Private Equity 3d Briefing
×Last updated: March 17, 2026, 3:30 AM ET
Private Equity Dealmaking & Strategy
The private equity sector continues to see high-value activity, particularly in the technology and specialized industrial sectors, even as some large M&A valuations remain below 2021 peaks. Nordic Capital pehub.com is moving ahead with the acquisition of a majority stake in trade surveillance business Trading Hub, ensuring that existing investor Summit Partners will retain a minority position in the deal. Elsewhere in specialized services, PE-backed Technimark pehub.com, a manufacturer of highly engineered injection-molded components for medical and consumer uses, executed an add-on purchase of Rage Custom Plastics. Furthermore, Oaktree-backed Aecon Utilities pehub.com bolstered its operations by acquiring Duna Services and a stake in KNX Utility Services for a purchase price of $60 million, potentially including contingent proceeds.
In major strategic positioning, TPG, Bain, Brookfield, and Advent pe-insights.com are reportedly in advanced discussions with OpenAI pe-insights.com regarding the formation of a new enterprise AI venture valued at approximately $10 billion, signaling intense private capital interest in advanced generative models. Simultaneously, Accel-KKR pehub.com secured a large-cap award for its sale of Smart Communications to Cinven, with the firm citing prior, long-term investment in AI infrastructure as key to their success. This focus on advanced technology contrasts with ongoing activity in other sectors; for instance, GoldState Music pehub.com and TA Associates pehub.com invested in the music distribution platform Too Lost, supported by a credit facility from Pinnacle Financial Partners.
Firms are also actively repositioning assets across geographies. L Catterton pe-insights.com, backed by LVMH pe-insights.com, is accelerating its Japan focus by planning a $313 million investment deployment across five local consumer businesses. In Australia, Bain Capital pe-insights.com agreed to acquire the wealth management division of Perpetual in a transaction valued at $350 million. Meanwhile, Canada Pension Plan Investment Board (CPPIB pe-insights.com is exploring the divestment of approximately $1.5 billion worth of stakes in Asia-focused private equity funds, indicating a potential rebalancing of global mandates.
Sector Focus: Infrastructure & Industrials
Investor appetite remains exceptionally strong for infrastructure assets, with I Squared Capital pe-insights.com nearing $10 billion in commitments for its next flagship fund, demonstrating continuing investor confidence in the asset class. Triton privateequityinternational.com views its recently raised €5.5 billion fund as a "strong beneficiary" of Europe’s burgeoning autonomy agenda, identifying opportunities where energy intersects with national sovereignty goals. Dealmaking in the Heating, Ventilation, and Air Conditioning (HVAC pehub.com space remains active, with scaled residential platforms commanding high valuations of 16x to 19x EBITDA, while commercial HVAC services see a wider range, trading between 10x and 17x EBITDA.
European Activity & Deal Awards
European deal activity saw several notable transactions and recognitions this week. Norvestor pehub.com launched a $226 million bid for Oslo-listed Zalaris, a provider of cloud-based payroll and HCM services, with the offer structure reportedly accepting lower upfront terms to mitigate execution risk in defense-related deals. JC Flowers pehub.com received a Small-Cap Europe Deal of the Year Award for its sale of HRK Lunis to Seven2, while Oakley Capital pehub.com won the Mid-Cap Europe award for the successful sale of the legal data platform vLex to Clio. Separately, Capza FEMM’s Antoine Druais pehub.com articulated a strategic shift toward becoming a "multi-specialist" investor, leveraging executive experience to drive portfolio value rather than remaining a pure generalist.
Talent Moves & Emerging Investment Themes
The industry saw several key personnel appointments designed to bolster origination and strategy. Fortress pehub.com hired Elizabeth Burton as its new chief strategist, who will be based in New York and report directly to co-CEOs Drew McKnight and Jack Neumark. Quad-C pehub.com appointed Dillard Watt as business development director to focus on sourcing new platform investments and add-on acquisitions for their teams. Investors are also backing new ventures focused on high-growth ecosystems, as dozens of scaleup executives have backed a new venture capital firm targeting Europe’s next decacorn. Furthermore, certain investors are seeking startups built to withstand economic volatility, with Antonio Gracias expressing a preference for "proentropic" companies structured to survive chaos.
Secondaries & Valuation Dynamics
The secondaries market is experiencing increased attention as investors seek more stable returns amid current volatility, prompting discussions about whether the credit secondaries space is having its "moment" 33. This search for stable returns occurs while valuation subjectivity remains a key hurdle, potentially complicating the broader push for private equity's "democratisation" 16. In a related move, CPPIB pe-insights.com is exploring the sale of $1.5 billion in Asia fund stakes, which could supply fresh liquidity to the secondary market. In the realm of philanthropy, some billionaires are reportedly backing away from Bill Gates techcrunch.com and Warren Buffett's Giving Pledge as personal wealth concentration increases at the very top of the global wealth spectrum.