Holland & Knight 2025 Private Equity Year in Review
2025 Private Equity Year in Review
Holland & Knight is pleased to share our 2025 Private Equity Year in Review, reflecting a year of continued growth, market leadership and meaningful results for clients. Building on decades of experience, we provide a premier platform for middle-market private equity transactions, advising more than 335 clients on more than 480 transactions in the last year alone. Our attorneys combine deep experience, innovative thinking and a highly engaged, client-focused approach to advance the business objectives of private equity firms, portfolio companies, family offices, independent sponsors and other financial investors, as well as founder- and familyowned businesses. This commitment delivered strong results for our clients and the Firm, including ranking among the top five most active law firms in the world for private equity transactions and recognition as the USA Private Equity Law Firm of the Year and the M&A Law Firm of the Year.
Over the past year, the Firm continued a strong growth trajectory, adding nearly 40 private equity attorneys – 16 of them partners – and expanding our footprint with the opening of our Seattle office, which welcomed approximately 20 attorneys. These strategic additions deepen our capabilities across key private equity disciplines, strengthen industry and geographic coverage, and further enhance our ability to deliver seamless, integrated service at every stage of the investment life cycle. For our private equity sponsors and portfolio companies, this growth translates into broader market insight, greater deal execution capacity and even more seamless, integrated service across jurisdictions and sectors.
In January 2025, the Firm launched the National Security & Defense Industry Sector Group in response to growing client demand, rising global defense investment and an increasingly complex regulatory and geopolitical landscape. Our multidisciplinary team integrates experience across M&A, government contracts, Committee on Foreign Investment in the United States (CFIUS), export controls, cybersecurity and regulatory compliance, enabling our clients to pursue opportunities in this highly regulated sector with clarity and confidence. The group provides an end-to-end platform to identify, diligence, acquire and scale defense-adjacent and national security-focused businesses while navigating risk, accelerating execution and protecting long-term value.
At Holland & Knight, we seamlessly combine the depth and reach of a global law firm with the personalized attention and responsiveness of a boutique practice. Our Industry Sector Initiative enables our attorneys to provide clients with support from team members with a thorough understanding of relevant industries, positioning clients to identify and capitalize on opportunities while proactively evaluating and mitigating sector-specific risks.
We continue to invest in thought leadership and client support within the private equity community. Through a series of innovative events and targeted training and development programs, we create meaningful opportunities for our clients to deepen their industry knowledge and enhance strategic relationships.
Holland & Knight remains committed to adding value through strategic introductions and referrals of tailored investment opportunities developed through HK Deal FlowSM, an innovative, proprietary platform designed to enhance and strengthen our clients’ deal-sourcing strategy. Since its inception, HK Deal FlowSM has facilitated nearly 1,200 introductions and sources more than 350 deals per year.
As we look back on the past year, we are thankful for our clients, friends and referral sources and are proud of all that we have achieved together. We hope this Private Equity Year in Review offers valuable perspectives on market trends and showcases our shared achievements in 2025.
We look forward to continuing to partner with you throughout 2026 and beyond!
Sincerely,
The Holland & Knight Private Equity Team
Deal Activity
Holland & Knight provides a premier platform for middle-market private equity transactions. We combine experience, innovation and client centricity to drive the business goals and objectives of private equity firms, portfolio companies, family offices, independent sponsors and other financial investors across industries and transaction types. In 2025, Holland & Knight helped more than 335 clients close more than 480 private equity transactions. These statistics are a testament to our strengths in the private equity market.
Deal Count & Value
Client Role
Transaction Type
Add-On Acquisitions (Company Counsel) (182)
Add-On Acquisitions (Company Counsel) (182)
Strategic Divestitures (Company Counsel) (124)
Strategic Divestitures (Company Counsel) (124)
Venture Capital & Growth Equity Investments (Investor Counsel) (96)
Capital & Growth Equity Investments (Investor Counsel) (96)
Platform Acquisitions (Sponsor Counsel) (40)
Platform Acquisitions (Sponsor Counsel) (40)
Independent Sponsor & Search Fund Transactions (Investor Counsel) (37)
Independent Sponsor & Search Fund Transactions (Investor Counsel) (37)
Venture Capital & Growth Equity Investments (Company Counsel) (34)
Venture Capital & Growth Equity Investments (Company Counsel) (34)
Exits (Sponsor Counsel) (31)
Exits (Sponsor Counsel) (31)
Industry Breakdown
(135)
(124)
(77)
Market-Leading Rankings
Holland & Knight continues to rank among the most active private equity law firms in the world by deal count in reputable, benchmarking publications. In 2025, we were also recognized as the USA Private Equity Law Firm of the Year (Global M&A Network) and M&A Law Firm of the Year (The M&A Advisor), as well as honored for our roles in several transactions that were recognized with “Deal of the Year” awards. These rankings and recognitions reflect our innovative approach, commitment to high-quality client service and dedication to establishing long-standing relationships.
