Private Equity 3d Briefing
×Last updated: March 22, 2026, 3:30 AM ET
Fundraising Momentum & Secondaries Market Activity
Despite a general slowing in the size of the largest U.S. venture deals this week, private equity funds continue to gather substantial capital, often prioritizing specific sectors like cybersecurity and AI attracting investment news.crunchbase.com. Blackstone pe-insights.com successfully closed its latest Asia-Pacific buyout fund, securing more than $12 billion, underscoring the firm's continued global fundraising strength. On the deployment side, Coefficient Capital pe-insights.com raised over $500 million across two vehicles to scale its consumer growth strategy, while Partners Group pe-insights.com plans to raise at least $1 billion for its inaugural India-focused buyout fund, signaling targeted geographic expansion. In the secondaries market, Abu Dhabi Investment Council (ADIC) secondariesinvestor.com is reportedly offering a portfolio of fund stakes valued at over $2 billion, as private markets constitute approximately 61% of its total investment allocation, suggesting institutional players are selectively rotating assets through the secondary market secondariesinvestor.com.
The secondaries arena is also seeing firms proactively managing GP-led transactions, with QHP Capital pehub.com completing an $1.1 billion continuation fund for Azurity Pharmaceuticals, led by Harbour Vest Partners. Furthermore, HighVista Strategies pehub.com is expanding its focus by appointing a new managing director to launch a secondaries investing strategy concentrating on the lower middle market. Meanwhile, Ares MCH pehub.com executed a single-asset continuation vehicle to maintain backing for the premium frozen baked goods company Europastry, demonstrating the utility of these structures even as technology investments face secondaries scrutiny Houlihan Lokey pehub.com.
Strategic Exits and Deal Making
Firms are positioning for major exits, with KKR pehub.com planning to divest its data center liquid cooling business, Cool IT, in a transaction valued at $4.75 billion, anticipated to finalize in the third quarter of 2026. Similarly, CVC Capital Partners pe-insights.com and Nordic Capital are exploring exit avenues for Cary Group that could approach €3 billion. In a notable public market event, Star Capital-backed Vincorion pe-insights.com debuted strongly in its €980 million initial public offering in Germany, indicating healthy investor demand for PE-backed assets going public. In contrast to outright sales, Permira’s AltamarCAM exit pehub.com reportedly delivered attractive returns, while Mutares pe-insights.com is preparing for a significant acceleration in transaction activity, projecting a €2.5 billion acquisitions pipeline for the second quarter of 2026.
Sector-Specific M&A: Healthcare and Industrials
Activity remains concentrated in specialized sectors, particularly healthcare benefits management, where firms like InTandem pehub.com, NMS Capital, and West View Capital are seizing opportunities. This segment saw Palladium Equity Partners pehub.com agree to acquire hospice care provider DME Express from Way Point Capital Partners, while B-Flexion Life Sciences pehub.com saw its portfolio companies Paratek and Radius Health merge following a $1.3 billion financing deal advised by Mintz. In the industrial and infrastructure space, 3M and Bain Capital pehub.com are jointly acquiring Madison Fire & Rescue for $1.95 billion to merge it with 3M’s Scott Safety division into a new fire and safety platform. Furthermore, ICG pehub.com is backing Italian railway maintenance provider Comcreta to facilitate expansion amid accelerating rail infrastructure investment in the region.
Technology, Infrastructure, and Thematic Investing
The technology sector continues to drive deal flow, although investment focus is shifting toward areas supporting AI deployment. Blackstone-backed Chartis pehub.com acquired health tech firm Leap AI, while LLR Partners' portfolio company Viventium pehub.com expanded its human capital management footprint by snapping up Perks4Care. In the critical area of energy infrastructure, LS Power pehub.com is set to acquire approximately 4.4 gigawatts of natural gas-fired generation capacity from Constellation Energy for $5 billion, addressing the massive power needs of future AI data centers, which TechCrunch Venture notes techcrunch.com are creating openings for energy technology investors. On the M&A front for infrastructure support, Gryphon-backed ACA pehub.com purchased HVAC systems manufacturer Northern Air, continuing a trend of specialized industrial acquisitions also seen with IK Partners' majority stake acquisition pehub.com in Dutch intermediary Domek Group.
Geographic Expansion and Regulatory Focus
Major global firms are deepening their regional commitments, with TPG secondariesinvestor.com actively re-establishing its presence in Japan, including adding its first Japan-based professional for TPG New Quest's secondaries strategy. European platforms are also consolidating, as seen when IK Partners pehub.com acquired Domek Group, which currently operates mainly in the Netherlands but is expanding into Belgium and Germany. On the credit side, Blackstone’s BCRED pe-insights.com, managing $83 billion, is proceeding with a new collateralised loan obligation issuance, while CVC Credit pe-insights.com provided senior debt financing to support Waterland Private Equity’s acquisition of Palletways. Regulatory and governance issues remain present, as evidenced by the ongoing discussion around optimal estate planning strategies for general partners seeking to efficiently transfer carried interest for tax savings privateequityinternational.com.