Last updated: March 19, 2026, 10:30 PM ET
Private Equity Dealmaking & Exits
Large-cap managers are advancing major portfolio sales, with CVC and Nordic Capital moving toward a €3bn exit for Cary Group, while in the mid-market, Audax and Keystone are reportedly seeking returns from their HVAC portfolio companies. Meanwhile, the trend of using continuation vehicles continues, as QHP Capital finalized an $1.1bn vehicle for Azurity Pharmaceuticals, led by Harbour Vest Partners with participation from Pantheon Ventures, and Ares leadership spearheaded two European mid-market CVs, one for nursery operator Kids Planet valuing the fund over £400m, and another for a frozen baked goods asset. These moves contrast with slightly longer holding periods observed across the board, suggesting managers are being strategic about timing their liquidity events.
In the secondaries market, specialized deal structures are gaining traction, evidenced by Bindley Capital-backed Guardian Pharmacy Services pricing a ‘synthetic secondary’ offering for the long-term care pharmacy services firm. This structured approach allows GPs to manage partial liquidity needs without a full sale, a tactic that runs parallel to the disciplined selling strategies observed among sophisticated Limited Partners. Furthermore, on the GP side, Permira is preparing to exit its stake in AltamarCAM to Mercer, offloading its interest in the global private markets investment firm which manages €20 billion in assets. Separately, HighVista Strategies has appointed Raudel Yanez to lead its new GP-led secondaries investment strategy, specifically targeting the lower middle market.
Sector-Specific Investments & Mandates
Investment activity remains broad, spanning healthcare, energy infrastructure, and specialized services. LS Power agreed to acquire 4.4 gigawatts of natural gas generation capacity from Constellation Energy for a total consideration of $5 billion, signaling continued private capital deployment into essential North American power assets. In healthcare, Blackstone-backed Chartis acquired health tech firm Leap AI, while in a separate transaction, B-Flexion Life Sciences portfolio companies Paratek and Radius Health completed a $1.3 billion merger supported by Sixth Street financing. On the environmental front, Fort Point invested capital to recapitalize Boston Green, an environmental services firm, and BNP Paribas Asset Management Alts backed FarmCarbon to accelerate methane reduction technologies in agriculture.
European deal flow saw ICG backing Italian railway maintenance provider Comcreta to capitalize on accelerating rail infrastructure investment, and in the digital realm, Verdane and Bpifrance provided backing to telehealth provider Medadom. In the cultural asset space, Pophouse Entertainment became the majority owner alongside BMG in the music interests of Tina Turner, a deal that runs alongside reports that Pophouse is also exploring exits in other areas. Meanwhile, Sterling closed the acquisition of managed IT services firm Cyber Advisors, continuing the trend of carving out specialized technology service providers.
Fundraising, Talent, and Macro Trends
Fundraising activity saw the European Bank for Reconstruction and Development commit $40 million to the Templeton Türkiye private equity fund targeting $300 million. In the asset management sphere, Van Lanschot Kempen initiated a strategic review for its liquid funds unit, which currently oversees $11.5 billion in assets, suggesting potential divestitures or restructuring. Talent remains fluid, with HighVista Strategies recruiting a new head of secondaries, while CPA Anthony Venette provided guidance on complex estate planning strategies, emphasizing the tax advantages of gifting carried interest early. Geographically, survey data suggests a worrying trend for the UK ecosystem, with one in five UK founders planning to relocate over the next year, even as domestic startups focus on aggressive growth metrics like 'revenuemaxxing'.
Venture Capital & Technology Backing
While technology exposure in secondaries markets has tempered due to recent disruption, early-stage venture funding remains active, particularly around artificial intelligence applications. Bluesky secured $100 million in Series B funding following a CEO transition, earmarking the capital for scaling its team and developing its ATProto infrastructure. In the AI application space, Index Ventures backed YC alum Parallel in a $20 million Series A to deploy AI agents in hospital settings. Furthermore, two former Palantir employees launched stealth startup Edra, which secured $30 million in funding with a validation stamp from Sequoia Capital. Experts caution that while AI pilots are popular, firms must measure tangible business outputs to ensure these investments translate into real improvements, rather than simply pursuing technology for its own sake.