Private Equity 3d Briefing – Mar 21, 2026

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Last updated: March 21, 2026, 2:30 PM ET

Fundraising and Capital Markets Activity

Private equity fundraising saw diverse activity, with Blackstone closing over $12 billion pe-insights.com for its newest Asia-Pacific buyout vehicle, signaling continued appetite for large-scale regional deployment. Conversely, growth equity specialist Coefficient Capital secured more than $500 million pe-insights.com across two funds dedicated to scaling its consumer strategy, suggesting focus areas remain segmented. In the asset management space, Abu Dhabi Investment Council is shopping a portfolio secondariesinvestor.com of fund stakes valued in excess of $2 billion, reflecting that private markets still constitute about 61% of its overall investment exposure. Furthermore, structural shifts continue, as Van Lanschot Kempen initiated a strategic review pe-insights.com of its $11.5 billion liquid funds unit, potentially signaling divestiture or reorganization within its traditional asset management arms.

Firms are actively re-establishing or expanding geographical footprints secondariesinvestor.com, as demonstrated by TPG adding its first Japan-based secondaries hire secondariesinvestor.com under TPG New Quest to support a multi-asset expansion in the country. Simultaneously, dedicated capital is flowing into emerging markets, with the European Bank for Reconstruction and Development committing $40 million pe-insights.com to the Templeton Türkiye private equity fund, which is targeting $300 million in total capital. Partners Group is also making a concerted effort to deepen its India presence pe-insights.com by seeking to raise a debut India-focused buyout fund of at least $1 billion. In the secondaries market, where methodical sellers are coming to market secondariesinvestor.com, High Vista Strategies appointed a new head to launch a GP-led secondaries investing strategy specifically focused on the lower middle market, while Ares led a continuation vehicle for the bakery asset Europastry and another for nursery operator Kids Planet, which is part of a £400 million fund MCH is raising for the vehicle pehub.com.

Deal flow remains strong across specific verticals, with KKR planning to divest its data center liquid cooling company pehub.com Cool IT for an expected $4.75 billion, with closing anticipated in the third quarter of 2026, underscoring the high valuation commanded by AI enabling infrastructure. In a large transaction, 3M and Bain agreed to acquire Madison Fire & Rescue pehub.com for $1.95 billion, intending to merge it with 3M’s Scott Safety division to construct a new fire and safety platform. Healthcare remains a hot sector, with firms like InTandem, NMS Capital, and WestView Capital pehub.com targeting healthcare benefits management, while Palladium Equity Partners agreed to buy hospice provider DME Express from Way Point Capital Partners Palladium Equity to acquire DME Express pehub.com. On the exit front, CVC and Nordic Capital are exploring options pe-insights.com for their Cary Group holding, which could yield around €3 billion, while Star Capital saw a successful debut when its portfolio company, Vincorion, jumped 980 million euros pe-insights.com in its IPO.

Private credit vehicles are actively deploying capital, with Blackstone’s $83 billion BCRED preparing a new CLO issuance pe-insights.com, signaling ongoing activity in structured credit markets despite broader economic uncertainty. Elsewhere, CVC Credit provided senior debt financing pe-insights.com to support Waterland Private Equity’s acquisition of Palletways, illustrating credit funds backing mid-market buyouts. Continuation fund activity continues to mature, as evidenced by QHP Capital completing an $1.1 billion continuation fund pehub.com for Azurity Pharmaceuticals, led by Harbour Vest Partners. In a synthetic transaction, Bindley Capital-backed Guardian Pharmacy Services priced a synthetic secondary offering pehub.com, allowing for liquidity without a full asset transfer.

While overall venture investment size appeared to slow, the focus on artificial intelligence and related infrastructure remains intense, with cybersecurity and AI startups dominating the week’s largest funding rounds news.crunchbase.com, even as analysts caution that startup funding rounds are becoming increasingly crowded sifted.eu. The data center buildout is creating substantial secondary investment opportunities, particularly in energy, as power bottlenecks emerge for new AI data centers techcrunch.com, making energy tech an attractive investment angle. In portfolio activity, Blackstone-backed healthcare advisor Chartis acquired Leap AI pehub.com, while in the robotics space, Amazon purchased ETH robotics spinout Rivr sifted.eu. Furthermore, investment is flowing directly into AI application layers, as Index backed YC alum Parallel with $20 million sifted.eu to deploy AI agents in hospitals, and Coatue Management, managing $70 billion, is pivoting to launch a dedicated AI crossover fund pe-insights.com.

Consolidation is active across several specific industrial and service sectors. LLR Partners-backed Viventium acquired Perks4Care pehub.com, a caregiver rewards platform, bolstering its human capital management offering for the post-acute market. In the industrial sphere, Gryphon-backed ACA acquired HVAC systems manufacturer Northern Air pehub.com, while ICG is backing railway maintenance provider Comcreta to fuel expansion in Italy’s rail infrastructure ICG backs Comcreta for expansion pehub.com. Elsewhere, IK Partners acquired a majority stake in Dutch financial services intermediary Domek Group pehub.com, which has been expanding into Belgium and Germany, following the attractive exit Permira achieved from its Altamar CAM stake Permira’s AltamarCAM exit yields returns pehub.com. In services, Sterling acquired managed IT services firm Cyber Advisors pehub.com, and Southfield-backed Franchise Fast Lane purchased consulting firm Franchise Creator pehub.com.

Defense technology startups are experiencing a market moment, evidenced by the 520% first-day trading surge of AI drone company Swarmer news.crunchbase.com, which may encourage other defense tech IPOs to test public markets. Defence investments are generally paying off, according to recent LP analysis Defence investments are paying off privateequityinternational.com, while VCs are tracking startups like those in the defense sector VCs watch 15 defense startups sifted.eu. In European deal flow, Mutares is preparing for a significant acceleration in transaction activity pe-insights.com, projecting a €2.5 billion acquisitions pipeline for the second quarter of 2026. Meanwhile, European PE activity also includes Verdane and Bpifrance backing telehealth company Medadom, the first teleconsultation provider accredited by the French Ministry of Health Verdane and Bpifrance back Medadom pehub.com.