Public Markets
Last updated: March 11, 2026, 11:31 PM ET
Energy & Commodities
Oil futures surged past $100 as Iranian attacks escalated fears of prolonged Strait of Hormuz disruption, with Brent crude climbing 4.8% on Tuesday. The International Energy Agency approved a 172 million barrel release from strategic reserves, but prices extended gains as rhetoric from Tehran outweighed the intervention. Oman evacuated all vessels from its Mina Al Fahal terminal as a precautionary measure, while Saudi Aramco ramped up East-West pipeline flows to 7 million barrels per day, nearly tripling pre-conflict levels. The IEA warned EU inflation could surpass 3% if Brent remains near $100, while India's rupee weakened to 94-95 per dollar as oil prices threatened airline expansion plans. In metals, gold slipped 0.7% as Treasury yields climbed on inflation concerns, though Pimco's commodity fund plunged 17% amid war-driven volatility.
Equities & Markets
Asian stocks looked set to open lower Thursday, extending a week of volatile trading after the coordinated reserve release failed to stem oil's rally. Japan's Nikkei rebounded 2.1% as oil prices retreated and Trump's comments allayed prolonged conflict fears. South Korean options appeared cheap amid wild swings as the KOSPI fluctuated 4.8% daily. European shares dropped 1.2% on lingering Iran war concerns, with Rheinmetall plunging 8.5% after earlier gains. The cost of credit protection fell most since June in Asia after Trump signaled the conflict may be nearing an end. Hedge funds experienced their worst drawdown since April as crowded trades unwound, while Morgan Stanley capped redemptions on a private credit fund after investor demands surged. In IPO news, Madison Air filed for a $500 million offering after three quarters of double-digit revenue growth, and Quest Global began discussions for a potential $1 billion Mumbai listing.
Fixed Income & Credit
Treasury yields rose 12 basis points as oil's advance sparked inflation worries, prompting bond traders to shift to betting against Treasuries. The cost of credit protection fell most since June in Asia after Trump signaled the conflict may be nearing an end. JPMorgan marked down loan portfolios of private credit groups, with collateral devaluation limiting credit to higher-risk firms. Cliffwater capped payouts on its credit fund as redemption requests surged, while Ares Management convened a town hall to reassure staff about market volatility. In municipal markets, New York City's credit outlook was downgraded to negative by Moody's citing "sizable and persistent" budget gaps. Nearly 500 UK mortgage deals were withdrawn in two days as the average two-year fix climbed back above 5%.
Technology & AI
Atlassian cut 10% of its workforce to adapt to AI threats, becoming the latest tech company to axe roles amid automation pressures. Oracle set aside an additional $500 million for restructuring costs as it hailed efficiencies from AI coding tools. Nvidia and ABB launched a partnership for AI-enabled autonomous robots, with industrial bots being trialed by Foxconn. In quantum computing, Xanadu received C$390 million in government aid to build engineering and manufacturing capabilities. The race for humanoid robots intensified as a network of training farms aimed to supply data for machine "brains". Meanwhile, Amazon won a ruling keeping AI bots off its site, though retailers prepared for a new shopping normal.
Private Markets & M&A
Blackstone arranged a $1.2 billion credit facility for Air Trunk's expansion into Japanese data centers, part of a broader push by private equity into AI infrastructure assets across Asia-Pacific. Sealed Air's $7.15 billion buyout debt may launch next week to finance Clayton Dubilier & Rice's acquisition. CVC Capital Partners shares slipped as performance-related earnings guidance disappointed, overshadowing better-than-expected 2025 results with a 67% increase in realizations. In distressed assets, Atlanta-based Multi-Color Corp. opened accounts at New Jersey's Connect One Bank in a curious maneuver that creditors are scrutinizing. Chubb partnered with the US International Development Finance Corp. on a $20 billion reinsurance backstop aimed at reviving Hormuz shipping.
Geopolitics & Trade
The Trump administration launched sweeping trade investigations into China and the EU, setting the stage for new tariffs as the centerpiece of a push to replace levies struck down by the US. Venezuela appointed a new hydrocarbons minister as the US guides the country's oil recovery under a new energy law. Colombia is taking steps that could allow it to begin importing natural gas from Venezuela, while Bolivia pledged to meet dollar bond payments this month as it looks to swap notes into local currency debt. Reliance Industries reset its relationship with Trump in one move, pledging an oil refinery investment. Peru's presidential race remains wide open with none of more than 30 candidates having strong support ahead of next month's vote.
