Private Equity 24 Hours

Last updated: March 23, 2026, 11:30 PM ET

Dealmaking Activity & Exits

Private equity deal flow showed signs of a sharp slowdown in the U.S. during March, primarily attributable to a reduction in mega-rounds centered around artificial intelligence ventures, even as other segments reported activity. In Europe, Advent & Cinven are exploring a potential €25 billion exit for TK Elevator, with Kone reportedly entering advanced talks to acquire the asset, signaling a potential high-value transaction despite broader market caution. Conversely, exit activity in Asia-Pacific remains sluggish, evidenced by a 18% rise in portfolio companies held for over five years in 2025, according to Bain & Co’s latest report, indicating sellers are struggling to clear the existing overhang. On the secondary market, the University of California is shopping a $3 billion LP portfolio in a major sale process, seeking immediate liquidity in a market showing heightened interest in gaining access to established assets.

Sector-Specific Acquisitions & Divestitures

The defense and aerospace sectors saw movement, with Arlington Capital planning to acquire Eptec Defence, a specialist in naval and defense preservation services, suggesting continued PE interest in niche government contractors. In digital media, Francisco Partners is selling music publisher Kobalt to a Brookfield-backed entity, Primary Wave, with Kobalt’s management team expected to remain in place post-close. Meanwhile, Apollo and CVC agreed to acquire a combined 37% minority stake in packaging firm Syntegon, valued at €1.75 billion, to support the company’s next growth phase. In Southeast Asia, Actis completed an acquisition of a 90% stake in Singapore-based environmental management firm 800 Super for an undisclosed sum, taking its regional deployment to $1.7 billion.

Fundraising Milestones & Investor Strategy

Growth equity saw a major close as Lead Edge Capital secured $3.5 billion for its seventh fund dedicated to software deals, demonstrating sustained LP commitment to scaling technology businesses. In Europe, Air Street Capital raised a $232 million Fund III, positioning itself as one of the continent's largest solo general partners focused on early-stage European and North American AI companies. Further specialized fundraising targeted nascent markets, where 5(c) Capital launched a VC fund backed by CEOs from rival prediction markets Kalshi and Polymarket to invest in startups supporting that growing category. On the LP side, Australian pension fund Aware Super appointed Alex Satchcroft to head its $11 billion private equity portfolio, coinciding with Mercer prioritizing investor liquidity through recent acquisitions, such as the deal involving Altamar CAM boosting its secondaries capabilities.

Technology & Infrastructure Investment Trends

The AI ecosystem continues to attract massive capital, with OpenAI offering PE firms a guaranteed minimum return of 17.5% to participate in its joint venture pushes, signaling a premium placed on direct exposure to frontier AI development. Startups addressing infrastructure challenges also secured significant funding; Gimlet Labs raised an $80 million Series A to commercialize technology that allows AI inference to run simultaneously across disparate chip architectures like NVIDIA and AMD. In energy infrastructure, private equity and infrastructure funds are targeting a $7 billion deal involving a Kuwait pipeline, reflecting ongoing international interest in Gulf energy assets. Separately, Ares Management committed at least €1 billion as part of a €1.5 billion capital increase for Eni’s subsidiary Plenitude, which was valued at €13.1 billion in the transaction.

Firm Moves and Operational Shifts

GTCR appointed Donnie Phillips as managing director and chief administrative officer, based in its Chicago headquarters, as firms continue to bolster senior operational leadership. Meanwhile, ECI named David Danon as a new partner, following his nearly two decades within the private equity ranks at Bain Capital. In the realm of specialized investment strategies, research suggests that independent sponsors, prioritizing greater deal selectivity and lower valuation multiples, generally seek returns exceeding 3x, which are higher than those targeted in traditional fund deals. Furthermore, the challenges in achieving clean exits are prompting structural changes, with some sponsors opting for partial sales or longer sellside preparations to manage divestment difficulties.