S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
At the top of the private equity market, a group of megafunds expanded beyond their private equity roots over decades, diversifying into private credit, secondaries and other alternative asset classes. Some middle-market firms are undergoing similar changes.
Sagard Private Equity Solutions (SPES) is one example. Earlier this month, SPES' parent company, Sagard Holdings Management Inc, closed the acquisition of Unigestion Holding SA's $12.5 billion private equity platform, the latest in a series of deals since 2021 intended to expand SPES' geographic reach and product offerings to remain a top choice for limited partners amid a broader private equity fundraising crunch.
Fundraising challenges are expected to fuel a broader wave of consolidation across private equity's middle market. Private equity fund managers acquired or invested in other private equity fund managers across 22 separate deals between Jan. 1 and April 14, compared with 69 deals in all of 2025, according to S&P Global Market Intelligence data.
"You need scale more than ever because [limited partners] are asking firms like us to have a broader set of strategies," SPES CEO Jonathan Tetrault said in an interview with Market Intelligence.
Read more about the pressures driving middle-market private equity consolidation.
CHART OF THE WEEK: Exit volume contracts in Q1 2026
⮞ Private equity firms recorded 720 exits globally in the first quarter, down more than 6% from 768 exits in the corresponding period in 2025, according to Market Intelligence data.
⮞ The aggregate exit transaction value jumped year over year due to one deal: the $250 billion sale of X.AI LLC to Space Exploration Technologies Corp.
⮞ IT led all other sectors in first-quarter transaction volume, recording 198 exits between Jan. 1 and March 31.
TOP DEALS
– Swiss private equity firm TBG AG agreed to sell UK-based measurement equipment company Megger Group Ltd. to Esco Technologies Inc. for $2.35 billion. J.P. Morgan Securities LLC was the lead financial adviser and Stephens Inc. was the financial adviser to Esco, and Bryan Cave Leighton Paisner LLP is the legal adviser. Rothschild & Co was the financial adviser and Willkie Farr & Gallagher LLP was the legal adviser to Megger and TBG.
– TPG Capital LP and TPG Sports agreed to buy Learfield Communications LLC. Charlesbank Capital Partners LLC and certain funds managed by Fortress Investment Group LLC are selling the college sports media rights company for an estimated value of $2 billion, according to Market Intelligence data. Evercore was the lead financial adviser and The Raine Group was the financial adviser to TPG. Ropes & Gray LLP and Mintz were legal advisers to TPG. Moelis & Co LLC was the lead financial adviser and BofA Securities was the financial adviser to Learfield, while Davis Polk was the company's legal counsel.
– AIP LLC agreed to acquire Avanos Medical Inc. in a deal valuing the medical technology company at about $1.27 billion. Following the transaction, the company will be delisted from the NYSE. J.P. Morgan Securities is the lead financial adviser, UBS Investment Bank was a financial adviser and Alston & Bird LLP is the legal adviser to Avanos. Joele Frank Wilkinson Brimmer Katcher is a strategic communications adviser to Avanos. Sidley Austin LLP is legal adviser and Baker Botts LLP is regulatory counsel to AIP.
– Thoma Bravo LP agreed to sell civil construction software company Heavy Construction Systems Specialists LLC to software company Nemetschek SE. The company will be combined with other brands in Nemetschek's build-and-construction segment.
TOP FUNDRAISING
– 26North Partners LP closed its debut private equity fund with about $5.9 billion in capital commitments, surpassing its $4 billion target.
– Lightyear Capital LLC raised about $2.5 billion at the final close of Lightyear Fund VI LP, exceeding the initial target of $1.75 billion. The vehicle will invest in companies operating in financial services and technology, healthcare and business services. Davis Polk & Wardwell LLP was legal counsel to the fund, while Atlantic-Pacific Capital Inc. was the global placement agent.
– Dominus Capital secured more than $640 million in committed capital at the close of Dominus Capital Partners IV LP. Asante Capital Group was the placement agent and fundraising adviser for the fund. Kirkland & Ellis LLP was the legal adviser for Dominus, and Ernst & Young LLP will be the fund auditor.
MIDDLE-MARKET HIGHLIGHTS
– Olympus Partners agreed to take a majority stake in NTI Connect LLC (Network Connex), a provider of fiber installation and digital infrastructure services, from Orix Capital Partners. Olympus received legal advice from Kirkland & Ellis and tax advice from KPMG LLP. Lazard Frères & Co. was the financial adviser to Orix and Network Connex on the deal, while Herbert Smith Freehills Kramer was their legal adviser.
– Cerberus Capital Management LP, through an affiliate, agreed to purchase London-based specialty lender Lendco Ltd. from Cabot Square Capital LLP and minority shareholders. The deal is expected to close in the coming weeks.
– H.I.G. Capital LLC, through an affiliate, added battery manufacturer Inventus Power Inc. to its portfolio.
FOCUS ON: PRIVATE EQUITY'S AI ADOPTION
Private equity firms are still in the early stages of adopting AI in their operations, according to a Market Intelligence survey.
The majority of general partners surveyed said AI was integrated with fund activities, such as deal sourcing, valuations and modeling, as well as portfolio monitoring and value creation, only to a limited extent or not at all.
On due diligence, 31.1% of the responding general partners said AI capabilities were either somewhat or fully integrated into the process, while 46.7% said AI was not at all or only partially integrated.
Lack of expertise was cited as the main barrier in AI adoption by 48.9% of respondents, followed by data privacy issues and concerns about model accuracy.
Read the report here.
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For further private equity deals, read our latest "In Play" report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
For private debt news, see our latest private debt newsletter issued twice per month.
