Private Equity 3d Briefing
×Last updated: March 18, 2026, 6:30 AM ET
Asia & Credit Market Expansion
Firms are aggressively expanding private credit operations and planting overseas flags, signaling deepening interest in Asian markets. Apollo Global Management pe-insights.com made its first dedicated hire for a new $1 billion private credit strategy based in Singapore, while a Singaporean buyout shop established privateequityinternational.com its inaugural overseas office in Hong Kong to bolster investment support and investor relations functions. Concurrently, TPG launched pe-insights.com a new elderly healthcare platform, One Aged Care, targeting surging demand for aging care services across Singapore and Malaysia. On the LP side, however, Canada Pension Plan Investment Board pe-insights.com is exploring the divestment of approximately $1.5 billion in Asia-focused private equity fund stakes as it adjusts its portfolio strategy.
Dealmaking Activity & Sector Focus
The M&A pipeline remains active across specialized platforms, though exit liquidity appears constrained as assets bought privateequityinternational.com even during less frothy periods are proving difficult to offload. In the software and services sector, TPG-backed Velotic pehub.com officially launched with a new leadership team, installing Brian Shepherd as CEO and former PTC CEO James Heppelmann as executive chairman, while Main Capital's portfolio companies pehub.com Cisbox and Millum merged to create a broader source-to-pay software provider spanning the DACH and Nordic regions. Industrial services saw multiple transactions, including Fort Point’s portfolio company pehub.com Visu Sewer acquiring wastewater infrastructure firm United Survey, and reports suggesting HIG is testing pehub.com the market for industrial system outage specialist JT Thorpe.
European Exits & Valuations
Major European exits are being tested by competitive processes, with significant stakes on the block. Advent and Cinven are exploring pe-insights.com a potential €25 billion divestment of TK Elevator, currently complicated by takeover talks involving Kone. In the Nordic region, Norvestor is pehub.com with a firm NKr2.2 billion (approximately $225 cash offer to take payroll provider Zalaris private, a price that defense deal experts suggest is becoming more acceptable due to lower execution risk concerns. Meanwhile, JC Flowers secured pehub.com the Small-Cap Europe Deal of the Year Award for its sale of HRK Lunis to Seven2, signaling successful navigation of complex carve-outs.
Infrastructure & Energy Investments
Firms are concentrating capital deployment into essential infrastructure and energy transition assets. I Squared Capital pe-insights.com is nearing $10 billion in commitments for its next flagship infrastructure fund, indicating strong LP appetite for the asset class, while 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 (LNG) platform. Supporting Europe’s focus on energy sovereignty, Triton's latest fundraise privateequityinternational.com of €5.5 billion is positioned as a "strong beneficiary" of the continent's push for greater autonomy, according to the firm’s IR head.
Deal of the Year Winners & US Mid-Market
Awards recognized several strong performances across North American and European middle-market deals. Kinderhook Industries won pehub.com the Mid-Cap North America Deal of the Year for the sale of VAI to Real Truck, with the firm emphasizing its deep understanding of the automotive value chain. In the small-cap category, HIG Capital netted pehub.com the North America award for the sale of Koozie Group to Mill Point portfolio company Garyline. For Europe, Accel-KKR was honored pehub.com for its exit from customer communications software firm Smart Communications, while Oakley Capital won pehub.com the Mid-Cap Europe award for the sale of legal database vLex to Clio.
LP Sentiment & Governance Concerns
Limited Partners are showing signs of re-evaluating existing mandates and increasing scrutiny over potential conflicts. The Nevada Public Employees' Retirement System privateequityinternational.com plans to exit its exposure to Clearlake Capital due to perceived conflicts arising from Clearlake’s recent agreement to acquire Pathway Capital Management. Furthermore, Australia's Future Fund has seen privateequityinternational.com a string of senior departures, including joint managing directors for private equity and real assets, David Bluff and Tammi Fisher. The broader secondary market is being scrutinized for potential opportunities, as Maine's pension fund secondariesinvestor.com outlines its second reduction in its PE target allocation in four years, suggesting possible secondary sales in specific scenarios, while the question of whether credit secondaries is having its 'moment' secondariesinvestor.com is actively debated.
Technology, AI Focus, and Sector Consolidation
Private equity attention remains fixed on specialized software and technology plays, often involving platform builds. Nordic Capital plans to acquire pehub.com a majority stake in trade surveillance business Trading Hub, with Summit Partners retaining a minority position. In the lucrative artificial intelligence sector, OpenAI is reportedly in pe-insights.com advanced discussions with major firms, including TPG, Bain, Brookfield, and Advent pe-insights.com, regarding a potential $10 billion enterprise AI venture. Amid this tech focus, investor Rana el Kaliouby warned that if women are excluded from AI funding and leadership, the resulting wealth gap consequences techcrunch.com could be severe.
Platform Builds & Add-on Acquisitions
The strategy of building sector platforms through strategic bolt-on acquisitions continues apace across various industries. Knox Lane-backed Ruppert Landscape pehub.com acquired competitor Landscapes Unlimited to expand its commercial landscaping services footprint in Maryland. In the physical therapy space, Hildred-backed SportsMed pehub.com purchased The Physical Therapy and Rehabilitation Center, adding locations across New Jersey and Connecticut. Manufacturing consolidation saw Gryphon-backed Mechanix Wear pehub.com acquire PPE manufacturer Otex, while New Heritage-backed Icelandirect pehub.com scooped up supplement manufacturer Soma Labs to bolster its contract manufacturing capabilities.
European Business Resilience & Fintech
European businesses are demonstrating resilience, particularly those focused on critical defense technology, while the continent's fintech sector faces sovereignty challenges. Startups in European air defense have gained prominence amid the Iran war fallout sifted.eu, with experts noting an "impossible to ignore" gap in current capabilities. Simultaneously, European fintechs are struggling with an increasingly difficult sovereignty problem sifted.eu regarding data control and regulation. Despite these challenges, UK businesses continue to find success, as evidenced by Healf topping sifted.eu the Sifted UK and Ireland leaderboard, and investment flowing into firms like French-based Groupe Senef, which received backing from pehub.com Oakley Capital.
Wealth Management & Strategic Hires
Bain Capital is making a strategic move into wealth management, agreeing to acquire Perpetual’s unit pe-insights.com for $350 million, while Fortress hired pehub.com Elizabeth Burton as chief strategist, reporting to co-CEOs Drew McKnight and Jack Neumark in New York. Elsewhere, L Catterton is accelerating pe-insights.com its Japan strategy with a planned $313 million investment across five consumer businesses in the country. In the startup ecosystem, investors like Antonio Gracias are seeking techcrunch.com "proentropic" startups built specifically to survive market chaos, contrasting with the recent trend of billionaires reneging on Giving Pledge techcrunch.com promises as wealth concentration increases.