Private Equity 3d Briefing
×Last updated: March 13, 2026, 6:30 PM ET
AI & Technology Investment Surge
Venture capital remains fixated on artificial intelligence, with a notable shift from hype to measurable outcomes as investors prioritize startups demonstrating real production usage and revenue over flashy demos news.crunchbase.com. This recalibration coincides with a record pace of new unicorn creation, nearly 40 minted so far this year as the AI frenzy accelerates techcrunch.com. The momentum is particularly strong in robotics and semiconductors, which quietly added the most new unicorns in February news.crunchbase.com. Among the latest billion-dollar entrants is humanoid robotics maker Sunday, valued at $1.15 billion after emerging from stealth with 1,000 robots in production for household tasks techcrunch.com. The AI infrastructure build-out is also attracting massive capital, with Nscale aiming to deliver $14 billion in compute capacity sifted.eu and data center thermal management becoming a hot target for private equity hitting high multiples pehub.com. On the application layer, Nyne raised $5.3 million to provide human context for AI agents techcrunch.com, while Gumloop landed $50 million from Benchmark to empower every employee to build AI agents techcrunch.com. The sector's gravity is pulling in major PE firms, with Blackstone and Hellman & Friedman exploring a potential AI joint venture with Anthropic pe-insights.com.
Secondaries Market Boom & Structural Evolution
The secondary market is not just booming—it is fundamentally restructuring. GP-led deal volume hit an all-time high in 2025 secondariesinvestor.com, with record-breaking exits like EQT's $5.5 billion share sale in Galderma, a Swiss market record pe-insights.com. Europe’s secondaries market is particularly active, with Vinted, Eleven Labs, and Iceye cited as hotspots for trading sifted.eu, prompting the rhetorical question from insiders: "Who isn’t selling?" sifted.eu. This surge is driving innovation in deal structures. Continuation vehicles (CVs) are central, with firms like Edmond de Rothschild Corporate Finance and Jasmin Capital partnering specifically on co-control CV deals secondariesinvestor.com. Industry leaders stress that CVs must be structured in an "LP-friendly" way to ensure satisfaction with processes, which remain a pain point despite high volumes secondariesinvestor.com. W Capital Partners advocates for structured solutions to keep assets compounding within flagship funds, warning of a coming "K-curve market" secondariesinvestor.com. The trend is expanding beyond pure secondaries specialists; Lindsay Goldberg is actively plotting a build-out of its own CV investment strategy secondariesinvestor.com, and General Atlantic has entered the space in partnership with Clipway, targeting $1 billion for growth equity secondaries secondariesinvestor.com. Evergreen funds, which are outperforming closed-end peers, are cited as a force that will "let loose" changes upending private markets privateequityinternational.com.
European Fundraising & Deal Activity
Despite a broader fundraising slowdown, France remains a steady force in European private equity privateequityinternational.com, while the UK's VC ecosystem produces decacorns like health insurance unicorn Alan, now valued at €5 billion sifted.eu. The continent's growth equity push is evident, with UVC Partners raising €77 million for its first close as it moves into multi-stage investing sifted.eu. However, regulatory headwinds persist; EU Inc. has criticized leaked plans for a 28th regime as insufficient sifted.eu. On the deal front, Quadrivio Group used its Made in Italy Fund II to acquire a majority stake in French hair care brand Les Secrets de Loly pe-insights.com. Warburg Pincus is exploring strategic options, including a sale or partnership, for Southeast Asian digital insurer Oona pe-insights.com. In a major infrastructure play, Arc Light acquired a 50% stake in a 5.4 GW gas power portfolio from InfraBridge pehub.com, while I Squared Capital nears a $10 billion close for its flagship infrastructure fund amid sector boom pe-insights.com.
