Private Equity 3 Days

Last updated: May 4, 2026, 5:30 AM ET

Private Equity Dealmaking & Sector Focus

Private equity firms are actively pursuing consolidation opportunities, particularly within specialized healthcare sectors, as evidenced by at least six firms, including Goldman Sachs and Gryphon Investors, reportedly eyeing eye care assets for platform investments. Meanwhile, ArchiMed announced plans to acquire Esperion Therapeutics in a transaction valued at $1.1bn, with the deal anticipated to finalize in the third quarter of 2026, demonstrating continued appetite for large-scale healthcare take-privates. In the services realm, Searchlight plans to invest in CloserStill Media, the B2B events firm currently backed by Providence Equity Partners, signaling interest in stable, recurring revenue models.

Exits and Portfolio Management showed movement across finance and healthcare, with AnaCap completing the divestiture of the Milleis Group—comprising Milleis Banque and its subsidiaries—to LCL and Crédit Agricole Assurances. Elsewhere, in minority stake activity, KKR will maintain majority control of Flow Control Group, but Neuberger is joining as a significant minority backer. Further diversifying asset classes, Avenue Sports Fund made an investment into professional soccer team The North Carolina Courage.

AI Integration and Venture Capital Trends

The acceleration of artificial intelligence is reshaping both venture capital deployment and private equity strategy, with firms viewing AI as an "offensive weapon" for portfolio enhancement. TPG noted that its software holdings, which have been subject to AI disruption, still recorded a 20% year-on-year growth, validating long-term software bets. This focus on foundational technology extends to venture capital, where investors like Nicolas Sauvage have been building portfolios in "boring parts of AI" since 2019, which are now gaining wider VC interest. Specific areas of compute innovation are drawing attention, with VCs closely tracking at least 11 future of compute startups.

Geographically, while U.S. venture activity remained high, major defense technology deals dominated large funding rounds, including a substantial $600M raise for space security startup True Anomaly. The U.S. overall saw seed funding capital concentrate heavily in the San Francisco Bay Area in 2025, even as startup dispersion continued. In contrast to the U.S. approach, Europe is zagging on AI, suggesting distinct investment theses are developing across continents regarding the technology's application.

New Entrants and Non-Dilutive Capital

The market welcomed the official rollout of a new private equity firm, Mako, co-founded by former United Airlines chairman and CEO Oscar Munoz, signaling continued capital formation despite higher interest rates. Meanwhile, capital deployment strategies are diversifying beyond traditional equity raises; Musely, the direct-to-consumer brand focusing on skin, hair, and menopause care, secured $360M in non-dilutive capital from General Catalyst specifically to aggressively super-charge customer acquisition efforts. Separately, the industry saw personnel shifts, with Riverwood appointing Mac Hofeditz, formerly of Vector Capital Management, as a managing director.