Last updated: March 20, 2026, 6:30 PM ET
Fundraising & Capital Deployment
Blackstone continues to secure substantial capital commitments, reportedly raising over $12 billion for its newest Asia-Pacific buyout fund, even as broader investment activity shows signs of slowing down, evidenced by smaller overall deal sizes in the largest U.S. venture rounds this week. Growth equity firm Coefficient Capital secured more than $500 million across two vehicles to expand its consumer focus, while Partners Group plans a $1 billion first-time buyout fund dedicated solely to India, signaling continued commitment to emerging Asian markets despite a general appetite for caution. Furthermore, ADIC is actively marketing a portfolio of over $2 billion in existing private market fund stakes, suggesting a strategic realignment or realization of gains within its substantial private markets allocation, which currently represents about 61% of its total portfolio.
Geographic Expansion & Strategy Shifts
TPG is re-establishing its presence in Japan by adding its first dedicated secondaries professional for TPG New Quest in the country, alongside broader multi-asset expansion efforts there. This geographic push contrasts with the more localized focus of IK Partners, which acquired a majority stake in Dutch intermediary Domek Group, a firm that has recently begun expanding its operations into Belgium and Germany from its Netherlands base; IK Partners also benefitted from the attractive returns generated by Permira’s exit from Altamar CAM. Meanwhile, Mutares anticipates a significant acceleration in deal flow for the second quarter of 2026, preparing an acquisitions pipeline valued in excess of €2.5 billion.
Sector Focus: AI, Healthcare, and Infrastructure
The technology sector remains heavily skewed toward artificial intelligence, which accounted for a record 41% of the $128 billion in venture dollars raised on Carta last year, prompting established players like Coatue to launch a new AI crossover fund managed by Philippe Laffont’s $70 billion firm. However, investment opportunities are emerging in adjacent infrastructure needs; recognizing that power constraints are a major bottleneck for AI data centers, investors are now exploring energy technology plays. In the healthcare space, private equity firms are demonstrating sustained interest, with InTandem, NMS Capital, and WestView all pursuing opportunities in benefits management services, while Palladium Equity Partners separately agreed to purchase hospice provider DME Express from Way Point Capital Partners and is also acquiring a hospice medical equipment provider.
Exits, Acquisitions, and Credit Activity
KKR plans to divest its data center liquid cooling technology company, Cool IT, in a transaction valued at $4.75 billion, with an expected closing date in the third quarter of 2026, marking a major liquidity event for the infrastructure investment. Elsewhere in M&A, Bain Capital and 3M are combining their assets to acquire Madison Fire & Rescue for $1.95 billion to form a new specialized safety platform, while LLR Partners-backed Viventium purchased Perks4Care, a caregiver rewards platform, bolstering its human capital management offerings for the post-acute care market. On the credit side, Blackstone’s $83 billion BCRED vehicle is with a new collateralized loan obligation issuance, while CVC Credit provided senior debt financing to support Waterland Private Equity’s acquisition of Palletways. Separately, Star Capital saw strong investor reception as its portfolio company, Vincorion, debuted in an IPO worth approximately €980 million.