Private Equity 3 Days

Last updated: March 26, 2026, 2:30 AM ET

Dealmaking and Mandates: Large Buyouts & Exits

Major firms advanced several large-scale exit and acquisition maneuvers, including CVC Capital Partners and Silver Lake testing the waters for a potential $6.7 billion initial public offering for RAC. Elsewhere, Advent is reportedly exploring a potential €25 billion exit of TK Elevator while simultaneously setting aside up to $1 billion for new investments in defense technology. In infrastructure, Brookfield and La Caisse agreed to take Boralex private in a massive $9.7 billion transaction aimed at scaling renewables growth, while Blackstone is reportedly evaluating a $200 million to $300 million investment in the Indian Premier League as its first foray into sports.

In the energy sector, private equity and infrastructure funds are showing sustained interest in Gulf energy assets, targeting a $7 billion pipeline deal in Kuwait, while Actis finalized its acquisition of a 90% stake in Singaporean environmental management firm 800 Super, bringing its Southeast Asia deployment to $1.7 billion. Several portfolio company sales also concluded: an investor group led by Astorg, Nordic Capital, Novo Holdings, and Cinven sold clinical trial data firm Clario to Thermo Fisher for $8.9 billion, and Olympus Partners is preparing to divest the retina business of Eye South for $1.1 billion. In contrast, Francisco Partners is selling music publisher Kobalt to Brookfield-backed Primary Wave.

Continuation Funds & Secondary Market Activity

Activity in the GP-led transaction space remains active, evidenced by Tower Brook completing a continuation fund for the business consulting firm Eisner Amper, a deal led by Carlyle Alp Invest and co-led by Hamilton Lane. This focus on maximizing value from mature assets contrasts with reports of potential structural shifts, as one analysis suggests that evergreen funds could face extinction due to concerns over mis-selling and mis-structuring. In the capital raising and liquidity arena, the University of California system is seeking liquidity by shopping a $3 billion LP portfolio in the secondaries market, while Jefferies bolstered its secondary advisory team by recruiting senior talent from Lazard, and Mercer's acquisition of Altamar CAM was driven by the need to enhance capabilities amid heightened interest in liquidity solutions.

Sector-Specific M&A and Deployment

Firms are deploying capital across specialized sectors, with Clearlake moving to acquire power and electric services grid operator Qualus from seller New Mountain Capital. In defense technology, Arlington Capital plans to acquire naval and defense services provider Eptec Defence, and Advent is preparing to allocate capital into defense tech. Tower Brook also made a move into the consumer space, acquiring French sports platform ID Unlimited which supplies personalization elements for sports apparel, while Bansk Group is acquiring wellness shots provider So Good So You. Additionally, Chimney Rock Equity scooped up United Electronics Company amidst an "insatiable" demand for maintaining radar systems.

Fundraising and Investor Strategy

Growth equity and specialized funds are successfully closing capital vehicles, as Lead Edge Capital secured $3.5 billion for its seventh fund focused on software deals. Meanwhile, Pictet Alternative Advisors closed its inaugural direct private equity strategy at €403 million ($440 targeting founder-led businesses, and Japan's RGCM Fund I is nearing its hard-cap for a debut fund focused on direct secondaries and primary rounds. On the institutional side, the EIF launched a substantial €15 billion fund-of-funds to back 100 growth-stage venture capital firms. Conversely, LP sentiment shows signs of caution, with reports indicating that LPs are slashing their Africa budgets due to dwindling risk appetites, mirroring a potential inward rebalancing among Gulf sovereign wealth funds.

Technology, AI, and Venture Capital Dynamics

The technology investment sphere continues to attract substantial private capital, with TPG and Allianz co-leading a $350 million strategic investment into AI-driven mobility platform CMT. Within the AI ecosystem, OpenAI is attempting to attract private equity into joint ventures by offering investors a guaranteed minimum return of.5%, even as concerns about AI's role in M&A processes disrupt secondary markets. In venture, AI notetaking startup Granola achieved unicorn status following a $125 million Series C round, and legal AI firm Harvey secured a $200 million round led by GIC and Sequoia, pushing its valuation to $11 billion. In contrast to these large rounds, overall US startup funding slowed sharply in March, largely attributable to fewer mega-rounds closing, particularly in AI.

Governance, Litigation, and Talent

Internal governance and operational disputes are surfacing, as Balderton and AVP face allegations in court regarding a "covert plot" to oust the founder of Cognism. In talent management, firms are grappling with a noted talent gap, with data suggesting that failure to fill roles results in missed opportunities, while GTCR appointed Donnie Phillips as managing director and chief administrative officer in its Chicago office. Furthermore, the European quantum technology community features over 50 startups betting on the sector, and DeepSeek is making waves in the AI inference space, attracting an $80 million Series A for technology that permits AI to run simultaneously across multiple chip architectures, including NVIDIA and AMD.