Private Equity 3d Briefing
×Last updated: March 17, 2026, 1:30 PM ET
Private Equity Exits & Dealmaking Activity
The exit pipeline for private equity remains severely constrained, with managers finding it difficult to divest assets even when those holdings were acquired during less inflationary periods in the market The clog in PE’s exit pipeline privateequityinternational.com. This environment of cautious divestment contrasts with recent award recognitions, such as Kinderhook Industries pehub.com winning the Mid-Cap North America Deal of the Year for its sale of VAI to Real Truck, demonstrating that successful exits are possible within specific value chains Kinderhook Industries wins PE Hub’s Mid-Cap North America Deal of the Year pehub.com. Further evidence of ongoing deal activity includes Advent and Cinven pe-insights.com evaluating a potential €25 billion exit of TK Elevator, spurred by takeover discussions with Kone, while Warburg Pincus pe-insights.com is exploring sale options for subprime auto lender Exeter Finance in a process potentially valuing the firm at $3 billion. On the acquisition front, Seaport pehub.com finalized the exit of its technology company Exacom to Motorola Solutions, marking a clean divestiture in the sector.
In North America, add-on activity continues across various sectors, with firms expanding existing portfolio platforms. Audax pehub.com has acquired property management firm Akam from Nautic Partners, while New Heritage pehub.com portfolio company Icelandirect purchased supplement manufacturer Soma Labs, broadening its contract manufacturing capabilities for human and pet brands. In specialized industrial services, LFM pehub.com integrated manufacturer Power Built into its American Automation Group platform, and Oaktree-backed Aecon Utilities pehub.com paid $60 million plus potential contingent proceeds to acquire Duna Services and a stake in KNX Utility Services. Meanwhile, infrastructure investment showed strong momentum, as I Squared Capital pe-insights.com nears $10 billion in commitments for its latest flagship infrastructure fund, signaling persistent LP appetite in that space.
European & Asian Strategy Shifts and New Platforms
European firms are demonstrating targeted geographic and sector expansion, often aligning with regional strategic priorities. TPG pe-insights.com announced the formation of One Aged Care, a new platform aimed at capitalizing on the increasing demand for elderly healthcare services across Singapore and Malaysia. Simultaneously, European firms are securing capital tailored to specific mandates; Triton privateequityinternational.com secured €5.5 billion for its latest fund, which its Investor Relations head noted is a "strong beneficiary" of Europe’s push for greater energy and industrial autonomy. In portfolio moves, Sagard-backed Norbec pehub.com acquired Canadian Curtis, a designer of prefabricated cold rooms, enhancing its building envelope manufacturing capabilities. Furthermore, L Catterton pe-insights.com, backed by LVMH, is accelerating its Japanese consumer strategy with a dedicated $313 million investment plan targeting five local businesses.
In the realm of technology and specialized services, consolidation is active. Main-backed Cisbox pehub.com merged with Millum to establish a source-to-pay software provider with an expanded footprint across the DACH and Nordic regions. In the surveillance sector, Nordic Capital pehub.com is acquiring a majority stake in trade surveillance software firm Trading Hub, with existing investor Summit Partners retaining a minority position. The fintech space is seeing capital injections, as Upvest sifted.eu secured $125 million in a round backed by Tencent and Sapphire Ventures, while in the UK, JC Flowers pehub.com won a Small-Cap Europe Deal of the Year Award for its successful exit of HRK Lunis to Seven2.
Sector Focus: AI, Healthcare, and Defense
The artificial intelligence sector is attracting significant attention from the highest levels of private equity, even as concerns about diversity in funding persist. TPG, Bain, Brookfield, and Advent pe-insights.com are reportedly in advanced discussions with OpenAI pe-insights.com regarding a potential $10 billion enterprise AI venture. This focus on AI comes amid warnings from investor Rana el Kaliouby techcrunch.com that an "AI’s ‘boys’ club’" mentality could severely widen the existing wealth gap for women if they are excluded from leadership and funding roles in the sector. Separately, in the defense sector, deal terms are reportedly becoming more flexible, with lower offers being considered "more acceptable" if they reduce execution risk, as seen in the context of Norvestor’s pehub.com agreed NKr2.2 billion ($225 offer to take Oslo-listed payroll provider Zalaris private Lower offers in defense deals ‘more acceptable’ pehub.com.
Healthcare and specialized services M&A remains brisk. Following an award victory for the $7.2 billion Medline IPO exit, Blackstone, Carlyle and Hellman & Friedman pehub.com secured the top Deal of the Year honor from PE Hub. In physical therapy, Hildred-backed SportsMed pehub.com acquired The Physical Therapy and Rehabilitation Center, extending its footprint across New Jersey and Connecticut. Meanwhile, in the energy transition space, EIG-backed MidOcean Energy pe-insights.com secured a $500 million investment from Japan’s Idemitsu Kosan to fuel the expansion of its Liquefied Natural Gas platform.
Investor Appetite and Talent Moves
Limited Partners are adjusting their mandates amid market uncertainty, with the Canada Pension Plan Investment Board (CPPIB) pe-insights.com exploring the sale of approximately $1.5 billion in stakes across its Asia-focused private equity funds. Similarly, the Maine secondariesinvestor.com pension fund is implementing its second reduction to its private equity target in four years, suggesting a willingness to utilize secondaries sales in specific situations to rebalance allocations. This caution contrasts with the strong fundraising success seen by firms like Triton pe-insights.com and I Squared Capital I Squared Capital is approaching $10bn pe-insights.com. In talent acquisition, Fortress pehub.com announced the hiring of Elizabeth Burton as its chief strategist, who will be based in New York and report directly to the co-CEOs. Furthermore, Bain Capital pe-insights.com has entered into an agreement to acquire the wealth management division of Australian financial services firm Perpetual for $350 million, expanding its footprint in asset management.