Private Equity 3 Days

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

Dealmaking & Exits: Sector Focus and Returns

Siris Capital Group is set to realize a threefold return on its investment in Equiniti, signaling strong performance in the remote healthcare sector where demand is pulling private equity interest, with several firms including Goldman Sachs and Avesi Partners also pursuing telehealth deals. Meanwhile, Siris Capital also executed an exit in the energy transition space, selling renewable energy services provider Takkion to Apollo, which had originally acquired Takkion in 2020. In contrast, deal valuations in defense remain complicated by geopolitical pressures, exemplified by EQT’s third rejected offer for assurance and inspection services provider Intertek, according to Houlihan Lokey.

Several recent acquisitions demonstrate PE’s ongoing interest in specialized services and infrastructure. Carlyle, alongside Diversified Energy, agreed to purchase Andarko Basin oil assets from Camino for $1.2bn, securing over 100 undeveloped inventory locations in Oklahoma. In healthcare services, Amulet Capital is acquiring TFP Fertility Group from Benefit Street Partners, adding an integrated network of 10 fertility clinics across the UK and Poland to its portfolio. Furthermore, FH Capital is taking a majority stake in JinkoSolar’s US subsidiary, leaving Jinko Solar with a smaller, minority holding in the entity.

Activity in the European industrial and services sectors involved both platform builds and carve-outs. Investindustrial is creating a specialized mechatronics hub in Italy, named TACH Systems Group, by combining recent acquisitions of TSM Sensors, and Almec. Separately, Cinven committed capital to Ongoing Warehouse, a Swedish provider of cloud-native warehouse management systems, while Hypax carved out Metra Non-Ferrous Metals from Grillo-Werke, a UK distributor of metals for construction. In the U.S., Allied Industrial Partners invested in equipment rental firm Trinity Industrial, with the founders planning to maintain significant ownership alongside the PE firm.

Platform consolidation continues across niche U.S. service providers. PE-backed Pye-Barker expanded its fire protection footprint by purchasing AAA Fire Extinguisher Co, and later added a separate security and fire alarm firm to its operations in Georgia. In the ophthalmology space, Brightstar invested in Simon Eye Holdings, where the CEO and management team will retain a substantial stake. Meanwhile, Kainos-backed Colorado Premium acquired protein supplier Old Hickory Smokehouse, broadening its reach across foodservice and retail channels.

Investor Strategy & Capital Allocation

Global investment mandates show varied risk appetites, though Asian capital is looking westward. Kiwoom Asset Management, the South Korean manager, signaled intentions to allocate capital to North American and Western European funds, albeit with a preference for a relatively risk-averse approach. In contrast, Montana Capital Partners is deploying $40m across fund, secondary, and co-investments, focusing specifically on climate and social impact mandates via a discretionary mandate. LP sentiment is also shifting, with Texas Teachers pivoting toward co-investments even if it entails higher transaction costs, while Australian pension fund reforms regarding performance benchmarking could drive TPA adoption.

The secondary market is currently benefiting from market instability, as geopolitical shocks are reportedly fueling record-breaking activity in that segment. This environment is creating specific opportunities, such as the continuation fund transaction involving Blue Matter Consulting, which Ares is leading on behalf of Baird Capital. However, the broader industry is grappling with new liquidity realities, as described by Munich Private Equity Partners’ Hans-Christian Moritz, who used the five stages of CV grief to characterize the industry’s adjustment. Furthermore, Harbour Vest Partners’ CEO cautioned that in the rush to democratize private markets access, the industry risks substituting a greater number of products for genuinely better overall portfolio construction.

New fund formation and niche mandates saw several launches. Mother Ventures successfully raised a $10M debut fund dedicated to investing in companies targeting mothers as the core consumer demographic. In the UK, Arāya Sie Fund achieved a £7.5M first close for a fund backing women-led startups, amid commentary on the tech sector’s "bro renaissance." On the management side, firms continued to bolster senior leadership, with ICG appointing Brant Gresham as US West head and Felipe Sotomayor as Latin America managing director.

AI, Tech, and Sectoral Investment Themes

The proliferation of artificial intelligence continues to drive substantial early-stage funding, with enterprise AI, space tech, and biotech rounding out the week’s largest funding rounds. In specialized AI applications, Fazeshift secured $17M in Series A funding for its AI agents automating accounts receivable operations. Separately, Amex Ventures detailed its strategy of backing startups building autonomous commerce, viewing AI as a key component for scaling operations. Meanwhile, established tech players are adapting their investment theses: A16z led a $16M seed round for Pit, a new AI startup from a Voi cofounder.

Major PE firms are actively integrating AI into their investment strategies across software and operations. Clearlake, and TPG shared approaches for navigating AI disruption, with Thoma Bravo’s Tara Gadgil emphasizing that future software winners require 'deep domain expertise and franchises that are deeply trusted by their enterprise customers.' On the operational front, Juniper Square advised that private fund managers must rebuild operating models around AI to shift from focusing merely on outputs to achieving measurable outcomes. Even as large language models advance, there is still an identified opportunity for AI tools tailored to specific European sectors, such as the region's skilled trades workforce.

The quantum computing and defense technology sectors are also attracting significant capital. The quantum sector saw Quantum Motion raise $160M in a Series C round, while a founder from Silo raised €25M for a venture focused on creating the "Palantir of quantum computing." In European defense, missile startups are being characterized as "the new wave," though overall European defense investment shows signs of contraction according to data shared by Texas Teachers. In the U.S., defense tech is seeing continued investment, with Godspeed-backed NextPoint acquiring UScontracting, a provider of technology solutions for intelligence and defense communities.

Personnel Moves & Firm Expansion

Private equity firms bolstered their operational and investment teams through strategic hires and internal promotions across the past few days. MiddleGround promoted Alexander van der Have to partner, recognizing his success in growing the firm’s European presence, while AnaCap elevated Alberto Sainaghi to partner after he had been promoted to managing director late last year. Tortuga Growth Partners added Michael O’Neil as an operating partner, where he will leverage his experience, including his role at AI-first healthcare company GW Rhythm X.

Firms expanded investment coverage geographically and functionally. ICG tapped Brant Gresham to lead its US West operations from California and Felipe Sotomayor to cover Latin America from Chile. L Squared appointed Philip Gunn as an operating executive to focus on buy-and-build platforms within the aerospace, space, and defense sectors. Elsewhere, Kainos promoted Cate Mason to IR director, and Aqualis Partners named Dan Santopietro as CFO, bringing him from CVC Secondary Partners.

Miscellaneous Market Activity

In corporate activity outside core tech, Berkshire Hathaway-backed Specialized Elevator merged with Wyatt Elevator, combining two established service providers. In energy, SVP acquired the New Frontera Holdings power generation facility, following its initial investment via a first lien term loan during the company’s 2017 restructuring. Meanwhile, Sentinel is preparing to sell industrial manufacturer NSI Industries for a reported $3bn. On the fundraising front, Japan’s Advantage is aiming to double its assets under management within a year, a plan coinciding with the sale of a 5% equity stake to Pinnacle Investment Management.