Private Equity 8 Hours

Last updated: March 23, 2026, 5:30 PM ET

Dealmaking Activity & Exits

Private equity deal flow in the U.S. experienced a marked deceleration during March, primarily driven by a sharp reduction in massive, multi-billion dollar Artificial Intelligence funding rounds closing this month, contrasting with sustained activity in specialized sectors. On the exit front, Advent & Cinven are exploring a potential €25 billion divestiture of TK Elevator, with Kone entering advanced talks to acquire the business currently owned by the private equity giants. Further M&A activity saw Francisco Partners selling music publisher Kobalt to Brookfield-backed Primary Wave, with assurances that CEO Laurent Hubert and the management team would remain in place post-transaction. In the defense sector, Arlington Capital is to acquire Eptec Defence, a specialist provider focusing on naval and defense preservation services, indicating continued appetite for niche government contractors.

Fundraising & Asset Allocation

Growth equity firm Lead Edge Capital successfully closed its seventh dedicated fund, securing $3.5 billion to concentrate on software investments despite current market volatility, demonstrating continued LP confidence in sector-specific mandates. Meanwhile, institutional investors are actively seeking liquidity, evidenced by the University of California system initiating the process of selling a $3 billion portion of its limited partner portfolio in the secondaries market. Further illustrating the focus on secondary transactions, Mercer bolstered its capabilities by acquiring AltamarCAM, a move that brings enhanced secondaries expertise to the asset manager at a time of high demand for such liquidity windows, according to commentary from Michael Dempsey. Australian pension fund Aware Super appointed to head its $11 billion private equity portfolio, signaling internal structural adjustments to manage complex asset deployment.

Sector Focus & Emerging Trends

Infrastructure and energy assets in the Gulf region remain highly attractive, as both private equity and infrastructure funds target a $7 billion pipeline deal in Kuwait, signaling ongoing deployment interest in Gulf energy infrastructure. In Southeast Asia, Actis finalized its deployment by acquiring a 90% interest in Singapore-based environmental services firm 800 Super, bringing Actis's total deployment in the region to $1.7 billion. Separately, the venture ecosystem continues to address technological bottlenecks, with startup Gimlet Labs raising an $80 million Series A round to commercialize technology designed to solve the AI inference bottleneck by enabling simultaneous processing across heterogeneous chips from NVIDIA, and others. Research suggests that independent sponsors emphasizing greater deal selectivity often target returns exceeding 3x, aiming for higher multiples than those typically achieved in traditional buyout fund transactions due to a preference for lower entry valuations.

Personnel & Governance

The secondary market focus on investor liquidity is closely tied to governance concerns, with reports suggesting that certain evergreen fund structures could face scrutiny over potential ‘mis-selling’ or ‘mis-structuring’ issues, labeled by one commentator as a ‘cardinal sin.’ In dealmaker profiles, former Green Bay Packers wide receiver Terrence Murphy has launched Synergy Sports Capital, announcing the firm's debut transaction shortly after its unveiling this month.