Private Equity 3d Briefing
×Last updated: March 12, 2026, 9:30 AM ET
Mega-Deals & Platform Builds
Private equity continued to deploy capital into large-scale infrastructure and consumer sectors. ArcLight Capital Partners pehub.com acquired a 50% stake in Infra Bridge’s 5.4 GW portfolio of 11 natural gas-fired power plants across the U.S. and Ontario, marking a major bet on dispatchable generation. This follows Irth Capital pe-insights.com launching a $1.5 billion, $47-per-share bid for Papa John’s International with Qatari backing, challenging the pizza chain’s independence. In adjacent infrastructure, Greenbelt Capital Partners pehub.com agreed to buy Peak Utility Services from ORIX Capital Partners, expanding its maintenance and upgrade services platform for the utility sector.
AI Integration & Caution
Firms are aggressively pursuing AI while parsing its systemic risks. Blackstone pe-insights.com and Hellman & Friedman are in discussions with Anthropic for a potential joint venture, reflecting PE’s scramble for exposure to foundational AI. This contrasts with warnings from Partners Group pe-insights.com chair Steffen Meister, who cautioned that private credit default rates could rise as AI disrupts labor markets and business models. The venture capital market saw a parallel dynamic, with 27 new unicorns minted in February, including six robotics and four semiconductor startups, as investors recalibrate toward agentic AI news.crunchbase.com with proven revenue over flashy demos.
Secondaries Surge & Liquidity Strategies
The secondary market reached new volumes, driven by GP-led transactions and large LP portfolio sales. Canada Pension Plan Investment Board (CPP Investments) secondariesinvestor.com launched a multi-billion-dollar portfolio sale, dubbed Project Ember, testing appetite for buyout fund stakes. This comes as EQT pe-insights.com executed a record €5.5 billion ($6 Swiss secondary exit by divesting its remaining stake in Galderma. The trend is pulling in new entrants; Lindsay Goldberg secondariesinvestor.com is building out a dedicated continuation vehicle (CV) strategy, joining a wave of PE firms expanding into secondaries. Yet GP-led deal volume hit an all-time high secondariesinvestor.com in 2025, and LPs remain concerned about process transparency, with firms like Edmond de Rothschild Corporate Finance secondariesinvestor.com partnering to address co-control deal complexities.
Exit Activity & Valuation Realities
Exit visibility is becoming a critical deal criterion amid a patchwork market. CVC Capital Partners privateequityinternational.com reported a record €21.9 billion ($24 in realised exits for 2025, a 77% year-on-year increase, underscoring improving conditions for top-tier assets. Blockbuster deals include TPG pehub.com completing a $4.75 billion sale of Intersect to Google and EQT pe-insights.com exploring a potential $6 billion sale of Linux developer SUSE. However, Advent International pe-insights.com is considering a $4 billion divestment of naval defense business Ultra Maritime, while Carlyle pe-insights.com agreed to sell Colombian oil producer Sierra Col to Prime Infrastructure. Broader valuation mismatches persist pehub.com, with some GPs pushing back against AI-driven fears but struggling to bridge bid-ask gaps.
Sector Consolidation: Energy, Healthcare, Industrials
Sector-specific roll-ups continued, particularly in energy and healthcare services. In energy, Old Ironsides Energy pehub.com sold its Eagle Ford Shale-focused exploration arm Pillar to Trailblazer Energy Resources, while Carlyle pehub.com exited Sierra Col. Industrials saw Chimney Rock pehub.com acquire gas detection supplier Gas Clip Technologies and AE Industrial pehub.com portfolio company AIM MRO buying AA Bushings, its fourth add-on. Healthcare services remained active with BV Investment pehub.com backing clinical data exchange platform Moxe Health and Riverglade Capital pehub.com-backed Dynamic Access acquiring vascular access provider Picc Stat. Chicago Pacific Founders pehub.com invested in healthcare benefits manager Nexben.
Venture Capital: Mega-Funds & Unicorn Surge
Venture capital fundraising surged, led by announced mega-funds. General Catalyst techcrunch.com is reportedly raising a $10 billion fund and Spark Capital a $3 billion vehicle, following a broader trend of large closes. This coincides with a unicorn boom techcrunch.com fueled by AI, with nearly 40 new billion-dollar startups minted year-to-date. Notable rounds include Turing Award winner Yann LeCun’s news.crunchbase.com Paris-based AI lab AMI securing Europe’s largest-ever seed round at $1 billion, and Swedish legal tech unicorn Legora news.crunchbase.com raising $550 million at a $5.55 billion valuation. Breakout Ventures techcrunch.com raised $114 million to back AI science startups, while UVC Partners sifted.eu closed €77 million for a growth fund marking a move into multi-stage investing.
Private Credit Scrutiny & LP Sentiment
Private credit faces heightened scrutiny as banks expand and defaults loom. Deutsche Bank pe-insights.com disclosed €26 billion ($30 in private credit exposure as it plans further expansion, joining peers in the high-yield lending space. This comes as Partners Group privateequityinternational.com CEO David Layton countered that AI and credit fears are “wildly overdone,” noting his firm’s evergreen funds are less leveraged than peers. Large LPs are reassessing allocations; a U.S. public pension plan banned private markets privateequityinternational.com from its DC portfolio, citing complexity and cost. Meanwhile, Ontario Teachers’ Pension Plan pe-insights.com reported a 6.7% net return for 2025 with assets growing to $279.4 billion, though broader LP confidence in PE outperformance is waning privateequityinternational.com.
European Focus & Structural Shifts
European activity highlighted both opportunity and regulatory friction. Bain Capital pe-insights.com raised $12.5 billion across its latest Asia and Japan buyout vehicles, underscoring continued global capital flows. In Europe, Copenhagen Infrastructure Partners pe-insights.com secured €1.3 billion for a green credit fund, while GIC-backed Greenko pe-insights.com lined up a potential $1 billion IPO. The continent’s VC scene saw Entrepreneurs First sifted.eu crowned a unicorn after a $200 million raise and Revolut sifted.eu finally securing a UK banking licence. However, Sifted argued that Europe built green regulation but underfunded the companies meant to deliver it, and a top European LP warned Middle East capital sifted.eu remains crucial despite geopolitical tensions.
Secondaries Evolution & Market Structure
The secondaries market is evolving beyond traditional LP-led deals. GP-led volume secondariesinvestor.com continues to break records, but dealmakers are addressing LP pain points around process and pricing. StepStone Group secondariesinvestor.com noted that “DPI is IRR today” in a tough exit environment, highlighting the premium on cash distributions. Hamilton Lane privateequityinternational.com analysis found evergreen funds outperform closed-end peers over one- and three-year periods, a data point fueling structural debate. As Yann Robard of Dawson secondariesinvestor.com stated at NEXUS 2026, CVs could represent 10-20% of PE exits, while LPs take a more proactive stance. This shift is attracting new capital sources, with BNP Paribas pe-insights.com raising €540 million for a GP stakes strategy and Ardian secondariesinvestor.com noting private wealth capacity is expanding for larger deals.