Market-Leading Recognitions
• M&A Law Firm of the Year
• International Information Technology Deal of the Year (Over $100M)
• Refinancing of the Year ($100M - $1B)
• USA Private Equity Law Firm of the Year
• Strategic M&A Deal of the Year (Upper Middle Market)
• Americas M&A Deal of the Year (Lower Middle Market)
• Americas Growth Equity Deal of the Year (Lower Middle Market)
• USA Deal of the Year (Middle Market)
• USA Private Equity Deal of the Year (Lower Middle Market)
• USA Mid-Market M&A Deal of the Year (Middle Market)
• USA Mid-Market M&A Manufacturing Deal of the Year
• USA Growth Deal of the Year (Mega Market)
• Nationwide for Corporate/M&A: Highly Regarded
• Nationwide for Venture Capital: Fund Formation
• Nationwide for Startups & Emerging Companies
• 9 U.S. Geographies for Corporate/M&A & Private Equity
• 40 Partners Recognized for Corporate/M&A, Venture Capital, Private Equity & Fund Formation
• Nationwide for M&A: Middle Market (Sub $500M)
• Nationwide for Private Equity Buyouts: Middle Market (Up to $500M)
• Nationwide for Private Equity Funds (incl. Venture Capital)
• Nationwide for Venture Capital & Emerging Companies
• Nationwide for Venture Capital: Fund Formation
• Colombia for Corporate/M&A
• Mexico for Corporate/M&A: Highly Regarded
• Colombia for Corporate/M&A
• Mexico for Corporate/M&A: Highly Regarded
• Latin America for Corporate/M&A
• Colombia for Corporate/M&A
• Mexico for Corporate/M&A
Deal Spotlight
Platform Acquisitions
Falfurrias Management Partners Strategic Investment in Woven Solutions
Holland & Knight attorneys represented Falfurrias Management Partners, a private equity firm focused on partnering with growth-oriented, middle-market businesses, in connection with a strategic investment in Woven Solutions, a leading provider of technology and software solutions for the national security community.
The investment will provide Woven with resources and capital to accelerate its development of advanced technical solutions. Woven, known for its “Threads” integrated delivery model that combines technical expertise with domain knowledge, offers capabilities including artificial intelligence/machine learning (AI/ ML) solutions, cloud infrastructure modernization and cybersecurity services.
In the last two years, the Firm has assisted Falfurrias Management Partners in six platform acquisitions.
SkyKnight Capital Growth Investment in Force Electrical Services
A Holland & Knight deal team assisted long-time client SkyKnight Capital, L.P., a private equity firm focused on investing in market leading businesses, in its growth investment in Force Electrical Services, a leading provider of electrical distribution and transmission infrastructure services for the power end-market across the SouthCentral U.S.
The investment will provide Force Electrical Services with the resources and capital to expand its footprint, invest in its employees and set new standards for quality, safety and reliability in the power infrastructure industry.
In the last five years, Holland & Knight attorneys have helped guide SkyKnight Capital, L.P. in 10 platform acquisitions.
Reynolda Equity Partners Acquisition of North American Lawn & Landscape
Holland & Knight represented Reynolda Equity Partners, a private equity firm, in its acquisition of North American Lawn & Landscape, a commercial landscaping company delivering high-quality landscaping solutions and exceptional customer service in North Carolina, South Carolina and Georgia.
The acquisition positions North American for accelerated growth, leveraging Reynolda’s strategic support and industry knowledge to expand its service offerings and strengthen its market leadership.
