Last updated: March 20, 2026, 2:30 AM ET
Private Equity Dealmaking & Exits
The private equity sector is witnessing significant exit activity across various sectors, though asset hold periods appear to be lengthening, according to recent observations. CVC Capital Partners and Nordic Capital are currently exploring options to divest their stake in Cary Group, a process that could value the business at upwards of €3 billion. Simultaneously, portfolio management is seeing specialized transactions, as Bindley Capital-backed Guardian Pharmacy Services priced a 'synthetic secondary' offering, and Audax and Keystone are reportedly seeking exits for their HVAC portfolio companies. In the life sciences space, B-Flexion Life Sciences-backed entities Paratek and Radius Health finalized a merger supported by a $1.3 billion financing package advised by Mintz.
In the realm of secondaries and continuation funds, a substantial $1.1 billion continuation fund was finalized for Azurity Pharmaceuticals by QHP Capital, with Harbour Vest Partners leading the transaction alongside Pantheon Ventures. This activity suggests continued liquidity provision, even as some market participants note that technology is declining as a favored sector for continuation vehicles. High Vista Strategies is actively preparing to engage in this specialized market, having appointed Raudel Yanez to launch its GP-led secondaries strategy focused specifically on the lower middle market. Meanwhile, institutional sellers, or LPs, are distinguishing themselves by their disciplined approach to bringing assets to market over the last 15 months.
Sector-Specific Investments & Strategy Shifts
Investment focus is diversifying away from pure technology plays into infrastructure and essential services. LS Power is executing a major energy acquisition, agreeing to purchase approximately 4.4 gigawatts of natural gas-fired generation capacity from Constellation Energy for $5 billion across Pennsylvania and Delaware. In the IT services domain, Sterling acquired the managed IT firm Cyber Advisors, which serves small to enterprise clients across varied markets. Furthermore, climate and agriculture technology is attracting capital, with BNP Paribas Asset Management Alts backing Farm Carbon to accelerate methane reduction efforts.
Geographic expansion and specific mid-market plays continue across Europe. Ares is leading two separate European mid-market continuation vehicles: one for nursery operator Kids Planet exceeding £400 million, and another for a frozen baked goods asset managed by MCH reaching €300 million. The latter transaction is related to Europastry, a company for which MCH also recently completed a single-asset continuation vehicle following JC Flowers winning Small-Cap Europe Deal of the Year. Elsewhere, ICG provided backing to Italian railway maintenance provider Comcreta to support infrastructure investment acceleration in the region, while Verdane and Bpifrance are backing the French telehealth provider Medadom.
Venture Capital Trends & Talent
The venture ecosystem is grappling with shifting founder sentiment and evolving investment theses, particularly around artificial intelligence. A recent survey indicates that one in five UK founders plan to relocate internationally within the next year, signaling potential talent drain. This outflow comes as European venture commentary suggests a "tech bro renaissance," even as execution models emphasize faster deployment, smaller team sizes, and narrower competitive "moats" for new startups. Venture capital interest remains high in specific verticals; for instance, Sifted identified 12 defense startups as key firms to watch for 2026, with defense investments already showing positive returns according to some market observers.
Social media platform Bluesky successfully closed a $100 million Series B round post-CEO transition, allocating funds toward scaling its team and developing its ATProto underlying technology. For founders seeking capital, Tech Crunch Startup Battlefield 200 nominations remain open until May 27, offering $100,000 in equity-free funding and access to venture capital networks. On the operational side, leading firms are focusing on demonstrable returns from technology deployments, asserting that merely discussing AI is insufficient; instead, firms must measure concrete business outputs derived from AI pilots to ensure success.
Fund Management & Governance
Asset managers are reassessing their liquid assets and internal governance structures. Van Lanschot Kempen has initiated a strategic review concerning its $11.5 billion liquid funds unit, exploring potential divestiture or restructuring options. On the GP side, Permira is preparing to exit its investment in Altamar CAM, a major global private markets investment firm with €20 billion in assets under management, selling to Mercer. Furthermore, complex internal partnership issues are surfacing, such as complications LPs face due to industry M&A, which is captured in the growing focus on consolidation challenges. For General Partners, managing succession and tax liabilities is becoming more structured, with experts advising on the benefits of gifting carried interest earlier to accrue future appreciation outside the GP’s estate for tax efficiency.