DealMax 2026 is underway with business services attractiveness and grade-B portco exits dominating discussions among private equity professionals. The conference comes as Macquarie leads the exit of Cleco, a Louisiana electric utility, to Stonepeak and Bernhard Capital Partners in a transaction reflecting current market dynamics.

The Cleco sale represents a strategic move by the Macquarie-led consortium to capitalize on infrastructure valuation upside. While deal terms remain undisclosed, the transaction signals continued appetite for regulated utilities among infrastructure-focused investors. Grade-B portco exits are particularly topical as sponsors seek to monetize assets amid evolving market conditions.

Business services remain a key focus area for PE allocation, with operators eyeing consolidation opportunities in fragmented sectors. DealMax attendees are navigating a complex pricing environment where quality assets command premiums despite macroeconomic uncertainty. The conference serves as a key barometer for deal sentiment across middle-market private equity.

The Cleco transaction underscores infrastructure's persistent appeal even as rate-sensitive utilities face margin pressures. With interest rate volatility persisting, sponsors are prioritizing speed to market for quality assets. Deal activity in Q1 suggests strong pipeline momentum heading into spring.