Last updated: March 21, 2026, 8:30 AM ET
Fundraising & Deal Sizing
Activity in large private equity transactions saw a slight contraction this week, with the largest U.S. deals skewing smaller than in previous periods, though cybersecurity and adjacent privacy startups continued to attract substantial capital infusions. This trend is mirrored in the broader venture space where AI companies commanded 41% of the $128 billion in venture dollars raised last year, according to Carta data. Meanwhile, established buyout giants are pushing forward with massive capital raises; Blackstone secured commitments exceeding $12 billion for its newest Asia-Pacific buyout fund, even as growth equity specialist Coefficient Capital closed over $500 million across two vehicles focused on scaling consumer strategies.
Sector Deployment & M&A
Private equity firms are accelerating deployment across specific verticals, with healthcare benefits management emerging as a focus area for multiple firms including InTandem, NMS Capital, and WestView Capital, alongside Palladium Equity Partners’ agreement to acquire a hospice care provider. In a significant industrial transaction, 3M and Bain Capital are joining forces to purchase Madison Fire & Rescue for $1.95 billion, intending to merge it with 3M’s Scott Safety division to forge a new integrated fire and safety platform. Further deal acceleration is anticipated from European player Mutares, which is preparing for a pipeline of approximately €2.5 billion in planned acquisitions set to materialize during the second quarter of 2026.
Exits & Secondary Markets
In the realm of planned divestitures, KKR intends to sell CoolIT, its data center liquid cooling technology company, in a transaction valued at $4.75 billion, with the acquisition expected to finalize in the third quarter of 2026. On the secondary market front, the Abu Dhabi Investment Council is marketing a portfolio of fund stakes valued in excess of $2 billion, reflecting the fact that private markets now constitute roughly 61% of its total investment holdings. Simultaneously, TPG is actively rebuilding its Japanese presence, evidenced by appointing its first Japan-based secondaries professional within its TPG New Quest arm to spearhead multi-asset expansion in the region.
Credit & Infrastructure
The private credit arm of Blackstone’s $83 billion BCRED vehicle is proceeding with the issuance of a new collateralized loan obligation, signaling continued activity in structured credit markets despite broader funding uncertainties. In strategic add-on acquisitions, LLR Partners-backed Viventium, a human capital management provider for post-acute care, purchased the caregiver rewards platform Perks4Care to bolster its service offering. Separately, technology investment managers are pivoting strategy; $70 billion Coatue Management, led by Philippe Laffont, is launching a dedicated AI crossover fund in response to the sector’s market dominance.