Private Equity 3d Briefing – Mar 20, 2026

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Last updated: March 20, 2026, 10:30 PM ET

Fundraising & Capital Deployment

Activity across private equity fundraising remains concentrated, though overall deal sizes in the U.S. have moderated recently, with cybersecurity and AI focused startups attracting the largest financings this week attracting investment news.crunchbase.com. In contrast to slower mainstream venture rounds, established players are securing substantial capital; Blackstone has raised over $12 billion pe-insights.com for its most recent Asia-Pacific buyout fund, while growth equity firm Coefficient Capital secured more than $500 million pe-insights.com across two vehicles to expand its consumer focus. Elsewhere, Partners Group plans to establish a $1 billion India-focused buyout fund pe-insights.com to deepen its regional presence, signaling continued global expansion efforts despite internal turnover, as evidenced by senior resignations at the Future Fund losing private markets leads privateequityinternational.com.

Private equity firms are actively executing deals across diverse sectors, with healthcare and infrastructure seeing notable transaction volume. 3M and Bain are combining forces to acquire Madison Fire & Rescue for $1.95 billion pehub.com, intending to merge it with 3M’s Scott Safety division to form a new safety platform. In the fragmented healthcare benefits management space, firms including InTandem, NMS Capital, and WestView Capital are seizing opportunities pehub.com, while Palladium Equity Partners agreed to purchase hospice provider DME Express from Way Point Capital Partners pehub.com. Furthermore, KKR is preparing to divest its data center liquid cooling company CoolIT in a deal valued at $4.75 billion pehub.com, expected to close in the third quarter of 2026, indicating high valuations for AI-enabling infrastructure assets.

The persistent investment fervor surrounding artificial intelligence continues to shape the market, accounting for a record 41% of the $128 billion raised by companies on Carta last year as AI startups dominate venture dollars techcrunch.com. Beyond general AI, specific technological niches are drawing capital; Philippe Laffont’s massive Coatue Management is pivoting to launch a new AI crossover fund pe-insights.com, while investors are also recognizing the energy demands of AI data centers, creating openings in energy technology as power bottlenecks emerge techcrunch.com. In defense technology, which has seen a boost due to geopolitical tensions, ETNA intends to acquire Brolis Defence Group pehub.com, a developer of electro-optical systems used by NATO forces, following the successful IPO debut of drone firm Swarmer which soared 520% news.crunchbase.com.

The secondaries market is seeing continued interest, even as technology assets face scrutiny; ADIC is marketing a portfolio of fund stakes exceeding $2 billion secondariesinvestor.com, comprising about 61% of its total private markets exposure. In structured credit, Blackstone’s $83 billion BCRED vehicle is proceeding with a new collateralized loan obligation issuance pe-insights.com, while the market is also observing interest in credit secondaries where buyers seek discounted products and reduced J-curve effects prioritizing these benefits secondariesinvestor.com. Separately, TPG is actively rebuilding its Japan presence secondariesinvestor.com, notably hiring its first Japan-based professional for TPG New Quest’s secondaries strategy, suggesting a long-term commitment to the region despite broader LP liquidity concerns that have seen other US pensions slash allocations privateequityinternational.com.

Firms are actively exploring exit paths for mature assets, though hold periods appear to be extending as hold periods for portfolio companies are reported as longer than ever pehub.com. CVC Capital Partners and Nordic Capital are exploring exit options for Cary Group pe-insights.com that could value the company at approximately €3 billion. Meanwhile, continuation vehicles (CVs) remain a popular tool for extending ownership; Ares Management has led a €300 million CV for Europastry pe-insights.com following a halted IPO attempt, a deal structure also utilized by MCH in a separate deal for the same company led by Ares pehub.com. In the healthcare space, QHP Capital successfully completed an $1.1 billion continuation fund for Azurity Pharmaceuticals pehub.com, with major participation from Harbour Vest Partners and Pantheon Ventures.

Private credit players are stepping in to back major acquisitions and corporate initiatives. CVC Credit provided senior debt financing to support Waterland Private Equity’s acquisition of Palletways pe-insights.com, while Apollo Global Management is establishing a $1 billion Singapore private credit fund pe-insights.com, recently adding a former Warburg Pincus executive to spearhead the effort. On the M&A financing side, Blackstone Credit & Insurance led a $1.3 billion financing round pe-insights.com supporting the combination of healthcare firms Paratek and Radius Health, a deal also involving a prior $1.3 billion financing mentioned earlier advised by Mintz pehub.com.