Private Equity 3d Briefing
×Last updated: March 19, 2026, 2:30 AM ET
Dealmaking & Exits: Sector Trends and Large Transactions
Private equity deal volume continues to see activity across various sectors, though exits remain challenging, as evidenced by reports that even assets acquired during less frothy periods are proving difficult to divest The clog in PE’s exit pipeline is getting tougher to clear privateequityinternational.com. Despite this, large-scale exit maneuvers are being actively explored, with Advent and Cinven reportedly exploring a €25 billion exit of TK Elevator pe-insights.com as Kone enters takeover talks, and TDR Capital and I Squared Capital contemplating a potential $15 billion IPO and stake sale of Aggreko pe-insights.com. In major technology exits, KKR, Silver Lake, and General Atlantic are poised to pursue partial sales in the anticipated $4 billion Reliance Jio IPO pe-insights.com, while Blackstone, Carlyle, and Hellman & Friedman claimed the top honor at the PE Hub Deal of the Year Awards for the $7.2 billion Medline IPO pehub.com.
Continuation vehicles (CVs) remain a popular tool for extending holding periods and providing liquidity, with HarbourVest leading a substantial $1.1 billion CV for QHP Capital-backed Azurity Pharmaceuticals pe-insights.com, and Ares Management driving a €300 million continuation fund for Europastry pe-insights.com following the halt of its planned IPO. Furthermore, GP-led secondaries are seeing interest, as demonstrated by Ronin Equity taking a minority stake in AeriTek Global pehub.com, a deal also recognized in the Deal of the Year awards for Small-Cap North America HIG wins PE Hub’s Small-Cap North America Deal of the Year for Koozie exit pehub.com. On the debt side, Blackstone Credit & Insurance spearheaded a $1.3 billion financing package pe-insights.com to facilitate the combination of Paratek and Radius, underscoring continued appetite for large-scale credit solutions.
Add-on acquisitions remain the bread and butter of portfolio management, with numerous platform companies executing bolt-on purchases across specialized industries. In industrial services, Oaktree-backed Aecon Utilities paid $60 million plus potential contingent proceeds pehub.com to acquire Duna Services and a stake in KNX Utility Services. Within the franchise sector, Southfield-backed Franchise FastLane acquired consulting firm Franchise Creator pehub.com, while in building materials, Truelink-backed SouthernCarlson picked up specialty distributor Greenwald Supply Direct pehub.com. Other activity includes PE-backed Technimark acquiring Rage Custom Plastics pehub.com for highly engineered components, and Fort Point-backed VisuSewer acquiring sewer inspection firm United Survey pehub.com, demonstrating active management in infrastructure services.
Sector Focus: Defense, Climate, and Deeptech
Defense technology startups are experiencing a significant tailwind driven by geopolitical tensions, exemplified by AI drone company Swarmer soaring 520% in its Nasdaq debut news.crunchbase.com, potentially clearing the path for a wave of similar defense tech IPOs. This heightened focus on European defense capabilities is also driving private equity investment, as ETNA agreed to acquire Brolis Defence Group pehub.com, which develops electro-optical systems for NATO defense ministries. The urgency surrounding European autonomy and defense preparedness is being recognized by investors, with Triton noting its €5.5 billion fundraise is a strong beneficiary of Europe’s autonomy agenda privateequityinternational.com.
Climate tech and sustainability investments continue to attract capital, with Bain investing in climate tech firm Duravent Group pehub.com and EQT and World Bank backing 'flying ferry' startup Candela with a €30 million raise sifted.eu to finance its global rollout. In sustainable agriculture, Idealist led a C$50 million growth equity investment in Solugen pehub.com, joined by the Canada Growth Fund. Meanwhile, the UK government is actively seeking ways to retain its high-potential deeptech firms, as Innovate UK aims to simplify working relationships with companies sifted.eu amid concerns about these startups drifting abroad Can Rachel Reeves stop the UK’s deeptech startups drifting abroad? sifted.eu.
AI and enterprise technology remain prime targets for growth equity, with Sequen securing a Series A round techcrunch.com to deploy its personalization technology to consumer companies, and OpenAI reportedly in advanced discussions with TPG, Bain, Brookfield, and Advent regarding a $10 billion enterprise AI venture pe-insights.com. In the venture space, YC alum Parallel raised a $20 million Series A sifted.eu to integrate AI agents into hospital systems, while DeepSeek's progress is noted in the competition for the fastest AI winners pehub.com.
Credit, Secondaries, and Personnel Shifts
The private credit market is seeing both expansion and structural innovation, with Apollo Global Management partnering with Intercontinental Exchange to develop new data infrastructure pe-insights.com. Furthermore, Apollo is establishing a $1 billion dedicated private credit fund in Singapore pe-insights.com, hiring an executive from Warburg Pincus pehub.com to spearhead the effort. The secondaries market is attracting attention as a source of liquidity and potentially mispriced assets, with buyers prioritizing discounted products that help eliminate the J-curve effect Credit secondaries: What’s in it for buyers? secondariesinvestor.com. This trend is occurring even as some LPs pull back, such as Nevada PERS planning to exit its Clearlake exposure privateequityinternational.com over perceived conflicts of interest related to Clearlake's acquisition of Pathway Capital Management.
Significant personnel movements are reshaping senior investment teams, reflecting strategic shifts across the industry. Former CVC MD Jonathan Au joined Revelation Partners secondariesinvestor.com, and Kain Capital appointed Sameer Mathur as partner pehub.com. In talent acquisition for operational expertise, Behrman Capital brought on Eric Smith as an operating partner pehub.com, while Star Mountain tapped George Zahringer as a strategic portfolio partner pehub.com. Pension funds are also re-evaluating their private market allocations; Canada Pension Plan Investment Board is exploring the sale of roughly $1.5 billion in Asia-focused PE stakes pe-insights.com, and Maine is set to implement its second cut to its PE target in four years secondariesinvestor.com.
Platform Building and Geographic Expansion
Firms are aggressively building out specialized platforms through acquisitions and geographic expansion. KKR committed up to $310 million to form a strategic partnership with Allfleet and PMI Electro pe-insights.com to expand its platform. In industrial services, Kinderhook Industries won a Deal of the Year award for its sale of VAI to RealTruck pehub.com, showcasing expertise in automotive value chains. In Europe, Main-backed Cisbox and Millum merged pehub.com to create a source-to-pay software provider with an expanded footprint across the DACH and Nordic regions.
Geographically, firms are planting flags overseas to support investment activities. A Singaporean buyout shop established its first overseas presence in Hong Kong privateequityinternational.com to bolster investor relations and deal sourcing. Meanwhile, L Catterton, backed by LVMH, is ramping up its Japan strategy with a $313 million investment plan pe-insights.com targeting five consumer businesses. Within Europe, VCs are identifying attractive investment environments, with the Netherlands seeing focus from active investors Startups in the Netherlands to watch, according to VCs sifted.eu, although concerns persist about the sovereignty of European fintechs European fintech’s sovereignty problem is getting harder to ignore sifted.eu.