Last updated: March 20, 2026, 10:30 AM ET
Private Equity Activity & Sector Focus
Investment firms are showing concentrated interest in specific verticals, particularly healthcare services; InTandem, NMS Capital, and WestView Capital are targeting the healthcare benefits management segment, while Palladium Equity Partners agreed to buy DME Express, a hospice medical equipment provider, from Way Point Capital Partners, following Palladium’s earlier agreement to acquire a hospice care provider. Further consolidation occurred as Gryphon-backed ACA purchased Northern Air, an Oklahoma City-based specialty HVAC solutions manufacturer, and Blackstone-backed Chartis acquired Leap AI, a Chicago-based health tech firm, signaling private equity’s sustained focus on niche technology and essential infrastructure within the health sector.
European deal activity saw several significant transactions involving majority stakes and debt financing; IK Partners acquired a majority stake in Domek Group, which operates primarily in the Netherlands but is expanding into Belgium and Germany, while CVC Credit provided senior debt financing to support Waterland Private Equity’s acquisition of Palletways. Meanwhile, CVC and Nordic Capital are exploring exit options for Cary Group that could value the company at approximately €3 billion, demonstrating ongoing efforts to monetize large European holdings.
Fundraising and Geographic Expansion Mark Strategic Shifts
Firms are actively building out geographic capabilities, with Partners Group planning a $1 billion buyout fund specifically focused on the Indian market to deepen its presence there. Similarly, TPG is attempting to re-establish its Japan PE presence through a senior hire, which is part of a broader multi-asset expansion that includes adding TPG New Quest's first Japan-based secondaries executive. In the debt markets, QHP Capital successfully closed a $1.1 billion continuation fund for Azurity Pharmaceuticals, led by Harbour Vest Partners with participation from Pantheon Ventures, illustrating continued appetite for complex liquidity solutions for mature assets.
Exit activity provided a substantial return for some; sources indicate that Permira’s exit from AltamarCAM delivered an attractive return, coinciding with the news that Star Capital-backed Vincorion saw its shares jump 13% upon its €980 million initial public offering debut in Germany. On the continuation fund front, Bindley Capital-backed Guardian Pharmacy Services priced a ‘synthetic secondary’ offering for the Atlanta-based long-term care pharmacy services company.
Venture Capital Dynamics and Tech Focus
The startup funding environment appears increasingly competitive, with reports suggesting that funding rounds are becoming crowded, while founders struggle with reputation building being essential for securing capital. For companies that have successfully navigated this, aggressive acquirers are using M&A to bulk up; analysis of recent activity shows that a select group of companies acquired three or more seed- or venture-backed startups over the past three years, often outside typical expectations. A specific area where investment capital is flowing relates to infrastructure constraints, as the power demands of AI data centers are creating investment openings in energy technology solutions.
In specific venture deals, Bluesky secured $100 million in Series B funding following a recent CEO transition, deploying the capital to scale its team and develop its ATProto platform. Meanwhile, large technology players continue to absorb specialized startups, evidenced by Amazon’s acquisition of ETH robotics spinout Rivr. In the UK and Ireland, growth metrics are shifting, with some startups achieving rapid expansion through "revenuemaxxing" techniques, though survey data suggests that one in five UK founders plans to emigrate within the next year.
Secondaries and Tax Planning Considerations
The secondaries market continues to see methodical selling, with a number of players bringing sales to market over the last 15 months due to their disciplined approach compared to traditional LPs. This activity is supported by major financing players, as Ares led on two European mid-market continuation vehicles, including a fund over £400 million for nursery operator Kids Planet and a €300 million vehicle for MCH to house a frozen baked goods asset. Separately, for general partners looking toward wealth transfer, CPA Anthony Venette advised that gifting a portion of carried interest earlier allows future appreciation to accrue outside the GP’s estate, yielding substantial tax benefits and aiding in legacy planning.