Private Equity 3 Days

Last updated: May 10, 2026, 2:30 AM ET

Dealmaking Momentum & Sector Focus

Private equity firms are aggressively pursuing deals across specialized sectors, with healthcare and energy transactions leading recent activity. Amulet Capital agreed to acquire TFP Fertility Group—an integrated network spanning 10 UK and Polish clinics—from Benefit Street Partners, while in the US, Brightstar invested in Simon Eye Holdings, allowing the management team to retain a meaningful stake. In energy infrastructure, Carlyle and Diversified Energy moved to secure assets in the Andarko Basin, purchasing acreage from Camino for $1.2bn, which includes over 100 undeveloped locations. Furthermore, SVP finalized the acquisition of power generator New Frontera Holdings, having previously supported the company through a 2021 restructuring.

Healthcare & Life Sciences Acquisitions

The telehealth sector continues to draw significant private equity interest, evidenced by at least five recent deals, with firms like Goldman Sachs, Avesi Partners, and Grovecourt Capital actively deploying capital. This focus on remote care follows high-profile exits; Siris Capital is positioned to realize a triple return on its investment in Equiniti following its sale to Bullish, with co-founder Frank Baker noting the potential for tokenized public equity securities mirroring demand for tokenized dollars. Separately, Sovereign-backed Bioscript expanded its consulting footprint by purchasing Triducive, which specializes in clinical opinion gathering for life sciences firms, and GI Partners formally launched Rose Bio Solutions following its acquisition of a CDMO and cell solutions unit from Charles River Laboratories International.

AI Investment & Emerging Tech Themes

Venture capital remains heavily skewed toward artificial intelligence, with corporate investors like Nvidia reportedly committing $40bn to equity AI deals this year alone. This trend is reflected in aggregate funding rounds, where enterprise AI startups frequently top weekly deal tables, and specialized AI firms, such as Fazeshift automating accounts receivable, successfully raising $17M in Series A capital. In the sales and marketing technology space, companies utilizing AI have collectively pulled in approximately $2.7bn globally across seed to growth stages so far in 2026. Meanwhile, Europe is seeing investment flow into defense technology, where missile startups are described as "the new wave", contrasting with broader European defense deal valuations being complicated by the "war effect," as seen when EQT's third bid for Intertek was rejected for was rejected.

Fundraising Dynamics & Investor Strategy

Limited partner intentions point toward cautious but strategic deployment, particularly in ESG and North America. Kiwoom Asset Management, the South Korean manager, is signaling an openness to fund allocations in North America and Western Europe while maintaining a disciplined, risk-averse posture. In contrast, Montana Capital Partners is actively deploying capital via a discretionary mandate, targeting $40m across fund, secondary, and co-investment vehicles focused on climate and social impact strategies. On the fundraising front, niche strategies are gaining traction: Mother Ventures secured a $10M debut fund targeting mothers as a consumer segment, and the women-led Arāya Sie Fund reached a £7.5M first close, positioning itself against the backdrop of a technology "bro renaissance".

Secondaries Market & Liquidity Realities

The secondaries market is experiencing a surge in activity, with volatility in public markets fueling record transactions, according to participants. This environment is forcing managers to confront new liquidity realities; Munich Private Equity Partners' Hans-Christian Moritz described this adjustment using the five stages of CV grief. Concurrently, some institutional investors are pivoting strategies; Texas Teachers is reportedly shifting focus toward co-investments, even if it results in higher immediate costs. In infrastructure, Siris Capital is selling renewable energy service provider Takkion back to Apollo, which had originally acquired the firm in 2020.

Platform Acquisitions & Consolidation

Platform add-on acquisitions continue across specialized services, illustrating PE's focus on embedding market leaders deeper into sectors. PE-backed Pye-Barker, a fire protection provider, scooped up AAA Fire Extinguisher Co, while NTC Group-backed Entwistle acquired Hales from its founders. In the digital sphere, Main Capital-backed Zig purchased proptech firm Unik System Design, which develops software for property management, and Norvestor is set to acquire Debtist in Germany, a firm specializing in AI-driven receivables management. Furthermore, Middle Ground promoted Alexander van der Have to partner, recognizing his role in expanding the firm’s European operations.

Geographic Shifts & Valuation Puzzles

European general partners are expanding their reach overseas, with S&P Global data indicating that April deal value dropped following a strong first quarter. For instance, Mutares' CIO stated firm plans to establish a Houston office to capitalize on US opportunities. Meanwhile, valuations present challenges, particularly for semi-liquid assets, a complex situation acknowledged by Apollo's CEO Marc Rowan. In the US services market, several firms, including Audax, Baird, and MSouth, are reportedly testing the market for business services companies; specifically, MSouth is looking to sell HVAC provider USA Hometown Experts, potentially achieving a sale price exceeding $480M based on peer multiples near 16x EBITDA.

Corporate Venture & Tech Layoffs

Corporate venture arms are showing mixed signals regarding their long-term commitment to early-stage funding. While Amex Ventures detailed its thesis for backing startups building "autonomous commerce" through AI concierge services, Fidelity was reported to be quietly shuttering its dedicated venture capital arm. Competing in the fiercely contested AI space is proving expensive, leading to workforce adjustments; Deep L cut 250 jobs in a bid to maintain its competitive edge against rivals like Anthropic. Supporting the consolidation in specialized tech, Berkshire-backed Specialized Elevator merged with Wyatt Elevator, combining two firms founded in 1997 and 2012, respectively.