Private Equity 3d Briefing
×Last updated: March 19, 2026, 6:30 PM ET
Dealmaking & Exits: Large Cap Activity
Large-cap exits privateequityinternational.com remain constrained across the private equity sector, with even assets acquired during less frothy market periods proving difficult to offload, though several major firms are testing the waters. CVC Capital Partners pe-insights.com and Nordic Capital pe-insights.com are reportedly exploring exit avenues for Cary Group pehub.com that could achieve a valuation exceeding €3 billion, while Advent pehub.com and Cinven pe-insights.com are assessing options for a potential €25 billion divestment of TK Elevator pe-insights.com amid takeover talks involving Kone pe-insights.com. Elsewhere, major investors including KKR pe-insights.com, and General Atlantic pe-insights.com are positioning themselves for partial sales tied to the expected $4 billion initial public offering of India's Reliance Jio pe-insights.com. In the energy transition space, TDR Capital pe-insights.com and I Squared Capital pe-insights.com are analyzing a possible IPO and stake sale for power generator Aggreko pe-insights.com that could value the company at $15 billion.
Continuation Vehicles & Secondaries Market Dynamics
The use of continuation vehicles (CVs) continues to provide liquidity solutions, exemplified by QHP Capital pehub.com finalizing an $1.1 billion CV for Azurity Pharmaceuticals pehub.com, a transaction led by Harbour Vest Partners pehub.com with participation from Pantheon Ventures pehub.com. This trend is also visible in the European mid-market, where Ares Management pe-insights.com spearheaded a €300 million CV for Europastry pe-insights.com after its planned IPO was halted, a vehicle that supports MCH Private Equity’s pe-insights.com strategy, though MCH pehub.com had also previously closed a separate CV for the same premium frozen baked goods firm. On the seller side, disciplined LP sellers secondariesinvestor.com have been active in the secondaries market over the past 15 months, contrasting with the general market environment, while HighVista Strategies pehub.com is building out its GP-led secondaries investing practice focused on the lower middle market under new Managing Director Raudel Yanez pehub.com. Furthermore, Nevada PERS secondariesinvestor.com indicated plans to reduce its overall private equity target allocation and may pursue secondaries sales, citing potential conflicts of interest arising from Clearlake’s privateequityinternational.com agreement to acquire Pathway Capital Management privateequityinternational.com.
Sectoral Activity: Healthcare & Industrials
Acquisition activity remains strong across specialized industrial and healthcare services, often involving portfolio company consolidation or recapitalization. Blackstone-backed pehub.com healthcare advisor Chartis pehub.com, based in Chicago, recently scooped up health tech firm Leap AI pehub.com, while in a related healthcare move, B-Flexion Life Sciences pehub.com-backed companies Paratek and Radius Health pehub.com completed their merger, which was supported by a $1.3 billion financing led by Blackstone Credit & Insurance pe-insights.com. In industrial services, Fort Point pehub.com invested to recapitalize environmental services firm Boston Green pehub.com, and its portfolio company, VisuSewer pehub.com, acquired United Survey pehub.com to bolster critical wastewater infrastructure services. Elsewhere, Sterling pehub.com snapped up managed IT firm Cyber Advisors pehub.com, and Knox Lane pehub.com-backed Ruppert Landscape pehub.com expanded its commercial landscaping footprint by acquiring Landscapes Unlimited pehub.com.
Technology, AI, and Growth Equity
Venture and growth equity remains focused on AI enablement and specialized software, even as some established firms adjust sector preferences. Index Ventures sifted.eu backed YC alum Parallel sifted.eu in a $20 million Series A round to advance its AI agents for hospital applications, while two former Palantir techcrunch.com veterans secured $30 million in seed funding, including backing from Sequoia techcrunch.com, for their workflow automation startup, Edra techcrunch.com. In social platforms, Bluesky techcrunch.com announced a $100 million Series B round following a CEO transition to scale its team and continue development of its ATProto protocol techcrunch.com. Growth investors are also targeting climate solutions; Idealist pehub.com led a C$50 million investment in sustainable agriculture company Solugen pehub.com, joined by the Canada Growth Fund pehub.com, and BNP Paribas Asset Management Alts pe-insights.com backed climate-focused vehicle FarmCarbon pe-insights.com to scale methane reduction efforts.
Fundraising, Strategy, and Talent Moves
Firms are actively raising new vehicles and adjusting internal strategies, even as LPs express caution regarding liquidity. Van Lanschot Kempen pe-insights.com initiated a strategic review of its $11.5 billion liquid funds unit, while KKR pe-insights.com committed up to $310 million to form a partnership with Allfleet and PMI Electro pe-insights.com to expand its fleet platform. In personnel news, HighVista Strategies pehub.com appointed Raudel Yanez pehub.com to lead its GP-led secondaries strategy, and former CVC MD Jonathan Au secondariesinvestor.com joined Revelation Partners secondariesinvestor.com after departing CVC secondariesinvestor.com last year. Regarding strategy, Capza’s pehub.com Antoine Druais stated the firm aims to become a multi-specialist rather than a pure generalist, a flexibility that helped secure the Large-Cap Europe Deal of the Year award for the Accel-KKR pehub.com exit from Smart Communications pehub.com. Furthermore, tax planning remains a focus, with experts advising GPs on gifting carried interest privateequityinternational.com early to secure future appreciation outside of their estates for tax optimization.
Geopolitical and Regulatory Influences on European Investment
European defense technology startups are gaining visibility amid geopolitical tensions, with the strong debut of drone company Swarmer news.crunchbase.com—whose shares soared 520%—potentially paving the way for other defense tech IPOs. This trend is mirrored in M&A, where ETNA pehub.com announced its plan to acquire Brolis Defence Group pehub.com, a manufacturer of electro-optical systems for NATO defense ministries. Despite this sector strength, the UK faces potential talent drain, as a survey suggests one in five UK founders sifted.eu intend to relocate abroad within the next year, raising concerns about the retention of deeptech startup leadership. On the regulatory front, the EU unveiled its 28th regime plan sifted.eu, described as "just the beginning," suggesting ongoing complexity for businesses operating across the bloc, while Dutch VCs are closely watching the Netherlands startup scene sifted.eu. Separately, EBRD pe-insights.com committed $40 million to the Templeton Türkiye Fund pe-insights.com, which is targeting $300 million, signaling continued appetite for emerging markets despite regional risks.
Credit Markets and Data Infrastructure
Private credit continues to attract major institutional partnerships and specialized funds, driven by demand for bespoke financing solutions. Apollo Global Management pe-insights.com is collaborating with Intercontinental Exchange (ICE) pe-insights.com, the NYSE owner, to develop new data infrastructure focused on private credit, while Apollo pe-insights.com also made its first dedicated hire for its $1 billion Singapore private credit fund, bringing on an executive from Warburg Pincus pe-insights.com. Credit secondaries buyers are prioritizing securing valuable products at a discount while aiming to eliminate the J-curve effect inherent in traditional fund structures, according to one analysis on credit secondaries secondariesinvestor.com. Simultaneously, Warburg Pincus pe-insights.com is exploring potential transaction options valued around $3 billion for its subprime auto lender, Exeter Finance pe-insights.com.