Private Equity 8-Hour Briefing
×Last updated: March 16, 2026, 1:30 PM ET
Deal Flow & Strategy Shifts
Private equity dealmaking continues with several strategic additions and acquisitions across infrastructure and services, while leaders discuss future investment mandates. Triton announced its €5.5 billion fundraise is positioned as a "strong beneficiary" of Europe’s push for greater sovereignty, focusing on the intersection of energy and autonomy, according to IR head Cenk Turkinan. On the personnel front, Fortress hired Elizabeth Burton as its new chief strategist, reporting directly to co-CEOs Drew McKnight and Jack Neumark from her new New York base. Meanwhile, Antonio Gracias, speaking at the Upfront Summit in LA, expressed a preference for "proentropic" startups—companies engineered to successfully navigate periods of chaos—reflecting a cautious approach to technology investment amid economic uncertainty.
Acquisitions and Portfolio Activity
Activity spanned utilities, logistics, and specialized manufacturing as firms deployed capital into niche platforms. Oaktree-backed Aecon Utilities finalized the purchase of Duna Services and a stake in KNX Utility Services for $60 million, with provisions for potential contingent proceeds. In logistics, Blue Wolf-backed Logistec, a key North American marine terminal provider based in Montreal, acquired Travero’s Logistics Park Dubuque. Separately, Gryphon-backed Mechanix Wear, a California-based provider of hand protection, expanded its footprint by acquiring PPE manufacturer Otex. In the media sector, Capstone Point Holdings successfully scooped up the entertainment media unit from Orix-backed Optimal, which will now operate under the legacy name Optimad Media.
Sector Valuations and Exits
Valuations in the residential HVAC sector remain elevated, with scaled platforms commanding EBITDA multiples between 16x and 19x, while commercial HVAC deals show a wider spread, trading at 10x to 17x EBITDA, indicating continued PE appetite for service providers coming to market. In Europe, Norvestor agreed to take payroll provider Zalaris private in a deal valued at NKr2.2 billion ($225 , suggesting that lower offers in defense-related deals are becoming more acceptable if they reduce execution risk, as noted by Goodwin attorneys. Despite these targeted transactions, overall small and mid-sized deal volume, specifically purchases between $100 million and $300 million, remain well below the 2021 peak according to analysis.
Awards and Secondary Markets
The recent success of major exits was celebrated with the announcement of PE Hub’s Deal of the Year Awards for 2025. Blackstone, Carlyle, and Hellman & Friedman shared the top honor for the $7.2 billion Medline IPO. Other winners included Kinderhook Industries for the sale of VAI to Real Truck in the Mid-Cap North America category, and Accel-KKR for the Large-Cap Europe award recognizing the sale of Smart Communications to Cinven, which they credited to early investment in AI capabilities. Meanwhile, institutional investors are rebalancing portfolios, as Canada Pension Plan Investment Board (CPPIB), is reportedly exploring the sale of approximately $1.5 billion in Asia-focused private equity fund stakes to unlock liquidity.
Wealth Management & New Hires
Firms are also actively reshaping their middle-market and wealth management platforms. Bain Capital agreed to acquire the wealth management division of Australia’s Perpetual in a $350 million transaction. In hiring, Quad-C appointed Dillard Watt as business development director to focus on sourcing new platform investments and add-on acquisitions alongside investment teams. Furthermore, TA Associates and GoldState Music participated in an investment round for the music distribution platform Too Lost, with Pinnacle Financial Partners providing the accompanying credit facility. The broader market conversation also touched upon governance issues, with one analysis noting that valuation disagreements could become a sticking point in the push for PE "democratisation" as continuation funds launch.