Last updated: March 20, 2026, 9:30 PM ET
Fundraising & Capital Deployment
Blackstone continues to dominate large-scale fundraising, securing over $12 billion for its newest Asia-Pacific buyout vehicle, while Partners Group looks to establish a deeper foothold in India by targeting at least $1 billion for its inaugural domestic buyout fund. In growth equity, Coefficient Capital successfully scaled its consumer focus, raising more than $500 million across two investment vehicles to fuel its expansion strategy. Separately, massive institutional capital is recycling through the secondary market, evidenced by the Abu Dhabi Investment Council (ADIC) placing a $2 billion-plus portfolio of fund stakes onto the market, reflecting that private markets comprise about 61% of its current holdings.
Sector Focus: AI & Tech M&A
While the overall volume of large U.S. deals slowed this week, cybersecurity and privacy startups remained top targets for venture capital, even as the broader venture industry sees AI startups capturing an increasingly large share of dollars raised; last year, AI companies accounted for a record 41% of the $128 billion in venture dollars tracked by Carta. This intense focus on artificial intelligence is causing established technology investors to pivot, such as Coatue Management, the $70 billion firm, which is preparing to launch a new dedicated AI and technology crossover fund. Intriguingly, the energy sector is emerging as an AI play, as power constraints for new data centers create investment openings in energy technology solutions.
Private Equity Deal Activity & Exits
KKR has initiated the sale process for its data center liquid cooling technology firm, Cool IT, seeking an expected valuation of $4.75 billion, with the transaction anticipated to close in the third quarter of 2026, signaling strong exit appetite for AI-enabling infrastructure. On the acquisition front, Bain & Company is teaming up with 3M to purchase Madison Fire & Rescue for $1.95 billion, intending to merge the entity with 3M’s Scott Safety division to build a unified fire and safety platform. Meanwhile, European firm Mutares is preparing for a marked acceleration in transaction activity during the second quarter of 2026, lining up an acquisitions pipeline valued at €2.5 billion.
Buyout Activity in Healthcare & Industrial Tech
Dealmakers continue to find opportunities in specialized healthcare services, as firms like InTandem, and WestView Capital are actively targeting the healthcare benefits management segment. Furthermore, Palladium Equity Partners agreed to acquire DME Express, a hospice medical equipment provider, from Way Point Capital Partners, while LLR Partners-backed Viventium expanded its footprint in the post-acute care sector by acquiring the caregiver rewards platform Perks4Care. In industrial technology, Gryphon saw its portfolio company, ACA, acquire Northern Air, a specialty HVAC solutions provider, while IK Partners acquired a majority stake in the Dutch building materials firm Domek Group, which is now expanding into Belgium and Germany.
Credit Markets & International Expansion
In private credit, Blackstone’s $83 billion BCRED vehicle is with new collateralized loan obligation (CLO) issuance, providing necessary dry powder for debt financing across the market. This debt financing capability was recently deployed by CVC Credit, which provided senior debt to support Waterland Private Equity’s acquisition of Palletways. Geographically, TPG is actively re-establishing its presence in Japan by pursuing multi-asset expansion, including making its first Japan-based secondaries hire for its TPG New Quest arm. This strategic move comes after another success for a European firm, as Star Capital-backed Vincorion saw strong investor demand materialize during its €980 million initial public offering debut in Germany.