Last updated: March 20, 2026, 12:30 AM ET
Dealmaking & Exits
Exits across Europe are gaining momentum as CVC Capital Partners and Nordic Capital explore options for Cary Group that could yield an enterprise valuation exceeding €3 billion, while elsewhere, Permira prepares to divest its stake in global private markets firm Altamar CAM to Mercer, which manages €20 billion in assets. In the U.S., Audax and Keystone are reportedly preparing exits for their respective HVAC portfolio companies, even as portfolio company holding periods stretch longer than historical norms suggest. Within the secondaries market, activity is being shaped by sophisticated sellers, with a notable cohort of LPs bringing disciplined sales to market over the last 15 months, differentiating themselves from typical sellers.
Continuation Funds & Secondaries Strategy
The continuation fund market saw a major transaction as QHP Capital successfully closed an $1.1 billion vehicle for Azurity Pharmaceuticals, led by Harbour Vest Partners with participation from Pantheon Ventures. In a parallel move leveraging secondary structures, Bindley Capital-backed Guardian Pharmacy Services priced a 'synthetic secondary' offering for the long-term care pharmacy specialist. The specialization in secondaries continues to deepen, evidenced by HighVista Strategies appointing Raudel Yanez to spearhead a new GP-led secondaries investing strategy focused specifically on the lower middle market. Sector preferences are shifting within the secondaries space, with Houlihan Lokey observing that technology is yielding ground to other favored sectors as the market adjusts to recent tech disruption.
Buyouts and Sector Investments
Mid-market activity in Europe saw Ares leading on two separate continuation vehicles; one vehicle for nursery operator Kids Planet, reportedly exceeding £400 million, and another for frozen baked goods asset MCH, raising €300 million. In North America, LS Power is acquiring 4.4 gigawatts of predominantly natural gas-fired generation capacity from Constellation Energy for a total transaction value of $5 billion, marking a major energy infrastructure play. Elsewhere, Sterling acquired managed IT services firm Cyber Advisors to bolster its offerings to small, mid, and enterprise clients, while on the environmental front, Fort Point invested to recapitalize environmental services firm Boston Green. In healthcare consolidation, B-Flexion Life Sciences-backed Paratek and Radius Health completed a merger, supported by a $1.3 billion financing advised by Mintz.
Venture Capital & Growth Equity Trends
The growth equity space continues to finance social media development, with Bluesky securing $100 million in a Series B round following a change in its chief executive, funds earmarked for scaling the team and advancing the underlying ATProto protocol. In the AI sector, Index Ventures participated in a $20 million Series A for Parallel, an AI agent company targeting hospital applications, while two Palantir veterans emerged from stealth with Edra, which raised $30 million backed by Sequoia to automate operational workflows using existing data. European growth remains active, with Verdane and Bpifrance backing telehealth provider Medadom, the first teleconsultation firm accredited by the French Ministry of Health. Further climate-focused financing saw BNP Paribas Asset Management Alts back FarmCarbon to scale methane reduction technologies within agriculture.
LP Strategy, Talent, and Governance
Limited Partners are grappling with complex structural issues, as one LP faces complications arising from industry-wide M&A activity, while simultaneously demonstrating continued appetite for direct investment despite high-profile shifts away from it, suggesting that the co-investing boom has not fully subsided. Meanwhile, talent management and legacy planning are becoming key considerations for GPs, with experts advising on how gifting carried interest early can maximize future appreciation outside an individual's estate for tax efficiency. Amid broader economic uncertainty, a survey indicates that one in five UK startup founders plan to relocate within the next year, suggesting potential talent drain from the region. Development finance institutions remain active, with the EBRD committing $40 million toward the Templeton Türkiye private equity fund, which is targeting a total raise of $300 million.