Private Equity 8 Hours

Last updated: April 21, 2026, 11:30 AM ET

Dealmaking Activity Heats Up Across Sectors

Private equity deal flow saw activity across industrials, healthcare, and infrastructure, with several firms announcing acquisitions. Avem Partners, supported by True West Capital Partners and various family offices, acquired Precision Aircraft Machining Company, signaling continued interest in specialized manufacturing assets. In the healthcare space, Renovus-backed F2 Strategy snapped up investment consultant Meradia, expanding its footprint in digital transformation services for wealth and asset managers; concurrently, Grovecourt invested in Guide Architecture, focusing on the healthcare sector while retaining the existing leadership team as significant owners. Furthermore, Catchment Capital moved to acquire manufacturer Isolatek from SK Capital, another industrial transaction, while ACP-backed StenTech picked up toolmaker Pentagon EMS, specializing in surface mount technology.

Large-Scale Exits and Minority Stakes

Major investment firms are preparing significant exits and high-value minority transactions. HIG Capital initiated a sale process for Capstone Logistics, aiming to collect first-round bids by early May; sources suggest Capstone, with $215 million in EBITDA, may be better suited for a PE buyer than a strategic acquirer as noted in a separate report. On the exit front, Sycamore Partners is reportedly eyeing a 2027 London IPO for retailer Boots, a potential exit valued at over $8 billion. Separately, Apollo is set to acquire a minority stake in McKesson’s medical-surgical solutions business (MMS) for $1.25 billion, valuing the division at $13 billion, while Goldman Sachs-backed Doxa targets the insurance distribution sector with its acquisition of Eaton Gate Group.

Fundraising Milestones and Secondaries Momentum

General partners are successfully closing funds above target, demonstrating sustained LP appetite despite economic crosscurrents. HarbourVest Partners achieved a final close of $2.4 billion for its thirteenth US flagship primary fund, Harbour Vest Fund XIII, exceeding its initial goal. Similarly, Baird Capital closed its third Global Fund at its hard cap of $450 million. The secondaries market continues to solidify its role in LP management, with Partners Capital encouraging participation in the growing secondary market for its OCIO clients, even as some traditional return mechanisms show lower attractiveness. Overall sentiment in secondaries remains positive, although friction points persist in the market.

Sector-Specific Trends in Infrastructure and AI

Investment focus remains sharp in infrastructure and technology, with specific plays developing in renewable energy and specialized software. Excelsior-backed Lydian Energy acquired a portfolio of renewable assets from Hanwha Renewables, furthering its utility-scale power development strategy, while Heartwood-backed Amlon Group completed its seventh acquisition under its ownership by purchasing waste treatment facility Excel. In the technology realm, the market for AI-adjacent tools is attracting capital; Schematic raised $6.5 million in seed funding to simplify pricing for software and AI companies, contrasting with broader market insights suggesting that counterintuitively, higher pricing signals quality. Meanwhile, Accel-KKR backed Staritas, a spin-out from the healthcare nonprofit ECRI.

Regulatory Drivers and Corporate Expansion

Regulatory environments and data center build-outs are signaling future investment opportunities, particularly in fire safety and compliance software. The pipeline for fire safety investment is being fueled by the expansion of data centers and stricter regulatory requirements as noted in recent sector analysis. In compliance software, Long Path Partners' offer for UK firm Idox, which builds regulation software for government, was declared unconditional. Separately, the growth in AI infrastructure is contributing to a boom in unicorn creation, with 37 companies joining the Unicorn Board in March, the highest monthly count in nearly four years. In personnel news, AI video firm Synthesia announced a hiring push and opened three new global offices to support its expansion.