Private Equity 3 Days

Last updated: May 8, 2026, 11:30 AM ET

Deal Activity and Sector Focus: Healthcare & Renewables

Private equity firms continued to deploy capital across specialized sectors, with significant activity noted in healthcare services and energy transition assets. Amulet Capital is moving to acquire TFP Fertility Group from Benefit Street Partners, integrating a network spanning 10 clinics and 21 satellite centers across the UK and Poland, while Goldman Sachs, Avesi Partners, and others are actively investing in telehealth companies amid rising remote healthcare demand. In energy, Siris Capital is reportedly selling portfolio company Equiniti, a move that could yield a 3x return for Siris, whose co-founder suggested future expansion into tokenized securities; separately, Siris also acquired renewable energy services provider Takkion from Apollo, who originally purchased the asset in 2020.

Exit Performance and Valuation Headwinds

Exit multiples remain under pressure in certain segments, though some portfolio companies are showing strong returns. Siris Capital expects to triple its money on the sale of Equiniti, according to sources, as the broader market grapples with valuation complexities, particularly in defense. The defense sector is experiencing a "war effect" that is complicating deal valuations, exemplified by EQT’s third rejected offer for Intertek. Meanwhile, other firms are finding success in niche markets; Sentinel plans to sell manufacturer NSI Industries for a reported $3bn, an industrial supplier serving infrastructure and commercial end markets.

Consolidation and Platform Buys Across Verticals

Dealmakers focused on building scale through add-on acquisitions across diverse service industries. PE-backed Pye-Barker continued its expansion in safety services by scooping up AAA Fire Extinguisher Co and a separate security and fire alarm firm, solidifying its presence as a major provider of fire protection and life safety services. In specialized B2B services, Sterling Group-backed HLSG acquired Texas Textile Services to bolster its outsourced linen laundry operations for healthcare institutions, while Kainos-backed Colorado Premium snapped up Old Hickory Smokehouse to expand its protein supply business serving foodservice and retail clients.

Geographic Expansion and Internal Promotions

Global private equity firms are dedicating resources to expanding their international reach, supported by internal talent movements. European GPs are increasing overseas dealmaking, with firms like Mutares expressing "relatively concrete plans" to open an office in Houston. To support this growth, ICG has tapped Brant Gresham as managing director for its US West operations and Felipe Sotomayor to lead its Latin America efforts in Chile. Within domestic operations, Middle Ground promoted Alexander van der Have to partner, recognizing his role in growing the firm’s European footprint, and Ana Cap announced the promotion of Alberto Sainaghi to partner after his tenure as managing director.

Technology and AI Integration

The influence of artificial intelligence continues to reshape investment theses across software and specialized services, driving both startup funding and portfolio optimization. Globally, companies in the sales, marketing, and CRM categories have raised $2.7 billion in 2026 funding rounds alone. Startups developing AI-focused operational tools are also attracting capital, such as Fazeshift, which raised $17M in Series A to automate accounts receivable using AI agents. Furthermore, fund managers are actively restructuring operations around the technology; Juniper Square advises that private fund managers must rebuild operating models around AI to move effectively from outputs to outcomes.

Defense Tech and Quantum Computing Attract Niche Capital

Defense and advanced technology sectors, despite some market friction, are seeing targeted investment, particularly in Europe. European defense startups are being called "the new wave" in the region's technology investment scene, mapped against over 70 companies in the sector. Meanwhile, capital is flowing into deep tech infrastructure; Quantum Motion raised $160M in a Series C round, and one founder is seeking €25M for a startup positioned as the “Palantir of quantum computing”. This focus contrasts with some institutional shifts, as Fidelity quietly shut down its VC arm, while a16z crypto closed a large $2.2B fund focused on staying the course in crypto despite cooling markets.

Secondaries Market Thrives Amid Volatility and Liquidity Needs

Market uncertainty, driven by geopolitical shocks, is actively fueling the secondaries market, where volatility is seen as an opportunity rather than a deterrent. This environment makes secondaries an “increasingly important” tool for evergreens, as these structures now see secondaries accounting for roughly 13% of private wealth client portfolios. The industry is also grappling with lessons from recent redemption stresses, suggesting that the democratization of private markets requires careful calibration, moving beyond simply offering more products to ensuring better portfolio construction. Continuation vehicles are also seeing tailored deployment, with Ares leading a CV for Blue Matter Consulting, described by a partner as happening "for the right reasons".

Energy Transition and Infrastructure Deals

Infrastructure and energy asset management remains a core focus for large institutional investors. Carlyle and Diversified Energy are proceeding with a $1.2bn deal to acquire Andarko Basin oil assets from Camino, adding 100 undeveloped inventory locations in Oklahoma. On the power generation side, SVP has finalized the acquisition of the New Frontera Holdings power facility, following an initial investment via a term loan before the company's 2021 restructuring. Separately, Investindustrial is actively building a mechatronics hub in Italy, acquiring TSM Sensors, High Tech Products, and Almec to form the TACH Systems Group.

Specialized Service Acquisitions and Firm Growth

The market saw numerous transactions aimed at consolidating niche service providers, often allowing founders to retain equity. Brightstar invested in Simon Eye Holdings, with the CEO and management team retaining a meaningful ownership stake. Similarly, Montage Partners invested in Lighten Up, a live events production firm, ensuring the founder maintains significant ownership. In the proptech space, Main Capital-backed Zig picked up Unik, a developer of software for property management. Meanwhile, firms like Advantage in Japan are seeking to double AUM within a year, coinciding with a 5% equity sale to Pinnacle Investment Management.

Talent Acquisition and Tech Event Visibility

Firms are actively hiring senior operational talent, including operating partners specializing in key sectors, even as tech events encourage early-stage company visibility. Vistria appointed John Atkinson as operating partner for financial services, where he will leverage his experience leading a fast-growing unit at Marsh, while Tortuga Growth Partners tapped Michael O’Neil, who also serves as vice chair at an AI-first healthcare company. For startups seeking traction, the final day is approaching to take advantage of a 50% discount on a second TechCrunch Disrupt 2026 pass, while early exhibitors are urged to secure their 6' exhibit table to reach 10,000 decision-makers before space runs out.