Corporate & Industry News
Petco expects 2026 sales to be flat to up 1.5% as it moves into the next phase of its turnaround plan, a reversal from last year's 2.5% revenue decline. UiPath guided for slower full-year revenue growth despite top- and bottom-line gains in the fiscal fourth quarter. Lindt shares sank 7.8% after the chocolatier cut guidance and said the Middle East war would likely hit tourism sales. Costco faces a potential class-action lawsuit seeking to force the retailer to pass along any tariff refund to customers. Target's DEI boycott appears to be winding down as activists say the retailer has acknowledged a breakdown in trust with the Black community. Darktrace named its third CEO in 18 months amid a US expansion drive, while UK-based cyber security group hired Ed Jennings as private equity owners push for faster growth.
Financial Services
UBS increased its bonus pool 10% as the Credit Suisse integration nears completion, while keeping CEO Sergio Ermotti's compensation unchanged at $19 million. Allianz and Sun Life are considering bids for HSBC's insurance unit in Singapore after the bank announced a strategic review. Hedge funds ramped up bullish bets on the Australian dollar in options markets before next week's central bank decision. Australia's pension funds boosted currency hedges to cushion global stock portfolios amid the local dollar's biggest annual surge in five years. Blackstone readied a £250 million Canary Wharf office sale, marking the latest sign of growing confidence in east London's financial district.
Legal & Regulatory
The Trump administration asked the Supreme Court to end protections for Haitian immigrants and has also sought to end deportation protections for other groups including Syrians. 17 Democratic states sued over Trump's demand that colleges provide race data for admissions. The DC Bar began disciplinary proceedings against Ed Martin, accusing the senior Justice Department official of an unethical pressure campaign against Georgetown University. A former Missouri police officer was sentenced to two years in prison for taking nude images from phones during traffic stops and now faces civil lawsuits from 20 identified victims. Two people died after paid plasma donation at clinics in Canada operated by Spanish healthcare company Grifols.
Regional Markets
Philippine firms braced for rising costs as oil's spike above $100 a barrel dragged the peso to a record low, heightening risks for an economy heavily reliant on fuel imports. Indonesian nickel plants halted output after a deadly landslide at a waste area used by one facility. Ghana banned land imports of pasta to prevent smuggling days after inaugurating its first domestic processing plant. Kenya's capital was worst affected as floods killed at least 37 people after heavy rains across several parts of the country. Japan's dependence on overseas energy supplies has shaped its policy for more than half a century since the 1973 oil shock, though questions remain whether decades of preparation are sufficient for the current crisis.
Private Equity
Last updated: March 11, 2026, 11:31 PM ET
Fundraising & Mega-Deals
Venture capital mega-funds are returning with General Catalyst rumored to be raising $10 billion and Spark Capital targeting $3 billion, following a broader trend of large fundraises. This surge in dry powder coincides with an AI-driven unicorn boom, as nearly 40 new companies have achieved billion-dollar valuations this year. The momentum extends to later-stage investing, with Founders Fund nearing a $6 billion close for its latest growth vehicle, less than a year after completing a $4.6 billion fund. In private equity, Bain Capital secured $12.5 billion across its latest Asia and Japan buyout funds, underscoring continued institutional appetite for global buyout platforms despite broader market uncertainty.
Secondaries Market Surge
The secondary market is experiencing unprecedented activity, with GP-led deal volume hitting an all-time high in 2025. This is evidenced by several blockbuster transactions, including EQT's leadership of a record $5.5 billion share sale in Swiss skincare company Galderma. The trend is attracting major new entrants; Lindsay Goldberg is building out a dedicated continuation vehicle strategy, while BNP Paribas Asset Management gathered €540 million for its first GP stakes fund. Large institutional sellers are also active, with CPP Investments launching a multi-billion-dollar portfolio sale dubbed Project Ember and Ontario Teachers’ reporting a 6.7% return as assets grew to $279.4 billion. However, LP process pain points persist, and industry leaders warn that the sheer volume of deals doesn't always equate to satisfaction with transaction terms.
