Private Equity 24-Hour Briefing
×Last updated: March 17, 2026, 11:30 AM ET
Dealmaking Activity & Sector Focus
Private equity deal flow saw continued M&A activity across infrastructure, healthcare, and industrial services, even as exit challenges persist. TPG launched One Aged Care to consolidate elderly healthcare platforms across Singapore and Malaysia, capitalizing on regional demographic shifts, while in the US, the sector saw several add-on acquisitions: Sagard-backed Norbec acquired Canadian Curtis, a designer of prefabricated cold rooms, and Knox Lane-backed Ruppert Landscape picked up Landscapes Unlimited to expand its commercial landscaping footprint. On the medical services front, Hildred-backed SportsMed acquired The Physical Therapy and Rehabilitation Center in New Jersey and Connecticut, while New Heritage-backed Icelandirect purchased supplement manufacturer Soma Labs. Further expansion was noted as LFM scooped up manufacturer PowerBuilt to integrate into its American Automation Group platform, and PE-backed Technimark purchased Rage Custom Plastics to boost its highly engineered injection-molded components business.
Major Exits and Market Testing
Sponsors are actively testing the market for significant portfolio companies, though the broader exit environment remains difficult, with even older assets proving resistant to sale. Advent and Cinven are exploring a €25 billion exit from elevator giant TK Elevator, amid reports that Kone has entered takeover discussions, signaling a potential landmark transaction. Separately, Warburg Pincus is exploring sale options for subprime auto lender Exeter Finance, which could fetch around $3 billion. On the smaller side, Seaport successfully exited the tech company Exacom to Motorola Solutions, while HIG Capital is testing the market for industrial services provider JT Thorpe, whose steady business tied to industrial outages is expected to attract large-cap buyers. Fund managers are also making strategic sales, as seen when Audax acquired property management firm Akam from Nautic Partners.
Technology, AI, and Capital Raising
Investment interest in enterprise technology remains intense, particularly in AI infrastructure, with several major firms engaging in high-stakes discussions. OpenAI is reportedly in advanced talks with a consortium including TPG, Bain, Brookfield, and Advent regarding a potential $10 billion enterprise AI venture. In the software space, Main-backed Cisbox and Millum merged to create a larger source-to-pay provider, expanding across the DACH and Nordic regions, and Nordic Capital agreed to acquire a majority stake in trade surveillance business Trading Hub from existing investor Summit Partners. In the venture capital arena, European fintech firms are grappling with sovereignty concerns, even as capital continues to flow into promising startups; Upvest successfully raised $125 million from backers including Tencent and Sapphire Ventures.
Fund Strategy and Investor Sentiment
Limited Partners are adjusting mandates in response to market conditions and shifting institutional priorities. The State of Maine’s pension fund plans its second cut to its private equity target within four years, suggesting that secondaries sales may be used selectively to manage exposure. Meanwhile, managers are raising capital for specialized mandates; I Squared Capital is approaching $10 billion in commitments for its latest infrastructure fund, indicating strong LP appetite for hard assets. Geographically, capital flows are being reassessed, with Gulf capital potentially redirecting away from the US and Europe toward regional opportunities as those countries "retrench". Furthermore, the industry continues to see strategic executive hires, such as Fortress appointing Elizabeth Burton as chief strategist, based in New York, reporting to the co-CEOs.
Geographic and Thematic Investment Trends
Private equity firms are backing growth platforms across various geographies and specialized sectors. Oakley Capital backed the French firm Groupe Senef, leading to a full exit for Isatis Capital from its stake. In the Netherlands, investor activity remains high, while in Europe, there is a concerted effort to back the next generation of scale-ups, evidenced by dozens of executives backing a new VC aimed at finding Europe’s next decacorn. On the energy front, EIG-backed MidOcean Energy secured a $500 million investment from Japan’s Idemitsu Kosan to fuel the expansion of its LNG platform. Reflecting on macro trends, one industry leader noted a preference for backing "proentropic" startups—those inherently built to survive chaos—while awards recognizing successful exits continue to be announced, such as Accel-KKR winning recognition for its Smart Communications exit in Europe.