Private Equity 3 Hours

Last updated: April 21, 2026, 8:30 AM ET

Private Equity Deal Activity & Sector Focus

Apollo Global Management is set to deploy capital in the healthcare sector, agreeing to purchase a minority stake in McKesson's medical-surgical solutions business at a total entity valuation of $13 billion, with the transaction valued at $1.25 billion. This move signals continued PE interest in established healthcare infrastructure, contrasting with mixed signals in life sciences, where fundraising and deployment have cooled since the peak observed during the pandemic. Elsewhere in buyouts, HIG Capital is preparing to solicit first-round bids for Capstone Logistics with sources suggesting the logistics firm, boasting $215 million in EBITDA, may be better suited for a sale to another financial sponsor rather than a strategic buyer.

Add-on Acquisitions & Portfolio Moves

Platform companies backed by private equity are aggressively pursuing bolt-on acquisitions across disparate sectors. Accel-KKR announced support for Staritas, a spin-out from ECRI, the Pennsylvania-based nonprofit focused on healthcare quality and safety. Simultaneously, in the industrial technology space, ACP-backed Sten Tech, a surface mount technology specialist, acquired toolmaker Pentagon EMS to expand its capabilities. Further energy sector consolidation is underway as Excelsior-backed Lydian Energy, a utility-scale power producer, purchased a portfolio from Hanwha Renewables, specifically the Bess Atlas North assets.

Secondaries Market & Exit Strategy

The secondaries market is gaining traction as a reliable channel for capital management, despite some traditional return mechanisms becoming less appealing in the current environment. Partners Capital, an OCIO firm, is actively encouraging its limited partners to participate in the growing secondaries market as a fixture in managing their allocations. This trend toward liquidity management coincides with firms planning major public market exits; Sycamore Partners is reportedly exploring a potential London initial public offering for its retail holding, Boots, as early as 2027, targeting an exit valuation exceeding $8 billion. Meanwhile, the defense sector has reportedly seen a deluge of deals in the private markets, while evergreen structures continue to show outperformance relative to traditional closed-end funds.

Sector Specialization and Insurance

Firms are prioritizing specialized strategies within resilient sectors, such as home services, where multiple private equity players, including Huron Capital and Osceola Capital, are executing roll-up strategies focused on renovations and integrating AI tools into roofing businesses for growth. In the insurance distribution space, Goldman Sachs-backed Doxa is moving to expand its footprint by acquiring Eaton Gate Group, bolstering its platform in Fort Wayne, Indiana. Separately, in sports finance, Clearlake Capital co-founder José E. Feliciano is closing in on the acquisition of the San Diego Padres for a reported $3.9 billion, which would set a record for a Major League Baseball team transaction.