Private Equity 24 Hours

Last updated: March 24, 2026, 2:30 PM ET

Mega-Fund Raises & AI Focus

Venture capital fundraising remains concentrated at the top end, with Kleiner Perkins securing $3.5B across its latest mandates, including $1 billion earmarked for KP22, its early-stage vehicle, and $2.5 billion designated for growth-stage artificial intelligence investments. This focus on AI is mirrored in smaller raises, as London-based Air Street Capital closed a $232M Fund III targeting early-stage AI firms in Europe and North America, while BRK Capital announced it is $20 million toward its $50 million target for Fund II, which is dedicated to investments in Black founders. Further signaling sector-specific deployment, New Mountain Atlas is leveraging its dedicated sector teams to co-lead GP-led buyout deals, aiming to get ahead of traditional processes, contrasting with broader market concerns where half of GPs report their AI efforts are falling short.

Sector-Specific Exits & Acquisitions

Private equity activity saw targeted deployment across consumer, industrial, and specialized services, highlighted by Advent agreeing to acquire premium body care brand Salt & Stone for $165 million, a transaction that sees existing minority investor Humble Growth exit its holding. In the infrastructure and environmental space, Goldner Hawn acquired Lone Star Environmental Companies operating across the Houston and San Antonio markets, while Hull Street agreed to purchase two power plants from Rockland, specifically the natural gas Lee County Generating Station in Illinois and the dual-fuel Tait Electric Generating Station in Ohio. Conversely, in digital services, Generate Capital divested greenhouse operator Equinox Growers to Taylor Farms, supporting regional food supply chains, and Advent executed a partial exit from Trustpilot, selling a £46 million stake that subsequently caused the shares to decline sharply.

Large-Scale Buyouts & Strategic Exits in Asia

Major global firms are executing large transactions, with Apollo committing $3.7 billion to acquire Nippon Sheet Glass (NSG), marking one of the largest private equity investments in Japan to date. Meanwhile, CVC Capital Partners and Silver Lake have begun initial investor outreach for a potential initial public offering of their portfolio company, RAC, which is being tested at a valuation near $6.7 billion. In real estate, Blackstone is planning a €100 million disposal from its recent €700 million acquisition of Parisian apartments to advance value creation strategies, contrasting with the broader overhang in Asia where the number of APAC portfolio companies held for over five years increased by 18% in 2025, suggesting exit activity remains insufficient.

Middle Market Deal Flow & Vertical Integration

Middle-market firms continued to deploy capital across specialized verticals, including Main Post investing in pretzel manufacturer Stellar Snacks, which boasts broad distribution across Costco and Target, and Princeton Equity Group backing children’s education provider KidStrong, which currently supports over 85,000 members across 184 centers. In government technology, TSCP invested in Karpel, a firm whose client base includes numerous prosecutor and public defender offices nationwide, while Blue Fire Equity recently made its first platform investment by acquiring Jovian Concepts. Separately, Turnspire Capital Partners is expected to collect first-round bids in mid-April for its municipal water utility service provider, USG Water Solutions, as the firm shops the asset to a broad universe of private equity buyers.

Financial Services & Talent Management

The wealth management sector saw activity as WPCG and HGGC are set to invest in RIA Verdence, a transaction that involves the divestiture of Emigrant Partners, LLC’s stake in the advisory firm. In talent strategy, O2 appointed Rob Hays as its new Head of Investor Relations, transitioning him from his prior role as a managing director at Clean Bridge Securities; this talent movement occurs against a backdrop where data suggests that half of European GPs are missing out on opportunities due to talent gaps. In other deal-making, Southfield made an investment in recruitment firm Metric Search, which specializes in the medtech life sciences and data center sectors.

Secondary Markets and Competitive Bidding

The secondary market is grappling with AI-related uncertainty, which sources indicate is actively disrupting established secondary processes while University of California shops a $3 billion LP portfolio seeking liquidity. Competition remains fierce for larger assets, exemplified by Apollo Global Management and Bain Capital leading the €4 billion bidding race to acquire Continental’s industrial unit, Conti Tech. Furthermore, sports investment is gaining traction, with Blackstone evaluating a potential $200 million to $300 million investment into the Indian Premier League, signaling its initial foray into that asset class.