Private Equity 3d Briefing
×Last updated: March 20, 2026, 6:30 AM ET
European Deal Activity & Exits
European private equity firms were active in dealmaking and exploring major divestitures this period, with IK Partners acquiring a majority stake pehub.com in the financial services intermediary Domek Group, which recently expanded its footprint into Belgium and Germany from its core Netherlands operations pehub.com. Simultaneously, firms are testing the exit environment, which sources indicate remains challenging, as CVC and Nordic Capital explore a potential €3 billion exit pe-insights.com from their portfolio company Cary Group pe-insights.com. In the secondaries space, Ares Management led a €300 million continuation vehicle pe-insights.com for the premium frozen baked goods producer Europastry, following a halt to its planned initial public offering pehub.com, while Permira’s exit from AltamarCAM pehub.com reportedly delivered attractive returns, contrasting with broader pipeline difficulties privateequityinternational.com.
Credit & Secondaries Market Dynamics
The private credit market continues to evolve, marked by both large financing deals and disciplinary shifts in secondaries strategies. CVC Credit provided senior debt financing pe-insights.com to support Waterland Private Equity’s acquisition of Palletways, indicating continued appetite for backing mid-market transactions news.crunchbase.com. On the GP-led secondaries front, MCH closed a continuation vehicle for Europastry pehub.com after its IPO was shelved, with Ares driving the transaction pe-insights.com, and Ronin Equity took a minority stake pehub.com in Aeri Tek Global via a GP-led secondary deal, with Partners Capital joining as a backer pehub.com. Separately, HighVista Strategies tapped Raudel Yanez pehub.com to launch its GP-led secondaries strategy focusing specifically on the lower middle market, while Ares led two European mid-market continuation vehicles secondariesinvestor.com, one exceeding £400 million for nursery operator Kids Planet and another raising €300 million for a frozen baked goods asset pehub.com.
Sector-Specific Acquisitions & Platform Building
Platform build-ups across specialized industrial, healthcare, and IT services sectors saw several transactions finalized. In healthcare and life sciences, B-Flexion Life Sciences-backed companies Paratek and Radius Health pehub.com completed a merger supported by a $1.3 billion financing led by Blackstone Credit & Insurance pe-insights.com, while Blackstone-backed Chartis acquired pehub.com Chicago-based health tech advisor Leap AI pehub.com. In the IT and industrial maintenance sphere, Sterling snapped up managed IT services firm Cyber Advisors pehub.com, and PE-backed Tech24 acquired pehub.com commercial foodservice equipment repair provider Pacific Standard Service pehub.com. Furthermore, in infrastructure, LS Power agreed to acquire approximately 4.4 gigawatts of natural gas generation capacity pehub.com from Constellation Energy for $5 billion, while KKR launched a $310 million partnership pe-insights.com to expand its Allfleet platform alongside PMI Electro pe-insights.com.
Investment Strategy, Personnel Moves, and Tax Planning
Firms are repositioning strategically and making key personnel changes to navigate market conditions. TPG is seeking to re-establish its Japan private equity presence privateequityinternational.com through a senior hire, alongside expanding its multi-asset operations with a Japan-based secondaries executive for TPG New Quest privateequityinternational.com. Elsewhere, Apollo Global Management hired a Warburg Pincus executive pe-insights.com to anchor its new $1 billion private credit fund in Singapore, while Apollo also partnered with Intercontinental Exchange pe-insights.com to develop private credit data infrastructure pe-insights.com. In tax planning, CPA Anthony Venette advised that gifting a portion of carried interest earlier privateequityinternational.com can effectively move future appreciation outside of a General Partner’s estate for substantial tax mitigation and legacy planning purposes privateequityinternational.com.
Venture Capital Trends and Defense Tech Focus
The venture world shows continued interest in specialized technology, particularly in defense and AI applications, even as some European founders express intentions to relocate pehub.com. Defense startups are gaining attention following the soaring debut of AI drone company Swarmer, which saw shares jump 520% on Nasdaq, potentially paving the way for 12 other defense tech IPO candidates news.crunchbase.com. This focus aligns with broader geopolitical concerns, as European defense companies like Brolis Defence Group are targets for acquisition pehub.com, with ETNA moving to acquire the electro-optical systems developer pehub.com. In AI, social platform Bluesky secured a $100 million Series B techcrunch.com to scale its team and enhance the ATProto framework, while two Palantir veterans raised $30 million for Edra techcrunch.com, a firm focused on automating workflows using operational data techcrunch.com.
Climate Tech, Real Assets, and LP Governance
Investments targeting climate solutions and agricultural sustainability received significant backing. BNP Paribas Asset Management Alts invested in FarmCarbon pe-insights.com to scale methane reduction efforts within the agricultural sector sifted.eu, and EQT and Bpifrance backed the ‘flying ferry’ startup Candela sifted.eu with a €30 million round for its global rollout sifted.eu. In real assets, EIG-backed MidOcean Energy secured a $500 million investment from Idemitsu Kosan pe-insights.com to expand its liquefied natural gas platform. Meanwhile, institutional investors are tightening governance: Nevada PERS is moving its Clearlake exposure privateequityinternational.com due to perceived conflicts arising from Clearlake’s planned acquisition of Pathway Capital Management privateequityinternational.com, and Australia’s sovereign wealth fund, the Future Fund, has seen senior leadership resignations in its private markets team privateequityinternational.com.