Private Equity 3d Briefing
×Last updated: March 23, 2026, 4:30 PM ET
Dealmaking & Exits: Megadeals and Portfolio Activity
Large-scale exits remain central to private equity activity, with Advent and Cinven exploring a potential €25bn exit of TK Elevator pe-insights.com as Kone enters advanced discussions to acquire the business pe-insights.com. Separately, Olympus Partners is seeking $1.1b from the sale of EyeSouth’s retina business pehub.com, while Sovereign sold Knovia to Eureka Education pehub.com after the portfolio company more than quadrupled its revenue under their ownership, achieving organic growth of 15 percent annually alongside two strategic acquisitions. In infrastructure, private equity and infrastructure funds are targeting a $7bn Kuwait pipeline deal pe-insights.com as energy transactions advance across the Gulf region.
In software and technology transactions, Francisco Partners agreed to sell music publisher Kobalt to Brookfield-backed Primary Wave pehub.com, with management remaining intact under new ownership. Elsewhere in tech, Diversis scooped up fintech firm LTi pehub.com, ensuring LTi’s co-founders retain minority stakes and remain involved post-closing. Further consolidation occurred in enterprise software as Gryphon-backed Rootstock acquired ERP provider Ascent Solutions pehub.com, which specializes in cloud ERP applications on the Salesforce platform. Additionally, Apollo acquired a 37% minority stake in €1.75bn Syntegon alongside CVC pe-insights.com to support the company’s next growth phase.
Consolidation within the environmental and energy sectors saw Actis complete the acquisition of a 90% stake in Singapore-based 800 Super pe-insights.com, marking a deployment of $1.7bn across Southeast Asia for the firm. The transaction involved Actis buying 90% of 800 Super pehub.com, a company providing comprehensive waste management and recycling services to both public and private sectors. Meanwhile, in Europe, One Equity purchased UK wholesale distributor Kitwave through a take-private transaction pehub.com. In the insurance space, Aquiline-backed Relation snapped up Chinook Insurance Group pehub.com, emphasizing continued M&A activity in specialty insurance verticals.
Fundraising & Capital Markets
The secondary market continues to provide necessary liquidity, exemplified by the University of California seeking to offload a $3bn LP portfolio secondariesinvestor.com, representing the latest move by the system to access capital via secondaries. This interest in liquidity is mirrored by AltamarCAM’s acquisition of Mercer’s secondaries capabilities privateequityinternational.com, which firm executives noted was particularly timely given current market conditions. A specialized regional market saw a Japanese secondaries shop close its debut fund near its hard-cap secondariesinvestor.com, which will permit flexibility in investing across both direct secondaries and primary funding rounds. Growth equity saw a substantial close as Lead Edge secured $3.5bn for its seventh fund pe-insights.com, signaling a continued focus on software investments despite market volatility.
The broader fundraising environment appears bifurcated, evidenced by the fact that while some firms are securing large mandates, overall venture and growth funding is decelerating, with US startup funding slowing sharply in March news.crunchbase.com, largely attributed to fewer massive AI megarounds finalizing this month. In contrast to the slow VC environment, research into independent sponsors suggests they seek higher returns, often targeting 3x or more privateequityinternational.com, driven by greater deal selectivity and a preference for lower valuation multiples compared to traditional fund deals.
Sector Focus: AI, Infrastructure, and Talent
The artificial intelligence sector continues to attract specialized capital, with OpenAI offering guaranteed minimum returns of 17.5% pe-insights.com to entice private equity investment into its joint venture initiatives. Beyond direct investment, technology aimed at improving AI efficiency is gaining traction; Gimlet Labs successfully raised an $80 million Series A techcrunch.com for its inference bottleneck solution that allows AI workloads to run simultaneously across diverse chip architectures, including NVIDIA, AMD, and Intel. Separately, private equity is deepening its commitment to energy infrastructure, as demonstrated by Ares committing at least €1bn to Plenitude pe-insights.com as part of a broader €1.5bn capital increase structured around a €13.1bn valuation deal with Eni.
Talent acquisition and internal promotions signal strategic shifts within major firms. GTCR appointed Donnie Phillips as managing director and chief administrative officer pehub.com based in its Chicago headquarters. Furthermore, ECI named David Danon as a new partner pehub.com, bringing nearly two decades of experience from the private equity team at Bain Capital pehub.com. In other personnel news, Aware Super placed Alex Satchcroft at the helm of its $11bn private equity portfolio pe-insights.com. Furthermore, Freshstream promoted Tom Carroll and Gilles Gradassi to partner pehub.com, recognizing their central role in the firm’s strategy across core markets in the UK, France, and Benelux.
Divestitures and Portfolio Optimization
Firms are actively optimizing portfolio companies through sales and bolt-on acquisitions. Advent-backed Cobham Ultra agreed to sell Ultra Cyber to Airbus Defence and Space pehub.com, a transaction that follows observations that exit difficulties are leading to partial sales and longer sellside preparation periods pehub.com. Bridgepoint-backed PEI Group acquired Scientific Infra & Private Assets pehub.com, an index provider for private infrastructure and equity markets, demonstrating an appetite for data and benchmarking tools within portfolio management. In the healthcare sector, AEA Elevate invested in tech company Trinamix pehub.com, which services enterprise and mid-market organizations. Meanwhile, the consumer space saw Danone move to acquire nutrition brand Huel pe-insights.com, strengthening its position in the high-growth health and protein sector.
Emerging Figures & Niche Opportunities
New dealmakers are emerging, including former Green Bay Packers wide receiver Terrence Murphy pehub.com, who launched Synergy Sports Capital, announcing the firm’s debut deal just 20 years after his NFL career was cut short by injury pehub.com. This launch was profiled alongside other dealmakers pehub.com. In specialized technology investment, European venture capital saw French-Italian VC 360 Capital raise €85m for a deeptech fund sifted.eu, notably backed by a European defense prime contractor. In the UK ecosystem, Air Street Capital closed a $232m solo GP fund sifted.eu, marking it as Europe’s largest of its kind, while several startups were selected for the UK’s Future Fifty growth programme sifted.eu.