Private Equity 3d Briefing – Mar 21, 2026

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Last updated: March 21, 2026, 5:30 AM ET

Fundraising & Capital Deployment

Major private equity players secured substantial capital commitments over the past few days, with Blackstone raising over $12 billion pe-insights.com for its newest Asia-Pacific buyout fund, signaling continued appetite for large-scale regional deployment. In parallel, Coefficient Capital closed $500 million pe-insights.com across two vehicles to fuel its consumer growth strategy, demonstrating continued momentum in the specialized growth equity space. On the secondaries front, Abu Dhabi Investment Council put over $2 billion secondariesinvestor.com in fund stakes up for sale, reflecting the ongoing strategic management of its portfolio, which currently comprises about 61% in private markets assets. Meanwhile, Partners Group is preparing a planned $1 billion pe-insights.com buyout fund focused specifically on India, indicating a tactical deepening of presence in key emerging Asian markets.

The secondaries market saw notable activity, including ADIC selling off a large portfolio secondariesinvestor.com of fund stakes, while HighVista Strategies appointed a new head pehub.com to specifically launch a GP-led secondaries investing strategy focused on the lower middle market. This focus on GP-led transactions continues, evidenced by Ronin Equity completing a minority stake sale pehub.com in Aeri Tek Global via a continuation vehicle, which also involved Partners Capital as a new investor. The secondaries sector is also adapting to asset shifts, as demonstrated by Houlihan Lokey observing reduced interest in technology secondariesinvestor.com assets as the market reacts to recent disruption, prompting managers to explore other sectors. Furthermore, Van Lanschot Kempen initiated a strategic review pe-insights.com of its $11.5 billion liquid funds unit, potentially freeing up assets for redeployment or sale.

Deal execution remained active across various sectors, though the size of the largest U.S. funding rounds this week has reportedly shrunk compared to prior weeks pehub.com, with security and AI startups remaining prime targets. On the exit side, KKR is preparing to divest CoolIT pehub.com, the data center liquid cooling specialist, in a transaction valued at $4.75 billion expected to close in the third quarter of 2026. In defensive transactions, 3M & Bain are jointly acquiring Madison Fire & Rescue for $1.95 billion pehub.com to merge it with 3M’s Scott Safety unit, forming a new integrated fire and safety platform. Simultaneously, CVC & Nordic Capital are exploring exit options pe-insights.com for Cary Group that could value the company at approximately €3 billion, illustrating high-value divestitures underway.

Private equity firms continued to target niche opportunities within healthcare benefits management, with firms like InTandem, NMS Capital, and WestView Capital seizing opportunities pehub.com. In the pharmaceutical space, QHP Capital finalized an $1.1 billion continuation fund pehub.com for Azurity Pharmaceuticals, with Harbour Vest Partners leading the transaction. Furthermore, a significant financing effort backed a combination in the sector, as Blackstone Credit & Insurance led a $1.3 billion financing pe-insights.com to support the merger of Paratek and Radius Health, following an initial deal where B-Flexion Life Sciences supported the merger pehub.com. In related advisory activity, Blackstone-backed Chartis acquired health tech firm Leap AI pehub.com in Chicago, deepening the PE firm’s exposure to technology integration within healthcare consulting.

The persistent focus on Artificial Intelligence in venture capital saw AI startups account for a record-high 41% of the $128 billion in venture dollars raised last year, according to Carta data techcrunch.com. However, some investors are looking beyond pure software, as the energy technology sector is presenting an entry point techcrunch.com due to the massive power demands required for new AI data centers. Investment managers are also pivoting strategy to capture this AI wave, with Philippe Laffont’s Coatue Management launching a new AI-focused crossover fund pe-insights.com. In infrastructure, KKR is committing up to $310 million pe-insights.com to form a partnership with Allfleet and PMI Electro to expand its platform, while LS Power is set to acquire 4.4 gigawatts of natural gas generation capacity pehub.com from Constellation Energy for $5 billion.

Global private equity expansion efforts are evident, with TPG actively rebuilding its Japan presence secondariesinvestor.com by adding its first Japan-based secondaries professional for TPG New Quest. This push for geographic specialization is mirrored by Mutares preparing for a significant increase in deal activity pe-insights.com in Q2 2026, supported by a €2.5 billion acquisitions pipeline. On the personnel front, the need for specialized talent is clear, as Apollo hired a Warburg Pincus executive pe-insights.com to lead its new $1 billion Singapore private credit fund. In the secondaries domain, Jonathan Au, a former CVC MD, joined Revelation Partners secondariesinvestor.com, following his departure from CVC last June.

Activity in the industrial and services sectors continued, with Gryphon-backed ACA acquiring HVAC systems manufacturer Northern Air pehub.com, bolstering its specialty HVAC solutions portfolio. Similarly, Stephens Group-backed Astro Pak acquired Clean Sciences pehub.com to expand its high purity cleaning services. In the service segment, Sterling acquired managed IT services firm Cyber Advisors pehub.com, targeting small, mid, and enterprise clients across diverse end markets. Furthermore, the use of continuation vehicles to manage assets is prominent, as Ares led a €300 million continuation fund pe-insights.com for Europastry after its potential IPO stalled, a move that follows a prior single-asset CV led by MCH pehub.com.

The private credit space is seeing new infrastructure development, with Apollo partnering with Intercontinental Exchange pe-insights.com to establish new data infrastructure for the sector, while Blackstone’s $83 billion BCRED prepares a new CLO issuance pe-insights.com. Simultaneously, credit strategies are being used to support acquisitions, as CVC Credit provided senior debt financing pe-insights.com to back Waterland Private Equity’s acquisition of Palletways. Regulatory discussions continue in Europe, as the EU unveiled its 28th regime plan sifted.eu, which sources suggest is just the beginning of broader regulatory standardization. In the UK, concerns about talent retention persist, with one survey suggesting one in five founders plan to leave the country sifted.eu within the next year, potentially impacting the deeptech pipeline.