Private Equity 3d Briefing
×Last updated: March 25, 2026, 11:30 AM ET
Fundraising & Capital Deployment
Private equity firms continued to demonstrate active capital formation and deployment across diverse strategies, with Pictet closing its inaugural direct private equity fund pe-insights.com at €403 million, specifically targeting founder-led businesses. Growth equity specialist Lead Edge Capital secured $3.5 billion for its seventh dedicated software fund pe-insights.com, signaling continued LP confidence in sector-specific mandates, while the venture space saw Kleiner Perkins raise $3.5 billion across new AI-focused funds news.crunchbase.com, split between a $1 billion early-stage vehicle and a $2.5 billion growth-stage pool. Conversely, investor liquidity concerns persist, as evidenced by Ares Management capping withdrawals from its $10.7 billion Strategic Income Fund pe-insights.com in response to surging private credit redemptions, and reports suggesting LPs are slashing Africa-focused budgets privateequityinternational.com due to dwindling risk appetites.
Sector-Specific Acquisitions & Exits
Dealmaking showed particular strength in specialized industrial, defense, and consumer sectors, even as high-profile exits face headwinds. In infrastructure and energy, Brookfield and La Caisse agreed to acquire Boralex pe-insights.com in a $9.7 billion take-private transaction aimed at scaling renewable energy assets, while Ares committed at least €1 billion to Eni’s Plenitude unit pe-insights.com as part of a larger €13.1 billion valuation deal. Defense technology attracted attention, with Chimney Rock acquiring United Electronics Company (UEC) pehub.com, driven by "insatiable" demand for maintaining radar systems across aircraft and ground vehicles pehub.com. Meanwhile, in consumer goods, Advent expanded its beauty portfolio with a $165 million deal for Salt & Stone pe-insights.com, while TowerBrook purchased ID Unlimited pehub.com, which supplies customization elements for sports apparel. Exits included a $8.9 billion sale of clinical trial data firm Clario by an investor group led by Astorg and Cinven pehub.com, and Olympus Partners preparing to sell EyeSouth’s retina business for $1.1 billion pehub.com.
Technology, AI, and Digital Assets
Investment in artificial intelligence infrastructure and enterprise software remains a primary focus for sponsors, though startup funding sentiment shows divergence. GIC and Sequoia co-led a $200 million round in Harvey pe-insights.com, valuing the AI-driven legal infrastructure provider at $11 billion, while TPG and Allianz invested $350 million into Cambridge Mobile Telematics pe-insights.com to scale its AI-driven mobility platform. In developer tools, OpenAI is attempting to attract PE capital by offering a guaranteed minimum return of 17.5% pe-insights.com for joint venture participation, contrasting with the overall slowdown in mega-rounds that sharply reduced overall U.S. startup funding in March news.crunchbase.com. Elsewhere in enterprise software, Gryphon-backed Rootstock acquired ERP provider Ascent Solutions pehub.com, which operates on the Salesforce platform, and Main Capital invested in resource management software provider Gingco Systems pehub.com.
Secondaries and Advisory Moves
The secondaries market saw significant activity in advisory personnel shifts and LP liquidity events, reflecting ongoing efforts to manage portfolio overhang. Jefferies bolstered its team by bringing on senior GP-led talent from Lazard secondariesinvestor.com, signaling competitive positioning in advisory roles. On the LP side, the University of California launched the sale of a $3 billion LP portfolio secondariesinvestor.com, marking another major instance of institutional investors seeking liquidity. Furthermore, strategic acquisitions within the advisory space continued, as Bow River announced its intention to acquire VC firm Spur Capital pehub.com, expecting the transaction to close in Q2 2026. The segment also saw reports indicating that AI concerns are disrupting secondaries processes privateequityinternational.com, while specialized advisory firm Mercer prioritized liquidity needs by acquiring a firm with secondaries capabilities privateequityinternational.com.
Specialized Investment Themes: Energy, Defense, and Niche Markets
Firms are increasingly targeting niche, non-traditional sectors, including energy transition and defense contracting, often seeking higher multiples through independent sponsorship models. Independent sponsors, which typically target returns exceeding 3x privateequityinternational.com, are active in areas where traditional funds may avoid valuation multiples. In the energy sector, infrastructure funds are showing interest in a potential $7 billion Kuwait pipeline deal pe-insights.com, while Hull Street agreed to acquire two power plants pehub.com—a natural gas turbine facility in Illinois and a dual-fuel facility in Ohio. Defense technology attracted a French-Italian VC, 360 Capital, which raised an €85 million deeptech fund backed by a European defense prime sifted.eu, and Arlington Capital plans to acquire Eptec Defence pehub.com, a specialist in naval preservation services. In the realm of environmental services, Actis completed the acquisition of a 90% stake in Singapore-based 800 Super pe-insights.com, pushing its Southeast Asia deployment past $1.7 billion.
Personnel Changes and Firm Strategy
Internal movements and strategy shifts across established firms show a focus on specialized leadership and strategic carve-outs. ECI appointed David Danon as a new partner pehub.com, bringing him over from Bain Capital after nearly two decades there, while Freshstream promoted two key executives to partner pehub.com. In strategic mandates, Aurelius is exploring a potential acquisition of Carrefour’s Belgian business pe-insights.com, targeting the carve-out which is valued around $4.6 billion, indicating a willingness to pursue complex corporate divestitures. Elsewhere, Aware Super appointed Alex Satchcroft to head its $11 billion private equity portfolio pe-insights.com. In contrast, some firms are looking to consolidate their holdings; for example, Blackstone is targeting a €100 million disposal pe-insights.com following its larger €700 million Paris acquisition.