Last updated: March 21, 2026, 4:30 AM ET
Fundraising and Capital Deployment
Blackstone has successfully amassed over $12 billion for its newest Asia-Pacific buyout fund, signaling continued appetite for large-scale private equity mandates even as overall venture funding slows. This capital raising occurs as Coefficient Capital closed more than $500 million across two vehicles to scale its consumer growth strategy. Meanwhile, TPG is actively seeking to re-establish a deeper presence in Japan, evidenced by the firm making its first Japan-based secondaries hire for TPG New Quest as part of a broader multi-asset expansion strategy in the region. This activity contrasts with the broader trend where the size of the largest U.S. deals this week noticeably decreased, though cybersecurity and Artificial Intelligence startups continue to attract substantial financing.
Exits and Secondary Markets
KKR is preparing for a significant exit in the data center hardware space, agreeing to sell its liquid cooling company, Cool IT, for an expected valuation of $4.75 billion, with the transaction anticipated to finalize in the third quarter of 2026. On the secondary front, the Abu Dhabi Investment Council is marketing a portfolio of fund stakes valued in excess of $2 billion, reflecting a move within its portfolio where private markets currently account for approximately 61% of its total investments. In another exit, sources indicate that Permira’s sale of its stake in Altamar CAM delivered attractive returns for the firm. Furthermore, a company backed by Star Capital, Vincorion, experienced a strong debut in its €980 million initial public offering, demonstrating continued investor demand for high-quality private equity-backed listings.
Sector-Specific Deal Activity
The healthcare and life sciences sectors remain ripe for consolidation, with multiple firms pursuing opportunities in adjacent segments. Palladium Equity Partners agreed to purchase DME Express, a hospice medical equipment provider, from seller Way Point Capital Partners, while other firms like InTandem, NMS Capital, and West View Capital are actively targeting healthcare benefits management services. In a separate transaction involving industrial platforms, 3M and Bain are jointly acquiring Madison Fire & Rescue for $1.95 billion, planning to merge it with a division of 3M’s Scott Safety to create a new dedicated fire and safety platform. Separately, Mutares is preparing for an acceleration in transaction volume for the second quarter of 2026, boasting an acquisitions pipeline valued at €2.5 billion.
Strategic Acquisitions and Credit Financing
In technology and infrastructure plays, Gryphon-backed ACA acquired Northern Air, a specialty HVAC solutions provider based in Oklahoma City, while IK Partners secured a majority stake in the Netherlands-based Domek Group, which recently expanded into Belgium and Germany. In the specialized credit markets, Blackstone’s $83 billion private credit vehicle, BCRED, is proceeding with a new collateralized loan obligation issuance, and CVC Credit provided senior debt financing to support Waterland Private Equity’s acquisition of Palletways. On the M&A front, LLR Partners-backed Viventium, a provider of human capital management software for the post-acute market, acquired the caregiver rewards platform Perks4Care.
Geographic Expansion and AI Focus
Partners Group is actively building out its Indian presence by planning to raise at least $1 billion for its first India-focused buyout fund, signaling targeted capital deployment in the region. Meanwhile, the dominance of Artificial Intelligence in venture funding continues, with AI startups capturing 41% of the $128 billion in venture dollars raised on Carta last year—a record share. This AI focus is beginning to spill over into adjacent sectors; for instance, the immense power demands required for new AI data centers are creating investment opportunities in energy technology. This trend is mirrored by established hedge fund managers, as the $70 billion manager Coatue Management, led by Philippe Laffont, pivots to launch a new dedicated AI and technology crossover fund.