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A growth equity shop just raised three and a half billion dollars before most firms finish their first close deck.
A British food distributor changed hands at a hefty premium, giving its new owner control of 25 depots and 45,000 customers.
One pharma manufacturer is putting $50 million behind a Delaware expansion, betting that 145% tariffs on Chinese ingredients finally make domestic production pencil out.
A Swedish investment giant grabbed two million square feet of warehouse space in the Philly-New York corridor.
The world's most valuable AI company locked down an entire Mountain View campus.
And the largest alternative asset manager poached a 15-year cable news veteran to run its content operation.
Let's dive in.
Wilmington PharmaTech
$50M Delaware API Expansion
Wilmington PharmaTech is doubling its domestic capacity for producing active pharmaceutical ingredients with a $50 million expansion at its Delaware campus. The project adds 85,000 square feet of cGMP manufacturing space designed for small-molecule synthesis, with the expanded facility expected online by Q2 2027. Total U.S. small-molecule API capacity will reach roughly 400 metric tons annually once the build is complete.
The timing is everything. With 145% tariffs on Chinese pharmaceutical imports now in full effect, the economics of domestic API production have flipped for the first time in two decades. PharmaTech says it has signed non-binding letters of intent with three mid-size generic manufacturers covering roughly 60% of the new capacity. If the tariff regime holds, expect more domestic API buildouts behind this one.
Stonepeak Credit
Acture Solutions Strategic Financing
Stonepeak Credit provided strategic financing to Acture Solutions, a utility services provider specializing in power grid transmission, distribution, and substation work. Terms were not disclosed. The deal positions Acture to expand as utilities face explosive load growth from AI data centers and renewable integration while scrambling to upgrade aging infrastructure. Stonepeak structured the capital to support both organic growth and potential bolt-on acquisitions across Acture's customer base of investor-owned utilities, municipal systems, and cooperatives.
EQT Real Estate
2M SF Southern New Jersey Logistics Portfolio
EQT Real Estate acquired a 2 million square foot logistics portfolio in southern New Jersey from Scannell Properties. Six Class A warehouse facilities in the Philadelphia-New York delivery corridor, with clear heights of 32 to 36 feet and direct access to the NJ Turnpike, I-295, and I-95. This is EQT's largest single U.S. logistics acquisition since launching its real estate platform in 2021. The portfolio sits within 30 miles of Philadelphia and can reach 40 million consumers within a two-hour drive.
OpenAI
350,000 SF Mountain View Campus Lease
OpenAI leased the entire 350,000 square foot campus at 350-380 Ellis Street in Mountain View, owned by KKR Real Estate Finance Trust (KREF) and TMG Partners. Comparable deals in Mountain View's North Bayshore submarket have commanded $5.50 to $7.00 per square foot monthly. The property sat roughly 60% empty for nearly two years before OpenAI entered negotiations. It represents the AI company's largest single campus commitment and its first major footprint outside San Francisco.
From our Sponsor:
Lead Edge Capital
Fund VII, $3.5B Final Close
Lead Edge Capital closed its seventh flagship fund at $3.5 billion in roughly 90 days, bringing total AUM to approximately $13 billion. Fund VII targets $15 million to $150 million checks into late-stage B2B software and tech-enabled services companies with $20 million or more in ARR. The rapid raise reflects a broader pattern: LPs are concentrating capital with proven managers even as they pull back from emerging firms facing 18-to-24-month fundraising cycles.
SPARK Microsystems
CAD $17M Series B Follow-On
SPARK Microsystems, a Montreal-based ultra-wideband wireless chip designer, closed a CAD $17 million follow-on co-led by Idealist Capital and Real Ventures, bringing total Series B proceeds to CAD $35 million. The company's chips cut power consumption by up to 50x versus Bluetooth Low Energy while maintaining high data throughput. SPARK says the technology is now being integrated into products from major consumer electronics manufacturers in the audio and wearables space.
