Private Equity 3 Days

Last updated: May 10, 2026, 11:30 AM ET

Dealmaking Momentum: Sector Focus & Portfolio Exits

Private equity firms continued an active M&A pace, with key activity centering on healthcare and energy infrastructure. Siris Capital Group is poised to realize a substantial return, expecting to triple its money on the sale of portfolio company Equiniti, according to sources. This exit coincides with broader PE interest in telehealth, where firms including Goldman Sachs, Avesi Partners, and Grovecourt Capital have participated in at least five recent deals driven by elevated remote healthcare demand PE zeros in on telehealth demand: 5 deals. In the energy sector, Carlyle and Diversified Energy are planning to acquire Andarko Basin oil assets from Camino for $1.2bn, securing over 100 undeveloped inventory locations in Oklahoma. Further deal flow included Brightstar’s investment in Simon Eye Holdings, where the CEO retains a meaningful stake, and Amulet Capital’s acquisition of TFP Fertility Group, an integrated network spanning UK and Polish clinics.

Infrastructure, Renewables, and Industrial Consolidation

Activity in essential services and infrastructure remains strong, evidenced by SVP’s acquisition of the New Frontera Holdings power generation facility, following an earlier investment via a restructuring loan. Elsewhere, FH Capital is moving to acquire a majority stake in Jinko Solar’s US subsidiary, though the solar manufacturer will retain a minority interest. Meanwhile, portfolio company Pye-Barker, a fire protection service provider, scooped up AAA Fire Extinguisher Co, continuing its consolidation strategy in the safety sector. On the operational front, MiddleGround promoted Alexander van der Have to partner, reflecting the firm's expanded European footprint growth.

Valuation Pressures and Defensive Sector M&A

Deal valuations, particularly in defense, are becoming increasingly complex due to geopolitical instability, with Houlihan Lokey noting the ‘war effect’ complicating valuations. This complexity was illustrated when EQT’s third offer for assurance and testing provider Intertek was reportedly rejected. Despite these headwinds, defense and aerospace startups are attracting attention, with European defense tech mapping revealing over 70 companies exploring new frontiers, particularly missile startups being viewed as ‘the new wave’ Missile startups are ‘the new wave’. In adjacent industrial services, Silversmith-backed Med Tech snapped up Avarion, a managed healthcare IT services provider based in Valencia, California.

Investor Mandates and Shifting Allocation Strategies

Limited partners are refining their focus, with some showing a clear preference for specialized, risk-managed strategies. Kiwoom Asset Management, the South Korean entity, signaled intentions to deploy capital into North American and Western European funds using a relatively risk-averse approach. In contrast, Montana Capital Partners is deploying a $40m discretionary mandate across fund, secondary, and co-investments with a dedicated focus on climate and social impact mandates. Separately, Australian superannuation reforms under consideration could drive TPA adoption by benchmarking total returns rather than measuring individual asset classes, potentially reshaping how local funds allocate capital.

Venture Capital Trends: AI Dominance and Niche Funds

The venture capital ecosystem continues to be dominated by artificial intelligence, with enterprise AI rounds featuring heavily in the week’s largest funding events The Week’s 10 Biggest Funding Rounds. This trend is supported by major corporate venture spending, as Nvidia has already committed $40bn to equity AI deals year-to-date. In sales and marketing technology, companies in CRM categories have attracted approximately $2.7bn globally through growth stages in 2026 alone Sales And Marketing Gets An AI Makeover. Conversely, some established players are pulling back; Fidelity quietly shut down its venture arm, according to internal sources. Niche VC strategies are also emerging, such as Mother Ventures fundraising a $10m debut fund targeting mothers as an economic engine, and the £7.5m first close secured by Arāya Sie Fund to back women-led startups amid a perceived tech ‘bro renaissance.’

Market Commentary and Internal Developments

Commentary this week touched upon the valuation challenges inherent in private markets' fastest-growing segments. Apollo chief executive Marc Rowan addressed the "conundrum" facing 'semi-liquids' valuations, reflecting ambiguity across three major private market trends. Meanwhile, European fintech firm Revolut is reportedly finding success with its new bets division by emphasizing a culture of ‘pivoting, fighting and hustling’. In personnel news, MiddleGround promoted Alexander van der Have to partner, recognizing his role in cementing the firm’s presence across Europe. Separately, the final hours for securing a half-price second pass to TechCrunch Disrupt 2026 were underway, suggesting a forward-looking interest in industry events despite current market complexities.