Private Equity 24-Hour Briefing
×Last updated: March 18, 2026, 8:30 AM ET
Dealmaking & Continuation Vehicles
Ares Management aggressively supported a major portfolio maneuver by leading a €300 million continuation fund for the frozen baked goods company Europastry, following an aborted initial public offering and supporting MCH Private Equity’s exit strategy in the deal. This transaction comes as the broader exit pipeline proves challenging, with even assets purchased during less frothy periods struggling to find buyers. Concurrently, Ronin Equity finalized a GP-led secondary transaction, acquiring a minority stake in AeriTek Global through a continuation vehicle that also attracted new capital from Partners Capital.
Sector Focus: Defense & Industrials
European defense technology firms are experiencing heightened investor interest, driven by geopolitical realities, as noted by the spotlight on startups stemming from the Iran war's impact. In line with this trend, ETNA has moved to acquire Brolis Defence Group, a manufacturer of electro-optical systems utilized by NATO forces, a deal that occurred shortly after Oakley Capital secured a Deal of the Year award. In the industrial software space, TPG launched a new entity named Velotic, appointing former PTC CEO James Heppelmann as executive chairman to spearhead its industrial software focus, while in acquisitions, Sagard-backed Norbec expanded its cold storage footprint by purchasing Canadian Curtis.
Credit, Data Infrastructure & Platform Expansion
The convergence of private credit and data infrastructure is gaining traction, evidenced by Apollo Global Management partnering with Intercontinental Exchange, the owner of the NYSE, to build new data infrastructure specifically for the private credit sector. Apollo also bolstered its credit team, hiring a former Warburg Pincus executive to aid in the deployment of its $1 billion Singapore private credit fund. Meanwhile, other platform plays advanced, with KKR committing up to $310 million to forge a strategic partnership with Allfleet and PMI Electro to accelerate expansion, and Fort Point-backed VisuSewer adding crucial wastewater infrastructure services by acquiring United Survey.
Geographic Moves & Talent Acquisition
Private equity firms are continuing their international expansion efforts, with a Singaporean buyout shop planting its first overseas flag in Hong Kong to enhance local investment support and investor relations capabilities. In the U.S., Star Mountain strengthened its advisory bench by tapping George Zahringer, co-founder of AZ Private Ventures, as a strategic portfolio partner. On the exit front, Seaport executed a strategic divestiture, selling its technology company Exacom to Motorola Solutions.
Regulatory Scrutiny & Investor Sentiment
Pension funds are beginning to prune exposures due to governance concerns, as demonstrated by Nevada PERS deciding to exit its investment in Clearlake over perceived conflicts of interest arising from Clearlake’s deal with Pathway Capital Management. This comes as Australia’s sovereign wealth fund, the Future Fund, experienced further senior departures, losing joint managing directors David Bluff and Tammi Fisher from its private markets leadership. In fintech, Warburg Pincus announced an investment into insurance technology firm TheGuarantors, although the transaction is not slated to close until the end of the second quarter of 2026.
Exit Market Puzzles & European Activity
The IPO market remains constrained, with experts questioning what factors will unlock activity in 2026, even as secondary transactions pick up pace according to PwC analysis. In Europe, Advent and Cinven are exploring a substantial €25 billion exit from elevator giant TK Elevator, a process that coincides with takeover talks involving rival Kone. Elsewhere, the UK continues to attract capital, drawing praise as an excellent hub for investors, while on the Deal of the Year front, Kinderhook Industries secured the Mid-Cap North America award for its ongoing work with HVAC service providers.