Private Equity 3d Briefing
×Last updated: March 19, 2026, 12:30 PM ET
Dealmaking Momentum & Exit Activity
Private equity firms are actively exploring major divestitures across Europe, with CVC and Nordic Capital moving toward a €3bn exit pe-insights.com for the automotive supplier Cary Group, while Advent and Cinven are evaluating a potential €25bn sale pe-insights.com of elevator giant TK Elevator amid takeover interest from Kone. Elsewhere, established exits are proving difficult, as the general clog in the exit pipeline privateequityinternational.com is persisting, meaning even assets purchased during less frothy market periods are now proving challenging to offload. On the continuation vehicle front, Harbour Vest led a substantial $1.1bn transaction pe-insights.com to support QHP Capital’s strategy by extending its holding in Azurity Pharmaceuticals, while Ares Management drove a separate €300m continuation fund pe-insights.com for Europastry following the halt of its planned initial public offering.
Strategic Acquisitions and Sector Focus
Activity across the middle and lower markets shows a strong appetite for specialized services and technology roll-ups. Blackstone-backed Chartis acquired pehub.com Chicago-based health tech firm Leap AI, deepening its advisory footprint in the sector, while in managed IT, Sterling snapped up Cyber Advisors pehub.com to bolster its service offerings for small, mid, and enterprise clients. In the specialized industrial space, PE-backed Tech24 acquired Pacific Standard Service pehub.com, a provider of commercial foodservice equipment repair, and Truelink-backed Southern Carlson picked up specialty distributor pehub.com Greenwald Supply Direct. Furthermore, in the critical infrastructure space, Fort Point invested to recapitalize pehub.com environmental services firm Boston Green, and its portfolio company Visu Sewer subsequently acquired United Survey pehub.com to expand its wastewater infrastructure services.
Sector-Specific Transactions and Platform Building
Firms are continuing to use capital to build out platforms in specific verticals, particularly in life sciences and industrial services. B-Flexion Life Sciences-backed portfolio companies Paratek and Radius Health completed a significant merger pehub.com, a combination supported by a $1.3 billion financing led by Blackstone Credit & Insurance alone pe-insights.com. In the commercial sector, KKR is launching a new $310m partnership pe-insights.com to expand its Allfleet platform alongside PMI Electro, while Sagard-backed Norbec acquired freezer room designer pehub.com Canadian Curtis to enhance its cold chain manufacturing capabilities. Meanwhile, in Europe, ICG backed railway maintenance provider pehub.com Comcreta to facilitate expansion amid heightened investment in Italian rail infrastructure, and Oakley Capital backed French firm Groupe Senef pehub.com while simultaneously having an existing investor fully exit its stake.
Secondaries and Liquidity Strategies
The secondaries market is showing sector rotation, with technology assets becoming less favored in continuation vehicles compared to prior periods, according to Houlihan Lokey, whose managing director noted a boost in interest secondariesinvestor.com for other sectors. Separately, High Vista Strategies is launching a new strategy in this segment, tapping Raudel Yanez pehub.com as managing director to spearhead GP-led secondaries investing focused specifically on the lower middle market. On the LP side, there are signs of liquidity pressures; for instance, the Nevada PERS fund is exiting privateequityinternational.com its Clearlake exposure due to perceived conflicts of interest arising from Clearlake’s acquisition of Pathway Capital Management, and another US pension fund slashed its PE allocation privateequityinternational.com over liquidity concerns.
Personnel Moves and Governance
The industry saw several key appointments and internal promotions aimed at bolstering specialized capabilities and leadership teams. HighVista Strategies appointed pehub.com Raudel Yanez to lead its GP-led secondaries efforts, while Fortress hired Elizabeth Burton pehub.com as chief strategist reporting directly to its co-CEOs in New York. In major departures, two joint managing directors for private equity and real assets, David Bluff and Tammi Fisher, resigned from Australia's Future Fund privateequityinternational.com, adding to a string of senior leadership changes at the sovereign wealth fund. Conversely, American Pacific promoted Rahul Mohan pehub.com to managing director after joining the firm in 2020, and Kain Capital appointed Sameer Mathur pehub.com as partner.
Tax Planning and Regulatory Considerations
Sophisticated wealth management within private equity involves proactive estate planning, where CPA Anthony Venette advises that gifting carried interest early privateequityinternational.com allows future appreciation to accrue outside the General Partner’s taxable estate, offering substantial tax savings and legacy benefits. Meanwhile, regulatory scrutiny continues globally; the EU unveiled its 28th regime plan sifted.eu after months of negotiation, signaling that current regulatory frameworks are just the start of adjustments. In the UK, there are concerns over whether policy moves can prevent deeptech startups from drifting abroad sifted.eu, especially as European fintechs grapple with increasing sovereignty challenges that are harder to ignore sifted.eu.
Infrastructure, Energy, and Thematic Investing
Large-scale infrastructure and energy plays continue to attract significant capital commitments. LS Power is set to acquire 4.4 gigawatts of gas generation pehub.com capacity in Delaware and Pennsylvania from Constellation Energy for a total consideration of $5 billion. In the energy transition space, EIG-backed Mid Ocean Energy secured a $500m investment pe-insights.com from Japan’s Idemitsu Kosan to expedite the expansion of its LNG platform. Furthermore, TDR Capital and I Squared Capital are exploring exit options pe-insights.com for Aggreko, potentially via a $15 billion IPO or stake sale. In climate tech, BNP Paribas Asset Management Alts backed FarmCarbon pe-insights.com to help scale methane reduction initiatives within agriculture.
Venture Capital and AI Focus
While traditional PE deal volume faces friction, venture capital remains active, particularly in high-growth areas like AI and defense technology. KKR, Silver Lake, and General Atlantic pe-insights.com are positioned to pursue partial exits as Reliance Jio prepares for a $4 billion IPO, while TPG, Bain, Brookfield, and Advent are reportedly in advanced talks with OpenAI regarding a $10 billion enterprise AI venture pe-insights.com. On the startup front, defense technology companies, spurred by geopolitical events, are seeing investor interest, highlighted when AI drone company Swarmer soared 520% on debut news.crunchbase.com, potentially clearing the path for other defense tech IPOs. In healthcare AI, Index backed YC alum Parallel sifted.eu with a $20 million Series A to deploy AI agents in hospitals, while Sequen raised capital to apply its TikTok-style personalization tech techcrunch.com across large consumer businesses.
Buyout and Growth Equity Activity
Growth equity continues to support sector expansion, with Idealist leading a C$50 million investment pehub.com in sustainable agriculture firm Solugen, joined by the Canada Growth Fund. In other growth areas, Verdane and Bpifrance backed telehealth provider Medadom pehub.com, which holds accreditation from the French Ministry of Health. In the secondary market, Permira is exiting its investment pehub.com in Altamar CAM, a private markets investment firm managing €20 billion in AUM, to Mercer. Meanwhile, regulatory bodies show regional focus: the EBRD committed a $40 million anchor investment news.crunchbase.com to the Templeton Türkiye private equity fund, which is targeting $300 million in total commitments.