Founded in 1997, Reynolda Equity Partners has raised over $700 million of capital across its committed equity funds and has completed nearly 50 platform investments.
Grovecourt Capital Partners Acquisition of IMRIS Imaging, Inc.
Holland & Knight represented Grovecourt Capital Partners, a private equity firm, in its acquisition of IMRIS Imaging, Inc., the global leader in intraoperative MRI solutions.
The transaction enables IMRIS to accelerate its innovation roadmap and expand into emerging clinical applications such as laser ablation and high-intensity focused ultrasound. With Grovecourt’s investment and strategic support, IMRIS is poised to build on its leadership in intraoperative imaging and drive the next phase of growth in image-guided neurosurgery.
Based in Florida, Grovecourt Capital Partners specializes in investments in founder-led and family-owned business in the lower middle market.
Brynwood Partners Sale of Harvest Hill Beverage Company
Holland & Knight attorneys advised Brynwood Partners, an operationally focused private equity firm that makes control investments in middle market companies, in its sale of Harvest Hill Beverage Company, one of the nation’s largest independent branded beverage producers, to Castillo Hermanos, a family-owned multinational diversified business group, and Centerview Capital, a private investment firm focused on the U.S. consumer sector.
Harvest Hill was established in 2014 when Brynwood Partners acquired the Juicy Juice brand from Nestlé USA Inc. Since then, its management team created a portfolio of iconic beverage brands, including Juicy Juice, SunnyD, Little Hugs, Fruit2O and Nutrament. Harvest Hill also owns the adult beverage brands Daily’s and SunnyD Vodka Seltzer, which were included in the transaction. The Harvest Hill sale represented the largest transaction in Brynwood Partners’ 40-year history.
Bluestone Investment Partners Sale of cBEYONData to SMX (OceanSound Partners)
Holland & Knight represented cBEYONData, a provider of implementation, design and managed service capabilities and a portfolio company of Bluestone Investment Partners, in its sale to SMX, a leader in next-generation mission support, digital transformation and IT solutions and a portfolio company of OceanSound Partners.
The acquisition strengthens SMX’s capabilities in digital transformation, budget management and operational efficiency, which are key priorities for the U.S. government. The acquisition also positions SMX to expand its client base and create new cross-selling opportunities, leveraging cBEYONData’s long history of serving agencies such as the U.S. Army and U.S. Department of Justice. In 2021, Holland & Knight advised cBEYONData in its sale to Bluestone Investment Partners, a private equity firm focused on investing in middle-market defense and government services companies, as well as in two subsequent add-on acquisitions.
Pine Tree Equity Partners Exits Investment in Marshall & Stevens
Holland & Knight advised Marshall & Stevens, a leading provider of independent valuation and advisory services to middle-market companies and a portfolio company of Pine Tree Equity Partners, in connection with a majority recapitalization by Coalesce Capital
Coalesce Capital will support Marshall & Stevens’ continued growth through investments in talent development, technology and strategic acquisitions to further expand its service capabilities.
In 2022, Holland & Knight represented Pine Tree Equity Partners in its recapitalization of Marshall & Stevens and subsequently assisted Marshall & Stevens in growing its platform through nine add-on acquisitions before the successful sale to Coalesce Capital.
Seawestern (Traction Capital Partners) Sale to MES Life Safety (Platte Equity Partners)
Holland & Knight advised SeaWestern Inc., a marketleading provider of firefighting equipment and vehicles to departments in the Western U.S. and a portfolio company of Traction Capital Partners, in its sale to MES Life Safety, a leading equipment supplier and service provider to the fire service, law enforcement and industrial safety markets and a portfolio company of Platte Equity Partners
The acquisition brings SeaWestern’s deep regional relationships, technical expertise and trusted reputation for firefighting and safety equipment into MES’s national platform, enhancing service, product availability and support for first responders across the Western U.S. by leveraging MES’s broader resources and network.
Traction Capital Partners, a leading investment firm based in Washington, acquired SeaWestern in 2018.
Portfolio Company Representations
SALT Dental Partners (Latticework Capital)
15 Add-on Acquisitions
Healthcare Services
SALT Dental Partners, a doctor-led, multi-specialty dental support organization and a portfolio company of Latticework Capital Management, experienced significant growth in 2025. The company expanded its national footprint across 20 states by partnering with practices and opening de novo locations, focusing on pediatric, orthodontic and oral surgery specialties.
