Private Equity 3d Briefing
×Last updated: March 18, 2026, 4:30 AM ET
Dealmaking & Exits Face Hurdles
The persistent difficulty in clearing the private equity exit pipeline The clog in PE’s exit pipeline is getting tougher to clear privateequityinternational.com continues to challenge the sector, even for assets acquired during less frothy market periods. This environment is causing some limited partners to adjust strategy, as evidenced by Maine outlining plans secondariesinvestor.com to cut its private equity target for the second time in four years and suggesting it may utilize secondaries sales to manage allocations. In major potential exits, Advent and Cinven are exploring Advent and Cinven explore €25bn exit of TK Elevator as Kone enters takeover talks pe-insights.com a staggering €25 billion divestment of TK Elevator, coinciding with takeover talks initiated by Kone pe-insights.com. Separately, Warburg Pincus is evaluating Warburg Pincus explores $3bn deal options for Exeter Finance pe-insights.com strategic options, including a potential sale of subprime auto lender Exeter Finance in a deal valuing approximately $3 billion.
Sector-Specific Acquisitions & Platform Building
The middle-market saw a flurry of add-on activity across varied sectors, reflecting ongoing platform consolidation strategies. Kinderhook Industries Kinderhook Industries wins PE Hub’s Mid-Cap North America Deal of the Year for sale of VAI to RealTruck pehub.com secured a Deal of the Year award for its sale of VAI to Real Truck, underscoring expertise in the automotive aftermarket value chain, while HIG Capital HIG wins PE Hub’s Small-Cap North America Deal of the Year Award for the sale of Koozie Group to Mill Point portco Garyline pehub.com won a Small-Cap award for its sale of Koozie Group. In infrastructure and industrial services, Fort Point-backed Visu Sewer Fort Point-backed VisuSewer acquires sewer inspection and cleaning services firm United Survey pehub.com expanded its wastewater treatment footprint by acquiring United Survey in Wisconsin, and Oaktree-backed Aecon Utilities Oaktree-backed Aecon Utilities acquires Duna Services and a stake in KNX Utility Services pehub.com made a strategic purchase of Duna Services and a stake in KNX Utility Services for $60 million plus potential contingent proceeds. Furthermore, TPG launched TPG forms One Aged Care to capture ageing care demand in Singapore and Malaysia pe-insights.com One Aged Care, a new healthcare platform targeting the demand generated by aging populations in Singapore and Malaysia, while Sagard-backed Norbec Sagard-backed Norbec picks up freezer rooms designer Canadian Curtis pehub.com added Canadian Curtis, a designer of prefabricated cold rooms, to its building envelope portfolio.
Technology & Software Investments
Private equity activity in the technology sphere focused heavily on industrial software and enterprise solutions, with TPG backing TPG-backed industrial software firm Velotic launches pehub.com the launch of Velotic, naming former PTC CEO James Heppelmann as executive chairman. In Europe, Main Capital-backed Cisbox and Millum Main-backed Cisbox and Millum merge to form source-to-pay software provider pehub.com merged to create a unified source-to-pay software provider, expanding their presence across the DACH and Nordic regions. Meanwhile, Nordic Capital is acquiring Nordic Capital to buy majority stake in trade surveillance biz TradingHub pehub.com a controlling interest in trade surveillance business Trading Hub, with existing investor Summit Partners retaining a minority stake. Accel-KKR Accel-KKR wins PE Hub’s Large-Cap Europe Deal of the Year Award for Smart Communications exit pehub.com claimed the Large-Cap Europe Deal of the Year award for its successful exit from customer communications software firm Smart Communications.
Fundraising & LP Sentiment
Investor appetite remains strong for specialized funds, though governance issues and internal shifts continue to surface at large institutions. I Squared Capital I Squared Capital is approaching $10bn in commitments for its next flagship infrastructure fund, highlighting strong investor appetite pe-insights.com is nearing $10 billion in commitments for its upcoming infrastructure fund, signaling continued LP interest in the asset class. Conversely, Australia's Future Fund Future Fund loses private markets investment leads privateequityinternational.com is managing senior departures, with joint managing directors for private equity and real assets, David Bluff and Tammi Fisher, resigning. A significant governance issue also emerged for the $74.9 billion Nevada PERS Nevada PERS to exit Clearlake exposure due to ‘conflicts of interest’ privateequityinternational.com as the pension fund resolved to exit its exposure to Clearlake due to perceived conflicts arising from Clearlake's planned acquisition of Pathway Capital Management. Additionally, the Canada Pension Plan Investment Board CPPIB explores $1.5bn sale of Asia private equity fund stakes pe-insights.com is looking to offload approximately $1.5 billion worth of stakes in Asia-focused private equity funds.
