Last updated: March 20, 2026, 10:30 PM ET
Fundraising & Capital Deployment
The private equity fundraising environment continues to see large capital raises for established players, exemplified by Blackstone securing over $12 billion for its newest Asia-Pacific buyout fund, even as overall venture activity shows signs of slowing deal sizes due to crowded funding rounds. Growth equity firm Coefficient Capital successfully amassed $500 million across two vehicles to scale its consumer focus, while Partners Group plans to build out its India presence with a target of at least $1 billion for its first dedicated buyout fund in the region. Further demonstrating global expansion, TPG is actively seeking to re-establish its presence in Japan, notably adding its first secondaries professional there through TPG New Quest.
Exits & Portfolio Activity
Major portfolio sales indicate continued appetite for specialized infrastructure and established technology assets, with KKR planning the divestiture of CoolIT, a data center liquid cooling specialist, for an expected $4.75 billion, anticipated to close in the third quarter of 2026. In another large transaction, 3M and Bain are combining forces to acquire Madison Fire & Rescue for $1.95 billion, intending to merge it with 3M’s Scott Safety division to create a unified fire and safety platform. Meanwhile, Star Capital-backed Vincorion achieved a strong €980 million IPO debut, signaling healthy investor demand for recently public portfolio companies.
Sector-Specific Acquisitions & Investment Themes
Activity remains concentrated in niche B2B services and the burgeoning artificial intelligence supply chain, even as overall mega-deal volume contracts. In the healthcare sector, firms are seizing opportunities in benefits management, where InTandem, NMS Capital, and WestView Capital are active, alongside Palladium Equity Partners’ agreement to acquire hospice provider DME Express from Way Point Capital Partners and separately acquiring DME Express. On the technology front, LLR Partners-backed Viventium purchased Perks4Care, a caregiver rewards platform, to bolster its human capital management offerings for the post-acute market, while Gryphon-backed ACA acquired Northern Air, an HVAC systems manufacturer, to expand specialty solutions.
Geographic Expansion & Secondary Markets
Firms are actively managing existing portfolios and expanding geographic mandates, with ADIC putting a portfolio of fund stakes valued over $2 billion up for sale, reflecting that private markets constitute approximately 61% of the Abu Dhabi Investment Council’s total investments. On the deployment side, IK Partners finalized its majority acquisition of Domek Group, a company expanding its operations from the Netherlands into Belgium and Germany, a deal that follows reports of Permira achieving an attractive return on its AltamarCAM exit. Furthermore, Mutares is preparing for a significant acceleration in deal activity, projecting an acquisitions pipeline worth €2.5 billion heading into the second quarter of 2026.
AI Focus & Credit Markets
While venture funding has seen AI startups capture a record 41% of the $128 billion raised on Carta last year, the infrastructure required to support this growth is attracting private equity interest, particularly in areas like energy technology where power constraints are emerging as bottlenecks for new data center rollouts. In the credit space, Blackstone's $83 billion BCRED vehicle is proceeding with a new CLO issuance, indicating continued appetite for structured credit products. Concurrently, debt financing supported major transactions, as CVC Credit provided senior debt to back Waterland Private Equity’s acquisition of Palletways.