Last updated: March 20, 2026, 4:30 AM ET
Dealmaking & Exits: Mega-Deals and Continuation Funds
Activity in the secondaries market remains high, though preferences are shifting away from technology assets, with Houlihan Lokey observing technology moving down the list of favoured CV sectors as managers react to recent market disruption. This pivot is evident as Ares leads on two European mid-market CVs, including a fund for nursery operator Kids Planet exceeding £400 million and another for MCH to hold a frozen baked goods asset, raising €300 million. Separately, the trend of General Partners initiating sales is being watched closely, though secondaries players distinguishing themselves by maintaining a disciplined approach to selling assets over the past 15 months. Meanwhile, in a significant continuation fund transaction, QHP Capital finalized a $1.1 billion vehicle for Azurity Pharmaceuticals, led by Harbour Vest Partners with Pantheon Ventures participation.
In other large-scale exits and financing maneuvers, CVC and Nordic Capital are exploring options to divest their stake in Cary Group, a process that could value the company at over €3 billion. On the portfolio company front, Bindley Capital-backed Guardian Pharmacy Services priced a ‘synthetic secondary’ offering for the Atlanta-based long-term care provider. Further capitalizing on the market, Permira is preparing to exit its investment in Altamar CAM, the global private markets firm managing €20 billion in assets, selling it to Mercer.
Sector-Specific Investments & M&A
Acquisition activity spanned defensive technology, healthcare, and infrastructure sectors over the past day. Blackstone-backed Chartis acquired Leap AI, a Chicago-based healthcare advisor, in a move signaling continued PE interest in health tech integration. In a major energy transaction, LS Power agreed to purchase 4.4 gigawatts of gas-fired generation capacity from Constellation Energy in Delaware and Pennsylvania for a reported $5 billion. Healthcare roll-ups continued as B-Flexion Life Sciences-backed companies Paratek and Radius Health completed a merger, supported by a $1.3 billion financing advised by Mintz. In IT services, Sterling acquired managed IT firm Cyber Advisors, expanding its footprint across small, mid, and enterprise client bases.
European investment also saw specific sector targeting, with ICG backing railway maintenance firm Comcreta to fuel expansion amid accelerating Italian rail infrastructure spending. In the digital health space, Verdane and Bpifrance provided backing to Medadom, the French teleconsultation provider accredited by the Ministry of Health. Furthermore, BNP Paribas Asset Management Alts invested in FarmCarbon, a climate-focused vehicle aiming to scale methane reduction technologies within agriculture. Private equity interest in defense is also growing, with VCs tracking 12 defense startups anticipated to watch in 2026, suggesting early-stage capital is already flowing into the sector.
Fund Strategy, Talent, and European Tech Dynamics
Amid consolidation pressures, Van Lanschot Kempen initiated a strategic review of its $11.5 billion liquid funds unit to explore strategic options. Talent shifts within secondaries are also occurring, as HighVista Strategies appointed Raudel Yanez to lead its GP-led secondaries strategy focused on the lower middle market segment. Looking at European tech ecosystems, reports suggest that the UK and Ireland are seeing a "tech bro renaissance," characterized by faster execution, smaller team sizes, and narrower competitive moats among leading startups, while some founders indicate that one in five are considering leaving the country within the next year.
In terms of fundraising visibility, Bluesky secured $100 million in Series B funding following a CEO transition, utilizing the capital to scale its team and advance the ATProto underlying technology. Simultaneously, the EBRD committed $40 million to the Templeton Türkiye Fund, which is targeting $300 million overall. On the operational side, firms are grappling with execution, as evidenced by the internal dynamics of Project Europe, which has seen activities ranging from cold water swims to club nights. For those managing wealth, CPA Anthony Venette detailed strategies concerning gifting carried interest and estate planning, suggesting early transfers can shift future appreciation outside a GP’s estate for tax benefits.
Asset Specifics & Performance Benchmarks
In targeted asset sales, Audax and Keystone are reportedly seeking exits for their HVAC portfolio companies, while Pophouse Entertainment, alongside BMG, finalized the purchase of Tina Turner’s music interests, following earlier reports of the pending transaction. The focus on measurable results in tech remains important, with experts arguing that AI pilots often fail unless firms measure specific business outputs rather than just discussing the technology itself. Furthermore, the trend of co-investing is entering a new phase, described as having its "Trafalgar moment," although this pivot away from direct investing isn't signaling a reduced willingness from Limited Partners to deploy capital directly. In a nod to impact investing, Fort Point invested in environmental services firm Boston Green to recapitalize the company.