Last updated: March 19, 2026, 8:30 PM ET
Dealmaking & Exits in Private Equity
European buyout activity saw major exit preparations underway as CVC and Nordic Capital explored options for Cary Group, potentially valuing the maintenance provider at over €3 billion, while in the mid-market, Ares led two continuation vehicles, one for a nursery operator exceeding £400 million and another for a frozen baked goods asset raising €300 million, according to sources. These moves signal a dynamic exit environment, though hold periods for portfolio companies are reported to be longer than ever, prompting firms like Audax and Keystone to seek exits in the HVAC sector. On the GP side, Permira is preparing to exit its stake in Altamar CAM, a sizable private markets investment manager with €20 billion in AUM, selling the remainder of its position to Mercer.
Secondaries Market Activity & Strategy
The secondaries market continues to evolve, characterized by a disciplined cohort of sellers among Limited Partners who have brought assets to market methodically over the past 15 months. This focus is shifting slightly away from technology, as Houlihan Lokey observes a move toward other sectors in response to tech disruption, though co-investing remains highly relevant, despite high-profile shifts away from direct investing by some LPs that are not indicative of overall LP willingness. Furthermore, specific strategies are emerging, with HighVista Strategies appointing a new head to launch a GP-led secondaries investing strategy targeting the lower middle market.
Fundraising & Capital Deployments
In specialized fundraising, QHP Capital successfully closed a $1.1 billion continuation fund for Azurity Pharmaceuticals, anchored by Harbour Vest Partners and Pantheon Ventures, demonstrating continued appetite for mature assets. Meanwhile, institutional backing is fueling growth in emerging markets and specific sectors; the European Bank for Reconstruction and Development committed $40 million to the Templeton Türkiye private equity fund, which is targeting $300 million in total capital. Furthermore, infrastructure and energy saw major capital deployment, as LS Power agreed to acquire 4.4 gigawatts of natural gas generation capacity from Constellation Energy for a $5 billion consideration.
Sector-Specific Investments & M&A
Buyout firms are actively deploying capital across healthcare and infrastructure. Blackstone-backed Chartis acquired the health tech firm Leap AI, while in a separate healthcare consolidation, B-Flexion Life Sciences-backed companies Paratek and Radius Health completed a merger supported by a $1.3 billion financing package advised by Mintz. In the services sector, Sterling completed the acquisition of managed IT services firm Cyber Advisors, while ICG backed Italian railway maintenance provider Comcreta to advance expansion plans amid increased national infrastructure spending. Climate and ESG remain a focus, with BNP Paribas Asset Management Alts backing Farm Carbon to scale methane reduction initiatives within agriculture.
Venture Capital and Early-Stage Finance
The venture ecosystem showed continued activity, albeit with a focus on later-stage funding and specialized AI applications. Social media platform Bluesky secured $100 million in Series B funding following a CEO transition, which is being used to scale development of its ATProto infrastructure. In the AI space, Index Ventures participated in a $20 million Series A for Parallel, a company deploying AI agents in hospital settings, while two former Palantir employees raised $30 million with a Sequoia stamp of approval for their workflow automation startup, Edra. On the funding front, UK founders expressed significant mobility concerns, with one in five planning to leave the country within the next year, even as some UK startups focused on "revenuemaxxing" grew rapidly in the region.
Operational and Legal Considerations
Firms are also navigating complex tax and operational issues. Legal experts are advising General Partners on estate planning, specifically how gifting carried interest early can accrue future appreciation outside of an estate for substantial tax benefits. Meanwhile, portfolio companies are engaging in creative financing, as seen when Bindley Capital-backed Guardian priced a 'synthetic secondary' offering for its long-term care pharmacy services business. Relatedly, managers are being cautioned to move beyond pilot programs in artificial intelligence and instead measure specific business outputs to realize quantifiable improvements.