Private Equity 3d Briefing
×Last updated: March 25, 2026, 2:30 AM ET
Fundraising Milestones & Investor Activity
Venture capital firms marked significant fundraising activity, with Kleiner Perkins closing $3.5 billion news.crunchbase.com across new vehicles, including $1 billion for early-stage bets (KP22) and $2.5 billion for growth investments. Concurrently, growth equity specialist Lead Edge Capital secured $3.5 billion pe-insights.com for its seventh software-focused fund, underscoring sustained LP appetite for targeted mandates despite broader market slowdowns. In contrast, emerging managers focused on diversity are making headway, as BKR Capital pushed its Fund II toward a $50 million target techcrunch.com, announcing $20 million Canadian committed toward that goal, while BRK Capital also progressed its Fund II techcrunch.com toward the same $50 million target. Furthermore, European firms showed momentum, with Air Street Capital finalizing a $232 million solo GP fund sifted.eu, noted as Europe’s largest of its kind, while a French-Italian VC, 360 Capital, raised €85 million for deeptech sifted.eu backed in part by a European defense prime.
Deal Flow: Tech, Software & Infrastructure Acquisitions
Private equity dealmaking showcased a clear focus on enterprise software and specialized technology sectors, exemplified by Gryphon-backed Rootstock acquiring Ascent Solutions pehub.com for its cloud ERP capabilities on the Salesforce platform, and Diversis scooping up fintech LTi pehub.com. In the enterprise resource management space, Main Capital invested in Gingco Systems pehub.com for its workplace management software, while AEA Elevate backed tech firm Trinamix pehub.com serving mid-market organizations. Elsewhere in tech, GTCR-backed Ascent Sports Group expanded into media by acquiring LiveBarn pehub.com, and TSCP invested in government technology provider Karpel pehub.com for its work with public defender offices. On the healthcare front, the GPI-backed Hopper OS acquired data firm Efferent pehub.com to enhance its configurable intelligent healthcare operating system across the care continuum.
European Sector Focus: Defense, Quantum, and Consumer Brands
European activity revealed strategic bets across deeptech and consumer staples, with over 50 startups mapped in Europe’s quantum ecosystem sifted.eu, including significant research developments like an underground quantum lab in Paris hosting deep R&D sifted.eu. Interest in defense technology remains high, as evidenced by a French-Italian VC fund receiving backing from a defense prime, and Arlington Capital planning to acquire defense preservation specialist Eptec Defence pehub.com. In the consumer sector, Advent expanded its beauty exposure by agreeing to acquire a majority stake in Salt & Stone for $165 million pe-insights.com, while One Equity purchased UK wholesale distributor Kitwave pehub.com via a take-private transaction. Furthermore, Altor agreed to acquire electrical installation services provider Eltera from Valedo pehub.com, following its broader strategy in the sector.
Large-Scale Exits, Secondaries, and Portfolio Management
Firms are navigating exit markets with mixed results, as Advent partially exited its stake in Trustpilot for £46 million pe-insights.com following a discounted sale that saw share prices fall. Meanwhile, in major potential exits, CVC and Silver Lake began investor outreach for a potential $6.7 billion IPO of RAC pe-insights.com, and GI Partners advanced sale talks for American Residential Services, potentially valuing the firm at $3.5 billion pe-insights.com. In corporate carve-outs, Advent-backed Cobham Ultra agreed to sell its Ultra Cyber unit to Airbus Defence and Space pehub.com, a deal that comes as portfolio companies face exit difficulties leading to partial sales, according to one advisory firm which noted longer sellside preparation times pehub.com. In the secondaries space, the University of California sought liquidity by shopping a $3 billion LP portfolio secondariesinvestor.com, and a Japan-based secondaries shop nears the hard-cap on its debut fund secondariesinvestor.com.
Sector-Specific Deals and Value Creation
Buyout activity concentrated on specialized services and infrastructure, including Goldner Hawn acquiring Lone Star Environmental Companies pehub.com operating in the Houston and San Antonio regions, and Main Post investing in pretzel brand Stellar Snacks pehub.com to support its distribution across major national retailers like Costco and Target. In infrastructure, Hull Street plans to acquire two power plants from Rockland pehub.com, including a natural gas facility in Illinois and a dual-fuel plant in Ohio, while PE targets are set for a $7 billion Kuwait pipeline deal pe-insights.com. Elsewhere, Olympus Partners is seeking $1.1 billion from the sale of EyeSouth’s retina business pehub.com, and Sovereign sold Knovia pehub.com after quadrupling its revenue under its ownership. On the exit side, Francisco Partners plans to sell music publisher Kobalt to Brookfield-backed Primary Wave pehub.com.
Strategic Positioning and Emerging Themes
Firms are solidifying sector expertise; TPG and Allianz X co-led a $350 million investment in Cambridge Mobile Telematics pehub.com, with State Farm also participating, while Apollo and Bain are competing in the €4 billion bidding race for Continental’s industrial unit pe-insights.com. In specialized areas, Blue Fire Equity’s focus on defense and government technology is expanding pehub.com, particularly relevant given ongoing discussions about revitalizing European defense capabilities potentially through Ukrainian tech sifted.eu. Furthermore, major players are making high-profile investments in sports and AI; Blackstone is evaluating a $200 million to $300 million investment in the Indian Premier League pe-insights.com, and OpenAI is offering private equity firms a guaranteed minimum return of 17.5% pe-insights.com to attract capital for its joint ventures, even as overall US startup funding slowed sharply due to fewer mega-AI rounds closing in March as reported by Crunchbase News news.crunchbase.com.
Talent Moves and Thematic Bets
The industry saw several key personnel announcements, including ECI naming David Danon as a new partner pehub.com following his tenure at Bain Capital, and Aware Super appointing Alex Satchcroft to lead its $11 billion private equity portfolio pe-insights.com. Meanwhile, the focus on talent gaps in Europe continues, with data suggesting that half of GPs find their AI efforts falling short privateequityinternational.com and pervasive challenges in filling roles stemming from a broader European talent gap sifted.eu. In accelerator news, Accel and Prosus selected six startups for their inaugural India cohort techcrunch.com, offering $500,000 to $2 million each to the selected companies from over 2,000 applicants.