Private Equity 3d Briefing
×Last updated: March 24, 2026, 11:30 AM ET
Mega-Deals and Major Commitments in the West and Japan
Apollo Global Management pe-insights.com struck one of its largest-ever Japanese private equity investments, agreeing to acquire Nippon Sheet Glass in a transaction valued near $3.7 billion, signaling continued high-value activity in sophisticated Asian markets. This move comes as Apollo and Bain Capital pe-insights.com are reportedly leading the €4 billion bidding race for Continental’s industrial Conti Tech unit, suggesting strong competition for large-scale industrial carve-outs across continents. Stateside, Blackstone pe-insights.com is evaluating a potential $200 million to $300 million investment into the Indian Premier League, marking its initial foray into sports assets, while simultaneously looking to realize value pe-insights.com from its Paris acquisition by marketing a €100 million portfolio of Parisian apartments.
Strategic Exits and Partial Sales Amid Market Headwinds
The challenges in achieving full exit valuations are leading some sponsors to opt for partial divestitures, as evidenced by Advent's sale pe-insights.com of a £46 million stake in Trustpilot, which triggered a sharp decline in the stock price following the discounted offering. This environment is mirrored in Asia, where Bain & Co. reports that the overhang persists, noting that the number of APAC portfolio companies held for over five years increased 18% in 2025 privateequityinternational.com. In contrast, Olympus Partners pehub.com is seeking a clean break, planning to divest its Eye South retina business for $1.1 billion, while Francisco Partners pehub.com is selling music publisher Kobalt to Brookfield-backed Primary Wave, with Kobalt’s management team set to remain in place.
Sector-Specific Investments in Software, Defense, and Consumer Goods
Private equity activity remained diverse across specialized sectors, with software and technology proving highly attractive. Lead Edge Capital pe-insights.com successfully closed its seventh fund at $3.5 billion, dedicated to growth equity software deals, and Main Capital pehub.com invested in Gingco Systems, a developer of modular software for resource management. In the defense and government technology space, Arlington Capital pehub.com advanced plans to acquire Eptec Defence, a naval and preservation services provider, while Blue Fire Equity pehub.com discussed its focus on the defense sector following its first platform investment in Jovian Concepts in March. On the consumer front, Advent pehub.com is acquiring the body care brand Salt & Stone, and Main Post pehub.com took a stake in pretzel brand Stellar Snacks, which boasts broad distribution across major U.S. grocers like Costco and Target.
Infrastructure, Energy, and Environmental Acquisitions
Deals targeting infrastructure and environmental services demonstrated sustained interest in essential services. Actis pe-insights.com finalized the acquisition of a 90% stake in Singapore-based environmental manager 800 Super for an undisclosed sum, pushing its Southeast Asia deployment to $1.7 billion, while Hull Street pehub.com agreed to purchase two power plants—a natural gas turbine facility in Illinois and a dual-fuel plant in Ohio. Furthermore, infrastructure funds are setting sights on the Gulf region, with private equity targeting a potential major Kuwait pipeline deal pe-insights.com valued around $7 billion. Elsewhere, Generate Capital pehub.com executed a full exit, selling greenhouse operator Equinox Growers to Taylor Farms, a transaction intended to support regional food supply chains.
Mid-Market Activity and Specialized Vertical Investments
The mid-market continued to see targeted deployment, often focusing on niche services. Goldner Hawn pehub.com purchased Lone Star Environmental Companies, which services the Houston and San Antonio metropolitan areas, while TSCP pehub.com invested in Karpel, a government technology firm serving prosecutor and public defender offices nationwide. In the professional services realm, Southfield pehub.com invested in Metric Search, a recruitment firm specializing in medtech life sciences and data centers. Meanwhile, the specialized field of children's education saw Princeton Equity Group pehub.com back Kid Strong, an organization that currently supports over 85,000 members across 184 centers in the U.S. and Canada.
Talent Moves and Secondary Market Dynamics
Personnel changes reflected evolving strategies, particularly in investor relations and partner appointments. GTCR pehub.com appointed Donnie Phillips as managing director and chief administrative officer in its Chicago office, while ECI welcomed David Danon pehub.com as a new partner, following his nearly two decades with Bain Capital’s private equity team. The secondary market is experiencing heightened interest, prompting Mercer to prioritize investor liquidity privateequityinternational.com through its acquisition of Altamar CAM’s secondaries capabilities, according to Michael Dempsey. Concurrently, the University of California is seeking liquidity by shopping a $3 billion LP portfolio secondariesinvestor.com in a major secondary sale, mirroring the broader trend of LPs seeking capital release.
The AI Premium and Software Consolidation
The race to capture value in artificial intelligence continues to drive high valuations, with OpenAI reportedly offering pe-insights.com a guaranteed minimum return of 17.5% to attract private equity capital into its joint venture initiatives. This intense focus on AI contrasts with broader startup funding, which slowed sharply in March news.crunchbase.com primarily due to a reduction in massive AI megarounds closing that month. In related software consolidation, Gryphon-backed Rootstock pehub.com acquired ERP provider Ascent Solutions, which builds cloud applications on the Salesforce platform, while Diversis pehub.com scooped up fintech firm LTi, with LTi’s co-founders retaining minority stakes and operational roles.
European Deal Flow and Fintech Focus
European activity spanned several sub-sectors, including a take-private transaction where One Equity pehub.com acquired UK wholesale distributor Kitwave. In the UK, Altor pehub.com agreed to purchase Eltera, an electrical installation services provider, from Valedo, while Bridgepoint-backed PEI Group added Scientific Infra & Private Assets pehub.com, a benchmark provider for private infrastructure. Fintech remains a key focus, as seen by the strong performance of UK/Ireland fintechs, with Revolut reporting record profits sifted.eu ahead of expansion plans, even as the region grapples with a reported talent gap sifted.eu hindering rapid scaling.