Private Equity 3d Briefing
×Last updated: March 19, 2026, 5:30 PM ET
Exits and Continuation Funds Dominate Deal Flow
The exit environment remains constrained, though sponsors are actively utilizing continuation vehicles (CVs) to manage portfolio assets. CVC Capital Partners pe-insights.com and Nordic Capital pe-insights.com are reportedly exploring exit options for Cary Group that could value the business at over €3 billion, while Advent pe-insights.com and Cinven pe-insights.com are testing the market for a potential €25 billion sale of TK Elevator pe-insights.com amid takeover approach from Kone pe-insights.com. Simultaneously, the utilization of CVs is evident in Europe, where Ares Management pe-insights.com led a €300 million continuation fund for Europastry pe-insights.com after the company’s initial public offering plans were halted. MCH Private Equity pehub.com had also previously completed a single-asset CV for the same premium frozen baked goods firm, showcasing sponsor reliance on these structures backed by Ares pehub.com. The general difficulty in clearing the exit pipeline is palpable, as even assets acquired during less exuberant market periods are proving difficult to divest privateequityinternational.com.
Secondaries activity continues to see sponsors themselves acting as methodical sellers, a pattern observed over the last 15 months, distinguishing them from typical limited partners (LPs) through their disciplined approach to bringing sales to market secondariesinvestor.com. In GP-led deals, Bindley Capital pehub.com-backed Guardian Pharmacy Services pehub.com priced a ‘synthetic secondary’ offering, demonstrating alternative liquidity solutions for private assets. Furthermore, Ares secondariesinvestor.com was active in European mid-market CVs, supporting a fund for nursery operator Kids Planet secondariesinvestor.com exceeding £400 million and another for a frozen baked goods asset managed by MCH secondariesinvestor.com valued at €300 million. On the investor side, HighVista Strategies pehub.com tapped Raudel Yanez pehub.com to lead its new GP-led secondaries investing strategy, specifically focusing on the lower middle market.
Fundraising and Investor Shifts
Sponsors are still successfully bringing large vehicles to market, with QHP Capital pehub.com completing an $1.1 billion continuation fund for Azurity Pharmaceuticals pehub.com, which saw participation from major players like Harbour Vest Partners pehub.com and Pantheon Ventures pehub.com. In Asia, the European Bank for Reconstruction and Development (EBRD) pe-insights.com committed $40 million to the Templeton Türkiye private equity fund pe-insights.com, which is targeting a total raise of $300 million. Conversely, some institutional investors are reducing exposure; Nevada PERS privateequityinternational.com is set to divest its exposure to Clearlake Capital privateequityinternational.com following the latter’s agreement to acquire Pathway Capital Management privateequityinternational.com, citing perceived conflicts of interest. Meanwhile, in the UK, Border to Coast privateequityinternational.com, the local government pension pool with an asset portfolio expected to grow to £110 billion, finalized its alternatives leadership team with the hiring of a lead PM for private equity, credit, and climate strategies.
Global capital deployment remains active across various sectors, including infrastructure and energy. LS Power pehub.com is set to acquire approximately 4.4 gigawatts of predominantly natural gas–fired generation capacity from Constellation Energy pehub.com for $5 billion across Delaware and Pennsylvania. In the energy transition space, EIG pe-insights.com-backed MidOcean Energy pe-insights.com secured a $500 million investment from Japan’s Idemitsu Kosan pe-insights.com to fuel expansion of its liquefied natural gas platform. In the private credit arena, Apollo Global Management pe-insights.com hired a Warburg Pincus executive pe-insights.com to anchor its new $1 billion dedicated private credit fund in Singapore, while Apollo pe-insights.com also partnered with Intercontinental Exchange (ICE) pe-insights.com to develop new data infrastructure for the sector.
Sector-Specific Investments and M&A Activity
Activity in healthcare and technology remains brisk, with several bolt-on acquisitions reported. Blackstone pehub.com-backed Chartis pehub.com, a Chicago-based healthcare advisor, acquired health tech firm Leap AI pehub.com. In the pharmaceutical sector, the merger of B-Flexion Life Sciences pehub.com-backed Paratek pehub.com and Radius Health pehub.com was supported by a significant $1.3 billion financing led by Blackstone Credit & Insurance pe-insights.com. In distributed services, Sterling pehub.com acquired managed IT services firm Cyber Advisors pehub.com, and Audax pehub.com snapped up property management firm Akam pehub.com from Nautic Partners pehub.com.
The industrial and infrastructure maintenance sectors also saw notable activity. ICG pehub.com backed railway maintenance provider Comcreta pehub.com to support expansion plans amid increased investment in Italian rail infrastructure. In equipment services, Fort Point pehub.com invested in environmental services firm Boston Green pehub.com for a recapitalization, and its portfolio company VisuSewer pehub.com acquired sewer inspection firm United Survey pehub.com. Elsewhere, KKR pe-insights.com launched a $310 million partnership with Allfleet pe-insights.com and PMI Electro pe-insights.com to expand the fleet management platform.
Venture Capital and European Tech Trends
The venture ecosystem shows continued funding rounds, especially in AI and climate tech, though some founders express concern over regulatory environments. Bluesky techcrunch.com announced a $100 million Series B round following a CEO transition, with funds allocated to scaling its team and developing the ATProto architecture. In AI workflow automation, New York startup Edra techcrunch.com, co-founded by two Palantir veterans techcrunch.com, secured $30 million with backing from Sequoia techcrunch.com. Climate-focused investment saw BNP Paribas Asset Management Alts pe-insights.com back FarmCarbon pe-insights.com to scale methane reduction efforts in agriculture, and EQT sifted.eu co-invested in the 'flying ferry' startup Candela sifted.eu for its €30 million funding round aimed at global rollout.
Despite the interest in emerging tech, there are concerns about capital flight from the UK, with one survey suggesting one in five UK founders sifted.eu plan to leave the country within the next year, posing a challenge to domestic deeptech ambitions as noted by UK political figures sifted.eu. In the Netherlands, VCs continue to back local innovation, while European fintechs face an increasing sovereignty problem sifted.eu. Meanwhile, on the portfolio management side, Permira pehub.com is set to exit its investment in global private markets firm AltamarCAM pehub.com to Mercer pehub.com.
Firm Strategy and Personnel Moves
Private equity firms are making strategic personnel additions to bolster specialized strategies, particularly in secondaries and private credit. HighVista Strategies pehub.com appointed Raudel Yanez pehub.com to head its lower middle market GP-led secondaries effort. Apollo pe-insights.com made its initial dedicated hire for its Singapore private credit fund, poaching an executive from Warburg Pincus pe-insights.com. Furthermore, Star Mountain pehub.com added George Zahringer pehub.com as a strategic portfolio partner, while Kain Capital pehub.com appointed Sameer Mathur pehub.com as partner and Bridie Gahan pehub.com as strategy VP. In estate planning, experts advise GPs on the benefits of gifting carried interest earlier privateequityinternational.com for tax optimization purposes, allowing future appreciation to accrue outside the principal's estate.