Private Equity 3d Briefing
×Last updated: March 11, 2026, 11:31 PM ET
Fundraising & Mega-Deals
Venture capital mega-funds are returning techcrunch.com with General Catalyst rumored to be raising $10 billion and Spark Capital targeting $3 billion, following a broader trend of large fundraises. This surge in dry powder coincides with an AI-driven unicorn boom techcrunch.com, as nearly 40 new companies have achieved billion-dollar valuations this year. The momentum extends to later-stage investing, with Founders Fund nearing a $6 billion close for its latest growth vehicle, less than a year after completing a $4.6 billion fund. In private equity, Bain Capital secured $12.5 billion pe-insights.com across its latest Asia and Japan buyout funds, underscoring continued institutional appetite for global buyout platforms despite broader market uncertainty.
Secondaries Market Surge
The secondary market is experiencing unprecedented activity, with GP-led deal volume hitting an all-time high secondariesinvestor.com in 2025. This is evidenced by several blockbuster transactions, including EQT's leadership of a record $5.5 billion share sale pe-insights.com in Swiss skincare company Galderma. The trend is attracting major new entrants; Lindsay Goldberg is building out secondariesinvestor.com a dedicated continuation vehicle strategy, while BNP Paribas Asset Management gathered €540 million pe-insights.com for its first GP stakes fund. Large institutional sellers are also active, with CPP Investments launching a multi-billion-dollar portfolio sale secondariesinvestor.com dubbed Project Ember and Ontario Teachers’ reporting a 6.7% return as assets grew to $279.4 billion. However, LP process pain points persist secondariesinvestor.com, and industry leaders warn that the sheer volume of deals doesn't always equate to satisfaction with transaction terms.
Strategic Buyouts & Add-Ons
Healthcare remained a focal point for consolidation, with Riverglade-backed Dynamic Access acquiring pehub.com Minneapolis-based Picc Stat, a family-owned vascular access provider. This follows Chicago Pacific Founders' investment pehub.com in Nexben, a Minneapolis-based healthcare benefits manager. Industrial and business services also saw significant activity. Chimney Rock bought pehub.com Gas Clip Technologies, a supplier of portable gas detection services to industrial and utility markets. AE Industrial’s AIM MRO acquired pehub.com AA Bushings, marking the platform's fourth add-on since the initial investment. In the aerospace sector, HIG-backed Coriant completed pehub.com its fourth acquisition with CVS, following the merger of its Rainham, Zenith, and Tei platforms. Meanwhile, Searchlight Capital’s sale pehub.com of its RWI business, Euclid Transactional, to CRC Group highlighted the monetization of niche financial insurance plays.
Blackstone’s Dual Strategy: Platforms & Exits
Blackstone executed a two-pronged strategy, making a major commitment to a private equity platform while preparing asset sales. The firm, alongside Blue Owl Capital, acquired a minority stake pehub.com in Atlas Holdings, valuing the owner of 30 industrial and manufacturing businesses at approximately $16 billion. This coincides with Blackstone's preparations for a potential sale of Shya Hsin Packaging, having tapped Citigroup pe-insights.com for a deal that could fetch around $1 billion. The firm also took a majority stake pehub.com in Advanced Cooling Technologies, demonstrating continued investment in specialized industrial technology. These moves reflect a strategy of both backing large-scale platform builders and harvesting mature assets.
Large-Scale Exits & Portfolio pruning
The exit environment showed signs of life with several significant transactions. CVC reported a record year privateequityinternational.com, realizing €21.9 billion in exit value in 2025, a 77% increase over the prior year. EQT's $5.5 billion Galderma exit was a landmark Swiss secondary sale. TPG completed a $4.75 billion sale pehub.com of Intersect to Google, spinning off its grid-tied power business. On the divestment trail, Carlyle agreed to sell pe-insights.com Colombian oil producer Sierra Col to Prime Infrastructure, while Advent International is reportedly exploring a $4 billion sale pe-insights.com of its naval defense business, Ultra Maritime. E2P sold pehub.com Furlani Foods to Arbor Investments after a three-year hold, with the seller noting operational goals were achieved ahead of schedule.
