Last updated: March 19, 2026, 4:30 PM ET
Dealmaking & Exits
Activity in the exit market saw CVC and Nordic Capital exploring options for their portfolio company Cary Group, potentially valuing the business north of €3 billion, while Permira is preparing to divest its stake in AltamarCAM to Mercer, which manages €20 billion in assets under management. Elsewhere in the mid-market, Ares led two European vehicles; one is a £400 million fund for nursery operator Kids Planet, and the other is a €300 million vehicle housing a frozen baked goods asset. Meanwhile, Audax and Keystone are reportedly seeking exits from their HVAC portfolio companies, even as general hold periods for portfolio companies extend across the industry.
Fundraising & Secondaries
The secondaries market is seeing structures emerge that blur traditional lines, evidenced by Bindley Capital’s synthetic secondary pricing for Guardian Pharmacy Services, an Atlanta-based long-term care pharmacy provider. This activity follows a trend where some limited partners have become methodical sellers over the last 15 months, disciplinedly bringing sales to market irrespective of broader LP sentiment. In fundraising news, QHP Capital successfully closed a $1.1 billion continuation fund for Azurity Pharmaceuticals, with Harbour Vest Partners leading the transaction alongside Pantheon Ventures. Furthermore, HighVista Strategies appointed Raudel Yanez to spearhead its new GP-led secondaries investment strategy, focusing specifically on the lower middle market.
Sector Investments & Portfolio Activity
Large-scale infrastructure plays continue, exemplified by LS Power acquiring 4.4 gigawatts of gas assets from Constellation Energy for a reported $5 billion, spanning generation capacity in Delaware and Pennsylvania. In technology services, Sterling acquired managed IT firm Cyber Advisors to bolster its offerings across small, mid, and enterprise clients. Healthcare advisory firm Chartis, backed by Blackstone, expanded its footprint by acquiring Chicago-based health tech specialist Leap AI. These transactions occur against a backdrop where consolidation complicates matters, as one LP is currently facing hurdles stemming from industry M&A activity.
Venture Capital & Founder Sentiment
In the venture space, social media platform Bluesky secured $100 million in Series B capital to advance development of its core application and the underlying ATProto protocol, following a recent CEO transition. This capital infusion contrasts sharply with concerning sentiment among UK founders, where a recent survey suggests that one in five UK-based entrepreneurs plan to relocate within the next year, potentially shifting innovation hubs. Despite this emigration risk, the UK and Ireland are seeing companies prioritize top-line growth, with Sifted identifying "'Revenuemaxxing'" as the fastest-growing strategy among regional startups. Separately, while some large firms pivot away from direct investing, the willingness of LPs to engage in co-investing remains strong, suggesting that high-profile shifts do not reflect a pullback from direct LP participation.
Firm Strategy & Governance
Asset managers are reviewing non-core units, as Van Lanschot Kempen initiates a strategic review of its liquid funds division, which currently oversees $11.5 billion in assets. On the governance and planning front, General Partners are advised to consider early estate planning, as CPA Anthony Venette notes that gifting portions of carried interest sooner allows future appreciation to accrue outside of the GP’s estate, yielding substantial tax benefits and aiding legacy planning.