Last updated: March 20, 2026, 1:30 PM ET
Fundraising & Secondary Markets Activity
Private equity fundraising remains active, with Blackstone securing over $12bn for its latest Asia-Pacific buyout fund as established giants continue to draw capital commitments. Concurrently, firms specializing in secondary transactions are seeing large mandates; Abu Dhabi Investment Council is marketing a portfolio of fund stakes valued at over $2 billion, reflecting that private markets constitute approximately 61% of its overall investment book. In a related move emphasizing secondary interest, TPG is rebuilding its Japan presence by appointing its first Japan-based secondaries professional within TPG New Quest, signaling a strategic expansion into multi-asset deals in the region TPG seeks to re-establish Japan PE presence. Furthermore, some GPs are utilizing continuation funds to manage asset lifecycle, as evidenced by QHP Capital completing a $1.1 billion continuation fund for Azurity Pharmaceuticals, which included participation from major players like Harbour Vest Partners and Pantheon Ventures.
Dealmaking Momentum & Sector Focus
Deal flow across Europe and the U.S. shows targeted activity, particularly in infrastructure and specialized industrial services. Bain Capital, alongside 3M, is purchasing Madison Fire & Rescue for $1.95 billion, planning to merge it with 3M’s Scott Safety division to form a new safety platform. In technology infrastructure, KKR plans to divest its data center liquid cooling firm, Cool IT, in a transaction valued at $4.75 billion, with the acquisition expected to finalize in the third quarter of 2026. European firm Mutares anticipates a significant ramp-up in transaction volume for Q2 2026, citing an existing acquisitions pipeline valued at €2.5 billion. Meanwhile, debt financing remains supportive of M&A, with CVC Credit providing senior debt to back Waterland Private Equity’s acquisition of Palletways.
Sector Specialization: Healthcare & Industrials
Investment interest in niche healthcare segments continues unabated, as firms target specialized service providers. A cluster of firms are targeting healthcare benefits management, including InTandem, NMS Capital, and West View Capital, while Palladium Equity Partners has agreed to acquire DME Express, a hospice medical equipment provider from Way Point Capital Partners Palladium Equity to acquire hospice medical equipment provider DME Express. Separately, IK Partners has acquired a majority stake in Domek Group, a firm operating primarily in the Netherlands but expanding into Belgium and Germany; this transaction follows reports that Permira’s exit from Altamar CAM delivered attractive returns Permira’s AltamarCAM exit delivers attractive return. In industrial services, Gryphon-backed ACA acquired Northern Air, an Oklahoma City-based manufacturer specializing in HVAC solutions.
Venture Capital Shift Towards AI & Energy Infrastructure
The venture capital space is heavily concentrating on Artificial Intelligence, which accounted for a record-high 41% of the $128 billion in venture dollars raised by companies on Carta last year AI startups are eating the venture industry. This intense focus on AI is driving capital into adjacent sectors facing scaling constraints. Specifically, the immense power requirements for new AI data centers are creating an opening for investors in energy technology companies. Major crossover investors are reacting to this trend; for instance, Philippe Laffont’s $70 billion Coatue Management is reportedly preparing to launch a new AI-focused fund to capitalize on this dynamic. In other VC news, Bluesky secured $100 million in Series B funding to scale its application and underlying ATProto technology, while Coefficient Capital successfully raised over $500 million across two vehicles to fuel its consumer growth strategy.
Public Market Exits & Regional Expansion
Firms are finding avenues for profitable exits and deepening geographical footprints. Star Capital-backed Vincorion saw strong demand during its €980 million initial public offering debut on European exchanges. Meanwhile, Partners Group is planning to raise at least $1 billion for its inaugural India-focused buyout fund, committing significant capital to the subcontinent's growth. While the startup ecosystem in the UK and Ireland shows signs of faster execution and smaller team sizes Key takeaways from Sifted’s UK & Ireland leaderboard, there is also evidence of consolidation, with large corporate acquirers like Amazon purchasing robotics spinout Rivr.