Private Equity 3d Briefing
×Last updated: March 23, 2026, 8:30 PM ET
Fundraising & Capital Deployment
The venture and private equity fundraising scenes showed continued activity across specialized verticals, though broader US startup funding slowed sharply in March news.crunchbase.com due to fewer large artificial intelligence megadeals closing. In Europe, London-based Air Street Capital closed $232M techcrunch.com for its third fund, targeting early-stage AI companies across Europe and North America, marking it as one of the largest solo general partner funds on the continent sifted.eu. Meanwhile, growth equity firm Lead Edge Capital landed $3.5bn pe-insights.com for its seventh fund, signaling confidence in software investments despite market volatility. On the developer side, the University of California began shopping secondariesinvestor.com a $3 billion limited partner portfolio in the secondaries market, seeking liquidity as institutional interest remains elevated secondariesinvestor.com.
Dealmaking & Corporate Activity
Activity across defense, technology, and consumer sectors saw several notable transactions completed or being negotiated. In defense contracting, Arlington Capital moved to acquire pehub.com Eptec Defence, a specialist in naval and defense preservation services, while Advent-backed Cobham Ultra agreed to sell Ultra Cyber to Airbus Defence and Space pehub.com, following initial reports of exit difficulties pehub.com. In the technology space, Francisco Partners agreed to sell pehub.com music publisher Kobalt to Brookfield-backed Primary Wave, with management expected to remain intact. Elsewhere, Apollo acquired a 37% stake pe-insights.com in packaging machinery firm Syntegon alongside CVC for a reported €1.75 billion valuation to fuel its next growth phase.
Sector-Specific Transactions & Investments
Private equity interest remained strong in infrastructure and specialized services globally. Actis finalized the acquisition pe-insights.com of a 90% stake in Singaporean environmental management company 800 Super for an undisclosed sum, bringing its total Southeast Asia deployment to $1.7 billion pehub.com. In the Gulf region, infrastructure funds are targeting a $7 billion Kuwait pipeline deal pe-insights.com amid ongoing interest in regional energy assets. Furthermore, Diversis scooped up fintech firm LTi pehub.com, while Gryphon-backed Rootstock acquired ERP provider Ascent Solutions pehub.com, emphasizing continued M&A in enterprise software.
Secondaries & Liquidity Focus
The heightened interest in providing liquidity to existing portfolios was evident through significant secondary market maneuvers and strategic acquisitions by advisory firms. Mercer’s recent acquisition of AltamarCAM privateequityinternational.com was specifically aimed at bolstering its secondaries capabilities to meet heightened LP demand for exits. This trend is mirrored in Japan, where a local secondaries shop is set to close its debut fund near its hard-cap secondariesinvestor.com, allowing flexibility to invest in both direct secondaries and primary funding rounds. Separately, the University of California’s move to shop a $3 billion portfolio secondariesinvestor.com signals that major endowments are actively managing down legacy exposures.
Emerging Tech & AI Investment Trends
While overall US funding slowed, capital deployment into cutting-edge technology, particularly AI infrastructure, remained aggressive. OpenAI is reportedly offering pe-insights.com private equity firms a guaranteed minimum return of 17.5% to secure financing for its joint venture initiatives. Simultaneously, startups tackling AI bottlenecks are attracting substantial Series A capital techcrunch.com; Gimlet Labs raised $80 million to commercialize technology that allows AI inference to run simultaneously across a diverse array of chip architectures, including NVIDIA and AMD. This focus on foundational AI technology contrasts with interest in prediction markets, where CEOs from rival firms Kalshi and Polymarket are backing techcrunch.com a new $35 million venture fund, 5(c) Capital, to support that burgeoning category.
Firm Strategy, Exits, and Personnel Moves
Firms continued to adjust senior leadership and pursue complex exit strategies, even as sell-side preparation times lengthen. Advent and Cinven are exploring a potential €25 billion exit pe-insights.com of elevator manufacturer TK Elevator, as Kone enters advanced talks for acquisition. In the healthcare services space, Olympus Partners plans to sell EyeSouth’s retina business pehub.com for an expected $1.1 billion. Personnel shifts included GTCR appointing Donnie Phillips pehub.com as managing director and Chief Administrative Officer in Chicago, while ECI hired David Danon pehub.com as a new partner following two decades at Bain Capital. Furthermore, the rise of independent sponsors seeking higher returns—often targeting 3x-plus returns privateequityinternational.com through greater deal selectivity—remains a defining characteristic of the market's less traditional segments.