Private Equity 3d Briefing
×Last updated: March 12, 2026, 5:33 PM ET
Private Equity Market Activity
Private equity dealmaking surged across multiple sectors as firms deployed record capital. EQT's $5.5 billion Galderma exit pe-insights.com set a new benchmark for Swiss secondary transactions, while Blackstone and Blue Owl pe-insights.com acquired a minority stake in Atlas Holdings, expanding their footprint in industrial platforms. In the Asia-Pacific region, Bain Capital raised $12.5 billion pe-insights.com across its latest Asia and Japan buyout funds, underscoring continued investor appetite for the region despite global market volatility.
GP-Led Secondaries Evolution
The GP-led secondaries market reached new heights in 2025, with record deal volume secondariesinvestor.com but growing LP concerns about continuation vehicle processes. General Atlantic entered the space secondariesinvestor.com through a $1 billion partnership with Clipway, targeting growth equity and late-stage venture capital investments. Meanwhile, CPP Investments launched Project Ember secondariesinvestor.com, a $3 billion-plus portfolio sale that includes equal strips to buyout funds, signaling increased LP activity in the secondary market.
Infrastructure and Energy Investments
Infrastructure investment continued at a rapid pace, with I Squared Capital approaching $10 billion pe-insights.com for its flagship fund amid sector-wide enthusiasm. Copenhagen Infrastructure Partners secured €1.3 billion pe-insights.com for its green credit fund, while ArcLight acquired a 50% stake pehub.com in a 5.4 GW gas power portfolio from Infra Bridge, highlighting continued interest in energy transition assets. The Carlyle Group also explored structured financing pe-insights.com to seed its flagship Carlyle Partners IX fund, potentially worth billions.
Technology and AI Focus
AI remained a dominant theme, with Blackstone and Hellman & Friedman exploring pe-insights.com a joint venture with Anthropic, and Breakout Ventures raising $114 million techcrunch.com for AI science startups. The robotics sector saw significant activity, including Sunday's $1.15 billion valuation techcrunch.com for its household humanoid robot Memo, while Gumloop landed $50 million techcrunch.com from Benchmark to empower employees as AI agent builders. Meanwhile, Turing winner Yann LeCun raised $1 billion news.crunchbase.com for his Paris-based AMI AI lab, marking Europe's largest seed round ever.
Healthcare and Life Sciences
Healthcare investments accelerated, with Chicago Pacific Founders backing Nexben pehub.com, a provider of end-to-end healthcare benefits management. BV Investment targeted Moxe Health pehub.com, a clinical data exchange platform enabling secure data sharing between providers and health plans. The medical technology sector saw premium valuations, with MedTech infrastructure assets commanding top multiples pehub.com, according to Houlihan Lokey research.
Consumer and Retail Deals
Consumer-focused investments included Irth Capital's $1.5 billion bid pe-insights.com for Papa John's with Brookfield backing, offering $47 per share. In the beauty sector, Quadrivio Group acquired a majority stake pe-insights.com in French hair care brand Les Secrets de Loly through its Made in Italy Fund II. The food industry saw activity as E2P sold Furlani Foods to Arbor Investments pehub.com after a three-year hold, demonstrating continued consolidation in the sector.
Private Credit Developments
Private credit markets faced growing scrutiny as Deutsche Bank disclosed $30 billion pe-insights.com in exposure while planning expansion. Partners Group chair Steffen Meister warned pe-insights.com that default rates could rise as AI reshapes markets, though the firm's evergreen funds remained unlevered compared to peers. Blackstone and Blue Owl's minority stake pe-insights.com in Atlas Holdings represented a significant private credit-backed platform investment.
Fundraising and LP Activity
Fundraising remained robust despite market uncertainties. Warburg Pincus explored strategic options pe-insights.com for Southeast Asian insurer Oona, while W Capital Partners emphasized secondariesinvestor.com the importance of compounding assets within original funds to mitigate K-curve market challenges. BNP Paribas raised €540 million pe-insights.com for its first GP stakes strategy targeting private capital managers, reflecting growing institutional appetite for manager-level investments.
European Market Dynamics
European private equity showed resilience, with France maintaining steady presence privateequityinternational.com despite fundraising slowdowns. Swedish legal tech startup Legora tripled its valuation news.crunchbase.com to $5.55 billion with a $550 million Series D led by Accel. The region also saw UVC Partners raise €77 million sifted.eu for its first growth fund, marking a move into multi-stage investing. Meanwhile, Evergreens outperformed closed-end peers privateequityinternational.com over one- and three-year periods, according to Hamilton Lane analysis.
Middle Market and Add-On Activity
Middle-market transactions remained active, with AE Industrial's AIM MRO making its fourth add-on pehub.com since investment in AA Bushings. Align Capital's portco ISPN completed its second add-on pehub.com since partnering with ACP in December 2024. The industrial sector saw Wynnchurch-backed Hydraulic Technologies acquire Foxtrot Industriel pehub.com, a manufacturer of motorized industrial handling equipment.
Exit Market and Valuations
The exit market showed mixed signals, with CVC recording €21.9 billion in realized exits privateequityinternational.com for 2025, a 77% increase year-over-year. However, GP confidence in PE outperformance waned privateequityinternational.com, according to recent surveys. The mid-market demonstrated resilience amid broader market uncertainties, while structured solutions gained traction secondariesinvestor.com as firms sought to keep assets within flagship vehicles.
Emerging Markets and Global Expansion
Emerging market activity included Carlyle's sale of Colombian oil producer SierraCol pe-insights.com to Prime Infrastructure Capital, marking a significant energy exit. The Middle East remained an important capital source, with Qatar-backed Irth Capital targeting Papa John's pe-insights.com and Brookfield exploring a $1.3 billion acquisition pe-insights.com of EQT and PAI-backed World Freight Company. Ontario Teachers' Pension Plan reported 6.7% returns pe-insights.com as assets reached $279.4 billion, highlighting continued LP engagement in private markets.