Strategic Buyouts & Add-Ons
Healthcare remained a focal point for consolidation, with Riverglade-backed Dynamic Access acquiring Minneapolis-based Picc Stat, a family-owned vascular access provider. This follows Chicago Pacific Founders' investment in Nexben, a Minneapolis-based healthcare benefits manager. Industrial and business services also saw significant activity. Chimney Rock bought Gas Clip Technologies, a supplier of portable gas detection services to industrial and utility markets. AE Industrial’s AIM MRO acquired AA Bushings, marking the platform's fourth add-on since the initial investment. In the aerospace sector, HIG-backed Coriant completed its fourth acquisition with CVS, following the merger of its Rainham, Zenith, and Tei platforms. Meanwhile, Searchlight Capital’s sale of its RWI business, Euclid Transactional, to CRC Group highlighted the monetization of niche financial insurance plays.
Blackstone’s Dual Strategy: Platforms & Exits
Blackstone executed a two-pronged strategy, making a major commitment to a private equity platform while preparing asset sales. The firm, alongside Blue Owl Capital, acquired a minority stake in Atlas Holdings, valuing the owner of 30 industrial and manufacturing businesses at approximately $16 billion. This coincides with Blackstone's preparations for a potential sale of Shya Hsin Packaging, having tapped Citigroup for a deal that could fetch around $1 billion. The firm also took a majority stake in Advanced Cooling Technologies, demonstrating continued investment in specialized industrial technology. These moves reflect a strategy of both backing large-scale platform builders and harvesting mature assets.
Large-Scale Exits & Portfolio pruning
The exit environment showed signs of life with several significant transactions. CVC reported a record year, realizing €21.9 billion in exit value in 2025, a 77% increase over the prior year. EQT's $5.5 billion Galderma exit was a landmark Swiss secondary sale. TPG completed a $4.75 billion sale of Intersect to Google, spinning off its grid-tied power business. On the divestment trail, Carlyle agreed to sell Colombian oil producer Sierra Col to Prime Infrastructure, while Advent International is reportedly exploring a $4 billion sale of its naval defense business, Ultra Maritime. E2P sold Furlani Foods to Arbor Investments after a three-year hold, with the seller noting operational goals were achieved ahead of schedule.
Continuation Vehicles & GP Stakes Evolution
The continuation vehicle (CV) market is maturing rapidly but faces structural questions. Edmond de Rothschild Corporate Finance and Jasmin Capital formed a partnership to focus on co-control deals where GPs sell part of a stake via M&A and move the remainder into a CV. Industry observers note that CVs could represent 10-20% of PE exits, but LP satisfaction with CV processes remains mixed despite record volumes. The economics of CV deals are becoming table stakes for trophy assets, and firms like A&M Capital are focusing on the mid-market where they believe a more attractive risk-return profile exists. The definition of secondaries itself is evolving as LPs take proactive roles, and private wealth capital is expanding capacity for larger deals though the market remains undercapitalized.
Sector Deep Dives: Industrials & Consumer
Industrial consolidation continued with multiple add-on acquisitions. Wynnchurch-backed Hydraulic Technologies acquired Foxtrot Industriel, a manufacturer of motorized industrial handling equipment. XPV Water Partners launched its Ocean Sight platform, advancing subsea sensing and geophysical intelligence. In the consumer space, Monomoy agreed to buy the Jiffy Lube business from Shell in a $1.3 billion deal, expanding its automotive services portfolio. Main Post sold its Not Your Mother’s haircare brand to Henkel, while Ardian added Casaforte to its self-storage platform, bringing its total Italian and French investment in the sector to over €300 million. In packaging, Altamont Capital invested in Key Container, a provider of specialty corrugated products.
Healthcare & Business Services Consolidation
Healthcare services saw a flurry of activity beyond the Dynamic Access and Nexben deals. BV Investment invested in Moxe Health, a clinical data exchange platform that integrates with electronic health records. Bertram Capital-backed Cogency Global acquired Elemental CoSec to expand its UK governance and company secretarial capabilities. In marketing services, NorthEdge-backed Ramarketing picked up ISR Market Research, a specialist firm focused on the pharmaceutical outsourcing market. Align Capital portfolio company ISPN made its second add-on since the initial investment in December 2024, demonstrating ongoing platform build-out.
