Private Equity Deals 2026: Blackstone & TPG Close $17B Hologic Take-Private, Hg Seals $6.4B OneStream & the Week's Key Moves

April 13, 2026 • Weekly PE Deal Review • 8 min read

The first full week of April 2026 delivered one of the most consequential stretches in private equity dealmaking this year. The headline: Blackstone and TPG completed their $17 billion take-private of Hologic, making it the largest PE-backed healthcare deal to close in 2026 so far. Meanwhile, a flurry of completed transactions — from Hg’s $6.4 billion OneStream acquisition to Brookfield’s $3.2 billion Just Group deal — underscored the accelerating pace of capital deployment. With an estimated $3.2 trillion in dry powder pressing for allocation and interest rates stabilizing, private equity deals 2026 are setting a new tempo. Here is what allocators need to know.

🌐 Deal of the Week: Blackstone & TPG Complete $17B Hologic Take-Private

The largest PE-backed healthcare transaction of 2026 is now official. On April 7, Blackstone and TPG completed their acquisition of Hologic, the global leader in women’s health diagnostics and medical devices, at an enterprise value exceeding $17 billion. Shareholders received $76 per share in cash plus a contingent value right (CVR) of up to $3 per share tied to Breast Health revenue milestones in fiscal years 2026 and 2027 — bringing total consideration to $79 per share. The Abu Dhabi Investment Authority (ADIA) and GIC participated as significant minority investors, signaling sovereign wealth fund conviction in the thesis. José (Joe) E. Almeida has been appointed CEO, replacing Stephen MacMillan, as Hologic delists from Nasdaq and enters its next chapter as a private company.

Why it matters for allocators: This deal crystallizes three trends shaping the 2026 vintage. First, healthcare remains the sector where PE sponsors are willing to pay premium multiples for durable, cash-generative franchises. Second, the consortium model — blending mega-cap sponsors with sovereign capital — is becoming the template for deals above $10 billion. Third, the CVR structure offers a creative way to bridge valuation gaps while aligning incentives. CGPs and family offices evaluating healthcare-focused PE funds should note the competitive intensity for quality assets in this space.

⚡ Major Private Equity Deals 2026: Transactions This Week

Hg Completes $6.4B OneStream Take-Private

Hg, the London-based software specialist, completed its $6.4 billion acquisition of OneStream on April 1, taking the enterprise finance management platform private at $24 per share — a 31% premium to its pre-announcement price. General Atlantic and Tidemark remain as minority investors, while founder Tom Shea continues as CEO. OneStream’s AI-driven product suite for the Office of the CFO makes it a textbook Hg acquisition: mission-critical enterprise software with high retention rates and margin expansion potential. The deal marks Hg’s largest transaction to date and cements its position as the dominant PE buyer in global enterprise software.

Brookfield Wealth Solutions Closes $3.2B Just Group Acquisition

Brookfield Wealth Solutions completed its £2.4 billion ($3.2 billion) acquisition of Just Group on April 1, adding a leading UK retirement services provider with over 700,000 customers and £30 billion in pension savings under management. The deal received approval from both the Prudential Regulation Authority and the Financial Conduct Authority. Sir Nigel Wilson, former CEO of Legal & General, has been appointed Independent Chair. This acquisition expands Brookfield’s global insurance AUM to approximately $180 billion and represents a major bet on the UK pension risk transfer market, which is expected to see record volumes in the coming years.

Senior plc Agrees to $1.9B Blackstone-Tinicum Buyout

UK-listed aerospace and defense engineering group Senior plc agreed this week to a £1.4 billion ($1.9 billion) recommended takeover by a consortium of Tinicum Incorporated and Blackstone. Shareholders will receive 300 pence per share — a 36.6% premium to the six-month volume-weighted average price. The consortium plans to merge Senior with AeroFlow Technologies, an aerospace platform acquired in 2025, to create a scaled supplier with enhanced earnings potential. The deal follows a competitive process that saw Arcline Investment Management withdraw and Advent International’s earlier approach rejected.

General Atlantic Closes $3B Team Services Deal

General Atlantic completed its approximately $3 billion acquisition of Team Services Holding from Alpine Investors, valuing the home care services company at roughly 10x EBITDA. Team Services operates across all 50 states with 100,000 caregivers, offering agency-based home care, household employment services, and financial management for consumer-directed care. The deal reflects PE’s continued conviction in the home healthcare sector as aging demographics and cost pressures drive demand for in-home care solutions.

Apollo Advances $3.7B Nippon Sheet Glass Take-Private

Apollo’s $3.7 billion take-private of Nippon Sheet Glass (NSG Group) — the largest PE investment in Japan by Apollo to date — continues to progress toward regulatory approvals. Announced in March, the deal will see Apollo inject equity to restructure NSG’s balance sheet, refinancing approximately ¥140 billion in debt and pivoting the company toward high-growth solar glass manufacturing. The transaction is expected to close by March 2027, with delisting anticipated in late 2026. This cross-border mega-deal highlights the growing appetite of US PE firms for Japanese industrial assets.