AmeriLife (THL Partners, Genstar Capital)
6 Add-on Acquisitions
Life & Health Insurance
AmeriLife Group, LLC, a national leader in life and health insurance distribution, wealth management and retirement solutions and backed by Thomas H. Lee Partners and Genstar Capital, forged six new partnerships with top insurance agencies and insurance marketing organizations to further strengthen its market position.
Frontline Road Safety (Bain Capital)
8 Add-on Acquisitions
Construction & Engineering
Frontline Road Safety Group, a leading pavement marking company backed by Bain Capital, continued its nationwide expansion by strengthening its platform across multiple states.
FirstCall Mechanical (SkyKnight Capital)
6 Add-on Acquisitions
Construction & Engineering
FirstCall Mechanical, a leading commercial services platform that provides heating, ventilation and air conditioning (HVAC), refrigeration, electrical and plumbing services, and backed by SkyKnight Capital, L.P., accelerated its 2025 growth with the addition of six HVAC service providers, expanding its geographic footprint and enhancing its ability to serve customers nationwide.
5 Add-on Acquisitions Healthcare Services
OMS360, an oral surgeon support organization and a portfolio company of Shore Capital Partners, continued to build its collaborative network of premier oral and maxillofacial surgeon practices with five new additions in Florida, Kentucky, Missouri, Pennsylvania and Texas.
North
American Rail Solutions (DFW Capital)
4 Add-on Acquisitions Rail Transportation
North American Rail Solutions, a leading provider of inspection, maintenance, repair and specialized construction services for industrial railroad infrastructure, as well as a portfolio company of DFW Capital Partners, welcomed four new brands to its growing international footprint, which includes more than 45 full-service and satellite locations across the U.S. and Canada.
Private Equity Decoded: 2025 Trends, Themes and Takeaways
In 2025, private equity investors navigated a rapidly evolving landscape shaped by shifting exit dynamics, regulatory recalibration and accelerating technological adoption. Against a backdrop of extended hold periods and heightened pressure to return capital, sponsors rethought traditional exit strategies and embraced new liquidity solutions. At the same time, changes in the U.S. antitrust environment restored greater deal certainty and momentum across the market. As artificial intelligence (AI) moved from experiment to essential capability, firms began redefining how deals are sourced, diligenced and executed, setting the stage for a more data-driven era of private equity.
The New Exit Playbook: Navigating Longer Holds and Liquidity Alternatives
In 2025, private equity sponsors increasingly focused on reshaping their portfolios amid uneven exit markets and mounting pressure to return capital to limited partners. With many assets held beyond traditional investment horizons following several years of muted exit activity, firms began prioritizing the sale of long-held portfolio companies where valuations and buyer appetite allowed. These exits were driven less by peak pricing and more by the need to address fund aging, portfolio concentration and limited partner (LP) liquidity expectations.
At the same time, continuation vehicles emerged as a central tool in this portfolio-reshaping strategy. General partner (GP)-led secondaries allowed sponsors to generate liquidity for existing investors while retaining ownership of highconviction assets they believe still have meaningful upside. For LPs, these transactions provided a choice between cashing out or rolling all or a portion of their interests into a new vehicle with refreshed capital and an extended value-creation timeline.
What began as a solution for constrained markets has become a structural feature of private equity exits. In 2025, continuation vehicles were no longer viewed as a stopgap but as a deliberate mechanism to manage aging portfolios, bridge valuation gaps and balance liquidity needs with long-term investment conviction.
The Regulatory Reset: How Antitrust Changes Are Reshaping Deal Activity
In 2025, the U.S. regulatory environment became more accommodative following policy shifts under the Trump Administration, easing antitrust and broader regulatory scrutiny of mergers and acquisitions (M&A). In early 2025, however, new rules requiring significantly more detail in HSR filings became effective, which generally increase the amount of time and information necessary to prepare such filings.
Enforcement posture at the Federal Trade Commission (FTC) and U.S. Department of Justice (DOJ) became less aggressive and more predictable compared with prior years. Though antitrust laws remained firmly in place, regulators demonstrated greater willingness to clear transactions that did not present clear competitive concerns and resolve issues through targeted remedies rather than protracted investigations or litigation.
