Private Equity 24 Hours

Last updated: March 23, 2026, 6:30 PM ET

Dealmaking Activity & Portfolio Management

Private equity deal flow showed a mixed picture, with continued M&A activity in niche sectors alongside slowing overall venture funding driven by fewer colossal technology investments; US startup funding slowed sharply in March primarily due to the delayed closure of massive artificial intelligence megarounds this month. In defense and aerospace, Arlington Capital agreed to acquire Eptec Defence, a specialist in naval and defense preservation services, while Advent-backed Cobham Ultra is selling Ultra Cyber to Airbus Defence and Space, marking a divestiture in the aerospace supply chain. Elsewhere, Francisco Partners is divesting music publisher Kobalt to a Brookfield-backed entity, Primary Wave, with management expected to remain in place post-closing.

Several firms announced major exits or large minority stakes; Olympus Partners is marketing the retina business of EyeSouth for an expected $1.1 billion sale, while a potential €25 billion exit for TK Elevator is being explored by Advent and Cinven, as Kone enters advanced discussions to purchase the asset. Simultaneously, Apollo and CVC are jointly acquiring a 37% minority stake in packaging machinery firm Syntegon, valued at €1.75 billion, to fuel its next growth phase. In other transactions, One Equity successfully executed a take-private deal for UK wholesaler Kitwave, and Sovereign sold Knovia after overseeing a period where the company more than quadrupled revenue through organic growth of over 15 percent annually plus acquisitions.

Infrastructure and energy assets remain highly attractive targets, particularly in the Gulf region where private equity and infrastructure funds are targeting a $7 billion Kuwait pipeline deal as regional energy transactions advance. In Southeast Asia, Actis finalized the purchase of a 90% stake in Singaporean environmental management company 800 Super, bringing Actis’s total deployment in the region to $1.7 billion, covering waste management and recycling services. Furthermore, Ares Management dedicated at least €1 billion toward Plenitude as part of a larger €1.5 billion capital increase deal with Eni, valuing the energy firm at €13.1 billion, demonstrating large-scale infrastructure commitment.

Growth Equity, Secondaries, & Fund Formation

The growth equity segment continues to secure significant capital despite market volatility, as Lead Edge Capital successfully closed its seventh fund at $3.5 billion, signaling a continued focus on software investments. In the venture space, companies tackling infrastructure bottlenecks, such as Gimlet Labs, raised an $80 million Series A to develop technology allowing AI inference to run concurrently across diverse chip architectures including NVIDIA, AMD, and ARM. Meanwhile, the appeal of guaranteed returns in cutting-edge technology is evident as OpenAI reportedly offers private equity firms a minimum 17.5% return to secure funding for its joint venture initiatives.

The secondaries market is seeing increased institutional interest as large investors seek liquidity; the University of California is marketing a $3 billion LP portfolio in a major sale process, reflecting a broader trend of large pension systems tapping the secondary market for capital. This demand for liquidity is also reflected in strategic acquisitions, where Mercer purchased an asset management firm to integrate its secondary capabilities into Altamar CAM, according to statements from Mercer's Michael Dempsey. On the fundraising front, a Japan-based secondaries shop is nearing the hard-cap for its debut fund, RGCM Fund I, which will maintain flexibility to invest in both direct secondary purchases and primary funding rounds.

Personnel Moves & Sector Consolidation

The private equity industry saw several key personnel appointments and strategic add-on acquisitions by existing portfolio companies. Aware Super appointed Alex Satchcroft to lead its $11 billion private equity portfolio, marking a significant leadership change for the Australian institutional investor. In deal execution roles, GTCR named Donnie Phillips as managing director and chief administrative officer based in its Chicago office, while ECI brought on David Danon as a new partner following nearly two decades at Bain Capital’s private equity team. On the deal front, add-on activity continued in software and services: Gryphon-backed Rootstock acquired ERP provider Ascent Solutions, which offers cloud ERP on the Salesforce platform, and Diversis acquired fintech firm LTi, with LTi’s co-founders retaining minority stakes and management roles.

Independent Sponsors & Niche Strategies

Independent sponsors are demonstrating a preference for deals offering greater return potential compared to traditional fund structures, with research indicating these sponsors generally seek multiples exceeding 3x due to a focus on lower valuation entry points and enhanced deal selectivity. In specialized sectors, AEA Elevate invested in tech consultancy Trinamix, which services enterprise and mid-market organizations, while in insurance, Aquiline-backed Relation acquired Chinook Insurance Group. Furthermore, the emergence of new dealmakers is reshaping the field, exemplified by former NFL player Terrence Murphy launching Synergy Sports Capital and announcing the firm’s debut transaction, twenty years after his football career was prematurely ended by injury.