Last updated: March 20, 2026, 3:30 AM ET
Deal Activity & Exits
Private equity firms are actively pursuing exits across various sectors, with CVC and Nordic Capital exploring valuation options for Cary Group that could exceed €3 billion. In the healthcare space, B-Flexion Life Sciences-backed Paratek and Radius Health finalized a merger supported by a $1.3 billion financing package advised by Mintz. Meanwhile, Permira is preparing to exit its stake in Altamar CAM, a global private markets firm managing €20 billion in assets, to Mercer, signaling continued portfolio recycling among major European GPs.
Sector-Specific Investments & Acquisitions
Dealmaking continues across infrastructure and specialized services, evidenced by LS Power agreeing to acquire approximately 4.4 gigawatts of natural gas generation capacity from Constellation Energy for a substantial $5 billion transaction. In the specialized services arena, Sterling snapped up managed IT firm Cyber Advisors, while Blackstone-backed Chartis acquired health tech firm Leap AI, underscoring continued M&A appetite for tech-enabled advisory services. Furthermore, ICG is backing railway maintenance provider Comcreta to fuel expansion in Italy amid accelerating rail infrastructure investment.
Continuation Vehicles & Secondaries Market Dynamics
The use of continuation funds remains a key tool for GPs managing mature assets, as demonstrated by QHP Capital completing a $1.1 billion continuation fund for Azurity Pharmaceuticals, led by Harbour Vest Partners and including Pantheon Ventures. In a similar structure, Bindley Capital-backed Guardian Pharmacy Services priced a "synthetic secondary" offering for the Atlanta-based long-term care provider. However, the focus within the secondaries market is shifting away from technology; Houlihan Lokey reports that technology is moving down the list of favored continuation vehicle sectors as managers react to recent market disruption.
Mid-Market & GP-Led Transactions
European mid-market activity shows GPs utilizing specialized vehicles to manage holdings, with Ares leading two European mid-market continuation vehicles; one for nursery operator Kids Planet exceeding £400 million and another for a frozen baked goods asset from MCH reaching €300 million. This activity confirms that while the overall secondary market composition is changing, LPs are still willing to commit capital directly, even as high-profile pivots away from direct investing are observed elsewhere. Separately, HighVista Strategies appointed a new managing director to launch its GP-led secondaries strategy specifically targeting the lower middle market segment.
Venture Capital & European Tech Trends
Venture capital flows are concentrating on specific, high-growth areas, including defense technology, with VCs identifying 12 defense startups to watch for 2026. In social media infrastructure, Bluesky successfully raised $100 million in a Series B round, utilizing the capital to scale its team and develop its ATProto platform following a CEO transition. Conversely, the broader European tech ecosystem faces talent retention challenges, as one in five UK founders surveyed indicated plans to relocate their operations abroad within the next year, despite some localized growth stories focusing on "revenuemaxxing" strategies detailed in a recent Sifted report.
ESG, Strategy, and Firm Developments
In the realm of sustainability and climate-focused investment, BNP Paribas Asset Management Alts invested in Farm Carbon, a vehicle dedicated to scaling methane reduction technologies within the agricultural sector. On the strategic side, Van Lanschot Kempen initiated a strategic review for its $11.5 billion liquid funds unit, exploring potential divestment options. Furthermore, in wealth management implications for GPs, CPA Anthony Venette advised that gifting carried interest early can generate significant estate tax savings by allowing future appreciation to accrue outside of the general partner’s estate.