Last updated: March 19, 2026, 11:30 PM ET
Continuation Funds & Secondaries Activity
The secondaries market continues to see sophisticated maneuvering, evidenced by QHP Capital completing a $1.1 billion continuation fund for Azurity Pharmaceuticals, a transaction led by Harbour Vest Partners with participation from Pantheon Ventures. This activity contrasts somewhat with broader sector preferences, as Houlihan Lokey observes that technology is receding as a favored sector for continuation vehicles, with managers seeking opportunities elsewhere in response to recent tech disruption. Furthermore, a structural trend shows that some Limited Partners are emerging as the market's most reliable sellers, exhibiting a disciplined approach to bringing sales to market over the last fifteen months, unlike other LPs. In related secondary maneuvers, Bindley Capital-backed Guardian Pharmacy Services priced a "synthetic secondary" offering for the long-term care pharmacy operator based in Atlanta.
Mid-Market & Specialist Exits
European mid-market activity is generating significant deal flow, with Ares leading two separate continuation vehicles; one vehicle for nursery operator Kids Planet reached over £400 million, while another for frozen baked goods asset MCH secured €300 million. This reflects a broader trend where private equity firms are exploring varied exit routes, including the potential €3 billion exit for Cary Group being explored by CVC and Nordic Capital. Meanwhile, portfolio company activity continues apace, as evidenced by the merger of B-Flexion Life Sciences-backed healthcare firms Paratek and Radius Health, supported by a $1.3 billion financing arranged by Sixth Street. On the exit front, Permira is moving to divest its stake in AltamarCAM to Mercer, as Altamar CAM manages €20 billion in assets.
Buyouts Across Verticals
Buyout activity spanned infrastructure, IT services, and healthcare, demonstrating sector diversification among general partners. LS Power agreed to acquire 4.4 gigawatts of natural gas-fired generation capacity from Constellation Energy for a definitive price of $5 billion, focusing on assets in Delaware and Pennsylvania. In managed services, Sterling Health acquired IT firm Cyber Advisors, which services small, mid, and enterprise clients across various end markets. In healthcare technology, Blackstone-backed Chartis scooped up Leap AI, a Chicago-based healthcare advisory firm, to expand its capabilities; concurrently, in the life sciences sector, ICG is backing railway maintenance provider Comcreta to fuel expansion amid Italian rail infrastructure investment.
Venture Capital Momentum & Sector Focus
Venture capital demonstrated continued appetite for AI-enabled enterprise tools and climate solutions, despite structural uncertainties. Social media platform Bluesky secured $100 million in Series B funding post-CEO transition, dedicating the capital toward scaling its team and advancing its ATProto infrastructure. In the AI workflow space, two Palantir veterans launched Edra with $30 million and backing from Sequoia Capital to automate corporate workflows using operational data. Climate-focused investment saw BNP Paribas Asset Management Alts back FarmCarbon to scale methane reduction technologies in agriculture, while Fort Point invested in environmental services firm Boston Green to recapitalize the company. Furthermore, European early-stage funding included Index Ventures backing YC alum Parallel in a $20 million Series A to deploy AI agents into hospital settings.
Geographic & Emerging Market Focus
Capital deployment is expanding into emerging markets and specialized European regions. The European Bank for Reconstruction and Development (EBRD committed $40 million to the Templeton Türkiye private equity fund, which is targeting a total raise of $300 million. In France, Verdane and Bpifrance backed telehealth provider Medadom, the first teleconsultation service accredited by the French Ministry of Health. Meanwhile, UK startup sentiment is showing signs of strain, with one survey indicating that one in five UK founders plan to leave the country within the next year, even as firms demonstrating high growth—termed "Revenuemaxxing"—gain traction across the UK and Ireland.
GP Strategy & Tax Planning
General Partners are refining internal structures, including strategies for wealth transfer and investment focus. An insider's guide details how gifting a portion of carried interest early can yield significant tax savings by ensuring future appreciation accrues outside a GP’s taxable estate. Investment focus also shifts based on perceived market opportunities; for instance, while LPs may publicly signal caution, their willingness to engage in direct co-investing is not necessarily waning, suggesting that high-profile pivots away from direct investing may not reflect true LP commitment levels. In internal firm movements, HighVista Strategies appointed Raudel Yanez as managing director and head of PE secondaries to launch its GP-led secondaries strategy targeting the lower middle market.
Portfolio Company Transactions & Catalog Acquisitions
Portfolio companies are engaging in strategic consolidation and unique asset purchases. Two portfolio companies backed by B-Flexion Life Sciences, Paratek and Radius Health, completed their merger. Separately, in a notable asset acquisition, Pophouse Entertainment became the majority owner of the music interests of Tina Turner, alongside BMG, following earlier reports that Pophouse had successfully acquired the catalog. On the advisory front, Audax and Keystone are reportedly seeking exits for HVAC portfolio companies, while American Pacific promoted Rahul Mohan to managing director.