Peachtree Group
Savannah Industrial DST Offering
Peachtree Group launched a new industrial property offering through its Delaware Statutory Trust platform, targeting 1031 exchange investors seeking exposure to Savannah, Georgia's logistics corridor. The Port of Savannah ranks fourth-busiest in the U.S. and added 1 million TEUs of annual capacity in 2023 with another phase underway. DST sponsors are pivoting hard toward industrial in secondary markets where cap rates still offer room to compress.
Working Capital Partners
Series A Funding
Working Capital Partners closed a Series A (size undisclosed) to scale an institutional capital platform that provides liquidity to high-earning professionals without requiring equity sales. The model targets predictable cash flows from attorneys, consultants, and physicians, building standardized underwriting to package those streams for institutional investors seeking non-correlated, cash-flow-backed returns.
One Equity Partners acquired full ownership of Kitwave Group, Britain's largest independent foodservice wholesaler, at a valuation north of GBP 700 million. OEP purchased remaining equity from Maven Capital Partners and management, who backed the company since 2019. Kitwave operates 25 depots, serves 45,000+ customers, and generates GBP 1.2 billion in annual revenue across a fleet of 1,000+ delivery vehicles. The deal arrives as the top 10 players in Britain's GBP 30 billion foodservice wholesale market still control less than 40% share.
Arlington Capital Partners acquired Eptec Defence, a UK manufacturer of military electronics and radar systems headquartered in Witney, England. Eptec supplies radar assemblies, power systems, and ruggedized electronics to BAE Systems, Leonardo, and Raytheon. Third A&D acquisition in 18 months for the D.C.-based firm, building a transatlantic defense portfolio positioned for NATO's post-Ukraine modernization cycle. Terms undisclosed.
Olympus Partners acquired the retina subspecialty business of EyeSouth Partners, purchasing the network from Partners Group and Ares Management. The deal carves roughly a dozen retina-focused practices out of EyeSouth's 80+ location platform and transfers them to Sightpath Medical's dedicated retina network. An unusual mid-hold-period asset sale signaling the current owners are prioritizing debt reduction over continued vertical expansion.
AEA Elevate (AEA Investors' cloud advisory unit) partnered with TriNimbus to accelerate Oracle Cloud Infrastructure migrations across portfolio companies using AI-powered assessment and automation tooling. The bet: AI can finally crack the Oracle migration problem that has historically resisted cloud shifts due to licensing complexity and performance concerns.
Moss Adams Wealth Advisors completed a management-led buyout and rebranded as Threadline Wealth. The newly independent Seattle RIA oversees $2.3 billion across 950+ client relationships, targeting the $1M-$25M portfolio segment after breaking away from the 118-year-old accounting firm.
The Fed held rates steady at 3.5%-3.75% on March 18 in an 11-1 FOMC vote. The dot plot still signals one cut this year, but seven of 19 participants now expect no change through 2026. The Iran conflict is injecting fresh inflation uncertainty, and Chair Powell flagged "persistent inflation" risks that sent stocks to session lows.
Private credit markets remain stressed. Alt manager stocks have shed $265 billion in combined market cap since September peaks (Blackstone -46%, KKR -48%, Ares -48%, Blue Owl down two-thirds). Banks are tightening back-leverage lending to credit funds, and LP redemptions accelerated through Q1.
China pharma tariffs at 145% are now fully reshaping supply chains, creating the first real cost arbitrage favoring domestic API manufacturing in over two decades. PharmaTech's $50 million expansion (see above) is the first large-scale capital commitment tied directly to the tariff regime.
Courtney Reagan joined Blackstone as Senior Editor of Blackstone Insights after 15 years at CNBC covering retail and consumer trends. The hire signals Blackstone's aggressive push to build media-quality content targeting wealth management channels and retail-adjacent investors as the firm manages $1.1 trillion across alternatives.
Michael Laborde was named Chief Strategy Officer at Qualis, the defense contractor formed through the merger of InTrack, Radar Technologies, and TektonUX. Laborde previously spent 18 months as an operating partner at Alpine Investors and held a seven-year tenure at Palantir Technologies. The appointment positions Qualis to scale its integrated intelligence, engineering, and software platform for national security customers.
ACG InterGrowth 2026
Aria Resort & Casino, Las Vegas
April 27-29, 2026
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team