Private Equity 24-Hour Briefing
×Last updated: March 18, 2026, 3:30 AM ET
Private Equity Dealmaking & Exits
The exit environment remains challenging, with some assets bought at less frothy times proving difficult to offload, suggesting a persistent clog in the secondary pipeline. Amidst the slower pace, deal activity continues across sectors; Advent & Cinven are exploring a potential €25 billion exit of TK Elevator as Kone enters takeover talks. In the U.S. lower middle market, Kinderhook Industries won PE Hub’s Mid-Cap North America Deal of the Year award while HIG Capital conducts a bake-off for a 2022 portfolio company. Furthermore, Seaport successfully exited tech firm Exacom to Motorola Solutions, marking a clean transaction in a tight market.
New Platform Launches & Sector Focus
Firms are actively building out specialized platforms to capture long-term demographic trends, exemplified by TPG launching One Aged Care targeting Singapore and Malaysian elderly healthcare demand. In industrial software, TPG-backed Velotic has launched, appointing Brian Shepherd as CEO and former PTC CEO James Heppelmann as executive chairman to drive growth. Meanwhile, infrastructure services saw multiple bolt-on acquisitions: Fort Point-backed VisuSewer acquired United Survey to bolster its wastewater services portfolio, and LFM scooped up manufacturer PowerBuilt to integrate into its American Automation Group platform.
Vertical Integration & Growth Investments
Buyout activity focused heavily on vertical integration, particularly in services and manufacturing. Knox Lane-backed Ruppert Landscape acquired Landscapes Unlimited, expanding its commercial landscaping footprint in the Mid-Atlantic region. In the supplements space, New Heritage-backed Icelandirect acquired Soma Labs, enhancing its contract manufacturing capabilities for human and pet nutrition brands. Elsewhere, Sagard-backed Norbec picked up Canadian Curtis, designer of freezer rooms, strengthening its cold chain construction offerings, and Hildred-backed SportsMed acquired The Physical Therapy and Rehabilitation Center across New Jersey and Connecticut.
Strategic Exits and Capital Moves
In Europe, large-cap exits are being tested, with Warburg Pincus reportedly exploring options for subprime auto lender Exeter Finance in a potential $3 billion deal. Separately, Accel-KKR secured an award for its exit of Smart Communications, with Capza’s Antoine Druais citing a flexible approach to the transaction. The energy transition saw movement as EIG-backed MidOcean secured a $500 million investment from Idemitsu Kosan to finance the expansion of its Liquefied Natural Gas platform. In the real estate services segment, Audax acquired property management firm Akam from Nautic Partners.
Institutional Investor Shifts & Governance
Major institutional investors are recalibrating mandates amid governance concerns and shifting mandates. Nevada PERS plans to exit its Clearlake exposure due to perceived conflicts of interest arising from Clearlake’s planned acquisition of Pathway Capital Management. This comes as Australia’s Future Fund reported losses in its private markets investment leads, following senior departures including joint managing directors David Bluff and Tammi Fisher. Further trimming mandates, the Maine pension fund outlined plans to cut its private equity target, potentially involving secondaries sales to meet new allocations.
Geopolitical Exposure & Sector Niche Plays
Geopolitical instability is directing capital towards specific niches, such as European defense technology, where proximity to the conflict in Ukraine has placed air defence startups in the spotlight, with one expert noting the "impossible to ignore" capability gap. Concurrently, capital flows in the Middle East are shifting, with Hong Kong’s Gaw Capital anticipating Gulf capital redirection toward regional investments as funds previously targeting US/Europe retrench. In niche software, Main-backed Cisbox and Millum merged to create an expanded source-to-pay provider across the DACH and Nordic regions, while NewMile and Haywood Lane backed Wilkerson Crane Rental to fund fleet expansion.
Venture Capital & Societal Concerns
While private equity focuses on hardware and services, venture capital sees high-growth funding continuing, though concerns emerge over equitable access to the AI boom. AI investor Rana el Kaliouby warned that if women are excluded from AI funding and leadership roles, the resultant wealth gap consequences will be severe, contrasting with the general trend where the fastest AI wins are currently originating outside large enterprises. In the UK, wellbeing marketplace Healf topped Sifted’s leaderboard, while fintech startup Upvest secured $125 million from Tencent and Sapphire Ventures. Alma CEO Louis Chatriot discussed hard choices and startup hype ‘bullshit’ while navigating the funding environment.