For private equity sponsors, this shift improved deal certainty and timing. Reduced regulatory risk and faster clearance processes helped unlock pent up M&A demand and supported increased deal volume, especially in sectors outside of heightened scrutiny.
Overall, a more accommodating regulatory environment in 2025 contributed to renewed confidence and momentum in private equity dealmaking. Under the current administration, antitrust enforcement has generally shifted toward a more consistent approach, with private equity transactions reviewed in a manner broadly aligned with other types of deals.
Tomorrow’s Deals, Today: The AI-Enabled M&A Process
In 2025, private equity firms accelerated their adoption of AI across the deal life cycle, moving AI from an experimental capability to a core component of execution and value creation. Sponsors increasingly relied on AI tools to enhance speed, precision and decision-making in a competitive deal environment.
AI has become influential in deal sourcing, where machinelearning models analyze large volumes of structured and unstructured data ranging from financial performance and market trends to news flow and management signals. These models can identify attractive targets earlier and with greater accuracy. During due diligence, AI-driven applications are streamlining document review, contract abstraction and risk identification, significantly reducing diligence timelines and allowing investment teams to focus on higher-value analysis. AI tools are also being used during the negotiation and preparation of core documents. Models are used to review prior transactions and suggest appropriate solutions based on client experience and preferences.
In addition, private equity firms are using AI-enhanced valuation and scenario-modeling tools to refine pricing, stresstest assumptions and better assess downside risk in uncertain macroeconomic conditions. Post-acquisition, AI became increasingly embedded in portfolio company operations, supporting operational improvements in areas such as pricing, customer analytics, supply chain management and cost optimization.
Overall, AI adoption in 2025 helped private equity firms execute deals more efficiently, underwrite risk more rigorously and accelerate post-close value creation, reinforcing AI’s role as a durable competitive advantage rather than a temporary trend.
Value Through HK Deal FlowSM
Holland & Knight recognizes the intense competition for deal flow, with a large amount of capital in the market pursuing a limited number of high-quality deals. In response, Holland & Knight established HK Deal FlowSM in 2017 as a complimentary service designed to generate deal leads through the extensive and diverse network of Holland & Knight’s lawyers and professionals, investment bankers and other deal intermediaries. We strategically match these leads with clients and friends of the Firm who are seeking opportunities.
The HK Deal FlowSM program also includes robust capital connection and other capabilities, including introductions to equity investors, lenders (both bank and non-bank) and experienced operating partners with differentiated industry experience.
Impressive Growth
In 2025, Holland & Knight’s HK Deal FlowSM program achieved remarkable growth, solidifying its position as a premier program for connecting buyers, lenders and investors of all types with dealmakers and companies. The program experienced strong performance in a year where deal flow was unpredictable and slower across the industry. The HK Deal FlowSM program also grew the number of participants in the program, further enhancing its network reach and impact.
• Firm Clients
• Wealth Managers
Firms
1 Includes acquisition, lending, co-investment and LP fund investment opportunities sourced through the program.
2 Includes acquisition, lending, co-investment and LP fund investment opportunities sent to a capital source.
3 Includes introductions made between a capital source and deal intermediary or company.
4 Includes investment bankers, accounting firms, wealth managers, brokers, M&A advisors and firm clients.
Event Highlights
In 2025, Holland & Knight actively hosted and participated in more than 30 private equity-focused events, convening over 1,200 professionals from nearly 620 private equity firms, family offices, independent sponsors, search funds, investment banks and businesses. These gatherings fostered collaboration and insights. Below are highlights from a few of the marquee events held throughout the year.
Sculpting Capital: A Night of Art, Networking and Culinary Indulgence
Holland & Knight proudly served as a lead sponsor of “Sculpting Capital: A Night of Art, Networking & Culinary Indulgence,” an immersive gathering that brought together private equity investors, deal professionals and other market participants for an evening of high value relationship building. The event exemplified the Firm’s commitment to creating opportunities for ideas, best practices and new connections to flourish.
Held in conjunction with Art Basel Miami Beach, Sculpting Capital blended world class art, exceptional cuisine and meaningful networking to spark conversation and collaboration among attendees.
