Private Equity 3d Briefing
×Last updated: March 18, 2026, 10:30 AM ET
Exits and Liquidity Challenges
The private equity exit pipeline continues facing friction privateequityinternational.com, as even assets acquired during less frothy market periods prove difficult to offload, posing ongoing challenges for fund managers seeking liquidity realization. This difficult environment contrasts with major potential exits in the telecom sector, where KKR, Silver Lake, and General Atlantic pe-insights.com are reportedly seeking partial divestitures ahead of the planned $4 billion initial public offering for Reliance Jio pe-insights.com. In a separate large-cap maneuver, Advent and Cinven pe-insights.com are exploring a potential €25 billion sale of TK Elevator, with Kone entering takeover talks pe-insights.com for the industrial firm. Meanwhile, institutional investors are adjusting allocations, evidenced by Nevada PERS privateequityinternational.com preparing to reduce exposure to Clearlake due to perceived conflicts of interest arising from Clearlake’s acquisition of Pathway Capital Management, while Canada Pension Plan Investment Board pe-insights.com is exploring the $1.5 billion sale of its Asia-focused private equity stakes.
Dealmaking Activity and Sector Focus
Deal flow remains active across several specialized sectors, including industrial services and healthcare, although small and mid-sized M&A volumes persist well below 2021 peaks news.crunchbase.com. In Europe, Norvestor pehub.com launched a $226 million bid for Oslo-listed payroll provider Zalaris, with the agreed offer valuing the firm at approximately NKr2.2 billion (€197 million) pehub.com. Defensive technology is also drawing attention, as ETNA pehub.com moves to acquire Brolis Defence Group, a manufacturer of electro-optical systems for NATO forces, reflecting broader European defense spending shifts pehub.com. In North America, platform expansions continue, with Truelink-backed SouthernCarlson pehub.com acquiring specialty distributor Greenwald Supply Direct, while Stephens Group-backed Astro Pak pehub.com purchased precision cleaning services firm Clean Sciences. Further bolstering industrial platforms, KKR pe-insights.com launched a $310 million partnership to expand its Allfleet electric vehicle platform pe-insights.com.
Continuation Funds and GP-Led Transactions
Continuation fund activity is appearing as a mechanism to navigate exit constraints, with Ares Management pe-insights.com leading a €300 million continuation fund for Europastry following the halt of its planned IPO, supporting the strategy of MCH Private Equity. GP-led secondaries are also utilized for providing liquidity, as Ronin Equity pehub.com completed a minority stake acquisition in Aeri Tek Global, with Partners Capital joining the group of new investors backing the vehicle pehub.com, an exit that also garnered PE Hub’s Small-Cap North America Deal of the Year award pehub.com. Separately, the broader market is assessing credit risk, as a furore over credit contamination privateequityinternational.com could negatively impact private capital’s burgeoning retail investor ambitions, prompting at least one US pension fund to slash its private equity allocation privateequityinternational.com over liquidity worries.
Investment Strategy and Firm Personnel Moves
Private equity firms are actively building out specialized teams and expanding geographic mandates. Apollo Global Management pe-insights.com made its first dedicated hire for its $1 billion Singapore private credit fund, recruiting an executive from Warburg Pincus pe-insights.com to manage the new vehicle. In Asia, a Singaporean buyout shop privateequityinternational.com planted its first overseas office in Hong Kong to bolster investment activity and investor relations. Personnel changes are also occurring across the industry: Kain Capital pehub.com appointed Sameer Mathur as partner and Bridie Gahan as Strategy VP, while Behrman Capital pehub.com brought on Eric Smith as an operating partner to advise on portfolio management. Furthermore, institutional investors are tailoring mandates; UK’s Border to Coast privateequityinternational.com, whose assets are set to expand to £110 billion, hired a lead portfolio manager for private equity, credit, and climate strategies privateequityinternational.com.
Thematic Investing: Climate, AI, and Healthcare
Thematic investing remains a strong driver, particularly in climate technology and specialized healthcare services. Bain Capital pehub.com invested in climate tech firm Duravent Group, which already counts Egeria as an existing investor. Simultaneously, deep-tech startups are attracting significant backing, as EQT and the World Bank jointly backed flying ferry startup Candela sifted.eu with a €30 million capital injection to finance its global rollout. In healthcare, TPG pe-insights.com launched One Aged Care in Singapore and Malaysia to capitalize on increasing elderly care demand, while Oaktree-backed Aecon Utilities pehub.com acquired Duna Services and a stake in KNX Utility Services for $60 million plus potential contingent proceeds pehub.com. Separately, there are advanced discussions between major PE players—including TPG, Bain, Brookfield, and Advent pe-insights.com—and OpenAI pe-insights.com regarding a potential $10 billion enterprise AI venture.
Awards and Recognition in Dealmaking
The recent announcement of PE Hub’s Deal of the Year Awards highlighted significant transactions across various market caps and geographies. The top honor for the Medline $7.2 billion IPO pehub.com went collectively to Blackstone, Carlyle, and Hellman & Friedman pehub.com. In North America, Kinderhook Industries pehub.com secured the Mid-Cap Deal of the Year for the sale of VAI to Real Truck, with the firm emphasizing its deep understanding of the automotive manufacturer sales channel pehub.com, while HIG Capital pehub.com won the Small-Cap North America award for the sale of Koozie Group to Mill Point portfolio company Garyline pehub.com. In Europe, Oakley Capital pehub.com claimed the Mid-Cap Europe award, and Accel-KKR won the Large-Cap Europe award for its exit from Smart Communications pehub.com.