Private Equity 3d Briefing
×Last updated: March 19, 2026, 4:30 PM ET
Dealmaking & Exits: Mega Exits and Continuation Funds Dominate
The pipeline for large exits remains congested, with several major firms exploring blockbuster sales, even as hold periods for portfolio companies stretch longer than ever The clog in PE’s exit pipeline is getting tougher to clear privateequityinternational.com. In Europe, CVC Capital Partners and Nordic Capital pe-insights.com are reportedly exploring exit options for Cary Group that could value the business at over €3 billion, while fellow giants Advent and Cinven pe-insights.com are testing the market for a potential €25 billion exit of TK Elevator amid takeover talks with Kone. On the technology front, KKR, Silver Lake, and General Atlantic pe-insights.com are positioning for partial sales tied to the anticipated $4 billion initial public offering of Reliance Jio. Shifting focus to structured liquidity, QHP Capital pehub.com successfully completed an $1.1 billion continuation fund for Azurity Pharmaceuticals, led by Harbour Vest Partners with participation from Pantheon Ventures, demonstrating continued LP appetite for managing existing exposure.
Continuation Vehicles and Secondaries Activity
Continuation vehicles (CVs) are proving instrumental in navigating the difficult exit environment, particularly in Europe where IPOs face headwinds. Ares Management pe-insights.com recently led a €300 million CV for premium frozen baked goods company Europastry, supporting MCH Private Equity’s strategy after the company’s IPO was halted. This mirrors activity seen with MCH’s earlier vehicle for a different frozen baked goods asset, which raised €300 million MCH has raised €300m for a vehicle secondariesinvestor.com. On the seller side, a disciplined approach is emerging among certain limited partners (LPs) who have proactively brought sales to market over the last 15 months A number of secondaries players have brought sales to market secondariesinvestor.com. Furthermore, the secondaries market is seeing specialized strategies emerge, such as HighVista Strategies pehub.com appointing a new managing director to launch a GP-led secondaries investing strategy focused specifically on the lower middle market.
Credit, Fundraising, and LP Allocations
Private credit continues to attract significant institutional capital and strategic partnerships. Apollo Global Management pe-insights.com has made its first dedicated hire for a $1 billion Singapore private credit fund, bringing on a former Warburg Pincus executive, and simultaneously partnered with Intercontinental Exchange to develop new data infrastructure for the sector Apollo partners with NYSE owner Intercontinental Exchange pe-insights.com. Conversely, some pension funds are curbing risk exposure; Nevada’s Public Employees’ Retirement System ($74.9 is moving its exposure away from Clearlake due to perceived conflicts of interest arising from Clearlake’s acquisition of Pathway Capital Management Nevada PERS to move Clearlake exposure privateequityinternational.com. In a similar vein regarding allocation adjustments, the Maine public pension fund secondariesinvestor.com is planning its second cut to its private equity target in four years and indicated a willingness to use secondaries sales in specific circumstances to meet that revised target.
Sector-Specific Investments: Healthcare & Industrials
Activity across portfolio companies shows sustained interest in specialized healthcare services and industrial platforms. Blackstone-backed Chartis pehub.com, a Chicago-based healthcare advisor, expanded its footprint by acquiring health tech firm Leap AI. Concurrently, in a major financing move, Blackstone Credit & Insurance pe-insights.com led a $1.3 billion facility to support the combination of healthcare companies Paratek and Radius Health, which firm B-Flexion Life Sciences pehub.com also backed in a separate $1.3 billion financing. In the industrial sector, KKR pe-insights.com committed up to $310 million to establish a strategic partnership with Allfleet and PMI Electro to expand the Allfleet platform. Other industrial activity includes Fort Point’s investment pehub.com to recapitalize environmental services firm Boston Green, and Stephens Group-backed Astro Pak pehub.com acquiring cleaning services provider Clean Sciences.
Technology, AI, and European Scaleups
Venture-backed companies, often leveraging AI, continue to secure substantial growth equity rounds despite broader market caution regarding tech valuations in secondaries Technology moves down the list of favoured CV sectors secondariesinvestor.com. Social media platform Bluesky techcrunch.com announced a $100 million Series B following a CEO transition, earmarking funds for scaling its team and developing the underlying ATProto protocol. In the AI agent space, Index Ventures sifted.eu backed YC alum Parallel with a $20 million Series A to implement AI agents in hospitals, while Palantir veterans raised $30 million techcrunch.com for Edra, a startup focused on automating workflows using existing operational data. European scaleups also saw movement, with EQT and the World Bank backing electric ferry startup Candela sifted.eu to the tune of €30 million for its global rollout, and Verdane and Bpifrance pehub.com supporting Medadom, the first teleconsultation provider accredited by the French Ministry of Health.
Geographic Expansion and Talent Moves
Firms are actively expanding their geographic reach and restructuring internal leadership teams. A Singaporean buyout shop planted its first overseas flag privateequityinternational.com in Hong Kong to bolster investment activities and investor relations capabilities. On the leadership front, American Pacific pehub.com promoted Rahul Mohan to managing director after his tenure began in 2020, while HighVista Strategies pehub.com brought in Raudel Yanez to head its GP-led secondaries strategy. In estate planning relevant to dealmakers, CPA Anthony Venette advised that gifting a portion of carried interest early can facilitate future appreciation accruing outside a GP’s estate, yielding considerable tax benefits and aiding legacy building Gifting a portion of carried interest earlier privateequityinternational.com. Meanwhile, the UK faces concerns over retaining its deeptech talent, with a survey suggesting one in five UK founders sifted.eu plan to emigrate within the next year, prompting political discussion over how to retain innovative businesses Can Rachel Reeves stop the UK’s deeptech startups drifting abroad? sifted.eu.
Thematic Investing: Defense and Climate
The heightened geopolitical environment is placing defense technology startups in the spotlight, exemplified by AI drone company Swarmer’s news.crunchbase.com 520% first-day trading surge, which may encourage other defense tech IPOs. This trend is reflected in private activity, as ETNA pehub.com plans to acquire Brolis Defence Group, a high-precision electro-optical systems manufacturer supplying NATO ministries. Climate-focused mandates are also driving capital deployment, with BNP Paribas Asset Management Alts pe-insights.com backing Farm Carbon to scale methane reduction in agriculture, and Bain Capital pehub.com investing in climate tech firm Duravent Group. Finally, energy infrastructure saw a massive transaction as LS Power pehub.com agreed to acquire approximately 4.4 gigawatts of predominantly natural gas-fired generation capacity from Constellation Energy for $5 billion.