A highlight of the evening was the unveiling of a monumental sculpture by renowned Spanish visual artist Jaume Plensa, a stunning reminder of how the synergy of innovative ideas and bold art continue to shape Miami’s cultural landscape.
By convening professionals in a vibrant, culturally rich environment, Holland & Knight reinforced its role as a trusted connector – bringing together people shaping the South Florida business community and helping strengthen the relationships that drive opportunities.
Founders, Funders and Friends: AI in Action
Holland & Knight, together with Cresset Capital and BDO USA, co-hosted “Founders, Funders & Friends: AI in Action,” a dynamic program that brought together business owners, investors and industry professionals for an insightful discussion on how AI is reshaping middle market M&A. The program explored AI’s expanding influence on deal sourcing, diligence and execution, highlighting how emerging tools are accelerating analysis, uncovering hidden value and redefining the path to successful exits.
Panelists also examined the importance of responsible AI adoption, emphasizing governance, data quality and the balance between human judgment and machine intelligence as organizations integrate these technologies. In addition, attendees learned how AI driven tools support operational and tax-related decision-making, offering new avenues for insight and strategic development.
Following the discussion, guests connected during a well-attended networking reception that fostered collaboration and meaningful conversations among entrepreneurs, investors and peers. With approximately 70 participants, the event served as a powerful platform for exchanging ideas, building new relationships and reinforcing Holland & Knight’s role as a connector – bringing together market leaders to navigate, understand and shape the next chapter of AI enabled dealmaking.
Business Owners Strategy Summit
In 2025, Holland & Knight significantly expanded its Business Owners Strategy Summit (BOSS) initiative, delivering a powerful series of high impact programs designed to convene business owners and seasoned advisors for candid, solutions oriented discussions on business exits and growth investment strategies. Each summit brought together more than 30 business owners and featured a multidisciplinary panel of M&A and private equity attorneys, wealth managers, investment bankers, private equity professionals and accountants. The sessions provided practical, actionable insights on cornerstone topics, including financial due diligence, legal structuring, wealth planning, tax considerations, employee retention and post liquidity planning.
During the year, Holland & Knight’s Private Equity Team held 14 BOSS events in 13 cities across eight states. Highlights included multiple high engagement sessions in Florida, two summits in Dallas and additional programs in major markets such as Denver, Chicago and New York. Each event was hosted in a Holland & Knight office, reinforcing the Firm’s commitment to fostering professional, collaborative environments that encourage meaningful dialogue.
These summits offered business owners unparalleled access to peers and industry experts, hands on guidance for navigating complex exit strategies and exclusive connection to the HK Deal FlowSM program. Strategic partnerships with Raymond James and BNY further broadened the program’s reach and impact. Building on this momentum, the BOSS series will continue its nationwide expansion in 2026.
Market Outlook
As we enter 2026, private equity investors are sharpening their focus on sectors that offer resilience, predictable performance and long-term value creation. This year’s outlook highlights three areas poised to shape market activity: defense and national security, professional services and real assets. Each reflects a combination of structural demand, evolving industry dynamics, and opportunities for scale and innovation. Together, these themes underscore how sponsors are navigating uncertainty by doubling down on durable business models and future forward investment theses.
Mission Critical: Private Equity’s Enduring Defense Sector Bet
Despite broader market uncertainty, private equity deal activity in the aerospace, defense and national security sectors is expected to be significant in 2026. These industries benefit from enduring structural demand, long-term government commitments and heightened geopolitical imperatives that underpin predictable revenue streams, even in more cautious economic environments.
Companies with prime federal government contracts supporting defense, homeland security and critical aerospace capabilities are attractive because of their stable backlogs, recurring funding profiles and strategic importance. Increased defense budget allocations and bipartisan support for national security spending provide a foundation of demand that is less sensitive to traditional economic cycles, helping insulate these sectors from broader market volatility.
Private equity sponsors are also drawn to embedded technological innovation within this space, including advanced avionics, autonomous systems, cybersecurity and space technologies. These segments offer differentiated growth opportunities driven by modernization efforts across defense departments and commercial aerospace markets. Additionally, consolidation opportunities remain compelling, as fragmentation among subcontractors and niche technology providers create pathways for roll-up strategies and operational improvement. With strong exit prospects, including strategic sales to primes and sovereign buyers, aerospace, defense and national security, continue to be highpriority sectors for private equity investment in 2026.