Sector-Specific Deals & Portfolio Moves
Private equity is deploying capital across a diverse set of sectors. Women’s health is a notable focus, with Ardian, Charterhouse, CVC, and L Catterton among firms investing in various segments from fertility to menopause care pehub.com. In industrials, Norea Capital acquired a majority stake in metal panel manufacturer Metalunic pehub.com, Chimney Rock bought gas detection services supplier Gas Clip Technologies pehub.com, and AE Industrial’s AIM MRO added AA Bushings in its fourth add-on pehub.com. The healthcare services space saw activity from Riverglade-backed Dynamic Access acquiring vascular access provider Picc Stat pehub.com and Chicago Pacific Founders investing in benefits manager Nexben pehub.com. A recurring theme is operational build-up before sale; E2P sold Furlani Foods to Arbor Investments after a three-year hold, having hit operational goals faster than planned pehub.com. In a twist, Blackstone took a majority stake in Advanced Cooling Technologies while also participating in a minority investment in Atlas Holdings alongside Blue Owl pehub.com, a $16 billion private equity platform.
Firm Leadership, Strategy & Talent
Firms are refining leadership and strategy to navigate the current environment. Vistria appointed David Schuppan and Phil Alphonse as co-heads of its flagship funds to support its evolving scale and strategic priorities pehub.com. At Auréa, new partner Aparna Aiyar sees opportunities in beauty carve-outs, advising firms to "identify what you’re good at early and stick with it" pehub.com. On the talent front, Goldman Sachs hired PJT managing director Darren Schluter, adding to its secondaries and GP solutions capability after poaching Rothschild’s London head of GP Solutions late last year secondariesinvestor.com. In a governance development, Allica Bank founder sued an investor for "unfair prejudice" sifted.eu, highlighting tensions in portfolio company management.
Secondaries Deep Dive: GP-Led Dynamics & LP Relations
The GP-led secondaries market’s explosive growth masks underlying tensions. While volume is at an all-time high, LP satisfaction with CV processes is not guaranteed, as dealmakers grapple with process pain points secondariesinvestor.com. A higher percentage of LPs choosing to roll into CVs is considered a "healthy" sign for the market, according to Lexington Partners’ Christophe Browne secondariesinvestor.com. The anatomy of these deals is evolving, with next-gen alumni predicting more specialization and "CVs on CVs" secondariesinvestor.com. Cliffwater’s CIO urged a reconsideration of NAV "squeezing" in secondaries, citing a "weird time arbitrage" that harms evergreen investors secondariesinvestor.com. Exit visibility is emerging as a critical metric; A&M Capital’s Jeremy Weisberg focuses on mid-market deals for a better risk-return profile, emphasizing the need to evaluate future exit pathways secondariesinvestor.com. The case of New Mountain and Holt’s attempted $30 billion-plus deal illustrates how novel, unexpected offers to sell assets directly to GPs will likely rise privateequityinternational.com. Meanwhile, Deutsche Bank disclosed a €26 billion ($30 private credit exposure as it plans expansion pe-insights.com, while Partners Group chair Steffen Meister warned that AI-driven market shifts could push private credit default rates higher pe-insights.com.
Major Exits, Bids & Sector Tailwinds
The exit environment showed signs of resilience and blockbuster activity. CVC reported a record year, realizing €21.9 billion in exit value in 2025—a 77% increase over the prior year privateequityinternational.com. EQT’s $5.5 billion Galderma exit stands as a Swiss secondary market landmark pe-insights.com. TPG completed a $4.75 billion sale of Intersect to Google, spinning off the grid-tied power business pehub.com. Carlyle agreed to sell Colombian oil producer Sierra Col to Prime Infrastructure pe-insights.com, and Old Ironsides Energy sold its Eagle Ford-focused Pillar to Trailblazer Energy Resources pehub.com. On the bid side, Qatari-backed Irth Capital launched a $1.5 billion offer for Papa John’s at $47 per share, backed by Brookfield pe-insights.com. Brookfield itself is separately exploring a $1.3 billion acquisition of World Freight Company from EQT and PAI pe-insights.com. Sector tailwinds are driving valuations; Houlihan Lokey found Med Tech infrastructure pulling premium valuations, while Auréa’s Aiyar flagged beauty carve-out opportunities pehub.com. The HVAC sector, boosted by data center demand, is seeing private equity pay high multiples pehub.com, a trend mirrored in the power sector where Arc Light’s Infra Bridge deal added 5.4 GW of gas-fired capacity pehub.com.