Last updated: March 19, 2026, 3:30 PM ET
Private Equity Deal Activity & Exits
Activity in the secondary market sees significant movement, with QHP Capital concluding a $1.1 billion continuation fund for Azurity Pharmaceuticals, a transaction spearheaded by Harbour Vest Partners and including Pantheon Ventures. This continues a trend where sophisticated sellers, often the buyers themselves, are methodically bringing assets to market over the last 15 months, demonstrating a disciplined approach. Elsewhere, European mid-market players are busy; Ares is leading two separate European mid-market vehicles, including one for nursery operator Kids Planet exceeding £400 million and another for a frozen baked goods asset at €300 million. In terms of larger exits, CVC Capital Partners and Nordic Capital are exploring options for Cary Group that could yield an enterprise valuation surpassing €3 billion.
Strategic Maneuvers and Investment Focus
Firms are adjusting strategies across various sectors, from healthcare IT to energy infrastructure. Blackstone-backed Chartis is expanding its health tech footprint by acquiring Chicago-based advisory firm Leap AI, while in a separate deal, LS Power plans to acquire 4.4 gigawatts of gas assets from Constellation Energy for a substantial $5 billion, focusing on generation capacity in Delaware and Pennsylvania. In the asset management space, Permira is preparing to divest its stake in Altamar CAM, a global private markets firm with €20 billion in AUM, to Mercer. Furthermore, Van Lanschot Kempen has initiated a strategic review of its $11.5 billion liquid funds unit, signaling potential divestment or restructuring in that segment.
Secondaries Markets and LP Dynamics
The secondary market structure is evolving, with some GPs testing new transaction types. The Bindley Capital-backed Guardian Pharmacy Services priced a ‘synthetic secondary’ offering for its long-term care pharmacy services business, a structure often used to manage liquidity without a full fund sale. This activity contrasts with the stated intentions of some Limited Partners; despite high-profile shifts away from direct investing, LP willingness to participate in co-investments remains high, suggesting a strategic pivot rather than outright withdrawal. Separately, HighVista Strategies has appointed Raudel Yanez to head its new GP-led secondaries investing strategy, specifically targeting the lower middle market segment.
Sector Investments and UK Entrepreneurial Climate
Investment continues across niche industrial and environmental services. Fort Point has recapitalized environmental services firm Boston Green with a new investment, while Sterling acquired managed IT services provider Cyber Advisors, which serves small to enterprise-level clients. On the climate front, BNP Paribas Asset Management Alts is backing FarmCarbon to scale methane reduction technologies within the agricultural sector. Meanwhile, the broader UK startup ecosystem faces potential talent attrition, as a recent survey indicates that one in five UK founders plans to relocate abroad within the next year, even as other regional companies achieve rapid growth through 'revenuemaxxing' strategies in the UK and Ireland.
Internal Firm Governance and Legacy Planning
Beyond transactions, firms are addressing internal structural and legacy issues. Experts are advising General Partners on estate planning, noting that gifting a portion of carried interest early allows future appreciation to accrue outside the GP’s taxable estate, yielding considerable tax savings. Internally, firms are recognizing talent, with American Pacific promoting Rahul Mohan to managing director after his tenure began in 2020. Elsewhere, Audax and Keystone are reportedly exploring exits for their HVAC portfolio companies, while Pophouse recently secured the Tina Turner music catalog.