Private Equity 3d Briefing
×Last updated: March 20, 2026, 8:30 AM ET
Middle Market & Sector Acquisitions
Private equity dealmaking continued across defensive sectors, particularly healthcare and essential services, with Gryphon-backed ACA acquiring pehub.com Northern Air, an Oklahoma City-based specialty HVAC solutions provider. In the healthcare services space, Palladium Equity agreed to purchase pehub.com DME Express, a hospice medical equipment provider from seller Way Point Capital Partners, while Blackstone-backed Chartis scooped up pehub.com health tech firm Leap AI based in Chicago. Further consolidation in healthcare benefits management saw firms like InTandem, NMS Capital, and West View Capital pehub.com making investments across five separate deals targeting employer and employee services. Meanwhile, Audax and Keystone reportedly explored pehub.com exits in the HVAC services sector, indicating potential liquidity events brewing for incumbent platforms.
Healthcare & Life Sciences Activity
The life sciences vertical saw both platform expansion and significant financing activity, exemplified by the merger of B-Flexion Life Sciences-backed pehub.com healthcare companies Paratek and Radius Health, which was supported by a substantial $1.3 billion financing led by Blackstone Credit & Insurance pe-insights.com. In a related secondary transaction, QHP Capital successfully closed pehub.com a $1.1 billion continuation fund for Azurity Pharmaceuticals, with Harbour Vest Partners leading the transaction alongside Pantheon Ventures. Elsewhere, Stephens Group-backed Astro Pak acquired pehub.com Clean Sciences, a provider of high purity and precision cleaning services, continuing the trend of vertical integration in specialized industrial services.
European Exits & Fund Formation
European activity focused on major portfolio exits and significant capital raising efforts. CVC and Nordic Capital are exploring pe-insights.com options for the potential sale of Cary Group, valued around €3 billion, while Advent and Cinven are also weighing pe-insights.com a possible €25 billion exit of TK Elevator amidst takeover talks from Kone. In the fixed income sphere supporting transactions, CVC Credit provided senior debt financing pe-insights.com to back Waterland Private Equity’s acquisition of Palletways. Demonstrating commitment to European assets, IK Partners acquired a majority stake pehub.com in Domek Group, which operates primarily in the Netherlands but has expanded into Belgium and Germany, a move that mirrors the firm’s other acquisition of a Dutch financial services intermediary mentioned separately IK Partners acquiring majority stake pehub.com.
Secondaries Market & Capital Structures
The secondaries market demonstrated continued appetite for GP-led solutions, even as technology assets faced scrutiny. MCH closed a continuation vehicle pehub.com worth €300 million for premium frozen baked goods company Europastry following a halt in its IPO plans, a transaction Ares Management also led pe-insights.com as a €300 million continuation fund supporting MCH’s strategy. This GP-led activity contrasts with LP caution, as Nevada PERS moves to divest privateequityinternational.com its Clearlake exposure due to perceived conflicts arising from Clearlake’s acquisition of Pathway Capital Management. Furthermore, HighVista Strategies appointed Raudel Yanez pehub.com to launch its GP-led secondaries investing strategy focused narrowly on the lower middle market.
Geographic Expansion & New Platforms
Global firms are actively building out on-the-ground capabilities, particularly in Asia. Partners Group is seeking to raise pe-insights.com at least $1 billion for its inaugural India-focused buyout fund, signaling a deeper commitment to the region, while TPG is attempting to re-establish privateequityinternational.com its Japan private equity presence through a senior hire, including a secondaries executive for TPG New Quest. In Singapore, a Singaporean buyout shop planted privateequityinternational.com its first overseas flag in Hong Kong to support investment and investor relations activities. Meanwhile, major firms are launching new platforms to capture demographic shifts; TPG formed One Aged Care pe-insights.com to capitalize on rising elderly care demand across Singapore and Malaysia.
Defense Tech & Industrial Investments
Defense technology remains a favored investment area, spurred by geopolitical tensions, as noted by defense experts returning to the market A defence expert's prompt return privateequityinternational.com. This sector saw a strong public market debut when Star Capital-backed Vincorion’s IPO jumped pe-insights.com around 13% on its €980 million listing in Germany. In the industrial space, ICG backed railway maintenance provider pehub.com Comcreta to fuel expansion in Italy’s accelerating rail infrastructure sector, while KKR committed up to $310 million pe-insights.com to expand its Allfleet platform in partnership with PMI Electro. Furthermore, ETNA agreed to acquire pehub.com Brolis Defence Group, a manufacturer of high-precision electro-optical systems used by NATO defense ministries.
Secondaries, Credit, and Liquidity Management
The credit secondaries market is presenting opportunities for buyers seeking value at a discount and wishing to bypass the J-curve, according to commentary on credit secondaries advantages secondariesinvestor.com. This demand for structured liquidity is seen in the deal where Bindley Capital-backed Guardian priced pehub.com a synthetic secondary offering for its Atlanta-based long-term care pharmacy services company. Liquidity concerns persist for some LPs, as another US pension slashed privateequityinternational.com its private equity allocation due to liquidity worries. In parallel, major players are structuring data ventures; Apollo partnered with Intercontinental Exchange pe-insights.com to develop new private credit data infrastructure, while Apollo also hired a Warburg Pincus executive for a $1bn Singaporea pe-insights.com private credit fund.
Startup Acquisitions & Technology Trends
While IPO markets face clearing challenges The clog in PE’s exit pipeline privateequityinternational.com, corporate acquirers remain active in the technology ecosystem. Amazon purchased ETH robotics spinout sifted.eu Rivr, and Seaport successfully exited tech company pehub.com Exacom to Motorola Solutions. Data analysis shows that startup acquirers are not always the expected giants, with a list compiled of 79 companies acquiring three or more news.crunchbase.com seed- or venture-backed startups over the last three years. In the AI domain, Index backed YC alum Parallel sifted.eu in a $20 million Series A to deploy AI agents in hospitals, contrasting with warnings that the AI "boys' club" could widen the wealth gap techcrunch.com for women shut out of funding.
Executive Moves & Firm Strategy
Senior personnel changes reflect strategic shifts across the industry. Former CVC MD Jonathan Au joined secondariesinvestor.com Revelation Partners after departing CVC last June. Meanwhile, TPG is seeking a Japan PE presence privateequityinternational.com through a senior hire, and HighVista Strategies tapped Raudel Yanez pehub.com to lead its GP-led secondaries effort. In firm leadership, Kain Capital appointed Sameer Mathur pehub.com as partner and Bridie Gahan as strategy VP, while American Pacific promoted Rahul Mohan pehub.com to managing director. These moves underscore the necessity for specialized expertise in credit, secondaries, and geographic expansion.