Private Equity 3 Days

Last updated: May 8, 2026, 2:30 AM ET

Dealmaking Activity & Exits

Private equity firms reported a flurry of transactions across sectors, with Siris reportedly set to reap a threefold return on the sale of Equiniti to Bullish, signaling strong belief in tokenized securities following their initial investment thesis. In energy, Carlyle and Diversified Energy are teaming up to purchase Andarko Basin oil assets from Camino for $1.2bn, securing an additional 100 undeveloped locations in an active development area for Diversified in Oklahoma. Further transactions included Siris acquiring Takkion, a renewable energy services provider, from Apollo, which originally purchased the firm in 2020, and SVP finalizing the acquisition of the New Frontera Holdings power generation facility, following an earlier debt investment.

Platform bolt-ons and add-on acquisitions continued at a brisk pace across specialized services, showcasing consolidation strategies within portfolio companies. PE-backed Pye-Barker expanded its footprint by acquiring both AAA Fire Extinguisher Co and an unnamed security and fire alarm firm, reinforcing its position as a provider of fire protection and life safety services in Georgia. In healthcare, Sovereign-backed Bioscript acquired Triducive, a consultancy focused on clinical opinion publication for pharma firms, while Frazier Healthcare-backed Care Tria purchased digital pharmacy Cary Health. Elsewhere, NTC Group-backed Entwistle snapped up Hales from its founders, and Godspeed-backed Next Point acquired UScontracting, a solutions provider for defense and intelligence communities.

Several firms tested the market for potential sales, though some sectors face headwinds, as Capstone Partners noted a challenged industrials deal market. MSouth is reportedly testing the buyout market for HVAC and plumbing service provider USA Hometown Experts, with potential valuations exceeding $480M based on peers trading around 16x EBITDA. Simultaneously, Copley Equity Partners is exploring a sale process for engineering firm LJB, which sources suggest could achieve a 12x-14x EBITDA multiple, a process that follows Copley’s earlier investment in the firm. In the water sector, KKR and XPV Water Partners are preparing to sell their unified business, Axius Water, to CRH, a move that follows Copley’s earlier divestiture of another environmental services firm.

Deal activity in Europe saw both strategic sales and new platform formations across industrial segments. Mutares completed the management buyout of Peugeot Motocycles, while Investindustrial launched a new mechatronics hub named TACH Systems Group by combining three recent acquisitions: TSM Sensors, High Tech Products, and Almec. In logistics, Cinven committed to investing in Ongoing Warehouse, a Swedish provider of cloud-native warehouse management systems. Furthermore, PAI Partners and Fondo Italiano d’Investimento agreed to acquire Mecaer Aviation Group, an Italian manufacturer of flight-critical systems, building on Baird Capital’s earlier CV activity in life sciences.

Sector Focus: AI, Tech & Healthcare Growth

The investment focus remains heavily skewed toward artificial intelligence and specialized software, with several firms making large commitments. A16z crypto closed a new $2.2B fund maintaining its focus despite cooling crypto markets, while a new AI startup from a Revolut alumnus raised $6M for a palm-scan payments application. In the broader AI ecosystem, Fazeshift, utilizing AI agents for accounts receivable automation, secured a $17M Series A, and Blitzy achieved a $1.4B valuation following a $200M raise for its autonomous software development platform. Meanwhile, major players like Clearlake, Thoma Bravo, and TPG are actively sharing strategies for navigating AI disruption, particularly in software, where expertise and deep customer trust are seen as key differentiators.

Venture arms and corporate investors are also placing bets on AI-enhanced capabilities across finance and infrastructure. Amex Ventures detailed its thesis for backing startups building autonomous commerce solutions, including those using AI concierges, and Eleven Labs, which reports reaching $500M in ARR, welcomed new investors including BlackRock. In the quantum computing space, which is heating up alongside AI, Quantum Motion raised $160M in a Series C, and Intel's VC arm contributed to a $178M Series B for Quantware to scale production. In the fintech space, Revolut’s internal investment division continues to thrive on aggressive pivoting, reflecting the broader trend of former employees launching their own ventures.

Healthcare and specialized services saw numerous growth investments and strategic hires. JLL Partners will infuse capital into professional services firm CAI to expand its global reach and technology investment, and Amulet Capital added Adam Grossman as a partner to focus on scaling healthcare services platforms. In service consolidation, Goldman Sachs-backed Xpress Wellness acquired Midwest Counseling Services across Oklahoma, expanding its integrated care offering in rural and suburban communities. Furthermore, GI Partners launched Rose BioSolutions following the acquisition of a contract development and managing organization and cell solutions business from Charles River Laboratories International.

Market Structure & Talent Moves

The private markets industry is grappling with evolving liquidity dynamics and a push toward broader access, evidenced by the continued strength of the secondaries market. Geopolitical uncertainty is actively fueling record secondaries activity, with some analysts drawing parallels to the five stages of grief when assessing current market conditions. Secondaries are becoming an increasingly vital component for evergreen funds, accounting for an average of 13% of private wealth client portfolios, according to Hamilton Lane, even as the industry is cautioned against confusing product expansion with portfolio quality. Simultaneously, the market is seeing a convergence toward 'best practice terms' in continuation vehicle fee structures.

Talent deployment across the industry signaled shifts in regional focus and functional expertise. ICG appointed two new managing directors, naming Brant Gresham to head the US West and Felipe Sotomayor to lead Latin America operations. Middle Ground promoted Alexander van der Have to partner to deepen its European presence, while Ana Cap elevated Alberto Sainaghi to partner following his tenure as managing director. For specialized roles, Vistria brought on John Atkinson as an operating partner for financial services, and Tortuga Growth Partners tapped Michael O’Neil for a similar role, O'Neil also serving as vice chair at an AI-first healthcare company.

In the venture funding sphere, while some established firms are pulling back—Fidelity quietly shuttered its VC arm—others are making targeted bets. Robinhood’s new venture fund reportedly attracted over 150,000 retail investors seeking exposure to companies like OpenAI and Stripe. Furthermore, new funds are emerging to address specific market gaps, such as Arāya Sie Fund achieving a £7.5M first close for investments focused exclusively on women-led startups, challenging the perceived 'bro renaissance' in tech funding.