Continuation Vehicles & GP Stakes Evolution
The continuation vehicle (CV) market is maturing rapidly but faces structural questions. Edmond de Rothschild Corporate Finance and Jasmin Capital formed a partnership secondariesinvestor.com to focus on co-control deals where GPs sell part of a stake via M&A and move the remainder into a CV. Industry observers note that CVs could represent 10-20% of PE exits secondariesinvestor.com, but LP satisfaction with CV processes remains mixed secondariesinvestor.com despite record volumes. The economics of CV deals are becoming table stakes privateequityinternational.com for trophy assets, and firms like A&M Capital are focusing on the mid-market where they believe a more attractive risk-return profile secondariesinvestor.com exists. The definition of secondaries itself is evolving as LPs take proactive roles secondariesinvestor.com, and private wealth capital is expanding capacity for larger deals secondariesinvestor.com though the market remains undercapitalized.
Sector Deep Dives: Industrials & Consumer
Industrial consolidation continued with multiple add-on acquisitions. Wynnchurch-backed Hydraulic Technologies acquired pehub.com Foxtrot Industriel, a manufacturer of motorized industrial handling equipment. XPV Water Partners launched pehub.com its Ocean Sight platform, advancing subsea sensing and geophysical intelligence. In the consumer space, Monomoy agreed to buy pehub.com the Jiffy Lube business from Shell in a $1.3 billion deal, expanding its automotive services portfolio. Main Post sold pehub.com its Not Your Mother’s haircare brand to Henkel, while Ardian added Casaforte pehub.com to its self-storage platform, bringing its total Italian and French investment in the sector to over €300 million. In packaging, Altamont Capital invested pehub.com in Key Container, a provider of specialty corrugated products.
Healthcare & Business Services Consolidation
Healthcare services saw a flurry of activity beyond the Dynamic Access and Nexben deals. BV Investment invested pehub.com in Moxe Health, a clinical data exchange platform that integrates with electronic health records. Bertram Capital-backed Cogency Global acquired pehub.com Elemental CoSec to expand its UK governance and company secretarial capabilities. In marketing services, NorthEdge-backed Ramarketing picked up pehub.com ISR Market Research, a specialist firm focused on the pharmaceutical outsourcing market. Align Capital portfolio company ISPN made pehub.com its second add-on since the initial investment in December 2024, demonstrating ongoing platform build-out.
AI Investment Recalibration
Venture capital is recalibrating around agentic AI news.crunchbase.com, shifting focus from flashy demos to startups demonstrating real production usage, measurable outcomes, and revenue. This is reflected in funding rounds for applied AI. Legora, an AI platform for lawyers news.crunchbase.com, raised $550 million at a $5.55 billion valuation, while Rebar secured $14 million news.crunchbase.com to build an AI-generated quote system for commercial HVAC suppliers. The trend toward practical applications contrasts with the broader unicorn frenzy fueled by AI techcrunch.com, suggesting a bifurcation between hype-driven valuations and revenue-focused businesses. Khosla Ventures' Ethan Choi noted AI's potential to displace entry-level jobs news.crunchbase.com, a concern influencing portfolio construction.
European Market Dynamics & Regulation
Europe faces a funding gap for green transition companies despite being the architect of stringent regulations. As one analysis starkly notes, Europe built the Green Regulation but forgot to fund sifted.eu the companies meant to deliver it. Sovereign wealth funds are stepping in; GIC-backed renewable developer Greenko is lining up a potential $1 billion IPO pe-insights.com. Copenhagen Infrastructure Partners secured €1.3 billion pe-insights.com at first close for its flagship green credit fund. In fintech, health insurance unicorn Alan hit a €5 billion valuation sifted.eu, while Revolut finally won its UK banking licence sifted.eu after a five-year process. Meanwhile, Denmark's proposed wealth tax is dubbed a disaster for startups sifted.eu, highlighting regulatory headwinds.
Infrastructure & Energy Transition
Infrastructure investing remains robust, with Brookfield exploring a $1.3 billion acquisition pe-insights.com of World Freight Company from EQT and PAI. In energy transition, Lone Star agreed to buy pehub.com Lonza’s Capsules and Health Ingredients division, while Ambienta acquired