Private Equity 3d Briefing – Mar 19, 2026

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Last updated: March 19, 2026, 8:30 PM ET

Dealmaking & Exits: Mega-Caps and Continuation Funds

Large-cap private equity firms are actively seeking exits, though the broader market suggests portco hold periods are lengthening indefinitely privateequityinternational.com, even for assets acquired outside peak valuation periods. CVC Capital Partners pe-insights.com and Nordic Capital pe-insights.com are reportedly exploring options for Cary Group pe-insights.com that could assign the business a valuation exceeding €3 billion, while Advent pe-insights.com and Cinven pe-insights.com are testing the market for a potential €25 billion exit of TK Elevator pe-insights.com, coinciding with takeover talks from Kone pe-insights.com. In the mid-market, Ares Management pe-insights.com led a €300 million continuation vehicle (CV) to back MCH Private Equity's pe-insights.com strategy for Europastry pe-insights.com, following the halt of its intended IPO; this mirrors a similar move where Ares pehub.com led a CV for Europastry pehub.com itself, while Ares secondariesinvestor.com also led another CV worth €300 million for a frozen baked goods asset managed by MCH secondariesinvestor.com. Separately, QHP Capital pehub.com finalized an $1.1 billion continuation fund for Azurity Pharmaceuticals pehub.com, with Harbour Vest Partners pehub.com taking the lead role alongside significant participation from Pantheon Ventures pehub.com.

The secondaries market is showing signs of strategic recalibration, with a number of players methodically bringing sales to market secondariesinvestor.com over the last 15 months, distinguishing themselves from other limited partners (LPs) through a disciplined selling approach. Liquidity concerns continue to influence institutional allocations, evidenced by a US pension fund slashing its PE allocation privateequityinternational.com and Nevada PERS privateequityinternational.com planning to reduce its exposure to Clearlake privateequityinternational.com due to perceived conflicts of interest arising from Clearlake’s privateequityinternational.com acquisition of Pathway Capital Management privateequityinternational.com. On the GP-led side, Bindley Capital-backed pehub.com priced a "synthetic secondary" offering, while Ronin Equity pehub.com completed a GP-led secondary deal securing a minority stake in AeriTek Global pehub.com, which was supported by new investors including Partners Capital pehub.com. Furthermore, HighVista Strategies pehub.com has appointed Raudel Yanez pehub.com to launch its GP-led secondaries strategy specifically focused on the lower middle market, while credit secondaries secondariesinvestor.com appeal to buyers by offering discounted assets and eliminating the J-curve effect.

Private equity activity remains broad across sectors, with significant moves in healthcare, infrastructure, and enterprise software. Blackstone-backed pehub.com, a healthcare advisor, acquired health tech firm Leap AI pehub.com, while in a larger deal, Blackstone Credit & Insurance pe-insights.com led a $1.3 billion financing to support the combination of healthcare companies Paratek pe-insights.com and Radius Health pe-insights.com, an operation that was also backed by a separate $1.3 billion financing advised by law firm Mintz pehub.com. In infrastructure, 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, and EIG-backed pe-insights.com secured a $500 million investment from Idemitsu Kosan pe-insights.com to expand its Liquefied Natural Gas platform. Platform consolidation continues in the IT and industrial spaces, with Sterling pehub.com acquiring managed IT firm Cyber Advisors pehub.com, and Fort Point pehub.com backing VisuSewer pehub.com to acquire sewer inspection firm United Survey pehub.com.

European dealmaking saw several platform expansions and key investments, especially in climate and industrial technology. ICG pehub.com backed railway maintenance provider Comcreta pehub.com to fuel expansion amid increased Italian rail infrastructure investment, while Bain pehub.com invested in climate tech firm Duravent Group pehub.com, which already counts Egeria pehub.com as an existing investor. In the digital realm, Verdane pehub.com and Bpifrance pehub.com backed telehealth provider Medadom pehub.com, which was the first teleconsultation service accredited by the French Ministry of Health. Meanwhile, there are concerns about the outflow of UK talent, with one survey suggesting one in five UK founders might leave the country sifted.eu in the coming year, intensifying debates over how the government can support deeptech startups against international pulls sifted.eu. On the funding front, EQT sifted.eu and the World Bank sifted.eu participated in a €30 million raise for electric ferry startup Candela sifted.eu to support its global rollout, and Bluesky techcrunch.com announced a $100 million Series B round following a CEO transition to scale its team and develop its ATProto framework techcrunch.com.

The private credit space is seeing both expansion and strategic partnerships aimed at data infrastructure. Apollo Global Management pe-insights.com is partnering with Intercontinental Exchange pe-insights.com, the owner of the NYSE, to develop new data infrastructure specifically for private credit, and Apollo pe-insights.com made its first dedicated hire for its $1 billion Singapore private credit fund by recruiting an executive from Warburg Pincus pe-insights.com. In terms of firm governance, CPAs are advising General Partners (GPs) on estate planning, explaining that gifting carried interest early privateequityinternational.com allows future appreciation to accrue outside the GP’s estate, generating substantial tax advantages. Separately, Permira pehub.com is moving to exit its investment in AltamarCAM pehub.com, a global private markets investment firm with €20 billion in assets under management, by selling its stake to Mercer pehub.com. Institutional capital deployment continues globally, with the EBRD pe-insights.com committing $40 million to the Templeton Türkiye private equity fund pe-insights.com, which is targeting $300 million in total commitments.