Private Equity 3 Days

Last updated: May 9, 2026, 5:30 AM ET

Dealmaking & Sector Focus: Healthcare, Defence, and Energy

Private equity firms continued an aggressive acquisition pace across targeted sectors, with Amulet Capital acquiring TFP Fertility Group, which runs an integrated network of 10 fertility clinics across the UK and Poland, from Benefit Street Partners. The healthcare sector saw further PE activity as Silversmith-backed Med Tech snapped up Avarion, a California-based provider of managed healthcare IT services, while Sovereign-backed Bioscript acquired Triducive, a consultancy specializing in clinical opinion for pharma. In energy infrastructure, Carlyle and Diversified Energy agreed to acquire Andarko Basin oil assets from Camino for $1.2bn, securing over 100 undeveloped inventory locations in Oklahoma, while SVP acquired the New Frontera Holdings power generation facility following the company's 2021 restructuring.

Activity in the defense space suggested valuation pressures due to geopolitical tensions, as EQT’s third offer for Intertek was rejected, illustrating how the ‘war effect’ is complicating defense deal valuations according to Houlihan Lokey. Concurrently, European defense tech remains a focus, with missile startups being cited as the ‘new wave’ in European defence, and firms like L Squared appointing an operating executive to pursue platforms in aerospace, space, and defense. In corporate carve-outs, Siris Capital is set to reap a triple return on its investment in Equiniti following the expected sale, with co-founder Frank Baker noting expectations for tokenized securities mirroring those for tokenized dollars.

Exits and Portfolio Management

Strong returns were evident in specific exits, as Siris Capital expects to triple its money on the sale of Equiniti, while Sentinel is preparing to sell its portfolio company NSI Industries, a manufacturer serving industrial and commercial markets, for an anticipated $3bn. On the buy-side, FH Capital is acquiring a majority stake in JinkoSolar’s US subsidiary, with the solar cell manufacturer retaining a minority holding. Consolidation continued in services, where PE-backed Pye-Barker scooped up AAA Fire Extinguisher Co, a safety services provider, and later absorbed a security and fire alarm firm in a related move, while Berkshire-backed Specialized Elevator and Wyatt Elevator announced a merger to combine operations.

Investor Sentiment and Capital Deployment

Investor intentions suggest a measured approach to deployment, with South Korea’s Kiwoom Asset Management planning risk-averse allocations toward North American and Western European funds. Conversely, Montana Capital Partners is deploying $40m across fund, secondary, and co-investment strategies with a focus on climate and social impact mandates. In the secondary market, volatility is actively fuelling record-breaking activity, even as some market observers suggest the industry is coming to terms with a new liquidity reality, drawing parallels to the five stages of CV grief. Meanwhile, asset managers are making strategic pivots: Texas Teachers is reportedly pivoting toward co-investments despite potential cost implications, while Ares is leading the continuation fund for Blue Matter Consulting, a move Baird Capital calls happening for the right reasons.

AI Investment & Corporate Technology

The technology funding environment remains heavily skewed toward Artificial Intelligence applications, with top funding rounds this week targeting enterprise AI, space tech, and biotech leading the week's biggest raises. Specific AI applications are drawing capital, such as Fazeshift, which secured $17M in a Series A round for its AI agents automating accounts receivable, and Norvestor acquiring Debtist, a firm offering AI-driven receivables management. PE giants are actively defining their AI strategies; firms including Clearlake, Thoma Bravo, and TPG shared how they are navigating disruption, with Thoma Bravo emphasizing the need for deep domain expertise in software investments amid AI disruption alongside FTV and Riverside. On the operational side, Juniper Square advises that private fund managers must rebuild operating models around AI to move from mere outputs to measurable outcomes.

Venture Capital & Emerging Themes

Venture funding saw activity in niche areas, including the $160M Series C raised by Quantum Motion as the quantum sector heats up, and a $16M seed round for Pit, a new AI startup from a Voi cofounder, led by A16z. Corporate venture arms are also active; Amex Ventures is backing startups building autonomous commerce through AI integration, while Fidelity quietly shuttered its VC arm amid strategic review. In a unique move leveraging retail participation, Robinhood’s venture fund IPO attracted over 150,000 retail investors seeking exposure to private tech like OpenAI and Stripe. Furthermore, specialized VC funds are emerging, such as Mother Ventures raising a $10M debut fund focused specifically on mothers as consumers, and Arāya Sie Fund closing £7.5M for women-led startups.

Personnel Moves & Market Events

The industry saw several senior appointments aimed at bolstering operational capacity and regional focus. ICG tapped Brant Gresham as managing director for the US West head and Felipe Sotomayor for Latin America, while Vistria appointed John Atkinson as operating partner for its financial services team. On the deal execution front, MiddleGround promoted Alexander van der Have to partner, recognizing his role in expanding the firm’s European footprint. Meanwhile, the sector is grappling with volatility, prompting European GPs to increase overseas dealmaking, exemplified by Mutares’ concrete plans to open a Houston office as overall April deal value dipped following a strong first quarter, according to S&P Global data.