Private Equity 24-Hour Briefing
×Last updated: March 18, 2026, 8:30 PM ET
Dealmaking & Portfolio Activity
Private equity firms continued an aggressive pace of M&A activity across sectors, with platform expansions and strategic add-ons driving deal flow. Truelink-backed SouthernCarlson picked up specialty distributor Greenwald Supply Direct, adding fasteners, tools, and construction supplies to its portfolio, while in the foodservice equipment maintenance space, PE-backed Tech24 snapped up Pacific Standard Service. Elsewhere, Stephens Group-backed Astro Pak acquired Clean Sciences, broadening its high purity and precision cleaning services offering, and franchise development organization Franchise FastLane acquired consulting firm Franchise Creator, signaling consolidation in that service sector.
In Europe, portfolio companies are executing strategic exits and recapitalizations amidst market uncertainty. TDR Capital and I Squared Capital are exploring a potential $15 billion initial public offering or a full stake sale for power generation provider Aggreko. Simultaneously, major Asia exit plans are crystallizing: KKR, Silver Lake, and General Atlantic are set to pursue partial sales as Reliance Jio prepares for a substantial $4 billion IPO. Furthermore, MCH closed a €300 million continuation vehicle for Europastry, a deal led by Ares Management which also drove a separate €300 million continuation fund after the baked goods company halted IPO plans.
Financing & Credit Markets
Large-scale financing transactions underscore continued private credit appetite, even as liquidity concerns surface elsewhere in the asset class. Blackstone Credit & Insurance led a $1.3 billion financing package to support the planned combination of pharmaceutical firms Paratek and Radius. In a significant move demonstrating commitment to secondary transactions, HarbourVest Partners spearheaded a $1.1 billion continuation vehicle for Azurity Pharmaceuticals, backing QHP Capital’s strategy to extend the holding period. This activity contrasts with broader caution, as some US pension funds are slashing allocations to private equity due to liquidity worries, although the credit secondaries market is viewed favorably by buyers seeking discounts and J-curve elimination.
The private credit sector is also seeing infrastructure development and fund expansion. Apollo Global Management has partnered with the NYSE owner Intercontinental Exchange to develop new data infrastructure aimed at improving transparency. In Asia, Apollo hired a Warburg Pincus executive to anchor its new $1 billion dedicated private credit fund in Singapore. Separately, KKR committed up to $310 million to form a strategic partnership with Allfleet and PMI Electro to expand the vehicle platform.
Sector Focus: Defense & Deeptech
Geopolitical tensions, particularly concerning the conflict in Iran, are placing European defense technology startups firmly in the investment spotlight. The massive valuation jump seen in AI drone company Swarmer, which soared 520% in its Nasdaq debut, suggests a favorable environment for similar defense tech IPOs. European investors are taking note, as ETNA is moving to acquire Brolis Defence Group, which produces electro-optical systems for NATO defense ministries. This focus raises questions for UK policymakers, as concerns mount over preventing deeptech startups from drifting abroad, especially following regulatory developments like the EU’s unveiling of its 28th regime plan.
Growth equity and climate tech investments also featured prominently. Idealist, joined by the Canada Growth Fund, led a C$50 million investment into sustainable agriculture company Solugen. Meanwhile, Bain Capital invested in climate tech firm Duravent Group, alongside existing investor Egeria. In specialized software, Sequen secured $16 million in Series A funding to deploy its proprietary AI ranking and personalization technology across consumer businesses, while Warburg Pincus plans to invest in fintech company The Guarantors, expected to close by the end of Q2 2026.
Personnel Moves & Secondary Markets
Senior leadership changes and secondary market transactions reflect movement within established firms and investor bases. Ronin Equity took a minority stake in Aeri Tek Global via a GP-led secondary deal, with Partners Capital joining the group of new investors. Separately, HIG won PE Hub’s Small-Cap North America Deal of the Year award for its Koozie exit. Personnel moves included former CVC MD Jonathan Au joining Revelation Partners after departing CVC last year, and Jennifer Roach joining Manna Tree as a managing director in the San Francisco Bay Area. Furthermore, Australia’s sovereign wealth fund, the Future Fund, saw two managing directors for private equity and real assets depart, adding to a string of senior leadership resignations.