Private Equity 3d Briefing
×Last updated: March 18, 2026, 12:30 AM ET
Dealmaking Activity & Sector Trends
Firms continued to deploy capital across various sectors, with TPG launching pe-insights.com a new elderly healthcare platform named One Aged Care to target demand in Singapore and Malaysia, while simultaneously backing an industrial software venture pehub.com called Velotic, appointing former PTC CEO James Heppelmann as executive chairman. In infrastructure and energy, EIG-backed MidOcean secured pe-insights.com a $500 million investment from Japan’s Idemitsu Kosan to bolster its Liquefied Natural Gas platform. Meanwhile, Norvestor launched pehub.com a $226 million bid for Oslo-listed payroll provider Zalaris, with the offer reportedly leaning toward lower bids if execution risk is reduced elsewhere in the defense sector according to Goodwin pehub.com.
Platform Build-Outs and Add-On Acquisitions
The trend of building out specialized platforms through serial acquisitions remained strong across the middle market. Hildred-backed SportsMed acquired pehub.com The Physical Therapy and Rehabilitation Center across New Jersey and Connecticut, while Audax snapped up pehub.com property management firm Akam from Nautic Partners. In industrial services, LFM scooped up pehub.com manufacturer Power Built to integrate into its American Automation Group platform, and Fort Point-backed VisuSewer acquired pehub.com United Survey to expand its wastewater infrastructure services in Wisconsin. Elsewhere, Knox Lane-backed Ruppert Landscape picked up pehub.com Landscapes Unlimited to enhance its commercial landscaping offerings in Maryland.
European & Asia-Pacific Investment Focus
European activity showed a mix of strategic exits and new platform formation. Advent and Cinven are exploring pe-insights.com a massive potential €25 billion exit from TK Elevator amid takeover talks from Kone, suggesting large-cap portfolio companies are moving toward liquidity events. In the Nordics, Nordic Capital agreed to purchase pehub.com a majority stake in trade surveillance business Trading Hub, retaining Summit Partners as a minority holder. Across Asia, L Catterton, backed by LVMH, plans pe-insights.com a $313 million investment push across five consumer businesses in Japan, signaling increased focus on that market.
AI Investment and Tech Landscape
Discussions around artificial intelligence funding and enterprise adoption intensified, with major players circling potential deals. TPG, Bain, Brookfield, and Advent are in pe-insights.com advanced talks with OpenAI regarding a $10 billion enterprise AI venture, indicating private equity interest in monetizing large language models beyond consumer applications. This focus contrasts with warnings from AI investor Rana el Kaliouby, who cautioned that the AI ‘boys’ club’ risks techcrunch.com widening the wealth gap if women are excluded from funding and leadership roles in the sector. Furthermore, accelerators in India are actively filtering pitches, with Google & Accel noting that roughly 70% of AI startup submissions were deemed mere "wrappers" during their review process techcrunch.com.
Investor Relations, Governance, and Exits
Investor sentiment and internal governance issues within institutional funds are prompting portfolio adjustments. Australia’s Future Fund saw privateequityinternational.com senior leadership resignations within its private equity and real assets division, following joint managing directors David Bluff and Tammi Fisher's departures. In the US, the $74.9 billion Nevada PERS plans to exit privateequityinternational.com its exposure to Clearlake due to perceived conflicts of interest arising from Clearlake’s planned acquisition of Pathway Capital Management. Meanwhile, the broader difficulty in selling assets persists, as the exit pipeline remains privateequityinternational.com clogged, even for assets acquired during less frothy market periods.
Secondary Markets and LP Activity
Limited Partners are actively managing allocations, leading to secondary market movements. The Canada Pension Plan Investment Board is exploring pe-insights.com the sale of approximately $1.5 billion worth of stakes in Asia-focused private equity funds. In a similar vein, Maine outlined plans secondariesinvestor.com to cut its private equity target for the second time in four years, suggesting potential secondary sales under specific conditions. Discussions around market mechanisms are also ongoing, with experts debating whether credit secondaries are experiencing secondariesinvestor.com a significant growth moment as investors seek more stable returns.
Deal of the Year Awards and Portfolio Updates
The industry recognized recent successful transactions, with Blackstone, Carlyle, and Hellman & Friedman pehub.com winning the top PE Hub Deal of the Year honor for the $7.2 billion Medline IPO. In the mid-cap North America category, Kinderhook Industries claimed pehub.com the award for its sale of VAI to Real Truck, with Kinderhook emphasizing its deep understanding of the automotive manufacturer selling network as noted by Chairman Tom Tuttle pehub.com. For European deals, JC Flowers won pehub.com the Small-Cap award for the sale of HRK Lunis to Seven2, while Oakley Capital secured pehub.com the Mid-Cap prize for its vLex sale to Clio.
Add-On Activity in Specialized Verticals
Add-on transactions continued to strengthen portfolio companies across various niche markets. Sagard-backed Norbec acquired pehub.com Canadian Curtis, a designer of prefabricated freezer rooms, allowing Norbec to expand its offerings in cold storage construction. In the medical field, New Heritage-backed Icelandirect acquired pehub.com supplement manufacturer Soma Labs to grow its contract manufacturing capabilities for human and pet supplements. Furthermore, Oaktree-backed Aecon Utilities purchased pehub.com Duna Services and a stake in KNX Utility Services for $60 million, plus potential contingent proceeds, to boost its utilities maintenance footprint.
New Capital Raises and Strategic Hires
Firms are successfully raising new funds, reflecting continued investor demand despite market friction. I Squared Capital is reportedly approaching pe-insights.com $10 billion in commitments for its next infrastructure flagship fund, a positive signal for that asset class. On the software front, Upvest secured sifted.eu backing from Tencent and Sapphire Ventures in a $125 million fundraising round. In personnel news, Fortress hired pehub.com Elizabeth Burton as chief strategist in New York, where she will report directly to co-CEOs Drew McKnight and Jack Neumark.