Private Equity 3 Days

Last updated: May 7, 2026, 2:30 PM ET

Dealmaking & Sector Acquisitions

Private equity firms executed a flurry of acquisitions across diverse sectors, signaling continued appetite for niche services and infrastructure plays. Silversmith Capital Partners saw its portfolio company, MTS, acquire health tech firm Avarion, bolstering managed healthcare IT services. In the safety sector, Pye-Barker acquired AAA Fire Extinguisher Co, continuing its consolidation strategy, and subsequently bought another security and fire alarm firm, demonstrating a focused buy-and-build approach in fire protection. Elsewhere, Carlyle and Diversified Energy agreed to purchase oil assets in the Andarko Basin from Camino for $1.2bn, securing over 100 undeveloped inventory locations.

In infrastructure and energy, SVP acquired the New Frontera Holdings power generation facility, building on an earlier debt investment following the company's 2021 restructuring, while Siris acquired renewable energy services provider Takkion from Apollo, marking a secondary transaction for Apollo, which originally purchased Takkion in 2020. The industrial sector saw significant movement, with Platinum Equity acquiring electric heating firm Infratech from its founders, and Sentinel planning a $3bn sale of manufacturer NSI Industries, which serves industrial and infrastructure end markets.

European consolidation continued with Investindustrial establishing the TACH Systems Group mechatronics hub through the combination of TSM Sensors, High Tech Products, and Almec, while Cinven invested in Ongoing Warehouse, a provider of cloud-native warehouse management systems. In the UK, CataCap-backed Thranekær acquired engineering consultancy Ingeniørgruppen to expand its professional profile across building and civil engineering.

Healthcare & Life Sciences Transactions

Activity remained intense within specialized healthcare services, often involving platform acquisitions followed by bolt-ons. Frazier Healthcare-backed CareTria acquired digital pharmacy CaryHealth, enhancing its role as a therapy initiation partner for pharma companies. Sovereign-backed Bioscript completed the purchase of clinical consultancy Triducive, which focuses on publishing clinical opinion, and in the physical therapy space, MBF Healthcare-backed Arete Health acquired two clinics: Virginia Rehabilitation & Wellness and Summerville Physical Therapy & Balance for Adults. Furthermore, Goldman Sachs-backed Xpress Wellness expanded its behavioral health and urgent care footprint by acquiring Midwest Counseling Services in Oklahoma City.

Software, Tech, & Specialized Services Deals

Software and specialized services firms were frequent targets, often leveraging AI capabilities or providing mission-critical functions. Main Capital-backed Zig acquired proptech firm Unik, which develops housing management software, while GI Partners launched Rose BioSolutions following the acquisition of a contract development and manufacturing unit from Charles River Laboratories International. In the professional services realm, JLL Partners invested in CAI to fuel global expansion and technology investment, and ParkSouth-backed Infinite acquired Dukas Linden Public Relations. On the exit side, THL Partners is set to sell AMI to Lattice Semiconductor for $1.65bn, with the transaction expected to close in Q3 2026.

Energy & Industrials Exits and Investments

The energy sector saw a significant divestiture as KKR and XPV Water Partners sold Axius Water to CRH; Axius was initially formed in 2019 to unify nutrient management companies. Simultaneously, Copley Equity Partners is testing the market for LJB, a civil engineering firm, potentially seeking a 12x-14x EBITDA multiple, while Baird Capital is also testing the market for water treatment firm Cleanwater1, expecting a 15x-17x EBITDA multiple based on $40m in recent EBITDA. Allied Industrial Partners invested in Trinity Industrial, an equipment rental firm, and its portfolio company Liberty Waste Solutions subsequently acquired Randolph County Garbage Services.

Personnel Appointments & Firm Strategy

Firms continued to bolster operational expertise through senior hires. ICG appointed Brant Gresham as US West head and Felipe Sotomayor as Latin America managing director, signaling regional expansion priorities, while Vistria brought on John Atkinson as operating partner for financial services from Marsh. Middle Ground promoted Alexander van der Have to partner to drive its European footprint, and AnaCap promoted Alberto Sainaghi to partner after his tenure as managing director. In terms of broader strategy, Fidelity quietly shuttered its venture capital arm, according to sources, even as firms like Katie Haun raised $1B for new crypto and blockchain-focused venture funds.

Market Sentiment, Secondaries, and Liquidity

Market uncertainty is proving to be a tailwind for the secondaries market, which is being viewed as increasingly essential for liquidity management. Geopolitical volatility is fueling record secondaries activity, even as some industry figures perceive the market is working through "the five stages of CV grief" regarding valuation realities. For evergreen funds, secondaries are becoming more important, accounting for an average of 13% of private wealth client portfolios, according to a Hamilton Lane report analyzed in the market overview PEI’s Data Dive. However, industry leaders cautioned against broadly extending access, noting that more products do not equate to better portfolios, emphasizing the need for careful calibration, a lesson underscored by the recent redemption rush in credit evergreens as discussed in a recent Side Letter.

Venture Funding & AI Focus

Venture capital remained concentrated around artificial intelligence and deep tech, with April's global funding reaching $56bn, the third-highest monthly total in a year, driven by large rounds as detailed in Crunchbase News data. AI startups secured substantial funding, including Fazeshift raising $17M for its accounts receivable automation platform and Pit, co-founded by a Voi cofounder, securing a $16M seed round led by A16z. Quantum computing also attracted major capital, with Quantum Motion raising $160M for its Series C and another startup focused on quantum computing raising €25M as noted by Sifted. Meanwhile, enterprise AI firms also saw validation, with Blitzy achieving a $1.4B valuation on a $200M raise for autonomous software, and voice AI firm ElevenLabs adding BlackRock and Jamie Foxx as new investors while hitting $500M in ARR.

Firms are actively structuring investment theses around AI disruption. Clearlake, Thoma Bravo, and TPG are sharing strategies for navigating AI's impact on their portfolio companies, with Thoma Bravo emphasizing the need for 'deep domain expertise' when investing in software amid disruption according to commentary shared with PE Hub. Investors are also adapting hiring criteria; while technical expertise remains relevant, AI is changing what investors seek in early startup teams, as the barrier to basic coding is lowered. Furthermore, Amex Ventures is backing startups building autonomous commerce, focusing on AI-powered finance operations, and even the quantum sector benefited from corporate VC backing, with Intel's VC arm participating in Quantware’s $178m Series B.