The Next Frontier for Private Equity: Professional Services
In 2026, professional services firms have emerged as a highly attractive frontier for private equity investment as sponsors seek resilient, scalable businesses beyond traditional industry verticals. Registered investment advisers (RIAs), accounting firms and certain segments of the legal services market offer many of the attributes private equity values most: recurring revenue, lower overhead, higher profit margins, high client retention, fragmented markets and significant opportunities for operational and geographic expansion.
Within the RIA space, private equity has already played a central role in consolidation, and that momentum is expected to persist as sponsors continue to target smaller and mid-sized firms with substantial concentrations of ultra-high-net-worth clients alongside established platforms. Aging founder demographics, increasing competition among sponsors, including new entrants to the market, and succession planning challenges further support deal activity. Accounting firms are also drawing heightened interest as private equity capital helps address similar succession pressures while funding technology investments, advisory service expansion and multi-market roll-up strategies.
Although direct private equity ownership of law firms remains constrained by regulatory and ethical rules, investment activity is increasingly taking place through alternative structures, including management services organizations (MSOs) and ancillary service platforms that support legal practices. These models allow sponsors to participate in the growth of legal services while remaining compliant with ownership restrictions.
Collectively, these dynamics position professional services as a compelling growth area for private equity in 2026.
Betting on Tangible Value: Private Equity’s Real Assets Pivot
As private equity looks ahead to 2026, infrastructure and real assets are expected to attract an increasing share of investment activity, driven by durable secular demand, inflation-hedging characteristics and the appeal of long-duration, predictable cash flows. Sponsors and other investors alike are prioritizing assets that offer resilience amid macroeconomic uncertainty and evolving capital markets conditions.
Energy infrastructure remains a central focus, spanning both the energy transition and traditional platforms. Investments in renewable generation, storage and grid modernization continue to benefit from policy support and corporate decarbonization commitments. Meanwhile, established power and midstream assets provide stable, contracted revenues with built-in inflation protection.
Digital infrastructure is another key growth area. Demand for data centers, fiber networks, cell towers and telecommunications assets is accelerating alongside cloud adoption, AI deployment and expanding connectivity needs. These assets feature long-term customer contracts, high barriers to entry and recurring revenue models that should generate attractive risk-adjusted returns.
More broadly, infrastructure and real-asset strategies are increasingly viewed as core portfolio allocations rather than tactical plays. Their ability to generate steady income, preserve capital and diversify portfolios is expected to drive continued capital inflows in 2026, positioning infrastructure as a foundational pillar of private equity investment strategies.
See You In 2026
As we look forward to the year ahead, we are excited at the prospect of connecting with many of our cherished clients and friends at marquee events and conferences. The shared experiences, insightful conversations and collaborative spirit that these gatherings foster are invaluable to us. We eagerly await the opportunity to engage in meaningful discussions, exchange ideas and strengthen the bonds that make our professional relationships truly exceptional. We’ll see you soon!
Signature Events
Private Equity Happy Hour Series | Dates TBA | Nationwide
Business Owner Strategy Summits | Dates TBA | Nationwide
Private Equity Building Blocks | October 2026 | Nationwide
ACG Seattle | Northwest Middle Market Growth Conference | July 23 | Seattle, Washington
Seattle Tech Week | July 27-31 | Seattle, Washington
September
ACG Los Angeles | M&A SoCal | September 14-16 | Beverly Hills, California
Women’s Venture Summit | September 22-24 | San Diego, California
iGlobal Independent Sponsors Summit | September 28-29 | New York, New York
October
ACG Chicago | Midwest Capital Connection | October 7-8 | Chicago, Illinois
LA Tech Week | October 13-19 | Los Angeles, California
ACG Philadelphia | M&A East | October 20-21 | Philadelphia, Pennsylvania
November
ACG Florida | Capital Connection | November 3-5 | Fernandina Beach, Florida
HLTH USA | November 15-18 | Las Vegas, Nevada
Sculpting Capital: A Night of Art, Networking & Culinary Indulgence | TBD | Miami, Florida
To stay connected in 2026 and beyond, please visit our private equity events webpage for updates on upcoming events hosted and sponsored by Holland & Knight.
