Private Equity 8 Hours

Last updated: April 22, 2026, 2:30 PM ET

Dealmaking & Portfolio Activity

Private equity deal flow remains active across several sectors, highlighted by GTCR acquiring Fiduciary Trust Company, with former Wilmington Trust CEO Doris Meister slated to join as executive chair. Elsewhere in transactions, HIG Capital initiated the sale of Celerion, a clinical research organization providing biostatistics and clinical monitoring, to THL Partners. In the industrial space, Behrman Capital scooped up Metallizing Service Company Holdings, which services aerospace and defense applications, while SK Capital acquired Brothers International Food Holdings from seller Benford Capital Partners.

Further portfolio adjustments saw First Eagle complete the take-private buyout of Diamond Hill Investment Group, entitling Diamond Hill shareholders to receive $175.00 per share in cash. In the distribution and services realm, Bessemer-backed Tencarva purchased WWater Tech, a flow control equipment provider, and SFEP-backed Xceed Foodservice Group invested in Encore Food Service, a US-based brokerage. In aviation maintenance, New State Capital-backed Blackhawk purchased MCA Aviation, a UK-based engineering provider, and Brightstar Capital concurrently acquired children’s products provider Bendon.

Fundraising & Structure Evolution

Firms continue to deploy capital, with Adams Street Partners closing its sixth co-investment fund at $2.5 billion, signaling ongoing LP appetite for secondary investment vehicles. This fundraising momentum contrasts with structural shifts aimed at broader access; Temasek’s Azalea is focusing on an evergreen structure to democratize private equity exposure for investors. Meanwhile, large managers are planning future capital calls, as evidenced by Coller expanding its operations under EQT ownership and plotting the launch of its next credit and flagship fundraise cycle for 2026, potentially including real asset secondaries. Concerns over redemption stress appear less pronounced for some, as EQT seems to have avoided the evergreen redemption rout.

Credit Markets & LP Dynamics

The private credit space is showing signs of renewed issuance after a pause, with Blackstone tapping the bond market to sell investment-grade notes, joining other business development companies ending their recent funding drought. On the LP side, limited partners are seeking greater transparency in fund documentation, with many finding themselves as forced sellers in subscription credit facilities (CVs) due to protracted election periods defined in side letters. In related news concerning fund strategy, Forward Consumer Partners’ Matt Leeds indicated an expectation that "really good companies" will enter the market over the next few months, with the firm targeting six to eight control positions from its second fund. Leeds also noted the firm's focus on targeting powerful brands within the consumer sector.

Venture & Sector Focus

The intersection of healthcare and artificial intelligence is attracting significant early-stage capital, as demonstrated by the launch of the AI Health Fund and the Treehub accelerator by Mary Minno, which secured backing from Esther and Anne Wojcicki. This focus on vertical, AI-driven solutions aligns with broader venture advice, suggesting that founders solving specific industry problems have the best opportunity in the current market, despite a record venture funding quarter indicating high valuations for startups. Separately, a new platform, Simple Closure, has debuted Asset Hub, a marketplace designed to help founders salvage value from startup shutdowns by facilitating asset sales like source code and data during wind-down processes.