Private Equity 3d Briefing
×Last updated: March 20, 2026, 4:30 AM ET
Dealmaking & Exits: Mega-Deals and Sector Focus
The exit environment remains challenging, with hold periods for portfolio companies extending longer than ever, yet several large-scale divestitures are across Europe. CVC Capital Partners pe-insights.com and Nordic Capital pe-insights.com are exploring exit routes for Cary Group pehub.com that could yield an enterprise valuation exceeding €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 discussions involving Kone pe-insights.com. In contrast, the secondaries market is showing sectoral shifts, with technology assets becoming less favored, prompting investment banks to report increased interest in other sectors secondariesinvestor.com as the market recalibrates after tech disruption. On the credit side, Apollo pe-insights.com has partnered with Intercontinental Exchange pe-insights.com to develop new data infrastructure, while Apollo pe-insights.com also hired a former Warburg Pincus pe-insights.com executive to spearhead its new $1 billion private credit fund based in Singapore.
Continuation Vehicles & Secondaries Activity
Continuation funds remain a key mechanism for GPs to retain assets, evidenced by QHP Capital pehub.com completing a substantial $1.1 billion vehicle for Azurity Pharmaceuticals pehub.com, led by Harbour Vest Partners pehub.com with participation from Pantheon Ventures pehub.com. This trend is also visible in Europe’s mid-market, where Ares Management pe-insights.com spearheaded a €300 million continuation fund for Europastry pe-insights.com, supporting MCH Private Equity’s pe-insights.com strategy after an initial IPO attempt stalled pe-insights.com. Meanwhile, the disciplined approach of certain LPs selling assets is setting them apart in the secondaries market over the last 15 months secondariesinvestor.com, even as some pension funds are re-evaluating their exposure; for instance, Nevada PERS privateequityinternational.com is moving its exposure out of Clearlake privateequityinternational.com due to perceived conflicts stemming from the latter’s acquisition of Pathway Capital Management privateequityinternational.com. In personnel moves, HighVista Strategies pehub.com appointed Raudel Yanez pehub.com to lead its GP-led secondaries investing strategy specifically targeting the lower middle market.
Sector-Specific Investments and Platform Building
Activity across specialized sectors shows private equity firms focusing on infrastructure, healthcare, and defense. LS Power pehub.com is set to acquire approximately 4.4 gigawatts of predominantly natural gas-fired generation capacity in Delaware and Pennsylvania from Constellation Energy pehub.com for $5 billion, while EIG-backed MidOcean Energy pe-insights.com secured a $500 million commitment from Idemitsu Kosan pe-insights.com to expand its liquefied natural gas platform. In healthcare, Blackstone pehub.com-backed Chartis pehub.com acquired health tech firm Leap AI pehub.com, and separately, B-Flexion Life Sciences pehub.com-backed companies Paratek pehub.com and Radius Health pehub.com completed a merger supported by a $1.3 billion financing led by Blackstone Credit & Insurance pe-insights.com. The defense sector is drawing significant attention, with European defense startup valuations soaring following the conflict in Iran sifted.eu, prompting VCs to watch at least 12 defense startups sifted.eu closely for 2026, and ETNA pehub.com planning to acquire electro-optical systems developer Brolis Defence Group pehub.com.
Platform Acquisitions and Growth Equity
Firms are actively building out platforms through bolt-on acquisitions across various industries. Sterling pehub.com acquired managed IT services provider Cyber Advisors pehub.com, while Audax pehub.com purchased property management firm Akam pehub.com from Nautic Partners pehub.com. In the industrial space, KKR pe-insights.com launched a $310 million partnership to expand its Allfleet pe-insights.com platform, and in environmental services, Fort Point pehub.com recapitalized Boston Green pehub.com, which subsequently added United Survey pehub.com to its wastewater infrastructure services portfolio. Growth equity remains active, with Idealist pehub.com leading a C$50 million investment into sustainable agriculture firm Solugen pehub.com, and Upvest pehub.com raising $125 million backed by Tencent sifted.eu and Sapphire Ventures sifted.eu. Furthermore, ICG pehub.com is backing Italian railway maintenance provider Comcreta pehub.com to support expansion in rail infrastructure.
Tech, AI, and European Startup Dynamics
The European technology scene is experiencing a complex period marked by high-profile funding rounds alongside concerns about founder retention abroad. Bluesky techcrunch.com secured a $100 million Series B following a CEO transition to scale its application and underlying ATProto techcrunch.com technology, while AI startup Parallel sifted.eu raised a $20 million Series A from Index sifted.eu to deploy AI agents in hospitals. However, a survey indicates that one in five UK founders sifted.eu plans to leave the country within the next year, raising questions about whether policy can retain deeptech talent sifted.eu. In the AI sphere, experts urge measuring business outputs to gauge success, arguing that the fastest AI winners sifted.eu are not originating from large enterprises pehub.com. Meanwhile, the trend of "revenuemaxxing" is powering the fastest-growing startups in the UK and Ireland, with Wellbeing marketplace Healf sifted.eu topping Sifted’s latest leaderboard.
Personnel Moves, Governance, and Credit Focus
The private equity ecosystem saw several senior appointments aimed at bolstering specific strategies. Secondaries Investor secondariesinvestor.com reported that former CVC MD Jonathan Au secondariesinvestor.com joined Revelation Partners secondariesinvestor.com, while American Pacific pehub.com promoted Rahul Mohan pehub.com to managing director. In governance, CPA Anthony Venette privateequityinternational.com advised on strategies for gifting carried interest early to accrue future appreciation outside of a GP’s estate for tax benefits privateequityinternational.com. Credit markets are facing scrutiny regarding retail ambitions, with one US pension fund reportedly slashing its private equity allocation due to liquidity concerns privateequityinternational.com; this follows the trend of secondaries buyers seeking advantages like discounted assets and eliminating the J-curve secondariesinvestor.com. Furthermore, Van Lanschot Kempen pe-insights.com initiated a strategic review of its $11.5 billion liquid funds unit to explore strategic options.