Private Equity 3d Briefing
×Last updated: March 13, 2026, 3:30 PM ET
Mega-Fund Fundraising and AI Infrastructure
VC mega-funds are back with General Catalyst raising $10 billion techcrunch.com and Spark Capital targeting $3 billion techcrunch.com, following a wave of other firms securing massive capital pools. Meanwhile, I Squared Capital is approaching $10 billion pe-insights.com for its next flagship infrastructure fund amid booming demand for AI and data center infrastructure. In a related development, Blackstone and Hellman & Friedman are exploring pe-insights.com an AI joint venture with Anthropic, while Blackstone and Blue Owl acquired pe-insights.com a minority stake in $16 billion PE platform Atlas Holdings, expanding their presence in industrial manufacturing and distribution.
Secondary Market Evolution
The secondary market continues its record-breaking pace with GP-led deal volume hitting an all-time high secondariesinvestor.com, though LP satisfaction with continuation vehicle processes remains mixed. General Atlantic entered the secondaries market secondariesinvestor.com in partnership with Clipway, targeting $1 billion for a fund focused on growth equity and late-stage venture. Lindsay Goldberg is plotting secondariesinvestor.com a build-out of its CV investment strategy, joining a growing number of PE entrants expanding into secondaries. The market is seeing increased specialization, with W Capital Partners emphasizing secondariesinvestor.com the importance of compounding assets within original funds to mitigate what it calls an emerging "K-curve market."
European Private Equity Activity
European private equity saw significant movement with EQT leading a $5.5 billion Galderma share sale pe-insights.com, marking a record Swiss secondary exit. CVC reported €21.9 billion in exits privateequityinternational.com for 2025, a 77% increase year-over-year, while Brookfield is exploring pe-insights.com a $1.3 billion acquisition of EQT and PAI-backed World Freight Company. The region's growth fund push continues, with UVC Partners raising €77 million sifted.eu for its new growth fund as part of a "move into multi-stage investing." European fintech saw a milestone as Revolut finally won its UK banking licence sifted.eu after a five-year process, while Alan hit a €5 billion valuation sifted.eu in the health insurance space.
Healthcare and Women's Health Investments
Private equity is increasingly targeting healthcare segments, with six recent deals in diverse women's health areas pehub.com involving firms like Ardian, Charterhouse, CVC, and L Catterton. Chicago Pacific Founders invested pehub.com in Nexben, a provider of end-to-end healthcare benefits management, while Riverglade-backed Dynamic Access acquired pehub.com Picc Stat, a vascular access services provider. The medical technology infrastructure sector continues to command premium valuations, with Houlihan Lokey finding pehub.com strong demand for Med Tech infra assets.
Industrial and Energy Sector Deals
Industrial manufacturing saw multiple transactions, including Quadrivio Group acquiring pe-insights.com a majority stake in French hair care brand Les Secrets de Loly through its Made in Italy Fund II. AE Industrial's AIM MRO purchased pehub.com AA Bushings as its fourth add-on since the original investment. In energy, ArcLight acquired pehub.com a 50% stake in a 5.4 GW gas power portfolio from Infra Bridge, while Carlyle agreed to sell pe-insights.com Colombian oil producer Sierra Col to Prime Infrastructure Capital. Greenbelt agreed to buy pehub.com Peak Utility Services from ORIX Capital Partners, expanding its presence in utility maintenance and repair services.
Data Center and Cooling Technology
Private equity is hitting high multiples in data center-related sectors, with Lincoln International reporting pehub.com strong valuations in HVAC and structural design plays. Blackstone took a majority stake pehub.com in Advanced Cooling Technologies, reflecting the sector's strategic importance as AI infrastructure expands. The cooling technology space is seeing increased competition for assets as data center demand surges globally.
Robotics and AI Agent Development
The robotics and AI agent space attracted significant capital, with Sunday reaching a $1.15 billion valuation techcrunch.com to build household humanoid robots. Gumloop landed $50 million techcrunch.com from Benchmark to develop AI agent-building tools aimed at empowering every employee. Breakout Ventures raised techcrunch.com a $114 million fund to back AI science startups in fields like biology and chemistry. Meanwhile, phlebotomy robot companies and AI agent startups news.crunchbase.com drew investor interest as the AI race intensifies.
Notable Exits and Strategic Sales
Several significant exits occurred recently, including TPG completing pehub.com a $4.75 billion sale of Intersect to Google, with existing investors spinning off the grid-tied power business into a new independent company. Arlington Capital exited pehub.com Forged Solutions Group to JF Lehman & Co., while Old Ironsides Energy sold pehub.com Pillar, an Eagle Ford Shale-focused E&P company, to Trailblazer Energy Resources. These transactions reflect continued deal activity across energy, technology, and industrial sectors despite market uncertainties.
Fundraising and LP Dynamics
The fundraising environment shows mixed signals, with France maintaining steady presence privateequityinternational.com in European private equity despite a slowdown. Cliffwater's CIO suggested secondariesinvestor.com reconsidering NAV "squeezing" practices in secondaries, citing "weird time arbitrage" for evergreen investors. A&M Capital's Weisberg emphasized secondariesinvestor.com that exit visibility remains key in evaluating deals, particularly in the mid-market where the firm focuses its secondaries strategy. The market is seeing growing LP interest in structured solutions that allow assets to remain within flagship funds, as noted by W Capital's David Wachter secondariesinvestor.com.
Emerging Market and Specialty Investments
In emerging markets, Warburg Pincus is exploring pe-insights.com strategic options for Oona Insurance, a Southeast Asian digital general insurer. Norea Capital acquired pehub.com a majority stake in specialized metal panel manufacturer Metalunic, highlighting continued interest in industrial manufacturing. The specialty insurance and niche manufacturing sectors are attracting PE interest as firms seek recession-resistant assets with stable cash flows.
Venture Capital and Unicorn Creation
The venture capital market continues its robust pace with almost 40 new unicorns minted techcrunch.com so far this year, driven by AI enthusiasm. February saw six robotics companies and four semiconductor startups news.crunchbase.com join the unicorn ranks, while OpenAI shattered records news.crunchbase.com with its valuation surge. Investors are recalibrating around agentic AI, with Crunchbase News reporting news.crunchbase.com a shift toward startups demonstrating real production usage and measurable outcomes rather than flashy demos. The market is seeing growing success for early-stage scientific startups, as evidenced by Breakout Ventures' recent fundraise techcrunch.com.
GP-Led Secondaries and CV Market
The GP-led secondaries market continues evolving, with Next Gen alumni sharing insights secondariesinvestor.com on the future of GP-led deals, including predictions about increased specialization and the growth of continuation vehicles on continuation vehicles. Lexington Partners' Christophe Browne noted secondariesinvestor.com that a higher percentage of LPs choosing to roll into CVs would be a "healthy" sign for the market. The market is addressing LP process pain points, with Edmond de Rothschild and Jasmin Capital forming secondariesinvestor.com a partnership for co-control deals where GPs seek to sell part of a stake via M&A while moving the remainder into a CV.