Last updated: March 19, 2026, 6:30 PM ET
Mid-Market Dealmaking & Exits
Activity across the European mid-market saw several major exit maneuvers underway, with CVC Capital Partners and Nordic Capital exploring options for their portfolio company, Cary Group, in a transaction that could potentially value the business at over €3 billion. Elsewhere, Audax and Keystone are reportedly preparing exits for their respective HVAC assets, although general hold periods for portfolio companies appear to be extending across the board. In the realm of single-asset transactions, Ares led a continuation vehicle for bakery operator Europastry, while simultaneously managing a fund for nursery operator Kids Planet exceeding £400 million, alongside MCH’s €300 million vehicle for a frozen baked goods asset as reported by Secondaries Investor.
Secondaries Market Evolution & Strategy
The secondaries market is witnessing a strategic shift away from pure technology exposure, with investment banks observing increased interest in other sectors as LPs react to recent tech disruption. This shift contrasts with the disciplined selling approach exhibited by certain LPs, who have proactively brought assets to market over the last 15 months. Furthermore, the structure of secondary deals is becoming more complex, exemplified by Bindley Capital-backed Guardian Pharmacy Services pricing a ‘synthetic secondary’ offering. On the GP side, HighVista Strategies appointed Raudel Yanez to spearhead a new GP-led secondaries investing strategy specifically targeting the lower middle market.
Fundraising & Capital Deployment
Large-scale capital movements continued, marked by QHP Capital successfully closing a $1.1 billion continuation fund for Azurity Pharmaceuticals, with Harbour Vest Partners leading the financing and Pantheon Ventures participating. In infrastructure, LS Power agreed to acquire 4.4 gigawatts of natural gas-fired generation capacity from Constellation Energy for a total transaction value of $5 billion, indicating strong private equity interest in essential energy assets. Development finance also saw movement, as the European Bank for Reconstruction and Development committed $40 million toward the Templeton Türkiye private equity fund, which is targeting a total raise of $300 million.
Sector-Specific Investments & M&A
Deployment in healthcare and technology remains active, though some firms are pivoting toward measurable business outputs rather than broad AI pilots. Blackstone-backed healthcare advisor Chartis acquired health tech firm Leap AI, while in the life sciences space, B-Flexion Life Sciences-backed Paratek and Radius Health executed a merger, supported by a substantial $1.3 billion financing arranged by Sixth Street. On the software front, Sterling executed a bolt-on acquisition of managed IT services firm Cyber Advisors, addressing growing demand for outsourced IT support across enterprise clients.
Venture Capital & Early Stage Funding
The venture ecosystem showed continued appetite for nascent technology, particularly in enterprise workflow automation and climate tech. Bluesky raised $100 million in a Series B round following a CEO transition, signaling continued commitment to scaling its ATProto infrastructure. In AI-focused ventures, two Palantir veterans surfaced from stealth mode, securing $30 million backed by Sequoia Capital for their operational data startup, Edra. Furthermore, climate-focused vehicles attracted capital, as BNP Paribas Asset Management Alts backed FarmCarbon to expand methane reduction initiatives within agriculture.
European Activity & Governance
European dealmakers are demonstrating varied investment theses, ranging from infrastructure support to strategic exits. ICG provided backing to railway maintenance provider Comcreta, aiming to accelerate its expansion alongside increased Italian rail infrastructure spending. In contrast, Permira is moving to exit its investment in global private markets firm AltamarCAM to Mercer, which manages €20 billion in assets. Separately, managing partners are paying close attention to estate planning, as CPAs advise that gifting carried interest earlier allows future appreciation to escape a GP’s estate for significant tax optimization.
Geographic Trends & Talent Mobility
Concerns over the entrepreneurial environment are surfacing in the UK, where a recent survey suggests that one in five local founders plan to relocate abroad within the next year. This potential outflow contrasts with the domestic growth stories, such as UK and Ireland startups focusing on "'revenuemaxxing'" strategies as tracked by Sifted’s analysis. Meanwhile, global LPs continue to signal a willingness to engage directly with managers, despite some high-profile moves away from direct investing, suggesting that LP co-investing is experiencing a "Trafalgar moment" of strategic importance.