Private Equity 24 Hours

Last updated: March 24, 2026, 4:30 AM ET

Dealmaking & Exits: Mega-Transactions and Portfolio Sales

The exit environment in Asia-Pacific remains challenging, evidenced by an 18% rise in the number of portfolio companies held for over five years in 2025, according to Bain & Co’s latest report. Despite this overhang, high-profile transactions are in the West; Advent and Cinven are exploring a potential €25 billion exit of TK Elevator, with Kone entering advanced discussions for the acquisition. Elsewhere, Francisco Partners will sell music publisher Kobalt to Brookfield-backed Primary Wave, with management team Laurent Hubert staying on to lead the company post-close. In the defense sector, Arlington Capital is acquiring, a specialist in naval and defense preservation services, signaling continued PE interest in niche government contractors.

Large-scale asset sales continued across sectors, including a significant transaction in European packaging where Apollo and CVC agreed to acquire a 37% minority stake in €1.75 billion Syntegon to facilitate the next growth phase. In the US healthcare space, Olympus Partners plans to divest the retina business of EyeSouth for $1.1 billion, underscoring robust valuations in specialized medical services. Meanwhile, Actis completed a major deployment in Southeast Asia, acquiring a 90% stake in Singaporean environmental management firm 800 Super, bringing Actis’s total deployment in the region to $1.7 billion. Furthermore, Sovereign sold Knovia after overseeing more than a quadrupling of its revenue, driven by 15% annual organic growth and strategic tuck-in acquisitions.

Fundraising & Investor Liquidity

The appetite for deploying capital, particularly into specialized software and AI, remains strong among established managers. Lead Edge Capital successfully closed its seventh fund, securing $3.5 billion earmarked for growth equity software deals. In Europe, London’s Air Street Capital raised a substantial $232 million for Fund III, focusing squarely on early-stage AI companies in both European and North American markets. This trend towards specialized emerging technology is mirrored in the venture space, where 5(c) Capital launched with $35 million to back startups supporting the burgeoning predictions markets category, backed by the CEOs of rivals Kalshi and Polymarket. On the LP side, the University of California is seeking liquidity by shopping a $3 billion portfolio in the secondaries market, representing the latest major institutional search for capital release.

The focus on providing liquidity solutions is also driving secondary market growth, with Mercer’s acquisition of AltamarCAM seen as filling a "missing link" in secondaries capabilities, according to Mercer’s Michael Dempsey. This is complemented by activity in Asia, where a Japanese secondaries shop is closing its debut fund, RGCM Fund I, near its hard-cap, which will allow flexibility to invest across both direct secondaries and primary funding rounds. These liquidity measures come as some institutional investors face internal pressures; Aware Super appointed Alex Satchcroft to lead its $11 billion private equity portfolio, while reports suggest that evergreen fund drama in Australia might stem from issues of 'mis-selling' or 'mis-structuring' according to industry commentary.

Sector Focus: Tech, Defense, and Infrastructure

The fierce competition in artificial intelligence is manifesting in unique investment structures, with OpenAI offering private equity firms a guaranteed minimum return of 17.5% to participate in its joint venture pushes. This contrasts with general technology funding, where US startup funding slowed sharply in March, largely due to a dip in the massive AI megarounds seen earlier in the year. Startups tackling AI infrastructure bottlenecks are attracting significant attention; Gimlet Labs secured an $80 million Series A round for technology that allows AI workloads to run simultaneously across diverse chip architectures from NVIDIA, AMD, and Intel. In deep tech, a UK Oxford spinout raised funds from investors including Amadeus Capital and OSE to tackle long-term memory challenges in robotics, contrasting with the earlier exit of robotics firm Rivr to Amazon.

In infrastructure and energy, private equity interest remains high in Gulf energy transactions, with funds targeting a major $7 billion Kuwait pipeline deal. Simultaneously, Ares Management committed at least €1 billion as part of a larger €1.5 billion capital increase for Eni’s subsidiary Plenitude, valuing the company at €13.1 billion. Corporate carve-outs and strategic acquisitions continue across the software landscape: Diversis acquired fintech LTi, while Gryphon-backed Rootstock picked up ERP provider Ascent Solutions, which runs on the Salesforce platform. Separately, One Equity completed a take-private of UK wholesale distributor Kitwave.

Talent Moves & Operational Value Creation

Firms are continuing to bolster senior leadership, with GTCR appointing Donnie Phillips as Managing Director and Chief Administrative Officer for its Chicago office. ECI has also strengthened its team, naming David Danon as a new partner following nearly two decades with the private equity team at Bain Capital. Meanwhile, the focus on operational value creation is seen in ongoing portfolio company sales; Bridgepoint-backed PEI Group acquired benchmark provider Scientific Infra & Private Assets to enhance its data offerings. Another portfolio company exit saw Advent-backed Cobham Ultra agree to sell its Ultra Cyber division to Airbus Defence and Space, following initial reports suggesting general exit difficulties were leading to partial sales and extended sell-side preparation according to West Monroe. The industry continues to feature unique career paths, as former Green Bay Packer Terrence Murphy launched Synergy Sports Capital with a debut deal, following the premature end to his NFL career 20 years prior.