Private Equity 3 Hours

Last updated: April 22, 2026, 5:30 AM ET

European Defense & Chemical Deals

Private equity activity in the defense sector accelerated as investors prioritize themes of resilience, with Houlihan Lokey noting the current market offering attractive entry points for specialized assets. This trend was exemplified by the HIG Capital-backed Coriant acquisition of SCA, a provider of industrial support services to the defense and marine sectors, following similar strategic maneuvers planned by Warburg Pincus for a new European platform. Concurrently, platform building continued in specialty chemicals, as Gemspring-backed Shrieve Chemical Company purchased FIS Chemicals, expanding its footprint in formulation and distribution across the oil and gas, renewables, and logistics industries.

Liquidity Concerns in PE Funds

Despite the flurry of dealmaking across niche industrial and defense verticals, concerns persist regarding structural liquidity management within closed-end structures. BFA Global Investors’ CIO Gavin Ezekowitz warned that private equity firms managing evergreen structures have frequently overpromised investors on the ease of withdrawing capital. This caution from the Australian wealth manager emphasizes the need for general partners to improve transparency and execution capabilities when managing liquidity events in unlisted vehicles for their limited partners.