Private Equity 24 Hours

Last updated: March 23, 2026, 8:30 PM ET

Venture Capital & Fund Raising

Despite a general *slowdown in US startup funding in March—largely attributed to fewer mega-rounds closing in the artificial intelligence sector—several specialized funds successfully closed capital this period. Lead Edge Capital landed $3.5 billion for its seventh fund, signaling continued conviction in software deals even amid market volatility, while London-based Air Street Capital closed a significant $232 million Fund III, marking it as one of Europe's largest solo VC operations focused on early-stage AI companies across Europe and North America. Further underscoring niche interest, the CEOs of rival prediction market platforms Kalshi and Polymarket jointly backed a new $35 million venture fund, 5(c) Capital, intended to support startups in that burgeoning category.

Deal Activity & Exits

Private equity firms continued to execute complex transactions across defense, healthcare, and infrastructure sectors. Arlington Capital moved to acquire Eptec Defence, a specialist naval and defense preservation services provider, while in a separate defense-related carve-out, Advent-backed Cobham Ultra agreed to sell Ultra Cyber to Airbus Defence and Space. In healthcare, Olympus Partners is seeking $1.1 billion by divesting the retina business of Eye South, a U.S.-based eye-care MSO. Elsewhere, Francisco Partners is selling music publisher Kobalt to Brookfield-backed Primary Wave, with the management team expected to remain in place post-acquisition.

Infrastructure & Energy Transactions

Interest in global energy assets remains high, with private equity and infrastructure funds reportedly targeting a $7 billion Kuwait pipeline deal* as Gulf energy transactions advance. Concurrently, Actis finalized its acquisition of a 90% stake in Singapore-based environmental management firm 800 Super, pushing its total Southeast Asia deployment to $1.7 billion. In European energy infrastructure, Ares Management committed at least €1 billion as part of a broader €1.5 billion capital increase for Plenitude, which values the Eni unit at €13.1 billion.**

Secondaries Market & LP Liquidity

The need for institutional investors to generate liquidity drove a significant mandate, as the University of California began marketing* a substantial $3 billion LP portfolio in the secondaries market. This move reflects a broader trend where LPs are seeking exits, a dynamic that Mercer's recent acquisition of AltamarCAM was designed to address by bolstering secondary capabilities amidst heightened interest in liquidity solutions. Furthermore, a Japanese secondaries shop* is nearing the hard-cap for its debut fund, RGCM Fund I, which will maintain flexibility to invest in both direct secondaries and primary funding rounds.

Sector-Specific Investments & Tech Focus

Activity in the technology and software space remains varied, ranging from specialized infrastructure plays to software roll-ups. Gryphon-backed Rootstock acquired ERP software provider Ascent Solutions, which offers cloud ERP applications on the Salesforce platform, while Diversis scooped up fintech firm LTi. In the competitive AI field, startup Gimlet Labs raised an $80 million Series A to commercialize technology that efficiently handles AI inference across diverse chip architectures including NVIDIA, AMD, and ARM. Meanwhile, OpenAI is reportedly offering* a guaranteed minimum return of 17.5% to attract private equity investment into its joint venture initiatives.**

Firm Strategy & Personnel Moves

Major private equity entities are making strategic appointments and exploring monumental exits. Aware Super appointed Alex Satchcroft to lead its $11 billion private equity portfolio, signaling a concentrated focus on this asset class for the pension fund. On the exit front, Advent and Cinven are reportedly exploring* a potential €25 billion divestiture of TK Elevator, as Kone enters advanced acquisition discussions for the PE-owned business. Separately, GTCR appointed Donnie Phillips as managing director and chief administrative officer based in its Chicago office, while ECI welcomed David Danon as a new partner following nearly two decades at Bain Capital's private equity team.**

Niche Strategies & Exclusivity

Independent sponsors continue to pursue strategies aiming for higher multiples, with research indicating that these smaller players often target returns exceeding three times* their investment due to greater deal selectivity and preference for lower valuation multiples compared to traditional funds. In the defense sector, a French-Italian VC, 360 Capital, raised €85 million* for a deeptech fund that notably secured backing from a European defense prime contractor. Separately, former NFL player Terrence Murphy launched Synergy Sports Capital, unveiling the firm’s debut deal just twenty years after an injury prematurely ended his playing career.