Private Equity 3d Briefing – Mar 19, 2026

107 articles summarized · Last updated: March 19, 2026 at 1:30 PM ET v595

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Last updated: March 19, 2026, 1:30 PM ET

Exits & Portfolio Management

Private equity firms are grappling with extended holding periods and a sluggish exit environment, despite significant portfolio company valuations. CVC Capital Partners and Nordic Capital are exploring options pe-insights.com for their ownership stake in Cary Group pehub.com, potentially valuing the business at over €3 billion, while Advent and Cinven are considering a €25 billion exit pe-insights.com from TK Elevator pe-insights.com amid takeover discussions involving Kone pe-insights.com. Conversely, some firms are utilizing secondary transactions to manage liquidity; HarbourVest Partners led a $1.1 billion continuation vehicle pe-insights.com for Azurity Pharmaceuticals pe-insights.com to support QHP Capital’s pe-insights.com extension strategy, and Ares Management anchored a €300 million continuation fund pe-insights.com for Europastry pe-insights.com following a halted IPO attempt. On the distribution front, Permira is divesting its stake in AltamarCAM pehub.com to Mercer pehub.com, a global private markets investment firm managing €20 billion in assets.

The secondaries market is showing activity, particularly in structured solutions, though investors are shifting focus away from technology assets. Bindley Capital-backed Guardian Pharmacy Services pehub.com successfully priced a ‘synthetic secondary’ offering, while Ares led continuation vehicles secondariesinvestor.com for two European mid-market assets: one for nursery operator Fremman’s fund secondariesinvestor.com exceeding £400 million, and another for MCH’s frozen baked goods asset secondariesinvestor.com which raised €300 million. Buyers in the credit secondaries space prioritize acquiring assets at a discount and eliminating the J-curve effect as detailed by Secondaries Investor secondariesinvestor.com. Furthermore, HighVista Strategies appointed Raudel Yanez pehub.com to launch its GP-led secondaries investing strategy, specifically targeting the lower middle market. Concerns over liquidity are leading some institutional investors to reduce exposure; Nevada PERS plans to cut its Clearlake exposure privateequityinternational.com due to perceived conflicts arising from Clearlake’s proposed acquisition of Pathway Capital Management privateequityinternational.com.

Activity remains high in specialized sectors, particularly healthcare and essential infrastructure. Blackstone-backed Chartis pehub.com, a healthcare advisor, acquired Chicago-based health tech firm Leap AI pehub.com, while in a separate healthcare transaction, B-Flexion Life Sciences-backed Paratek and Radius Health pehub.com completed a merger supported by a $1.3 billion financing led by Blackstone Credit & Insurance pe-insights.com. In infrastructure, LS Power is acquiring natural gas generation assets pehub.com from Constellation Energy pehub.com for $5 billion, comprising approximately 4.4 gigawatts across Pennsylvania and Delaware. Elsewhere, EIG-backed MidOcean Energy secured a $500 million investment pe-insights.com from Idemitsu Kosan pe-insights.com to finance the expansion of its liquefied natural gas platform.

Platform expansion through strategic add-on acquisitions characterized activity in the industrial and services sectors over the past few days. Sterling Equity Partners snapped up managed IT services firm Cyber Advisors pehub.com, while Audax acquired property management firm Akam pehub.com, purchasing the stake from Nautic Partners pehub.com. In specialized manufacturing, LFM acquired PowerBuilt pehub.com to bolster its automation solutions platform, American Automation Group pehub.com, and Sagard-backed Norbec pehub.com purchased Canadian Curtis pehub.com, a designer of cold rooms and insulated panels. Knox Lane-backed Ruppert Landscape pehub.com expanded its commercial landscaping footprint by acquiring Landscapes Unlimited pehub.com. Furthermore, TPG launched Velotic pehub.com, a new industrial software firm, appointing a former PTC CEO pehub.com as executive chairman.

European dealmaking saw several large-cap exits being tested and strategic sector consolidation. KKR, Silver Lake, and General Atlantic are positioning for partial exits pe-insights.com as Reliance Jio prepares a $4 billion IPO pe-insights.com. In Italy, ICG backed railway maintenance provider Comcreta pehub.com to support expansion amid accelerating rail infrastructure investment. Defense technology saw transactions, with ETNA planning to acquire Brolis Defence Group pehub.com, a developer of electro-optical systems, following reports that defense investments are already yielding returns amid heightened geopolitical focus privateequityinternational.com. The UK talent pool faces challenges, as a recent Sifted survey indicated one in five UK founders sifted.eu plan to leave the country within the next year, raising concerns about the government's ability to retain deeptech entrepreneurs as discussed by Sifted sifted.eu. Personnel shifts include former CVC Managing Director Jonathan Au joining Revelation Partners secondariesinvestor.com in the secondaries space and HighVista Strategies appointing a new managing director pehub.com to head its GP-led secondaries efforts.

Firms are increasingly focusing on sophisticated legacy planning, with CPAs advising GPs on the benefits of gifting carried interest earlier to shelter future appreciation from estate taxes as detailed by PE International pehub.com. Meanwhile, institutional investors are scrutinizing their private market allocations. Maine’s pension fund is set to reduce its private equity target secondariesinvestor.com for the second time in four years and may execute secondaries sales based on specific needs, reflecting broader liquidity caution. At the sovereign wealth level, Australia’s Future Fund experienced further senior departures privateequityinternational.com in its private equity and real assets leadership. On the governance side, firms are focusing on measurable outcomes for technology investments; authors suggest that moving beyond simple AI pilots by measuring business outputs news.crunchbase.com is key to seeing real improvement.

Venture funding continues to flow into climate tech and specialized enterprise software, though there are calls for caution regarding hype cycles. EQT and World Bank backed Candela sifted.eu, the 'flying ferry' startup, with a €30 million raise to facilitate a global rollout, while BNP Paribas Asset Management Alts invested in FarmCarbon pe-insights.com to scale methane reduction within agriculture. In enterprise software, Warburg Pincus is exploring sale options for subprime auto lender Exeter Finance pe-insights.com valued around $3 billion, and Sequen raised a $20 million Series A techcrunch.com to deploy its AI personalization technology across consumer businesses. Separately, defense technology startups received a boost after AI drone company Swarmer’s shares soared 520% news.crunchbase.com in its debut, suggesting a favorable environment for similar firms.