Private Equity 24-Hour Briefing
×Last updated: March 19, 2026, 3:30 PM ET
Private Equity Secondaries & Exits
The secondaries market continues to see significant deal flow, with QHP Capital completing an $1.1 billion continuation fund for Azurity Pharmaceuticals, a transaction led by Harbour Vest Partners and including Pantheon Ventures. This activity contrasts with the broader trend where GPs themselves are now acting as disciplined sellers, a pattern observed over the last 15 months by secondaries players. European mid-market managers are also active in GP-led transactions, as evidenced by Ares leading two Continuation Vehicles (CVs): one for Fremman’s nursery operator Kids Planet, exceeding £400 million, and another for MCH to house a frozen baked goods asset, raising €300 million. Furthermore, CVC & Nordic Capital explore exit options for Cary Group that could value the business at over €3 billion, while Permira plans an exit from its stake in global private markets firm Altamar CAM to Mercer, which manages €20 billion in assets.
Activity in the secondary space is showing sector-specific shifts, with technology deals becoming less favored as the market adjusts to recent disruptions, according to Houlihan Lokey, which is seeing increased interest in other sectors. On the GP side, HighVista Strategies appointed Raudel Yanez as managing director to lead its new GP-led secondaries investing strategy targeting the lower middle market. Separately, a synthetic secondary structure was utilized by the Bindley Capital-backed Guardian Pharmacy Services, an Atlanta-based long-term care pharmacy services company, as it priced its offering. Meanwhile, the trend of longer holding periods for portfolio companies persists, even as managers like Audax and Keystone reportedly seek exits in the HVAC sector.
Deal Making & Sector Focus
Private equity firms continued their acquisition spree across diverse sectors, with healthcare and infrastructure remaining key targets. Blackstone-backed Chartis acquired Chicago-based health tech firm Leap AI, while B-Flexion Life Sciences portfolio companies Paratek and Radius Health completed a merger supported by a reported $1.3 billion financing arranged by Sixth Street. In infrastructure, LS Power agreed to purchase approximately 4.4 gigawatts of predominantly natural gas-fired generation capacity from Constellation Energy for $5 billion, focusing on assets in Delaware and Pennsylvania. Investment activity in Italy’s infrastructure accelerated, as ICG backed railway maintenance provider Comcreta to fuel its expansion plans. Sterling also announced the acquisition of managed IT services firm Cyber Advisors, which services small to enterprise clients.
Specialized investments targeted niche areas, including environmental and agricultural technology. Fort Point invested capital to recapitalize environmental services firm Boston Green, while BNP Paribas Asset Management Alts took a stake in FarmCarbon to scale methane reduction efforts within agriculture. In life sciences and telehealth, Verdane and Bpifrance backed Medadom, the French Ministry of Health-accredited teleconsultation provider. On the consumer side, Pophouse Entertainment became the majority owner alongside BMG in the music interests of Tina Turner, an asset that was previously mentioned as a potential exit target alongside others like HVAC companies.
Venture Capital & European Startup Environment
Venture capital activity showed a preference for AI-integrated solutions, though broader concerns about the European ecosystem persist. Index Ventures backed YC alum Parallel in a $20 million Series A round to deploy AI agents in hospitals. Separately, Palantir veterans launched Edra, a workflow automation startup, securing $30 million backed by Sequoia’s stamp of approval. Defense technology startups are showing strong public market enthusiasm following Swarmer’s 520% first-day trading surge, potentially paving the way for other defense tech IPOs. However, a survey indicates that one in five UK founders plan to relocate internationally within the next year, suggesting ongoing challenges in retaining domestic entrepreneurial talent, even as firms like Sifted track high-growth ‘Revenuemaxxing’ startups in the UK and Ireland tracking specific growth metrics.
Regarding investment mandates, the European Bank for Reconstruction and Development committed $40 million to the Templeton Türkiye private equity fund, which is targeting a total raise of $300 million. Concerning investment strategy, some LPs are viewing co-investing as a major opportunity, despite high-profile firms pivoting away from direct investment, suggesting that LP willingness to invest directly remains high. Further complicating the operational environment, one LP recently encountered complications stemming from M&A within the industry, illustrating consolidation challenges.
Operational & Governance Considerations
Firms are also navigating complex tax and operational issues. An insider guide detailed how gifting a portion of carried interest earlier can allow future appreciation to accrue outside of a GP’s estate, leading to substantial tax savings and legacy building. In the AI space, experts caution against vague pilot programs, recommending that firms must measure tangible business outputs to see true improvement. Finally, in asset management, Van Lanschot Kempen initiated a strategic review of its liquid funds unit, which manages $11.5 billion in assets, signaling potential restructuring or sale within the broader asset management division.