Last updated: March 19, 2026, 9:30 PM ET
Dealmaking & Exits Accelerate in Europe and Secondaries
European buyout activity saw major firms explore €3bn Cary Group exit CVC and Nordic Capital move toward €3bn Cary Group exit options, while in the U.S., Audax and Keystone sought exits Audax, Keystone said to seek HVAC exits; Pophouse snags Tina Turner catalog; hold periods for portcos are longer than ever in the HVAC sector, even as overall holding periods for portfolio companies stretch longer than previous cycles. Further illustrating the market's evolving structure, Permira to exit investment in AltamarCAM to Mercer, valuing the global private markets firm at an undisclosed sum as Mercer acquires the stake. On the specialized financing front, Bindley Capital-backed Guardian priced a ‘synthetic secondary’ offering for the long-term care pharmacy services provider, signaling creative ways to manage liquidity away from traditional GP-led secondaries.
Secondaries Market Dynamics & Fund Structuring
The secondaries market is adapting to shifting sector preferences, with investment banks observing technology moving down the list of favoured CV sectors Technology moves down the list of favoured CV sectors – Houlihan Lokey as managers react to recent tech disruption. Simultaneously, specialist managers are refining their approach, exemplified by HighVista Strategies appointing a new PE secondaries head to launch a GP-led strategy focused specifically on the lower middle market. This disciplined approach extends to some LPs, as secondaries players have brought disciplined sales to market over the past 15 months, setting them apart from other Limited Partners. Meanwhile, institutional capital continues to deploy via continuation vehicles, where QHP Capital finalized an $1.1bn continuation fund for Azurity Pharmaceuticals, led by Harbour Vest Partners with Pantheon Ventures participation.
Infrastructure & Energy Acquisitions
Large-scale asset shifts are occurring in the energy space, with LS Power agreeing to acquire 4.4 gigawatts of gas assets from Constellation Energy for $5 billion, focusing on predominantly natural gas-fired generation capacity across Delaware and Pennsylvania. In parallel, private equity is backing infrastructure expansion in Europe, as ICG provided backing to railway maintenance provider Comcreta to accelerate growth amid increased investment in Italy’s rail network. In sector-specific continuation vehicles, Ares led a €300m vehicle for MCH to house a frozen baked goods asset, while Fremman raised over £400 million for a fund dedicated to nursery operator Kids Planet.
Venture Capital and Health Tech Funding Rounds
Venture capital deployment is heavily skewed towards AI and specialized technology, even as certain firms restructure. Bluesky secured $100 million in Series B funding following a CEO transition, utilizing the capital to scale its team and advance development of its ATProto underlying platform. In healthcare technology, Blackstone-backed Chartis acquired Leap AI, the Chicago-based healthcare advisor expanding its capabilities. Furthermore, AI agents are being targeted for hospital workflow improvements, with Index backing YC alum Parallel in a $20 million Series A. In the UK, the growth focus remains on high-revenue startups, with Sifted tracking 'Revenuemaxxing' firms as a key metric for success.
Sector-Specific Deals and ESG Focus
Buyout activity targeted specialized services across several verticals, including Sterling acquiring managed IT services firm Cyber Advisors to bolster its offering to small, mid, and enterprise clients. In the life sciences arena, B-Flexion Life Sciences-backed Paratek and Radius Health completed a $1.3 billion merger, with legal counsel confirming the financing size. Environmental services also saw investment, as Fort Point recapitalized environmental firm Boston Green. On the climate front, BNP Paribas Asset Management Alts invested in FarmCarbon to scale methane reduction technologies within agriculture. Separately, Pophouse Entertainment became the majority owner in the music interests of Tina Turner, alongside BMG, after initial reports noted the asset acquisition.
Geographic Capital Flows and Governance Insights
International capital commitments are supporting emerging market growth, as the European Bank for Reconstruction and Development committed $40 million to the Templeton Türkiye private equity fund, which is targeting a $300 million close. Meanwhile, regulatory and governance issues are prompting internal restructuring; CPA Anthony Venette detailed tax advantages for GPs gifting carried interest earlier to ensure future appreciation accrues outside of their estates. Despite capital deployment activity, concerns persist regarding talent retention in specific regions, with one in five UK founders reportedly planning to leave the country within the next year, according to a recent survey.