Last updated: March 19, 2026, 6:30 PM ET
Dealmaking & Exits
CVC Capital Partners and Nordic Capital are reportedly exploring exit avenues for their portfolio company, Cary Group, which could result in a valuation exceeding €3 billion, signaling continued appetite for large European buyouts despite market volatility. Elsewhere in exits, Permira is preparing to divest its stake in Altamar CAM, a global private markets investment firm managing €20 billion in assets, to Mercer, marking a shift in ownership for the asset manager. In the mid-market, Ares Management is leading the formation of two European vehicles, including a £400 million fund for nursery operator Kids Planet and a €300 million vehicle housing a frozen baked goods asset managed by MCH.
Secondary Market Activity & Fund Structures
The secondary market continues to see sophisticated activity, demonstrated by Bindley Capital-backed Guardian Pharmacy Services pricing a "synthetic secondary" offering for its long-term care pharmacy services business. This follows a pattern where certain secondaries players are methodically selling assets they previously acquired, exhibiting a disciplined approach distinct from typical Limited Partner divestitures over the past fifteen months. Meanwhile, QHP Capital successfully closed a $1.1 billion continuation fund for Azurity Pharmaceuticals, with participation from major players including Harbour Vest Partners and Pantheon Ventures, showcasing robust GP-led transaction momentum.
Sector Investments & Valuations
Major infrastructure and healthcare plays marked recent activity, as LS Power agreed to acquire approximately 4.4 gigawatts of natural gas-fired generation capacity in Delaware and Pennsylvania from Constellation Energy for a substantial $5 billion. In health tech, Blackstone-backed Chartis, a Chicago-based healthcare advisor, continued its expansion by acquiring Leap AI, emphasizing private equity's focus on specialized advisory services within the sector. Separately, early-stage funding remains active, with social media platform Bluesky securing $100 million in Series B financing to scale its team and refine its underlying ATProto protocol following a management transition.
LP Strategy & Founder Sentiment
Despite some high-profile shifts away from direct investing, Limited Partners are not abandoning direct engagement, as co-investing maintains momentum, often referred to as having its "Trafalgar moment." This sustained willingness to participate directly contrasts with broader concerns impacting the entrepreneurial ecosystem, particularly in the UK, where a recent survey indicates that one in five local founders plans to relocate internationally within the next year. For founders who remain, understanding complex compensation structures is becoming more important; experts advise on the benefits of gifting a portion of carried interest early to ensure future appreciation accrues outside of a General Partner's estate for significant tax advantages. Furthermore, early-stage companies are being encouraged to apply for programs like TechCrunch Startup Battlefield 200 before the May 27 deadline to access $100,000 in equity-free funding and venture capital access.