Private Equity 3 Days

Last updated: May 4, 2026, 2:30 AM ET

Private Equity Dealmaking & Exits

Ana Cap finalized the divestiture of its French private bank, Milleis Group, selling the entity—which includes Milleis Banque and subsidiaries like Cholet Dupont Asset Management—to LCL and Crédit Agricole Assurances. This exit follows a busy period for sector-specific transactions, as private equity firms grapple with valuation gaps but continue to target consolidation plays, evidenced by interest from firms like Goldman Sachs and Gryphon Investors in eye care assets. Separately, Archi Med announced plans to take Esperion Therapeutics private in an $1.1bn agreement, though the transaction is not anticipated to close until the third quarter of 2026, pointing to long investment horizons for healthcare buyouts.

In the B2B services space, Searchlight is preparing an investment in CloserStill Media, which is currently backed by Providence Equity Partners, suggesting continued appetite for established, specialized events platforms. Furthermore, minority stake activity remains steady, with Inflexion acquiring a stake in Marktlink Capital, a firm that provides clients access to private equity and venture capital funds across both European and North American markets. These moves illustrate a focus on quality assets across various sub-sectors, even as mega-deals dominate headline funding announcements.

Venture Capital & Non-Dilutive Funding

Venture dealmaking saw significant size this week, led by a massive $600M raise for space security startup True Anomaly, emphasizing defense technology's prominence in the current funding environment alongside applications of artificial intelligence in fintech and marketing. Contrasting the traditional equity route, direct-to-consumer brand Musely secured a substantial $360M in non-dilutive capital from General Catalyst, which the company intends to deploy for customer acquisition without impacting ownership structure. This non-dilutive financing highlights a growing strategic flexibility for growth-stage companies seeking capital infusion without immediate equity dilution.

Geographically, seed funding data indicates a deepening concentration of capital in the San Francisco Bay Area, which captured an increasing share of both deal volume and dollar value in 2025, even as the broader startup ecosystem remains geographically spread out. Meanwhile, venture capital sentiment regarding AI is shifting as European investors appear to be adopting a different strategic approach compared to Silicon Valley counterparts, with European firms watching 11 specific compute startups closely for future investments.

Firm Moves, Personnel, and Sector Focus

The middle market saw structural changes, including the official rollout of a new private equity firm, Mako, co-founded by former United Airlines chairman and CEO Oscar Munoz. In firm expansion, Riverwood appointed Mac Hofeditz, formerly of Vector Capital Management, as a managing director, signaling continued hiring activity for experienced dealmakers across the industry. On the portfolio management front, TPG noted that the AI shift represents a ‘positive weapon’ for private equity, observing that its software portfolio maintained 20% year-on-year growth despite accelerating AI disruption.

In infrastructure investment, Neuberger is entering a partnership with Flow Control Group, taking a significant minority stake while existing backer KKR retains majority control, demonstrating co-investment structures remain common for established portfolio companies. Furthermore, the appetite for niche asset classes extended to sports, as the Avenue Sports Fund announced an investment in professional soccer team The North Carolina Courage. Firms are also navigating the complexities of expansion and compliance in an AI-augmented global market, understanding the need to scale operations effectively.