Last updated: March 21, 2026, 5:30 AM ET
Private Equity Fundraising & Strategy Shifts
Blackstone raised more than $12 billion for its newest Asia-Pacific buyout fund, signaling continued deep-pocketed commitment to the region, as Partners Group simultaneously announced intentions to launch its inaugural India-focused buyout vehicle targeting at least $1 billion. This activity contrasts with a slowdown in venture deal sizes, where the largest U.S. funding rounds this week were smaller than in preceding weeks, though AI and cybersecurity startups remained the primary recipients of capital. Meanwhile, TPG is attempting to re-establish a dedicated presence in Japan, notably adding its first secondaries professional for TPG New Quest to handle multi-asset expansion in the country.
Elsewhere in fundraising, growth equity specialist Coefficient Capital successfully gathered over $500 million across two investment vehicles to scale its consumer growth strategy. In the credit space, Blackstone’s $83 billion BCRED vehicle is with new collateralised loan obligation issuance, demonstrating continued appetite for private credit products even as firms like CVC Credit provided senior debt financing to back Waterland Private Equity’s acquisition of Palletways. ADIC is also testing secondary market liquidity, putting more than $2 billion in existing fund stakes up for sale, with private markets constituting approximately 61% of its overall investment portfolio.
Sector-Specific Deals & Exits
The technology sector saw major movement, particularly around AI infrastructure, as KKR initiated the sale of data center liquid cooling company Cool IT for an expected $4.75 billion, with the deal anticipated to close in the third quarter of 2026. This follows the broader trend where AI startups secured 41% of the $128 billion in venture dollars raised on Carta last year, a record annual share, though some analysts suggest that the best AI investments may currently reside in energy technology due to power bottlenecks facing new data centers. Furthermore, established crossover investor Coatue Management, managing approximately $70 billion, is pivoting to launch a dedicated AI and technology-focused fund.
In transactions across other industrial and healthcare verticals, Bain Capital is partnering with 3M to acquire Madison Fire & Rescue for $1.95 billion, intending to merge the assets with 3M’s Scott Safety division to create a new integrated fire and safety platform. In the healthcare management space, multiple firms are pursuing opportunities, including InTandem, NMS Capital, and West View Capital focusing on benefits management services, while Palladium Equity Partners agreed to take over hospice provider DME Express from Way Point Capital Partners. Portfolio company activity included LLR Partners-backed Viventium, a human capital management provider for the post-acute market, acquiring caregiver rewards platform Perks4Care.
European & Secondary Market Activity
European dealmaking saw Star Capital-backed Vincorion achieve a successful €980 million initial public offering debut, reflecting strong investor demand for the German industrial technology firm. Meanwhile, activity in the Benelux region included IK Partners acquiring a majority stake in Domek Group, which recently expanded its operations beyond the Netherlands into Belgium and Germany. On the deployment front, Mutares is preparing for a substantial acceleration in transaction volume during the second quarter of 2026, forecasting an acquisitions pipeline valued at €2.5 billion. Secondary market exits proved rewarding for some, as sources indicated that Permira’s exit from Altamar CAM delivered attractive returns.
In the realm of smaller acquisitions, Gryphon-backed ACA acquired HVAC systems manufacturer Northern Air, specializing in specialty HVAC solutions in Oklahoma City. Separately, Amazon made a strategic purchase by acquiring robotics spinout Rivr, according to reports from Sifted. The competitive nature of startup investment continues, as data suggests that startup funding rounds are becoming increasingly crowded, emphasizing the enduring importance of trust and established reputation in securing capital.