Private Equity 8 Hours

Last updated: March 23, 2026, 4:30 PM ET

Deal Flow & Exits

The private equity exit environment saw significant movements, with Advent and Cinven exploring a potential €25 billion divestiture of TK Elevator, as Kone entered advanced discussions to acquire the asset. Separately, Francisco Partners agreed to sell music publisher Kobalt to Brookfield-backed Primary Wave, with current management, including CEO Laurent Hubert, slated to remain in place post-transaction. In the packaging sector, Apollo and CVC jointly acquired a 37% minority stake in Syntegon, valued at €1.75 billion, to support the machinery maker's next growth phase.

Software & Tech Acquisitions

Activity in the software sector remains strong despite broader funding slowdowns, as evidenced by Lead Edge Capital raising $3.5 billion for its seventh fund, signaling continued commitment to growth equity software investments. In buy-and-build activity, Gryphon-backed Rootstock acquired ERP provider Ascent Solutions, which specializes in cloud ERP applications built on the Salesforce platform. Further niche technology consolidation occurred as AEA Elevate invested in enterprise service firm Trinamix, while Sovereign sold portfolio company Knovia to Eureka Education following a period where Knovia quadrupled revenue organically at over 15 percent annually.

Secondaries Market & LP Liquidity

Investor demand for liquidity is driving activity in the secondary market, demonstrated by the University of California system shopping a substantial $3 billion limited partner portfolio. This push for exits follows a trend where advisory firms like Mercer are prioritizing investor liquidity, which was a key rationale behind their recent acquisition of secondary specialist AltamarCAM. On the fundraising front, Japanese secondaries player RGCM is nearing the hard-cap for its debut fund, RGCM Fund I, which will possess flexibility to deploy capital across direct secondaries and primary funding rounds.

Venture Capital & Sector Focus

While overall US startup funding slowed sharply in March, the downturn appears concentrated in the absence of large AI megarounds, though specialized infrastructure players are still attracting significant capital. For instance, Gimlet Labs successfully closed an $80 million Series A round to advance its technology enabling simultaneous AI inference across diverse chipsets, including NVIDIA, AMD, and Intel. Meanwhile, private equity interest in Gulf energy assets continues, with infrastructure funds targeting a $7 billion Kuwait pipeline deal as regional energy transactions accelerate.

Firm Strategy & Personnel Moves

Asset managers are adjusting leadership to navigate specialized asset classes, as Aware Super appointed Alex Satchcroft to oversee its $11 billion private equity portfolio. The strategies employed by smaller sponsors often target higher returns; research indicates that independent sponsors frequently seek returns exceeding 3x by exercising greater deal selectivity and favoring lower valuation multiples compared to traditional mega-funds. Furthermore, the industry continues to see figures with diverse backgrounds entering dealmaking, exemplified by former NFL player Terrence Murphy unveiling his new firm, Synergy Sports Capital.

Asia Deployment

In Southeast Asia, Actis completed the acquisition of a 90% stake in Singapore-based environmental management firm 800 Super, pushing Actis's regional deployment to $1.7 billion.