Private Equity 3d Briefing – Mar 18, 2026

98 articles summarized · Last updated: March 18, 2026 at 11:30 AM ET v569

You are viewing an older version. View latest →

Last updated: March 18, 2026, 11:30 AM ET

Exit Markets & Deal Volume Headwinds

The private equity exit pipeline remains choked, with even assets acquired during less frothy market periods proving difficult to divest privateequityinternational.com, posing a continuing challenge for the sector. This difficulty is reflected in the ongoing IPO slowdown; while PwC’s U.S. IPO lead pointed to market uncertainty news.crunchbase.com, the secondary market is seeing activity, as demonstrated by Ronin Equity finalizing a GP-led secondary minority stake pehub.com in Aeri Tek Global, which was also recognized by PE Hub’s Small-Cap North America Deal of the Year award for HIG’s Koozie exit pehub.com. Despite this general exit pressure, there are significant potential liquidity events on the horizon, including KKR, Silver Lake, and General Atlantic positioning for partial exits pe-insights.com as Reliance Jio prepares a substantial $4 billion initial public offering. Furthermore, Advent & Cinven are actively exploring a potential €25 billion sale of TK Elevator pe-insights.com amid takeover discussions with Kone.

Large-cap managers are navigating complex sales processes, with Blackstone, Carlyle, and Hellman & Friedman securing the top Deal of the Year honor pehub.com for the $7.2 billion Medline IPO. In Europe, Accel-KKR claimed the Large-Cap Europe Deal of the Year Award pehub.com for their exit of Smart Communications, while JC Flowers won the Small-Cap Europe award for selling HRK Lunis to Seven2 pehub.com. In response to IPO market halts, continuation funds are gaining traction; Ares Management spearheaded a €300 million continuation fund pe-insights.com for Europastry after its planned IPO was shelved, supporting MCH Private Equity's strategy. Separately, TDR Capital and I Squared Capital are assessing options pe-insights.com for Aggreko, potentially valuing the business at $15 billion through an IPO or stake sale.

Acquisition activity remains broad across sectors, with industrial and infrastructure plays seeing notable transactions. TPG launched One Aged Care pe-insights.com to capitalize on demand for elderly healthcare services in Singapore and Malaysia, while TPG backed the launch of industrial software firm Velotic pehub.com, appointing James Heppelmann as executive chairman. In sustainability-focused deals, Idealist led a C$50 million growth equity investment pehub.com into Solugen, with the Canada Growth Fund also participating, and Bain invested in climate technology firm Duravent Group pehub.com, where Egeria was an existing investor. In the specialty distribution space, Truelink-backed SouthernCarlson acquired Greenwald Supply Direct pehub.com, a distributor of construction supplies and fasteners.

Liquidity management remains a concern for institutional investors, as evidenced by reports of a U.S. pension slashing its private equity allocation privateequityinternational.com due to concerns over credit contamination and liquidity. Similarly, Maine’s pension fund outlined a plan to cut its PE target secondariesinvestor.com and may utilize secondaries sales to manage exposure, while the Canada Pension Plan Investment Board is exploring a $1.5 billion sale pe-insights.com of its Asia-focused private equity fund stakes. Counterbalancing these cautionary moves, I Squared Capital is nearing $10 billion in commitments pe-insights.com for its newest flagship infrastructure fund, signaling continued appetite for specific asset classes. Furthermore, Apollo Global Management partnered with Intercontinental Exchange pe-insights.com to build new data infrastructure focused on private credit, and Apollo concurrently hired a former Warburg Pincus executive pe-insights.com to lead its new $1 billion Singapore private credit fund.

The industry continues to see senior personnel shifts aimed at bolstering investment execution and strategy. Kain Capital appointed Sameer Mathur as a partner pehub.com after his tenure at Chicago Pacific Founders, and Bridie Gahan joined as strategy VP. Behrman Capital named Eric Smith as an operating partner pehub.com to advise on operational matters across its portfolio companies. In strategy roles, Fortress hired Elizabeth Burton as chief strategist pehub.com, reporting directly to the co-CEOs, and Star Mountain tapped George Zahringer as a strategic portfolio partner pehub.com. On the investment side, Manna Tree added Jennifer Roach as a managing director pehub.com based in the San Francisco Bay Area.

Firms are continuing to plant flags overseas, particularly in Asia, as a Singaporean buyout shop established its first overseas presence privateequityinternational.com in Hong Kong to support investment and investor relations. In Japan, L Catterton announced a $313 million investment plan pe-insights.com targeting five consumer businesses as part of an escalated Japan strategy. Thematic investing is pronounced in defense and climate tech; Triton noted its €5.5 billion fundraise is a strong beneficiary privateequityinternational.com of Europe’s focus on energy autonomy, while European defense startups are receiving attention following geopolitical events putting air defense in the spotlight sifted.eu. In the technology sphere, TPG, Bain, Brookfield, and Advent are in discussions with OpenAI pe-insights.com regarding a potential $10 billion enterprise AI venture. Meanwhile, in a specialized vertical, EQT and the World Bank backed Candela sifted.eu with €30 million to finance the global rollout of its electric ferry technology.