Private Equity 8 Hours

Last updated: March 23, 2026, 10:30 AM ET

Fundraising & Deal Sourcing

Growth equity firm Lead Edge secured $3.5 billion for its seventh flagship fund, signaling continued appetite for software investments despite broader market volatility, while activity in the secondary market remains hot as a Japan-based shop nears its hard-cap for its debut RGCM Fund I, which will target direct secondaries and primary rounds. On the deal sourcing front, independent sponsors are reportedly demonstrating greater selectivity and seeking exit multiples that imply returns of 3x or more, a posture driven by a preference for lower entry valuations compared to deals sourced by traditional large-cap funds. Furthermore, OpenAI is enticing private equity interest for its joint venture initiatives by guaranteeing limited partners a minimum return of 17.5 percent, attempting to secure capital amid intense competition for AI-related assets.

Technology & Software Transactions

The enterprise software sector saw several movements today, including Diversis acquiring fintech firm LTi with the co-founders retaining minority stakes and remaining involved in operations. In the Salesforce ecosystem, Gryphon-backed Rootstock purchased Ascent Solutions, a provider of cloud ERP and operational applications. Separately, AEA Elevate made an investment into Trinamix, a technology company serving enterprise and mid-market clients. These technology acquisitions contrast with the exit environment, where Advent-backed Cobham Ultra agreed to divest its Ultra Cyber division to Airbus Defence and Space, indicating partial sales may become more common amid exit difficulties.

Sector-Specific Acquisitions & Exits

Large-scale transactions spanned healthcare, industrials, and infrastructure, with Apollo and CVC partnering to acquire a 37 percent minority stake in the €1.75 billion German engineering firm Syntegon to accelerate its next growth phase. In the healthcare space, Olympus Partners looks to sell the retina business unit of its portfolio company Eye South for an expected $1.1 billion, underscoring high valuations in specialized medical services. Meanwhile, in the UK, One Equity completed a take-private deal for wholesale distributor Kitwave, a provider of consumables to the foodservice sector. In an environmental services deal, Actis purchased Singaporean firm 800 Super, which handles waste management and recycling services for public and private clients.

Personnel Moves & New Entrants

The private equity talent pool saw several key appointments, including ECI naming David Danon as a new partner after nearly two decades on the team at Bain Capital, and GTCR appointing Donnie Phillips as managing director and chief administrative officer in its Chicago headquarters. Freshstream also announced internal promotions, elevating Tom Carroll and Gilles Gradassi to partner roles, recognizing their contributions to the firm’s strategy across the UK and Benelux markets. Outside traditional channels, former Green Bay Packers wide receiver Terrence Murphy launched Synergy Sports Capital, announcing the firm's debut deal shortly after its formation, adding a new face to the dealmaking ranks.

Infrastructure & Specialty Finance

Firms continued to deploy capital into energy and infrastructure assets, as Ares committed at least €1 billion toward Plenitude as part of a broader €1.5 billion capital increase valuing the Eni unit at €13.1 billion. In related areas, Bridgepoint-backed PEI Group acquired Scientific Infra & Private Assets, a global benchmark and rating provider for private infrastructure and PE markets, illustrating the sector’s growing need for standardized metrics. Concurrent M&A activity involved insurance services, where Aquiline-backed Relation acquired Chinook Insurance Group, while Sovereign completed the sale of its education portfolio company Knovia to Eureka Education after Knovia more than quadrupled its revenue under Sovereign’s stewardship, achieving organic growth exceeding 15 percent annually.