Private Equity 3d Briefing – Mar 24, 2026

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Last updated: March 24, 2026, 5:30 PM ET

Fundraising Milestones & Sector Focus

Venture capital firms are making substantial moves in fundraising, with Kleiner Perkins securing $3.5 billion news.crunchbase.com split between a $1 billion early-stage KP22 fund and $2.5 billion for growth investments, while Lead Edge Capital closed its seventh fund at $3.5 billion pe-insights.com specifically targeting software deals. In contrast, specialized and emerging managers are also gaining traction, as Air Street Capital closed its $232 million solo GP fund sifted.eu, marking one of Europe's largest, and BKR Capital announced Fund II reached $20 million Canadian techcrunch.com toward its $50 million target, seeking to invest in Black founders. Furthermore, efforts to address investment gaps continue, with 360 Capital raising €85 million sifted.eu for a deeptech fund backed by a European defense prime contractor, signaling continued appetite for specialized technology themes.

Large-scale private equity deployment continues across critical sectors, highlighted by Apollo committing $3.7 billion to Nippon Sheet Glass (NSG) pe-insights.com in what is described as the largest Japan private equity investment, while Apollo is also evaluating a $200 million to $300 million investment pe-insights.com in the Indian Premier League for its first foray into sports. In enterprise software, Gryphon-backed Rootstock acquired ERP provider Ascent Solutions pehub.com, which offers cloud ERP services on the Salesforce platform, and Gryphon-backed Rootstock picked up ERP provider Ascent Solutions pehub.com to bolster its offerings. Meanwhile, in the specialized services vertical, TPG and Allianz X co-led a $350 million investment pehub.com into telematics firm Cambridge Mobile Telematics, with State Farm also participating in the round.

Activity in the consumer and healthcare spaces saw several strategic acquisitions, as Advent expanded its beauty portfolio by agreeing to a $165 million deal pe-insights.com for Salt & Stone, which will see the exit of minority investor Humble Growth. In healthcare technology, GPI-backed Hopper OS acquired healthcare data firm Efferent pehub.com, aiming to enhance its configurable intelligent operating system across the care continuum. Elsewhere, in consumer packaged goods, Main Post invested in pretzel brand Stellar Snacks pehub.com, which boasts broad distribution across major U.S. grocers including Costco and Target, while Sovereign sold Knovia to Eureka Education pehub.com after the portfolio company quadrupled its revenue under Sovereign’s ownership.

Firms are actively managing existing holdings, with Olympus Partners planning the $1.1 billion sale of EyeSouth’s retina business pehub.com, a U.S.-based eye-care MSO. In a partial exit, Advent sold a £46 million stake in Trustpilot pe-insights.com, which triggered a sharp decline in the shares following the discounted sale. The secondary market shows continued institutional interest in liquidity, evidenced by the University of California shopping a $3 billion LP portfolio secondariesinvestor.com, while Japanese secondaries shop RGCM prepares to close its debut fund near its hard-cap secondariesinvestor.com, which will allow flexibility in direct secondaries and primary rounds. Separately, Francisco Partners moves to sell music publisher Kobalt pehub.com to the Brookfield-backed Primary Wave.

Industrial and infrastructure plays involved significant transactions across geographies. Apollo and CVC jointly acquired a 37% minority stake in Syntegon pe-insights.com for an enterprise value of €1.75 billion to drive the packaging firm’s next growth phase, and Hull Street is set to acquire two power plants pehub.com—the Lee County Generating Station in Illinois and the Tait Electric Generating Station in Ohio. In government technology, TSCP invested in Karpel pehub.com, a firm whose client base includes prosecutor and public defender offices nationwide, while Blue Fire Equity recently made its first platform investment pehub.com by acquiring defense-focused Jovian Concepts in March. Furthermore, global infrastructure funds are targeting Gulf energy assets, with private equity firms targeting a $7 billion Kuwait pipeline deal pe-insights.com.

Private equity firms are pursuing bolt-on acquisitions and take-private transactions to consolidate specific verticals. Advent is expanding its footprint in the body care sector pehub.com by acquiring Salt & Stone, while Altor agreed to acquire Eltera pehub.com, an electrical installation services provider, from Valedo, with the deal being followed by news of the CMA’s final reforms for the UK pet care industry impacting sector investments pehub.com. In the financial services space, WPCG and HGGC are investing in RIA Verdence pehub.com, acquiring the stake held by Emigrant Partners, LLC. Meanwhile, One Equity bought UK wholesale distributor Kitwave pehub.com through a take-private transaction, and Aquiline-backed Relation snapped up Chinook Insurance Group pehub.com.

Personnel changes reflect the ongoing strategic focus within the industry, as ECI appointed David Danon as a new partner pehub.com, following his nearly two decades in Bain Capital’s private equity team, and GTCR tapped Donnie Phillips as managing director and chief administrative officer pehub.com. In the broader market, concerns persist over exit bottlenecks, as West Monroe noted that exit difficulties are leading to partial sales pehub.com, while Bain & Co reported that the number of APAC portfolio companies held for over five years increased by 18% in 2025 privateequityinternational.com. Concurrently, the allure of AI investment is undeniable, with OpenAI reportedly offering a guaranteed minimum return of 17.5% pe-insights.com to attract private equity capital into its joint venture initiatives.