Geopolitical & Thematic Investment Trends
Broader geopolitical dynamics are influencing capital flows, with European firms emphasizing sovereignty themes and defense-related opportunities gaining visibility. Triton Triton says €5.5bn fundraise is a ‘strong beneficiary’ of Europe’s autonomy agenda privateequityinternational.com views its €5.5 billion fundraise as a direct beneficiary of Europe’s push for greater sovereignty, particularly at the intersection of energy security. The conflict in Ukraine has thrust Europe’s air defence startups Iran war puts Europe’s air defence startups in the spotlight: ‘The gap is impossible to ignore’ sifted.eu into the spotlight, with industry experts noting an "impossible to ignore" gap in defense capabilities. In an apparent response to execution risk concerns, one source indicated that lower offers in defense deals Lower offers in defense deals ‘more acceptable’ if it lowers execution risk, says Goodwin pehub.com are becoming more palatable if they reduce overall closing uncertainty, as seen when Norvestor launched Norvestor launches $226m bid for Zalaris pehub.com a $226 million bid for payroll provider Zalaris. Meanwhile, Middle Eastern capital may be redirecting inward HK’s Gaw eyes Gulf ‘retrenching’ with new growth fund privateequityinternational.com as Gulf capital previously aimed at the US or Europe is now being earmarked for home markets, according to one ME private equity head.
AI, Unicorns, and Fintech Funding
The artificial intelligence sector continues to command massive private capital attention, although there are emerging concerns regarding market concentration and quality of pitches. OpenAI is reportedly in TPG, Bain, Brookfield, and Advent in talks with OpenAI on $10bn enterprise AI venture pe-insights.com advanced discussions with several major buyout firms, including TPG pe-insights.com, Brookfield pe-insights.com, and Advent pe-insights.com, for a potential $10 billion enterprise AI venture. Despite the hype, investors are scrutinizing AI startups; for instance, Google and Accel's accelerator Google, Accel India accelerator chooses 5 startups and none are ‘AI wrappers’ techcrunch.com rejected the vast majority of Indian pitches, noting about 70% were merely "wrappers." Investor Rana el Kaliouby warned that if women are excluded from AI funding and leadership roles, the resulting wealth gap AI’s ‘boys’ club’ could widen the wealth gap for women, says Rana el Kaliouby techcrunch.com consequences will be severe. In European fintech, Upvest secured Upvest wins backing from Tencent and Sapphire Ventures for $125m raise sifted.eu $125 million in a raise backed by Tencent sifted.eu and Sapphire Ventures sifted.eu, while the sovereignty issues facing European fintechs European fintech’s sovereignty problem is getting harder to ignore sifted.eu remain a growing concern for investors.
Consumer, Healthcare, and Specialized Services Deals
Platform expansion through bolt-on acquisitions remains active in consumer and healthcare verticals. L Catterton, backed by LVMH LVMH-backed L Catterton ramps up Japan strategy with $313m investment plan pe-insights.com, announced plans to deploy approximately $313 million across five Japanese consumer businesses as part of its intensified regional strategy. In healthcare services, Hildred-backed Sports Med Hildred-backed SportsMed acquires The Physical Therapy and Rehabilitation Center pehub.com purchased The Physical Therapy and Rehabilitation Center, expanding its footprint across New Jersey and Connecticut. New Heritage Capital-backed Icelandirect New Heritage-backed Icelandirect acquires supplement manufacturer Soma Labs pehub.com acquired supplement manufacturer Soma Labs to bolster its contract manufacturing capabilities for both human and pet brands. In the services realm, Knox Lane-backed Ruppert Landscape Knox Lane-backed Ruppert Landscape picks up Landscapes Unlimited pehub.com acquired Landscapes Unlimited to expand its commercial landscaping offerings in Maryland.
Awards and Firm Strategy Shifts
Recent Deal of the Year awards recognized major exits and mid-market successes, while some firms signaled strategic shifts toward specialization. Blackstone, Carlyle, and Hellman & Friedman PE Hub unveils Deal of the Year Award winners; Blackstone, Carlyle and Hellman & Friedman take top honor for Medline IPO pehub.com shared the top honor for the $7.2 billion Medline IPO. In the mid-cap category, Oakley Capital Oakley Capital wins PE Hub’s Mid-Cap Europe Deal of the Year Award for the sale of vLex to Clio pehub.com was recognized for its sale of legal database vLex to Clio, while Capza’s Antoine Druais Capza FEMM’s Antoine Druais: Bringing flexibility and CEO experience to investing pehub.com emphasized a goal to evolve into a "multi-specialist" rather than remaining a pure generalist. Additionally, Fortress hired Fortress hires Elizabeth Burton as chief strategist pehub.com Elizabeth Burton as its new chief strategist, based in New York, reporting directly to co-CEOs Drew McKnight and Jack Neumark.