💰 Fundraising & Strategic Moves

Mercer Closes PIP VIII at $3.8B

Mercer, the investment management arm of Marsh McLennan, announced on April 9 the successful close of Private Investment Partners VIII (PIP VIII) with nearly $3.8 billion in capital commitments — making it one of the largest multi-strategy private markets funds to close in 2026. The fund provides flexible access across private equity, private debt, infrastructure, and real estate, attracting commitments from wealth managers, endowments, foundations, insurers, and pension funds across the UK, Europe, and the US.

Allocator takeaway: PIP VIII’s success in a challenging fundraising environment demonstrates that institutional investors continue to favor diversified private markets access vehicles. The fund’s multi-strategy approach mirrors the asset allocation shift we are seeing among CGPs and family offices seeking single-ticket exposure to alternatives.

KKR Closes Record $23B North America Fund XIV

KKR closed its largest-ever private equity fund, KKR North America Fund XIV, at $23 billion — a milestone that came despite what industry observers described as the weakest fundraising environment since 2020. The fund represents a significant vote of confidence from LPs in KKR’s ability to deploy capital at scale and generate returns in the current cycle.

Fremman Capital Exceeds Target with €850M+ Fund II Close

Pan-European mid-market investor Fremman Capital surpassed its €750 million target with a final close above €850 million for its sophomore buyout fund, Fremman II MM, in under 18 months. Including the Special Opportunities Fund I, total AUM now exceeds €3.6 billion. The fund attracted commitments from institutional investors across five continents.

Q1 2026 PE Fundraising: $152B, Up 14% YoY

Total PE fundraising across buyout, growth equity, secondaries, venture capital, and other strategies reached $152 billion in Q1 2026, a 14% increase from $133 billion in the year-ago period, according to PEI Group data. However, the environment remains bifurcated: established managers with strong track records are oversubscribing while first-time and mid-sized funds face headwinds.

📊 Week in Numbers

$17B — Enterprise value of the Hologic take-private by Blackstone and TPG, the largest PE healthcare deal to close in 2026

$6.4B — Value of Hg’s completed OneStream acquisition, the largest European software buyout of the year

$3.8B — Capital commitments secured by Mercer PIP VIII, one of the biggest multi-strategy private markets fund closings this year

$23B — KKR North America Fund XIV’s final close, a record for the firm

$3.2T — Estimated global PE dry powder as of Q1 2026, fueling an increasingly competitive deal environment

14% — Year-over-year increase in Q1 PE fundraising, signaling a nascent recovery in capital formation

🔍 Our Take: What to Watch

1. Healthcare Take-Privates Are Accelerating. The Hologic deal is not an isolated event. PE sponsors are aggressively pursuing public healthcare companies with durable cash flows and defensible market positions. Expect more consortium deals with sovereign co-investors as sponsors seek to manage check sizes while maintaining upside exposure. For allocators, healthcare-focused PE funds entering the 2026 vintage cycle offer compelling risk-adjusted return potential.

2. The Aerospace & Defense Supply Chain Is Repricing. The Senior plc acquisition underscores how PE firms are building scaled platforms in aerospace supply chains through buy-and-build strategies. With commercial aviation production ramping and defense budgets expanding globally, this sub-sector offers a rare combination of cyclical recovery and secular growth. The competitive bidding process — with multiple sponsors vying for Senior — confirms the thesis is consensus.

3. Cross-Border Dealmaking Is Broadening Beyond Europe. Apollo’s Nippon Sheet Glass take-private represents a new chapter in US PE firms’ expansion into Japan, traditionally one of the most underserved PE markets globally. Combined with Brookfield’s UK pension play and Fremman’s European mid-market fundraise, the data point to a genuinely global allocation cycle. CGPs building diversified PE portfolios should consider geographic breadth as a key differentiator in fund selection.

📚 Sources

Hologic Acquisition: Hologic Investor Relations, April 7, 2026

OneStream Take-Private: PR Newswire, April 1, 2026

Just Group Acquisition: Brookfield Wealth Solutions Press Release, April 1, 2026

Senior plc Takeover: Private Equity Wire / Reuters, April 2026

Team Services Deal: Bloomberg / Private Equity Wire, April 8, 2026

Apollo-NSG: Apollo Press Release / Private Equity Wire, March 24, 2026

Mercer PIP VIII: BusinessWire, April 9, 2026

KKR Fund XIV: Pensions & Investments, 2026

Fremman Capital II: Fremman Capital Press Release, 2026

Q1 Fundraising Data: PEI Group / Buyouts Insider, 2026

⚠️ Disclaimer

This article is published by AirFund for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any financial instrument. AirFund is registered as a Conseil en Investissement Financier (CIF) in France with ORIAS. Past performance is not indicative of future results. The information contained in this article is based on sources considered reliable, but no representation or warranty is made as to its accuracy or completeness. Investors should conduct their own due diligence and consult their professional advisors before making any investment decision. Private equity investments carry significant risks, including illiquidity, long holding periods, and potential loss of capital.