Private Equity 3 Hours

Last updated: April 2, 2026, 2:30 PM ET

Middle Market Dealmaking & Sector Consolidation

Private equity firms continued a steady pace of bolt-on acquisitions across specialized sectors, led by Goldman Sachs-backed Liquid Environmental absorbing New York's Grease Trap Cleaning to expand its non-hazardous wastewater collection footprint. In the energy transition space, Antin Infrastructure Partners finalized its purchase of Sapphire Gas Solutions from Apollo Global Management, securing a provider of liquified natural gas and compressed natural gas services. Separately, DC Partners intensified consolidation in the energy services sector as its portfolio company, PK Cos., acquired Pro-Surve Technical Services, merging Intelli SPEC and Pro-Surve’s technology platforms into a unified offering.

Strategy Shifts and Fund Development

Firms are also restructuring internal operations to target specific growth areas, exemplified by Wind Rose Health Investors, a New York-based manager with $7 billion in assets, establishing a dedicated technology services team focused exclusively on healthcare services investments. Meanwhile, the secondary market continues to evolve, with Carlyle Group's current live deal reportedly pushing the boundaries of structured solutions designed to offer GPs new avenues for fundraising and liquidity management. This push for structured exits contrasts with more cautious advice from venture partners, such as Philipp Moehring of Tiny VC, who stressed the importance of knowing precisely when to take capital off the table in volatile early-stage markets.