Private Equity 24-Hour Briefing
×Last updated: March 18, 2026, 11:30 AM ET
Dealmaking & Exits
Asian private equity firms are preparing for major liquidity events, with KKR, Silver Lake, and General Atlantic looking to partially exit their stakes as part of the expected $4 billion initial public offering from Reliance Jio. Separately, TDR Capital and I Squared Capital are exploring dual options for their power solutions business, Aggreko, including a potential IPO that could establish an enterprise valuation around $15 billion, alongside a possible outright stake sale. Meanwhile, HIG Capital won an award for realizing its small-cap deal of the year through the exit of Koozie, while Ronin Equity completed a GP-led secondary deal involving a minority stake sale in Aeri Tek Global, which also saw participation from Partners Capital in the continuation vehicle.
Investment Activity & Sector Focus
Growth equity investors demonstrated commitment to sustainability, as Idealist led a C$50 million investment into sustainable agriculture firm Solugen, with the Canada Growth Fund also participating in the funding round. Climate technology remains a focus, with Bain Capital making an investment in Duravent Group, which already counts Egeria as an existing backer. In the digital space, Warburg Pincus is investing in fintech platform The Guarantors, anticipating the transaction will conclude by the close of the second quarter of 2026. Furthermore, EQT and the World Bank provided backing to Candela, the "flying ferry" startup, raising €30 million to fund its global rollout plans.
Add-on Acquisitions & Platform Building
Portfolio companies continued to pursue strategic expansion through bolt-on acquisitions, reinforcing platform value across various sectors. Astro Pak, backed by Stephens Group, acquired Clean Sciences, a provider specializing in high purity and precision cleaning services. In construction supplies, Truelink-backed SouthernCarlson purchased specialty distributor Greenwald Supply Direct, broadening its reach in fasteners and tools distribution. The industrial software sector saw activity as TPG-backed Velotic launched, appointing former PTC CEO James Heppelmann as executive chairman and Brian Shepherd as CEO. Additionally, Fort Point-backed VisuSewer acquired United Survey, an infrastructure services firm focused on sewer inspection and cleaning.
Personnel Moves & Firm Strategy
Private equity firms continued to bolster their operating and investment teams across regions. Kain Capital appointed Sameer Mathur as a partner, formerly of Chicago Pacific Founders, and Bridie Gahan as Vice President of Strategy. In operational roles, Behrman Capital named Eric Smith as an operating partner to advise on management matters, while Star Mountain tapped George Zahringer as a strategic portfolio partner. On the credit side, Apollo Global Management hired an executive from Warburg Pincus to lead its new $1 billion private credit fund based in Singapore, complementing Apollo’s broader push into the asset class, including a new data venture with NYSE owner Intercontinental Exchange.
European Developments & Fund Strategy Shifts
European deal activity saw a complex transaction involving MCH Private Equity, where Ares Management led a €300 million continuation fund for premium frozen baked goods maker Europastry following the halt of a planned IPO. In the defense technology sector, ETNA prepared to acquire Brolis Defence Group, a developer of electro-optical systems used by NATO forces, amid heightened European defense spending following geopolitical tensions highlighted by the Iran war context. Personnel reshuffles also occurred in public pension management, as the UK’s Border to Coast pension pool hired a lead portfolio manager for its private equity, credit, and climate strategies, as its total asset portfolio is set to expand towards £110 billion.
Liquidity Concerns & Investor Relations
Investor caution regarding private market liquidity surfaced in several areas. A significant US pension fund decided to exit its exposure to Clearlake due to perceived conflicts of interest stemming from Clearlake’s planned acquisition of Pathway Capital Management. This move follows broader industry worries that credit contamination could derail retail ambitions for private capital, even as other jurisdictions, like APAC, reported a needed liquidity boost from public market sources. Compounding leadership issues, Australia's sovereign wealth fund, Future Fund, lost two senior directors leading its private equity and real assets divisions amid a string of high-level resignations.