Private Equity 3d Briefing
×Last updated: March 24, 2026, 10:30 AM ET
Dealmaking Activity Heats Up Across Sectors
Private equity firms continued a varied pace of transactions across infrastructure, software, and specialized services, with several firms actively marketing assets or announcing new investments. Turnspire Capital Partners pehub.com is reportedly preparing to collect first-round bids in mid-April for its municipal water utility service provider, USG Water Solutions pehub.com, signaling mid-market interest in essential services. In the software space, Main Capital invested pehub.com in Gingco Systems, a provider of modular software for intelligent workplace management, while Southfield invested pehub.com in recruitment firm Metric Search, which focuses on medtech life sciences and data center sectors. Furthermore, Princeton Equity Group backed pehub.com children’s education provider Kid Strong, which currently operates 184 franchised centers supporting over 85,000 members in the US and Canada Princeton Equity Group backs pehub.com.
Exits and Partial Divestitures Signal Value Realization
Exit activity showed a mixed picture, with one high-profile partial sale drawing market scrutiny while another firm moved to offload non-core assets following a large acquisition. Advent exited a £46 million stake pe-insights.com in online review platform Trustpilot, an action which coincided with a sharp decline in the company’s share price following the discounted nature of the sale. Meanwhile, Blackstone is reportedly targeting a €100 million disposal pe-insights.com from its recent €700 million acquisition of Parisian apartments, advancing its value creation strategy through selective divestment. In the energy sector, Generate Capital sold pehub.com greenhouse operator Equinox Growers to Taylor Farms, supporting regional food supply chains; and in a strategic carve-out, Advent portfolio company Cobham Ultra agreed pehub.com to sell its Ultra Cyber division to Airbus Defence and Space, an exit process occurring amid reports of broader exit difficulties Exit difficulties lead to partial sales pehub.com.
Sector Consolidation in Tech & Specialized Verticals
Consolidation continues across specialized technology and services, often involving portfolio companies expanding their footprint through bolt-on acquisitions. The GTCR-backed Ascent Sports Group acquired pehub.com sports technology and media firm Live Barn, established in January 2026, as part of an expansion strategy. In enterprise software, Gryphon-backed Rootstock picked up pehub.com ERP provider Ascent Solutions, which offers cloud ERP applications on the Salesforce platform. Similarly, AEA Elevate invested pehub.com in Trinamix, a technology firm serving enterprise and mid-market organizations. In the government technology space, TSCP invested pehub.com in Karpel, whose client base includes prosecutor and public defender offices nationwide.
Major Infrastructure & Defense Transactions
Large-scale infrastructure and defense-related deals underscore sustained investor appetite for critical assets, alongside significant market positioning in the GCC region. Private equity and infrastructure funds are reportedly showing strong interest in a potential $7 billion Kuwait pipeline deal pe-insights.com, reflecting ongoing energy transaction momentum in the Gulf. On the defense front, Arlington Capital agreed to acquire pehub.com Eptec Defence, a specialist provider of naval and defense preservation services. Separately, Altor inked an agreement pehub.com to acquire Eltera, a provider of electrical installation services, a deal noted alongside Altor’s broader activity in the sector Altor agrees to deal for electrical installation services provider pehub.com.
Large-Scale Buyouts & Minority Stakes
Mega-deals and significant minority investments signal continued high-value activity, particularly in Europe and the energy transition space. Apollo Global Management and Bain Capital are leading pe-insights.com the bidding race for Continental’s Conti Tech industrial unit, with the anticipated deal size rumored to approach €4 billion. In a separate transaction, Apollo acquired a 37% minority stake pe-insights.com in Syntegon, valued at €1.75 billion, alongside CVC to support the firm’s next growth phase. Furthermore, Ares Management committed at least €1 billion pe-insights.com as part of a €1.5 billion capital increase in Eni’s energy transition subsidiary, Plenitude, valuing the unit at €13.1 billion upon completion.
Growth Equity Fundraising and AI Focus
While overall US startup funding slowed sharply in March due largely to fewer massive AI rounds closing, growth equity funds targeting software and specialized tech continue to attract capital. Lead Edge Capital successfully raised $3.5 billion pe-insights.com for its seventh fund dedicated primarily to software investments. In a notable move in the AI sector, OpenAI is offering private equity firms pe-insights.com a guaranteed minimum return of 17.5% to attract capital into its joint venture initiatives, seeking to bridge valuation expectations in the burgeoning field. Meanwhile, specialized VCs are also expanding, with London’s Air Street Capital closing sifted.eu a $232 million solo GP fund, its largest to date, focused on early-stage European and North American AI companies Air Street becomes one of the largest solo VCs techcrunch.com.
Secondaries Market Dynamics and LP Liquidity
The secondaries market is experiencing heightened interest in liquidity solutions, prompting major institutions to test the waters with significant portfolio sales. The University of California is marketing secondariesinvestor.com a $3 billion LP portfolio, representing one of the largest recent efforts by a major system to secure liquidity. This interest in secondary transactions is reflected in firm strategy, as Mercer’s acquisition of AltamarCAM privateequityinternational.com was partly driven by the desire to bolster secondaries capabilities amid increased demand for liquidity options. Furthermore, Japan’s secondary market is seeing activity, with a local shop set to close its debut fund secondariesinvestor.com near its hard-cap, allowing flexibility for direct secondaries and primary fund investments.
Firm Strategy and Personnel Moves
Firms are simultaneously managing existing portfolios, executing key hires, and navigating secondary market concerns. GI Partners is advancing sale talks pe-insights.com for American Residential Services, a process which could value the company at $3.5 billion. In personnel news, GTCR appointed Donnie Phillips pehub.com as managing director and chief administrative officer in its Chicago office. Concurrently, ECI named David Danon as a new partner pehub.com, bringing nearly two decades of private equity experience from Bain Capital. In reporting on market sentiment, Bain & Co suggests that despite "solid exit activity," the overhang in Asia-Pacific persists, evidenced by an 18% rise in portfolio companies held for over five years in 2025 ‘Solid exit activity’ still insufficient to clear APAC’s overhang privateequityinternational.com.