Private Equity 3d Briefing
×Last updated: March 19, 2026, 9:30 PM ET
Exits and Continuation Vehicles Dominate Secondaries Market
Deal activity over the past few days shows private equity firms actively managing portfolio lifecycles, particularly through continuation vehicles (CVs) and exploring major exits. CVC Capital Partners pe-insights.com and Nordic Capital pe-insights.com are reportedly examining exit options for Cary Group pe-insights.com, potentially valuing the business at over €3 billion, while Advent pe-insights.com and Cinven pe-insights.com are considering a massive €25 billion exit of TK Elevator pe-insights.com amid takeover interest from Kone pe-insights.com. In the CV space, QHP Capital pehub.com finalized an $1.1 billion continuation fund for Azurity Pharmaceuticals pehub.com, led by Harbour Vest Partners pehub.com with participation from Pantheon Ventures pehub.com, contrasting with the challenges elsewhere. For instance, MCH Private Equity pehub.com finalized a single-asset CV for Europastry pehub.com after an initial IPO halt, receiving backing from Ares Management pe-insights.com for a €300 million vehicle, showcasing the increasing reliance on GP-led secondaries to manage assets when public markets are volatile privateequityinternational.com.
The secondaries market is also seeing specific investor behaviors, with a disciplined cohort of sellers emerging over the last 15 months, distinguished by their methodical approach to bringing assets to market secondariesinvestor.com. This activity is being mirrored by GP-led transactions, such as Bindley Capital's pehub.com backing of Guardian Pharmacy Services pehub.com which priced a "synthetic secondary" offering, and Ronin Equity's pehub.com minority stake purchase in AeriTek Global pehub.com via a continuation vehicle, which involved new investors including Partners Capital pehub.com. On the advisory and strategy side, HighVista Strategies pehub.com appointed Raudel Yanez pehub.com to launch its GP-led secondaries investing strategy specifically targeting the lower middle market, signaling deeper institutional focus on these specialized transactions.
Sector-Specific Deals and Platform Builds
Buyout firms continued robust M&A activity across diverse sectors, focusing heavily on platform expansion and consolidation, particularly in healthcare and industrial services. Blackstone-backed pehub.com advisor Chartis pehub.com acquired health tech firm Leap AI pehub.com, while in life sciences, B-Flexion Life Sciences pehub.com facilitated the merger of its portfolio companies Paratek pehub.com and Radius Health pehub.com, a combination supported by a substantial $1.3 billion financing led by Blackstone Credit & Insurance pe-insights.com. Infrastructure and energy saw major moves, with LS Power pehub.com agreeing to purchase approximately 4.4 gigawatts of natural gas generation capacity from Constellation Energy pehub.com for $5 billion, and EIG-backed MidOcean Energy pe-insights.com securing a $500 million investment from Idemitsu Kosan pe-insights.com to expand its LNG platform.
Platform building remained a key theme in services and specialized manufacturing; Sterling pehub.com acquired managed IT services firm Cyber Advisors pehub.com, and Franchise FastLane pehub.com snapped up Franchise Creator pehub.com to bolster its franchise development operations. In the industrial space, KKR pe-insights.com committed up to $310 million to expand its Allfleet pe-insights.com platform through a strategic partnership with PMI Electro pe-insights.com, and Fort Point pehub.com recapitalized environmental services firm Boston Green pehub.com while its portfolio company VisuSewer pehub.com acquired United Survey pehub.com. Furthermore, ICG pehub.com is backing railway maintenance provider Comcreta pehub.com to capitalize on accelerating investment in Italy’s rail infrastructure.
Fundraising, Strategy Shifts, and Talent Moves
Institutional investor sentiment is showing caution, with reports indicating that one US pension fund is reducing its private equity allocation due to liquidity concerns privateequityinternational.com, and Nevada PERS privateequityinternational.com planning to cut its exposure to Clearlake privateequityinternational.com following its acquisition of Pathway Capital Management privateequityinternational.com. Despite LP caution, capital deployment continues, evidenced by the EBRD pe-insights.com committing $40 million to the Templeton Türkiye private equity fund pe-insights.com, which is targeting $300 million. Strategically, Van Lanschot Kempen pe-insights.com has initiated a review of its $11.5 billion liquid funds unit, suggesting potential restructuring or divestment in less core areas.
Talent movement reflects specialization across the industry, as seen when HighVista Strategies pehub.com hired a dedicated head for its secondaries strategy, and Apollo Global Management pe-insights.com hired a Warburg Pincus pe-insights.com executive to spearhead its new $1 billion private credit fund in Singapore. Meanwhile, CPA Anthony Venette privateequityinternational.com advised GPs on estate planning, suggesting that gifting portions of carried interest early can secure significant tax savings by accruing future appreciation outside the general partner’s estate. In the world of tech funding, the social media platform Bluesky techcrunch.com secured a $100 million Series B following a CEO transition to scale development of its ATProto techcrunch.com infrastructure.
European Focus: Exits, Tech Backing, and Talent Migration Concerns
European deal flow demonstrated activity in defense, healthcare IT, and specialized software, alongside regulatory concerns about retaining domestic talent. ETNA pehub.com plans to acquire defense tech manufacturer Brolis Defence Group pehub.com, aligning with the increased spotlight on European air defense startups following geopolitical events sifted.eu. In the UK, founders expressed concern over emigration, with a survey suggesting one in five UK founders may leave the country in the next year, a trend that policymakers are attempting to counter sifted.eu. Despite this, funding for European scaleups remains active: Verdane pehub.com and Bpifrance pehub.com backed telehealth provider Medadom pehub.com, and EQT sifted.eu invested in electric ferry startup Candela sifted.eu as it plans a global rollout. Furthermore, Oakley Capital pehub.com backed French firm Groupe Senef pehub.com, as Isatis Capital pehub.com fully exited its stake.