Private Equity 3d Briefing
×Last updated: March 24, 2026, 6:30 AM ET
Activity & Deal Flow: Sector Transactions
Private equity deal activity saw varied movements across sectors, with Arlington Capital announcing its intent to acquire Eptec Defence, a specialist provider of naval and defense preservation services pehub.com. Concurrently, Nordic firm Altor finalized an agreement to buy electrical installation provider Eltera from Valedo pehub.com, while in the US healthcare space, Olympus Partners is seeking to divest the retina business of Eye South for an expected $1.1 billion pehub.com. In the broader European market, One Equity executed a take-private transaction for UK wholesale distributor Kitwave pehub.com, and Diversis scooped up fintech firm LTi, with LTi’s co-founders retaining minority stakes pehub.com.
Technology, AI, and Infrastructure Investments
Firms continue to deploy capital into specialized technology, evidenced by AEA Elevate's investment in enterprise technology company Trinamix pehub.com, and Gryphon-backed Rootstock acquiring ERP provider Ascent Solutions pehub.com. The AI vertical remains intensely competitive, with OpenAI reportedly offering guaranteed returns of 17.5% to attract private equity involvement in its joint venture initiatives pe-insights.com. Furthermore, European venture funding showed pockets of strength, as London-based Air Street Capital closed its solo GP fund at $232 million, focusing on early-stage AI companies in Europe and North America techcrunch.com. Separately, Gimlet Labs secured an $80 million Series A round for its technology designed to optimize AI inference across heterogeneous chip architectures, including NVIDIA and AMD techcrunch.com.
Energy, Infrastructure, and Asia-Pacific Exits
Activity in global infrastructure and energy assets remains high, with private equity and infrastructure funds targeting a $7 billion pipeline deal in the Gulf region pe-insights.com. In Southeast Asia, Actis completed the acquisition of a 90% stake in Singaporean environmental management firm 800 Super, bringing its regional deployment to $1.7 billion pe-insights.com. Meanwhile, exit momentum in Asia-Pacific appears constrained, as Bain & Co data indicates the number of portfolio companies held over five years increased by 18% in 2025, suggesting a growing overhang despite some sales privateequityinternational.com. In the realm of large-scale divestitures, Advent and Cinven are reportedly exploring a potential €25 billion exit of TK Elevator, with Kone entering advanced talks for the acquisition pe-insights.com.
Secondaries Market and LP Liquidity
The need for liquidity among institutional investors is driving significant transactions in the secondary market. The University of California system is actively marketing a $3 billion LP portfolio to secure capital secondariesinvestor.com. This trend toward unlocking capital is mirrored by the strategic rationale behind Mercer's recent acquisition of Altamar CAM, which bolstered secondaries capabilities at a time of heightened interest in liquidity solutions privateequityinternational.com. On the deployment side, a Japan secondaries shop is nearing the hard-cap for its debut fund, which will possess flexibility to invest in both direct secondaries and primary funding rounds secondariesinvestor.com.
Exits, Restructurings, and Regulatory Oversight
Divestiture activity included Francisco Partners arranging the sale of music publisher Kobalt to Brookfield-backed Primary Wave, with management set to remain in place pehub.com. In other portfolio management actions, Advent-backed Cobham Ultra has agreed to sell its Ultra Cyber division to Airbus Defence and Space pehub.com, while West Monroe notes that exit difficulties are leading firms toward partial sales and longer sellside preparation pehub.com. Furthermore, regulatory scrutiny impacts deal-making, as the UK’s Competition and Markets Authority finalized reforms for the pet care industry following its market investigation, an outcome relevant to private equity holdings in that sector pehub.com.
Fundraising Milestones and Talent Moves
Growth equity player Lead Edge Capital successfully raised $3.5 billion for its seventh fund, primarily targeting software investments pe-insights.com. On the talent front, GTCR appointed Donnie Phillips as Managing Director and Chief Administrative Officer in its Chicago office pehub.com, and ECI welcomed David Danon as a new partner, bringing nearly two decades of experience from Bain Capital's private equity team pehub.com. Meanwhile, the European talent gap persists, with data suggesting firms risk missing opportunities by failing to fill critical roles sifted.eu.
Venture Capital and Specialized Bets
The venture capital ecosystem saw notable activity, particularly in niche areas. Air Street Capital’s recent fund closing underscores the focus on backing early-stage European AI firms sifted.eu. In a move reflecting burgeoning interest in decentralized finance and information markets, CEOs from Kalshi and Polymarket are backing a $35 million predictions markets VC fund called 5(c) Capital techcrunch.com. A French-Italian VC firm also raised €85 million for a deeptech fund, reportedly backed by a European defense prime contractor sifted.eu. In related news, the slowdown in overall US startup funding in March was attributed almost entirely to a reduction in massive AI megarounds closing that month news.crunchbase.com.
Sports Finance and New Entrants
Blackstone is reportedly evaluating a potential $200 million to $300 million investment in the Indian Premier League, marking its first direct foray into sports investment pe-insights.com. This contrasts with the emergence of new specialized dealmakers, such as former NFL player Terrence Murphy, who recently unveiled his firm, Synergy Sports Capital, alongside its debut transaction pehub.com.
Operational and Strategic Focus
Firms are deepening their operational strategies, as seen when Apollo and CVC agreed to acquire a 37% minority stake in Syntegon to catalyze its next growth phase pe-insights.com. In the renewable energy financing sphere, Ares Management committed at least €1 billion as part of a larger capital increase supporting Eni's subsidiary, Plenitude, valuing the entity at €13.1 billion pe-insights.com. Separately, research indicates that independent sponsors often target returns exceeding 3x, driven by greater deal selectivity and a preference for lower valuation multiples compared to traditional fund deals privateequityinternational.com.