Private Equity 3d Briefing
×Last updated: March 25, 2026, 2:30 PM ET
Dealmaking & Portfolio Activity
Private equity firms continued to execute strategic acquisitions and portfolio shifts across diverse sectors, ranging from infrastructure to consumer goods. Clearlake Capital is set to acquire power and electric grid operator Qualus from New Mountain Capital pehub.com, while in the defense space, Advent International is preparing to deploy up to $1 billion into technology assets pe-insights.com. Elsewhere, Tower Brook finalized a continuation fund for business consulting firm Eisner Amper, a transaction led by Carlyle Alp Invest with Hamilton Lane as co-lead pehub.com, and simultaneously Tower Brook also acquired French sports platform ID Unlimited to tap into jersey personalization trends pehub.com. In the consumer space, Bansk Group agreed to acquire wellness shots provider So Good So You, with the co-founders retaining board seats pehub.com, and Main Post invested in pretzel brand Stellar Snacks, which boasts wide distribution across major U.S. retailers like Costco and Target pehub.com.
Secondaries & GP Maneuvers
Activity in the secondaries market remains active despite broader signs of LP caution, evidenced by Tower Brook's GP-led transaction for EisnerAmper pehub.com, which involved significant capital deployment following a four-plus year hold secondariesinvestor.com. In personnel movements, Jefferies bolstered its advisory team by bringing on senior talent from Lazard to compete in the secondaries space secondariesinvestor.com, while the University of California sought liquidity by shopping a $3 billion LP portfolio secondariesinvestor.com. Furthermore, mid-market healthcare specialist QHP successfully ran a continuation vehicle to extend its hold on a top-performing asset, marking its second such maneuver secondariesinvestor.com. Fund managers are also adjusting strategies, with reports suggesting that some analysts worry about the potential extinction of evergreen funds due to structural issues, while LPs in the region are slashing their Africa budgets privateequityinternational.com.
Fundraising & Capital Deployment
Managers are actively raising fresh mandates across various strategies, though some regions are seeing targeted shifts in LP allocation. Lead Edge Capital successfully closed its seventh software-focused fund at $3.5 billion news.crunchbase.com, and Kleiner Perkins secured $3.5 billion across new AI-focused funds, split between $1 billion for early-stage and $2.5 billion for growth investments news.crunchbase.com. On the European side, EIF launched a substantial €15 billion fund-of-funds aimed at backing roughly 100 growth-stage venture capital firms sifted.eu. In a direct strategy move, Pictet Alternative Advisors closed its first direct private equity fund at €403 million (approximately $440 , focusing on founder-led businesses pe-insights.com. Meanwhile, institutional investors are making structural changes, with Aware Super appointing a new Head of Private Equity to oversee its $11 billion portfolio pe-insights.com, and Bow River planning to acquire VC firm Spur Capital, with closing anticipated in Q2 2026 pehub.com.
Infrastructure & Energy Transactions
Large-scale infrastructure and energy deals underscore private equity's appetite for essential services, including a significant move into renewables. Brookfield, alongside La Caisse, agreed to a $9.7 billion take-private of Boralex to scale renewable energy growth pe-insights.com, contrasting with rising interest in Gulf energy assets, where funds are targeting a $7 billion Kuwait pipeline deal pe-insights.com. In the power sector, Hull Street is acquiring two power plants from Rockland in Illinois and Ohio pehub.com, while Ares Management committed €1 billion to Plenitude as part of a larger €13.1 billion valuation transaction with Eni pe-insights.com. On the exit front, Generate Capital sold greenhouse operator Equinox Growers to Taylor Farms, supporting regional food supply chains pehub.com.
Technology & AI Valuations Soar
The torrent of capital into artificial intelligence startups continues to push valuations to stratospheric levels, even as overall startup funding slows due to fewer mega-rounds closing in March news.crunchbase.com. Legal tech startup Harvey confirmed an $11 billion valuation after co-leading a $200 million Series B round with Sequoia pe-insights.com, marking a triple-down for returning investors like Sequoia, Andreessen Horowitz, and Kleiner Perkins techcrunch.com. In other deep tech, AI notetaking firm Granola achieved unicorn status following a $125 million Series C funding round sifted.eu. Concurrently, firms are seeking specialized tech acquisitions; Etna Capital snapped up digital engineering firm CodeRoad pehub.com, and Gryphon-backed Rootstock acquired ERP software provider Ascent Solutions pehub.com. OpenAI is actively courting PE investment for joint ventures by offering a guaranteed minimum return of.5% techcrunch.com, while Gimlet Labs raised an $80 million Series A for its technology enabling AI to run simultaneously across multiple chip architectures, including NVIDIA and AMD techcrunch.com.
Sector-Specific Deals & Exits
Activity was concentrated in defense, beauty, and healthcare services, reflecting targeted investment theses. Cinven is bringing in GIC as a strategic minority partner in environmental science firm Envu to support value creation, though Cinven retains the majority stake pe-insights.com. In defense, Arlington Capital plans to acquire Eptec Defence, a naval and defense preservation services provider pehub.com, and Blue Fire Equity recently made its first platform investment in defense tech via Jovian Concepts pehub.com. The beauty sector saw Advent expand its portfolio by acquiring a majority stake in premium brand Salt & Stone for $165 million pe-insights.com. Exits included a major clinical trial data firm sale, where an investor group led by Astorg, Nordic Capital, Novo Holdings, and Cinven sold Clario to Thermo Fisher for $8.9 billion pehub.com, and Francisco Partners is selling music publisher Kobalt to Brookfield-backed Primary Wave pehub.com.
Talent & Regulatory Shifts
Personnel changes and regulatory developments are shaping the operational environment for private equity. KKCG-backed gaming firm Allwyn completed its listing on the Athens Stock Exchange following a merger with Opap, creating the world's second-largest listed lottery operator pehub.com. Meanwhile, firms are adapting to exit challenges, with reports suggesting that longer sell-side preparations and partial sales are becoming more common amid exit difficulties pehub.com. In regulatory news, the UK's Competition and Markets Authority finalized reforms for the pet care industry, which will impact PE investments in that sector pehub.com. Furthermore, Ares Management has been forced to cap withdrawals from its $10.7 billion Strategic Income Fund in response to a surge in private credit redemptions pe-insights.com.