Last updated: March 19, 2026, 5:30 PM ET
Dealmaking & Exits: Mega-Transactions and Strategic Sales
Private equity activity showed a mixed profile with several large exits being explored alongside major continuation fund activity. CVC Capital Partners and Nordic Capital are reportedly moving toward a €3 billion exit for the portfolio company Cary Group, signaling a willingness among established GPs to realize value in the current market window. In the secondaries space, Permira is preparing to divest its stake in Altamar CAM, a global private markets investment firm managing €20 billion in assets, to Mercer. Meanwhile, the secondaries market saw a GP-led transaction as Bindley Capital-backed Guardian Pharmacy Services priced a 'synthetic secondary' offering, demonstrating alternative ways to structure liquidity events for portfolio companies.
Secondaries Market Dynamics & Fund Structuring
The secondaries market continues to evolve, witnessing both established players and GPs themselves becoming methodical sellers. QHP Capital successfully anchored a substantial $1.1 billion continuation fund for Azurity Pharmaceuticals, with significant participation from giants like Harbour Vest Partners and Pantheon Ventures 2. This type of GP-led transaction contrasts slightly with LPs' stated willingness to engage in co-investing, which some observers are likening to a "Trafalgar moment" despite pivots away from direct investment mandates. Furthermore, structure innovation is evident as Ares led mandates for two European mid-market vehicles, including a fund for nursery operator Kids Planet exceeding £400 million and a €300 million vehicle housing a frozen baked goods asset.
Sector-Specific Transactions & Firm Strategy
In infrastructure and healthcare, large-scale asset acquisitions underscore continuing appetite for essential services. LS Power is set to acquire approximately 4.4 gigawatts of predominantly natural gas-fired generation capacity across Delaware and Pennsylvania from Constellation Energy in a transaction valued at $5 billion. In healthcare technology, Blackstone-backed advisory firm Chartis expanded its footprint by acquiring Chicago-based health tech firm Leap AI 11. Separately, market chatter suggests Audax and Keystone are exploring divestitures for their HVAC portfolio companies, while hold periods for many portfolio companies are reportedly extending past previous norms.
Venture Capital & Firm Operations
In the venture capital sphere, social media platform Bluesky secured $100 million in Series B funding following a leadership transition, which will be deployed to enhance its application and scale its underlying ATProto protocol. This infusion contrasts with broader UK market concerns, where a survey indicated that one in five founders intends to relocate internationally within the next year, potentially impacting domestic startup growth. On the advisory front, High Vista Strategies appointed Raudel Yanez as managing director and head of PE secondaries to launch a new GP-led strategy focused on the lower middle market. Finally, managing partners are exploring complex planning mechanisms, with experts detailing how gifting carried interest early can provide substantial estate tax benefits by shifting future appreciation outside the GP's estate.