Private Equity 3d Briefing
×Last updated: March 19, 2026, 12:30 AM ET
Dealmaking & Fund Activity
Private equity deal execution saw mixed signals, with major firms exploring significant exits while smaller M&A activity lags pre-2021 levels news.crunchbase.com. KKR, Silver Lake, and General Atlantic are positioned to pursue partial exits as Reliance Jio prepares a substantial $4 billion initial public offering pe-insights.com, and concurrently, Advent and Cinven are exploring a massive €25 billion divestiture of TK Elevator amid takeover interest from Kone pe-insights.com. On the financing side, large continuation vehicles are active, evidenced by Harbour Vest leading a $1.1 billion structure for Azurity Pharmaceuticals to support QHP Capital's strategy pe-insights.com, while Blackstone Credit & Insurance arranged a $1.3 billion financing package to underpin the combination of Paratek and Radius pe-insights.com. Furthermore, MCH finalized a continuation fund for Europastry with a deal led by Ares after an earlier IPO halt, which was separately supported by a €300 million continuation fund from Ares itself from itself pe-insights.com.
Sector Focus: Defense, Infrastructure, and Tech
Defense technology startups are attracting keen investor interest, spurred by geopolitical tensions, as seen by the Swarmer IPO, where shares soared 520% news.crunchbase.com on the Nasdaq, potentially encouraging other firms to go public news.crunchbase.com. This sector strength is reflected in Europe, where ETNA plans to acquire Brolis Defence Group pehub.com, a manufacturer of electro-optical systems for NATO forces, following Oakley Capital's recognition of ETNA in Europe’s Mid-Cap Deal of the Year awards pehub.com. In infrastructure, I Squared Capital is reportedly approaching $10 billion in commitments for its next flagship fund, signaling strong investor appetite for large-scale assets pe-insights.com, while EIG-backed Mid Ocean Energy secured a $500 million investment from Japan’s Idemitsu Kosan to boost its liquefied natural gas platform pe-insights.com. In technology, TPG, Bain, Brookfield, and Advent are reportedly engaged in advanced talks with OpenAI regarding a potential $10 billion enterprise AI venture pe-insights.com.
Add-on Acquisitions and Platform Building
Portfolio companies continued an active pace of bolt-on acquisitions across various sectors, signaling private equity’s focus on scaling platforms through consolidation. In the foodservice equipment space, PE-backed Tech24 executed a purchase of Pacific Standard Service pehub.com, while in specialized distribution, Truelink-backed Southern Carlson acquired Greenwald Supply Direct to bolster its construction supply offerings pehub.com. Platform expansion also occurred in industrial services, where Fort Point-backed Visu Sewer purchased United Survey to grow its wastewater infrastructure capabilities pehub.com, and in the cold storage sector, Sagard-backed Norbec added Canadian Curtis, a designer of prefabricated cold rooms pehub.com. Separately, franchise development organization Franchise Fast Lane, backed by Southfield, expanded its consulting footprint by acquiring Franchise Creator pehub.com.
Credit Markets & Secondaries
The private credit space continues to evolve with strategic partnerships and secondary market activity, although liquidity concerns persist among some institutional investors privateequityinternational.com. Apollo Global Management has partnered with Intercontinental Exchange to develop new data infrastructure for private credit, while Apollo also made its first dedicated hire for its new $1 billion Singapore private credit fund, poaching an executive from Warburg Pincus pe-insights.com. The secondary market remains a focus for LPs seeking liquidity, as Canada Pension Plan Investment Board is exploring the sale of approximately $1.5 billion in Asia-focused private equity fund stakes pe-insights.com. For buyers in credit secondaries, the appeal includes acquiring assets at a discount, bypassing the J-curve effect, and capitalizing on market inefficiencies secondariesinvestor.com. Meanwhile, concerns over liquidity are leading some institutions, such as the Nevada PERS, to reduce exposure; the pension fund plans to exit its interest in Clearlake due to perceived conflicts arising from Clearlake's planned acquisition of Pathway Capital Management privateequityinternational.com.
Personnel Moves & European Strategy
Senior movement continued across the industry, with notable hires bolstering investment and strategic advisory teams. Former CVC Managing Director Jonathan Au, who departed the firm last year, has joined Revelation Partners secondariesinvestor.com, and Behrman Capital appointed Eric Smith as an operating partner to advise on management and operational matters across its portfolio pehub.com. In Europe, while the region seeks to foster domestic technology growth, concerns remain about deeptech startups potentially migrating abroad sifted.eu, though the EU has unveiled its 28th regime plan, suggesting further regulatory integration sifted.eu. Furthermore, Triton noted that its €5.5 billion fundraise benefits from Europe’s growing autonomy agenda, focusing on opportunities at the intersection of energy and sovereignty privateequityinternational.com. In Asia, a Singaporean buyout shop marked its first overseas expansion by planting a flag in Hong Kong to support investment activities and investor relations privateequityinternational.com.