-on-year growth amidst disruption. Further capital deployment was seen as Inflexion moved to acquire a minority stake in Marktlink Capital, a firm that provides access to PE, VC, and private credit funds across Europe and North America.

Sector Focus: Healthcare & Infrastructure

Private equity firms are actively targeting the ophthalmology sector, with at least six potential deals identified across platform investments and consolidation plays, involving major players such as Goldman Sachs, Gryphon Investors, Mid Europa, and Olympus. Separately, capital deployment into essential infrastructure continues, as Neuberger agreed to back Flow Control Group, taking a significant minority stake while existing majority owner KKR retains control of the industrial services provider. In sports finance, Avenue Sports Fund expanded its mandate by investing in The North Carolina Courage, a professional soccer team, marking a continuation of capital flowing into high-value sports franchises.

Venture Capital & Non-Dilutive Funding Trends

While traditional PE focuses on large buyouts, the venture ecosystem saw defense technology lead large capital raises, highlighted by space security startup True Anomaly securing a massive $600M round. In a unique financing structure, direct-to-consumer brand Musely secured $360M from General Catalyst using non-dilutive capital, which the skincare and menopause care brand intends to use to aggressively super-charge customer acquisition efforts. Geographically, venture funding data indicates that the San Francisco Bay Area is expanding its dominance in U.S. seed funding, capturing an increasing share of both deal volume and dollar value in 2025, even as startups remain widely dispersed.

Personnel Moves & European Tech Ecosystem

Firms continue to build out senior teams, with Riverwood appointing Mac Hofeditz as managing director, moving him from his previous role at Vector Capital Management. The European technology sector, particularly in AI, is maturing, with analysis identifying founders emerging from Europe’s hottest AI startups, sometimes referred to as the ‘lovable mafia’. This maturation is also reflected in successful exits, such as the founder whose philosophy of having fun helped sell a business based on leftover fish skins for a billion-dollar valuation. Meanwhile, VCs are keeping a close eye on hardware innovation, with a list compiled of 15 hardware startups to watch in 2026, alongside operational considerations for global expansion driven by AI and compliance mandates.