Private Equity 3 Days

Last updated: May 4, 2026, 11:30 PM ET

Private Equity Deal Flow & Exits

Activity across the private equity sector featured a mix of strategic exits and platform acquisitions, particularly in the health-tech and industrial services spaces. SK Capital completed a trio of sales, transferring Noramco, Extractas Biosciences, and Purisys to Siegfried Holding while retaining its finished-dose-form CDMO, Halo Pharmaceuticals. In another exit, SK Capital divested Phoenix Flavors & Fragrances to Turpaz Industries Ltd. Meanwhile, consolidation continued in essential services; SE Capital sold HVAC and plumbing firm Sierra Platform to Redwood Services, a Memphis-based platform focused on home maintenance. Furthermore, portfolio company Vasco acquired two court contractors, Howard B. Jones & Son and Court Surfaces of Florida, expanding its reach in tennis and pickleball installations.

Platform Building & Sector Investments

Firms continued to deploy capital into sector-specific platforms, with notable activity in healthcare and specialized infrastructure. Carlyle Group acquired two health technology firms, Knack RCM and Equalize RCM, with the founders of both entities reinvesting a portion of their proceeds back into the platform. Separately, Avista launched Birchwell Consumer Health through the acquisition of Bag Balm, the Vermont-based skincare brand, from a Gemini Investors-led group. In the energy transition space, IFM Investors-backed Mobius Renewables expanded its footprint by taking over Air Liquide’s biogas production activities across the U.S., France, Norway, and Sweden, including six landfill gas-to-RNG sites. In managed technology services, Riata Capital-backed COEO Solutions snapped up S-NET Communications, bolstering its offerings for multi-location mid-market enterprises.

New Capital Raises & Secondary Market Dynamics

While fundraising continues, the focus appears sharp, especially in specialized technology niches. Venture investor Katie Haun successfully secured $1 billion across new funds aimed squarely at backing emerging crypto and blockchain startups, aligning with her firm’s established thesis. In the wealth management sector, Integrum, Lightyear, and Ontario Teachers’ are deepening their commitment to advisor Allworth Financial, with the latter two firms being previous backers. On the operational front, RoundTable appointed Amardeep Kahlon as an operating partner to accelerate value creation across its portfolio companies and aid in new deal evaluation. Moreover, the secondary market saw recognition for rising talent, with several professionals from firms like Step Stone and LGT Capital Partners named as future leaders by Private Equity International.

Mid-Market Sales and Valuation Benchmarks

The sale processes for mid-market assets are providing clear pricing signals, especially within the competitive HVAC sector. Sources indicate that bidders evaluating Audax's commercial HVAC company, Nextech, have reached the second round of the sale process, expressing interest at a valuation multiple of 15x EBITDA, suggesting a potential deal size around $1.5bn. This activity suggests sustained appetite for essential home services, as Bain Capital, Sixth Street, and Harvest Partners provided backing to Power Home Remodeling, with Harvest retaining the largest stake. Further illustrating the interest in service platforms, Grovecourt-backed Traffic & Mobility Consultants acquired Chindalur Traffic Solutions, an engineering firm specializing in transportation planning.

AI Infrastructure & Placement Agent Evolution

As artificial intelligence evolves, private capital is targeting infrastructure and foundational technologies, while traditional fundraising support mechanisms are adapting to current market conditions. In the AI space, SAP announced its agreement to acquire German startup Prior Labs, signaling corporate interest in underlying AI capabilities, contrasting with a reported European trend where investors are focusing on the less visible components of AI rather than consumer-facing applications favored in Silicon Valley. Simultaneously, the role of placement agents is under scrutiny, with investors seeking greater transparency and improved engagement strategies to navigate the current fundraising environment, particularly as fundraising timelines extend.