Private Equity 3d Briefing
×Last updated: March 19, 2026, 11:30 PM ET
Exits & Realizations: Mega-Deals and Secondary Market Activity
Private equity firms are continuing to test the exit waters despite persistent challenges in realizing assets, with major European exits dominating the headlines. CVC Capital Partners and Nordic Capital pe-insights.com are jointly exploring options for their portfolio company, Cary Group, which could potentially fetch a valuation exceeding €3 billion. Elsewhere in Europe, Advent and Cinven pe-insights.com are evaluating a potential €25 billion divestment of TK Elevator amid reported takeover discussions involving Kone. In contrast to these large-cap maneuvers, the secondary market is seeing disciplined sellers, with several players bringing sales to market secondariesinvestor.com over the last 15 months, distinguishing themselves through a methodical approach to divestment. Meanwhile, Permira pehub.com has confirmed its exit from Altamar CAM, a global private markets investment firm with €20 billion in assets under management, selling its stake to Mercer.
The trend of using continuation vehicles (CVs) to manage holding periods continues, often necessitated by stalled IPO plans. Ares Management led a €300 million continuation fund pe-insights.com for Europastry, providing liquidity for MCH Private Equity following the halt of the frozen baked goods company's intended initial public offering. This mirrors another deal where MCH completed a single-asset CV pehub.com for Europastry, led by Ares, demonstrating the growing reliance on these structures for portfolio management. In the US mid-market, Bindley Capital-backed Guardian Pharmacy Services pehub.com priced a "synthetic secondary" offering, while Ares also led a CV for a frozen baked goods asset housed under MCH, valued at €300 million, alongside a separate over £400 million fund for nursery operator Kids Planet Fremman secondariesinvestor.com.
Sectoral M&A and Investment Paces
Buyout firms demonstrated continued appetite across various sectors, including healthcare, infrastructure, and enterprise software, often using bolt-on acquisitions to bolster existing platforms. In healthcare services, Blackstone-backed Chartis pehub.com acquired health tech firm Leap AI, while B-Flexion Life Sciences portfolio companies Paratek and Radius Health completed a merger backed by a substantial $1.3 billion financing led by Blackstone Credit & Insurance pe-insights.com. Infrastructure saw major activity, with LS Power agreeing to acquire pehub.com 4.4 gigawatts of natural gas-fired generation capacity from Constellation Energy for $5 billion, and EIG-backed Mid Ocean Energy securing a $500 million investment pe-insights.com from Idemitsu Kosan to expand its LNG platform. Software consolidation was also active, as Main Capital-backed Cisbox and Millum pehub.com merged to create a source-to-pay provider spanning the DACH and Nordic regions.
Platform expansion through acquisitions was evident across the industrial and services spaces. Southfield’s portfolio company, Franchise Fast Lane, acquired consulting firm Franchise Creator pehub.com, while Truelink-backed Southern Carlson picked up specialty distributor Greenwald Supply Direct pehub.com. In the services realm, PE-backed Tech24 acquired commercial foodservice equipment repair firm Pacific Standard Service pehub.com, and Knox Lane-backed Ruppert Landscape added Landscapes Unlimited pehub.com. Furthermore, firms are looking to capture growth in niche markets; for instance, ICG backed railway maintenance provider Comcreta pehub.com to support expansion amid increased Italian rail infrastructure investment.
Fundraising Milestones and Investor Strategy Shifts
Significant capital raising activity underscored investor demand for differentiated strategies, even as some institutional investors re-evaluate public market exposure. QHP Capital successfully closed pehub.com an $1.1 billion continuation fund for Azurity Pharmaceuticals, with Harbour Vest Partners leading the transaction and Pantheon Ventures participating. On the international front, the European Bank for Reconstruction and Development committed $40 million to the Templeton Türkiye Fund pe-insights.com, which is targeting $300 million in total capital. Conversely, some institutional allocators are pulling back; the Maine state pension fund secondariesinvestor.com is planning its second cut to its private equity target in four years and indicated potential secondaries sales. This liquidity concern is echoed by another US pension which is slashing its general PE allocation privateequityinternational.com due to liquidity worries, potentially creating opportunities described as a chance to exploit inefficiency in the credit secondaries market buyers prioritize secondariesinvestor.com.
In personnel and strategy moves, HighVista Strategies pehub.com hired Raudel Yanez to lead its GP-led secondaries investing strategy, focusing specifically on the lower middle market. Meanwhile, there is a clear focus on sector specialization: Capza’s Antoine Druais pehub.com stated the firm’s ambition is to become a "multi-specialist" rather than a generalist. In Asia, a Singaporean buyout shop planted its first overseas office privateequityinternational.com in Hong Kong to bolster investment support and investor relations capabilities. Furthermore, tax planning remains a key focus for General Partners, with experts advising on gifting carried interest early to accrue future appreciation outside the estate for substantial tax savings privateequityinternational.com.
Venture Capital Dynamics & Emerging Tech Focus
Venture capital activity shows continued funding for AI-adjacent startups and platform development, though some social media ventures are still securing capital after executive shifts. Bluesky secured $100 million techcrunch.com in Series B funding following a CEO transition to scale its team and develop its ATProto infrastructure. In the AI workflow space, two Palantir veterans emerged from stealth with $30 million techcrunch.com backed by Sequoia to build a living knowledge base from operational data. Meanwhile, Index Ventures backed YC alum Parallel sifted.eu with $20 million to deploy AI agents within hospital settings. In the UK/Ireland ecosystem, there is concern over emigration, as a survey suggests one in five founders sifted.eu plan to leave the country within the year, potentially frustrating government efforts to nurture deeptech success Can Rachel Reeves stop sifted.eu.
Climate and sustainable technology also attracted dedicated capital, with BNP Paribas Asset Management Alts investing pe-insights.com in Farm Carbon to scale methane reduction efforts in agriculture. In the mobility sector, EQT and Bpifrance backed sifted.eu electric ferry startup Candela with €30 million for its global rollout. In contrast to the high-growth tech focus, there is a niche market for specialized services, as Meadow Memorials, co-founded by a Stripe alum, raised $9 million news.crunchbase.com to facilitate online funeral planning. For founders seeking recognition and funding access, nominations remain open for TechCrunch Startup Battlefield 200 techcrunch.com, offering $100,000 equity-free funding.