Last updated: March 19, 2026, 11:30 AM ET
Deal Activity & Exits
Private equity deal-making saw activity across infrastructure, healthcare, and specialized services as firms sought strategic exits and new platform investments. LS Power agreed to acquire approximately 4.4 gigawatts of predominantly natural gas-fired generation capacity from Constellation Energy for $5 billion, targeting essential power assets in Delaware and Pennsylvania. In Europe, Permira is planning to exit its stake in Altamar CAM, a global private markets investment firm managing €20 billion in assets, by selling to Mercer. Meanwhile, activity in the secondary market suggests firms are taking longer to realize value, with hold periods for portfolio companies reportedly stretching longer than ever, even as some managers like Audax and Keystone reportedly shop for HVAC exits.
Sector-Specific Investments & Exits
Investment activity focused on infrastructure, environmental services, and specialized technology. ICG is backing railway maintenance provider Comcreta to fuel its expansion within Italy, aligning with accelerating national investment in rail infrastructure. In the U.S., Fort Point invested in environmental services firm Boston Green via a recapitalization, while Sterling acquired managed IT services firm Cyber Advisors to expand its reach across small, mid, and enterprise clients. Separately, Pophouse Entertainment secured majority ownership, alongside BMG, in the music interests of Tina Turner, demonstrating high-value cultural asset acquisition trends that Pophouse also reportedly sought in other areas.
Secondaries & Fund Strategy Shifts
The secondaries market is adjusting focus away from previously favored sectors, while managers continue to build specialized investment vehicles. Houlihan Lokey reports that technology is moving down the list of favored continuation vehicle (CV) sectors as the market reacts to recent tech disruption, according to managing director Michael Pilson. In strategy development, High Vista Strategies appointed Raudel Yanez as managing director and head of private equity secondaries to launch a GP-led secondaries investing strategy focused specifically on the lower middle market. On the LP side, Van Lanschot Kempen has initiated a strategic review of its liquid funds unit, which currently oversees $11.5 billion in assets, exploring potential divestiture options.
International Capital Commitments & Healthcare Consolidation
Global development banks and sovereign wealth funds are deploying capital into emerging markets and specific climate-focused vehicles. The European Bank for Reconstruction and Development committed $40 million toward the Templeton Türkiye Private Equity Fund, which is targeting a total raise of $300 million. Climate finance also saw a boost, with BNP Paribas Asset Management Alts backing Farm Carbon to scale methane reduction initiatives within the agricultural sector. In healthcare, merger activity finalized as the B-Flexion Life Sciences-backed companies Paratek and Radius Health completed their combination, supported by a $1.3 billion financing advised by Sixth Street. Furthermore, Verdane and Bpifrance provided backing to French telehealth firm Medadom, which holds accreditation from the French Ministry of Health.
Internal Promotions & Operational Focus
Firms continue to recognize internal talent while portfolio companies face pressure regarding operational metrics. American Pacific promoted Rahul Mohan to managing director, following his tenure since 2020. Separately, experts suggest that while many companies discuss artificial intelligence adoption, measuring tangible business outputs remains the key to realizing improvements, advising firms to quantify results rather than merely piloting AI solutions. Elsewhere, complications are arising for limited partners stemming from industry consolidation, illustrating the downstream effects of private equity M&A activity.