AI Investment Recalibration
Venture capital is recalibrating around agentic AI, shifting focus from flashy demos to startups demonstrating real production usage, measurable outcomes, and revenue. This is reflected in funding rounds for applied AI. Legora, an AI platform for lawyers, raised $550 million at a $5.55 billion valuation, while Rebar secured $14 million to build an AI-generated quote system for commercial HVAC suppliers. The trend toward practical applications contrasts with the broader unicorn frenzy fueled by AI, suggesting a bifurcation between hype-driven valuations and revenue-focused businesses. Khosla Ventures' Ethan Choi noted AI's potential to displace entry-level jobs, a concern influencing portfolio construction.
European Market Dynamics & Regulation
Europe faces a funding gap for green transition companies despite being the architect of stringent regulations. As one analysis starkly notes, Europe built the Green Regulation but forgot to fund the companies meant to deliver it. Sovereign wealth funds are stepping in; GIC-backed renewable developer Greenko is lining up a potential $1 billion IPO. Copenhagen Infrastructure Partners secured €1.3 billion at first close for its flagship green credit fund. In fintech, health insurance unicorn Alan hit a €5 billion valuation, while Revolut finally won its UK banking licence after a five-year process. Meanwhile, Denmark's proposed wealth tax is dubbed a disaster for startups, highlighting regulatory headwinds.
Infrastructure & Energy Transition
Infrastructure investing remains robust, with Brookfield exploring a $1.3 billion acquisition of World Freight Company from EQT and PAI. In energy transition, Lone Star agreed to buy Lonza’s Capsules and Health Ingredients division, while Ambienta acquired
Sector Investment
Last updated: March 11, 2026, 11:32 PM ET
ENERGY & COMMODITIES
Oil futures slipped 1.3% in early Asian trade after OPEC+ signaled potential output increases, while gold held near $2,340 as a weakening dollar offset risk-on sentiment. A surge in aluminum prices pushed China Hongqiao's Zhang Bo past the $48 billion mark, cementing his position among Asia's wealthiest industrialists. Meanwhile, U.S. airline bonds weakened after jet fuel costs spiked 8% on Middle East supply fears, and Chicago's planned muni bond sale is testing investor appetite amid geopolitical uncertainty.
FIXED INCOME
Japanese government bonds extended gains tracking overnight Treasury rallies as traders increasingly price in a September Fed rate cut. However, U.S. airline bonds weakened after jet fuel costs spiked 8% on Middle East supply fears, and Chicago's planned muni bond sale is testing investor appetite amid geopolitical uncertainty. The fundraising pipeline began to unclog, with capital targeted by private real estate funds in January 2026 down compared to one year prior, though the count of funds keeps rising.
REAL ESTATE
Spanish insurer Acciona made good with its contrarian bet on an unlikely building conversion in Madrid, acquiring Ombú Building. The platform will focus on opportunities in the US and Europe, with future growth contingent upon its track record, as ADIA and Ardian expand secondaries partnership into real estate. Meanwhile, HSBC Life plans return to real estate via value-add funds, aiming to diversify its US-heavy, core-focused portfolio with an eye on Asian assets. The PERE affiliate will merge with Real Estate Capital Europe in June to provide global coverage of real estate private credit. BlackRock’s MacDonald takes cautious stance on Japan, looking to smaller, quickly exited investments as BoJ's rate normalization complicates longer-term plans.
INFRASTRUCTURE
RGGREEN raises €900m for fifth European energy transition fund, having already invested about 70% of the fund’s capital with full deployment expected by year-end. GEPS to double real estate exposure over next five years, committing $250m to commingled funds in the next 12 months as a pivot away from single-asset investments. The fundraising pipeline begins to unclog, with capital targeted down but fund counts rising. CPP wants more ‘established’ data centre platforms after involvement in large-cap data centre investments, keen for further exposure.
HEALTHCARE
NewSpring leads $140 million investment in Honest Health, forming a partnership with health systems to support post-acute care and home-based services, marking a significant healthcare private equity deal in the sector.