Private Equity 8 Hours

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

Dealmaking Activity & Sector Focus

Private equity continued an active session with several major transactions across healthcare, logistics, and energy. Apollo Global Management is moving to acquire a minority stake in McKesson’s medical-surgical solutions business, valuing the unit at $13 billion in a deal worth $1.25 billion for the stake. Elsewhere in healthcare, TA Associates entered into talks to take the tissue-healing technology firm Advanced Medical Solutions private, while Accel-KKR provided backing for Staritas, a spin-out from the healthcare quality nonprofit ECRI. In the energy infrastructure space, Excelsior-backed Lydian Energy expanded its utility-scale power portfolio by purchasing the Bess Atlas North portfolio from Hanwha Renewables.

Consolidation and Add-On Acquisitions

The trend of strategic bolt-on acquisitions remains strong, particularly in regulated sectors. HIG Capital extended its platform buildout as its portfolio company Andwis acquired Senseco Systems, marking the 29th acquisition since 2023 for the group. Similarly, the insurance distribution sector saw movement, with the Goldman Sachs-backed Doxa Insurance Holdings planning to absorb Eaton Gate Group. The surface mount technology sector is also consolidating, evidenced by ACP-backed Sten Tech purchasing toolmaker Pentagon EMS, suggesting an ongoing focus on specialized industrial niches.

Exit Strategies and Valuation Targets

Firms are beginning to set timelines for significant exits, with retail and software being key targets. Sycamore Partners is reportedly exploring an initial public offering on the London Stock Exchange as early as 2027 for the drugstore chain Boots, anticipating a potential exit valuation exceeding $8 billion. In the specialized software realm, Long Path Partners’ offer for the UK regulatory compliance software firm Idox has been declared unconditional. Meanwhile, HIG is preparing to solicit first-round bids for Capstone Logistics with sources suggesting the company’s $215 million in EBITDA might favor a private equity buyer over a strategic acquirer.

Secondaries Market & Defensive Sectors

Sentiment in the secondaries market is showing upward momentum, though certain structural friction points persist, according to industry observers tracking deal flow. Institutional investors, such as the OCIO firm Partners Capital, are actively encouraging clients to engage in the growing secondaries arena, even as traditional return mechanisms face headwinds in the current environment as reported by Secondaries Investor. Defensive sectors are attracting considerable focus, notably fire safety, where the deal pipeline is being fueled by high revenue visibility and regulatory stability related to data center build-outs; Ardian finalized an exit in a related quality management provider, selling its stake in Trigo to Montyon Capital.

Sports, Fintech, and Market Trends

Activity touched high-profile assets and burgeoning technology segments. Clearlake Capital co-founder José E. Feliciano is reportedly closing in on the acquisition of the San Diego Padres for nearly $3.9 billion, which would set a record for a Major League Baseball franchise valuation. In fintech, prediction market platform Polymarket is seeking a $400 million capital raise at a $15 billion valuation amid surging trading volumes as detailed by PE Insights. Concurrently, the broader technology ecosystem saw 37 companies join the Crunchbase Unicorn Board in March, marking the highest monthly count in nearly four years, led by firms in robotics and AI infrastructure according to Crunchbase data.