Private Equity 3 Days

Last updated: May 8, 2026, 5:30 PM ET

Deal Activity & Portfolio Management

Private equity firms are continuing to execute strategic acquisitions across sectors, exemplified by Carlyle and Diversified Energy's $1.2bn purchase of Andarko Basin oil assets from Camino, securing over 450 undeveloped locations in Oklahoma. In healthcare, Amulet Capital acquired TFP Fertility Group, which operates an integrated network of 10 fertility clinics across the UK and Poland, while Brightstar invested in Simon Eye Holdings, with management retaining a meaningful stake. Meanwhile, portfolio company Siris Capital is poised to reap a triple return from the sale of Equiniti to Bullish, with co-founder Frank Baker noting the potential for tokenized public equity securities mirroring demand for tokenized dollars Siris to reap 3x return.

European dealmaking shows geographic diversification, as European GPs increased overseas activity, with Mutares planning to open a Houston office to pursue US targets, despite April deal value dropping after a strong first quarter overall. Within Europe, Investindustrial is establishing the TACH Systems Group mechatronics hub in Italy by combining acquisitions of TSM Sensors, High Tech Products, and Almec Investindustrial launches mechatronics hub. Conversely, defense sector valuations are facing headwinds, with the ‘war effect’ reportedly complicating deal metrics, leading to the rejection of EQT’s third offer for assurance provider Intertek.

The consumer and maintenance services space saw several bolt-on acquisitions, including PE-backed Pye-Barker expanding its fire protection portfolio by scooping up AAA Fire Extinguisher Co, and later adding a security and fire alarm firm PE-backed Pye-Barker snaps up. In the US, Allied Industrial Partners invested in Trinity Industrial, an equipment rental firm, where founders will retain substantial ownership alongside the PE firm. In a move to consolidate specialized services, Berkshire-backed Specialized Elevator and Wyatt Elevator merged, combining two firms founded in 1997 and 2012, respectively.

Sector Focus: Health, Tech, and Industrials

The telehealth sector remains a focal point for private capital, with at least five deals recently executed by firms including Goldman Sachs and Avesi Partners due to rising demand for remote healthcare solutions PE zeros in on telehealth demand. In med tech, Silversmith-backed MTS acquired Avarion, a California-based provider of managed healthcare IT services. Furthermore, within specialized life sciences, Sovereign-backed Bioscript acquired Triducive, a consultancy focused on clinical opinion publishing for pharmaceutical firms.

The enterprise AI funding surge continues, with recent rounds financing startups in areas like finance operations, where Fazeshift secured $17M in a Series A round for its AI-powered accounts receivable automation Exclusive: Fazeshift Scores $17M. This trend is mirrored in sales and marketing, where sector companies have pulled in approximately $2.7 billion globally so far in 2026. Yet, even as capital flows into AI, operational adjustments are occurring, demonstrated by DeepL cutting 250 jobs in its drive to maintain technological superiority.

In the industrials space, Sentinel is reportedly selling NSI Industries, a manufacturer serving infrastructure and commercial end markets, for an anticipated $3bn exit. Simultaneously, European private equity is actively building industrial platforms; Investindustrial is forming the TACH Systems mechatronics hub, while Cinven is investing in Ongoing Warehouse, a Swedish firm providing cloud-native warehouse management systems. Separately, FH Capital is moving to acquire a majority stake in JinkoSolar’s US subsidiary, with the solar manufacturer retaining a minority stake.

Fundraising, Secondaries, and Investor Strategy

Investor intentions reveal a nuanced approach to risk and geography, as South Korea's Kiwoom Asset Management targets North American and Western European funds using a relatively risk-averse allocation strategy. In contrast, Montana Capital Partners is deploying $40M across fund, secondary, and co-investments, specifically targeting climate and social impact mandates via a discretionary mandate. The democratization of private markets continues, with Robinhood’s venture fund IPO attracting over 150,000 retail investors seeking exposure to private tech companies like OpenAI and Stripe.

The secondaries market is benefiting directly from current volatility, fueling record-breaking secondary activity as investors seek liquidity solutions. This trend is making secondaries "increasingly important" for evergreen funds, which now see secondary sales account for an average of 13% of private wealth client portfolios. However, industry leaders caution against rushing product expansion, as Harbour Vest CEO warns that extending access risks mistaking more products for better portfolios, a sentiment echoed by lessons learned from the recent redemption rush in credit evergreens.

Emerging themes in fundraising include niche specialization, such as Mother Ventures raising a $10M debut fund focusing on mothers as consumers, and the Arāya Sie Fund closing £7.5M for women-led startups. In the operational sphere, some firms are adapting their models around new technologies; Juniper Square advises managers to rebuild operating models around AI outcomes, while firms like Thoma Bravo and Clearlake are sharing strategies for investing in software amid AI disruption, emphasizing the need for deep domain expertise How to invest in software.

Executive Moves & Market Intel

The movement of senior talent indicates continued expansion and specialization within PE firms. ICG appointed Brant Gresham as managing director for the US West head and Felipe Sotomayor for Latin America, while Vistria added John Atkinson as an operating partner for its financial services team. Organizational growth is also evident at Middle Ground, which promoted Alexander van der Have to partner, recognizing his role in expanding the firm's European footprint.

The defense technology sector in Europe is attracting attention, described as the “new wave” for defense startups and featuring over 70 mapped companies Inside European defence tech, though overall European defense investment is reportedly slowing down The most common CV economics. Meanwhile, the valuation environment for certain assets is being tested; MSouth is testing the buyout market for HVAC provider USA Hometown Experts, which could sell for upwards of $480M based on peer multiples around 16x EBITDA. Baird Capital is similarly testing the market for water treatment firm Cleanwater1, which has $40M in recent year EBITDA and could command a 15x-17x EBITDA multiple.