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Public Markets

Last updated: March 31, 2026, 8:30 AM ET

Geopolitical Tensions & Energy Markets

Global markets reacted sharply to escalating tensions in the Middle East, with Brent crude poised for its largest monthly rise as traders weighed the prospect of prolonged shipping disruptions through the Strait of Hormuz. This sentiment was somewhat tempered by President Trump signaling willingness to end the Iran war, causing US stock futures to advance, though the underlying supply crisis remains acute, as crude prices hovering in the low $100s do not fully reflect spiking fuel costs. The conflict’s impact is visible regionally; for instance, German power prices surged fourfold relative to France, amplifying existing natural gas supply concerns, while a Kuwaiti tanker reportedly struck near Dubai further fueled price volatility.

Tech Sector Turmoil & M&A Activity

The technology sector experienced significant cross-currents, with megacaps entering a correction phase that contributed to the S&P 500 marking its worst month since 2022, even as some bulls prepared to buy into crushed valuations, pushing the Nasdaq 100 relative to the S&P 500 to its lowest point since 2018. Amid this volatility, Biogen agreed to acquire Apellis Pharmaceuticals for $5.6 billion, bolstering its immunology pipeline. Meanwhile, the supply chain risks inherent in the tech space were underscored by news that the helium shortage poses a threat to chipmakers, a concern compounded by the US pressing the UK for cooperation on quantum computing supply chains amid broader tech pact standoffs.

Corporate Strategy & Infrastructure

In corporate strategy, JPMorgan Chase announced its "American Dream Initiative", a plan aimed at stimulating economic growth, small business creation, and homeownership across the US. In aviation, Delta Air Lines plans to integrate Amazon’s Leo satellite internet for in-flight Wi-Fi starting in 2028, challenging incumbents like Starlink, while India’s IndiGo appointed the outgoing head of IATA as its new CEO. In regulatory matters, the UK’s Competition and Markets Authority launched a probe into Microsoft’s business software to assess its designation for strategic market status.

Regulatory Shifts & Market Data

Market infrastructure saw a valuation upgrade, as debt intelligence provider 9fin Ltd. secured funding at a $1.3 billion valuation amid strong demand for specialized financial data. In legal services, a Court of Appeal ruling permitting non-lawyers to work on litigation was welcomed by the broader law firm community. Separately, Ethiopia’s central bank opted to hold its benchmark interest rate steady at 15%, citing the necessity of maintaining tight monetary policy to keep inflation below the 10% target, while ECB member Muller would not rule out an April rate hike if oil and gas prices remain elevated due to geopolitical instability.

Private Equity

Last updated: March 31, 2026, 8:30 AM ET

Private Equity Deal Flow & Exits

Leonard Green & Co. is preparing a massive exit, reportedly looking to sell its portfolio company Jetro Restaurant Depot to Sysco for an agreed price of $29.1 billion, which would rank among the largest take-private deals this year; Jetro currently operates 166 warehouse stores serving over 725,000 independent foodservice operators across 35 states. Meanwhile, exit planning continues for the elevator giant TK Elevator, as sponsors Advent and Cinven are exploring either an Initial Public Offering or a full sale amid persistent speculation regarding a potential takeover by Kone. In other primary market activity, Wynnchurch-backed Archer is executing a carve-out acquisition of Sterno’s food service business, a Texarkana, Texas-based provider of portable food-warming solutions.

Sector Investments & Infrastructure Focus

Firms continue deployment into specialized sectors, with Greenbelt making an investment into American Wire Group to fuel its expansion, while TA Associates has targeted software, injecting capital into the firm iBase-t to support global scaling and product innovation. In the climate and consumer space, Ambienta invested in Bridge, a producer of dairy alternatives including plant-based drinks and yogurts, indicating sustained interest in sustainable food technology. Elsewhere, Inflexion has agreed to acquire Marioff, a specialist in high-pressure water mist fire suppression systems and related services, signaling appetite for mission-critical industrial safety assets.

Credit, Governance Shifts, and Geopolitical Headwinds

Large-scale credit vehicles are mobilizing liquidity, highlighted by Ares leading a $1.7 billion continuation vehicle for Antares to unlock capital within its private credit portfolio. Governance adjustments are also underway, as Advent has secured an 8% to 10% stake in cosmetics group Natura as part of a board overhaul. On the infrastructure front, the Blackstone-backed Mundys is actively increasing its holding in Getlink, moving closer to a 30% ownership threshold in the channel tunnel operator. Fund managers, however, are navigating complications, with reports indicating that private funds are experiencing rising risks tied to international sanctions, which is concurrently forcing changes in allocation behavior due to a prolonged distribution drought.

Sector Investment

Last updated: March 31, 2026, 8:30 AM ET

Asset Management Integration

Aligning disparate capital streams is the top priority for BNP Paribas following its acquisition of AXA IM, according to CEO Isabelle Scemama, who stressed that the merged alternatives business requires unified treatment across all asset classes BNP Paribas’ Scemama: ‘You can’t treat the capital differently’.