Private Equity 3 Days

Last updated: March 26, 2026, 8:30 PM ET

Dealmaking: Sector Focus and Mega-Exits

Private equity dealmaking saw significant activity across defense, healthcare, and infrastructure, even as geopolitical tensions complicate certain sectors like beauty M&A PE dealmaking in beauty under pressure from Middle East conflict, says BCLP. In defense technology, Advent commits to invest $1bn in the sector, including deploying capital into defense tech firm Shield AI, which itself plans to use proceeds to acquire Aechelon Technology Inc. Healthcare saw a major exit with an investor group led by Astorg, Nordic Capital, Novo Holdings, and Cinven successfully selling clinical trial data firm Clario for a substantial $8.9 billion to Thermo Fisher. Meanwhile, the women’s health segment is drawing focus, evidenced by Blackstone and TPG’s $18.3 billion take-private of Hologic nearing closure, suggesting strong appetite for specialist healthcare assets Women’s health ripe for private equity investments, finds Kearney’s Paula Bellostas Muguerza.

Infrastructure, Energy, and Public Markets

Large-scale infrastructure and energy transactions continued apace, with Brookfield and La Caisse finalizing a $9.7 billion take-private of Boralex to scale renewable growth. In infrastructure services, Clearlake Capital announced its acquisition of power and electric services grid Qualus from New Mountain Capital, a deal that also provided CoolIT Technologies employees with a significant payout. In related energy moves, Hull Street will acquire two power plants from Rockland, specifically the Lee County Generating Station in Illinois and Tait Electric Generating Station in Ohio. Separately, in public markets, KKCG-backed Allwyn listed on the Athens Stock Exchange via a merger with Opap, immediately creating the world's second-largest listed lottery and gaming operator.

Add-ons and Sector Consolidation

The trend of platform companies executing bolt-on acquisitions remains strong across various verticals. In eye care, Olympus Partners-backed EyeSouth acquired Aslett-Kurica Eye Center to expand its management services organization presence in Atlanta, while in workforce solutions, Trinity Hunt-backed Allvia snapped up HR Pals. The UK saw consolidation in the food software space as FPE-backed Point74 purchased compliance platform Quor to form a unified offering. In specialized industrial services, Heartwood Partners-backed Amlon acquired industrial waste solutions provider Lion Industrial Resources, and Sovereign-backed Affinia made an add-on acquisition following its initial platform investment in May 2023.

Exits and Continuation Funds

Firms are actively realizing value, with Advent completing a $1.4 billion sale of premium beauty brand OLAPLEX to Henkel, as premium beauty M&A accelerates. In contrast, Advent took a partial exit from Trustpilot by selling a £46 million stake, which saw shares fall following the discounted sale. Meanwhile, TowerBrook completed a continuation fund for business consulting firm EisnerAmper, a transaction led by Carlyle Alp Invest Carlyle AlpInvest leads on TowerBrook’s CV for EisnerAmper. Further demonstrating exit activity, Industrial Opportunity Partners sold retail fixtures provider Royston to LSI for $325 million, having originally acquired the firm in 2018.

Fundraising and Investor Relations Dynamics

Global fundraising shows specific geographic and thematic concentrations, with Middle Eastern GPs finding success from managers willing to commit deeply to the region Middle East’s fundraising oasis awaits GPs who are willing to commit. In Europe, the EIF launched a €15 billion fund of funds aimed at backing 100 growth-stage venture capital firms. On the LP side, there are concerns regarding risk appetite, as a report suggests LPs are slashing their Africa budgets as risk appetites dwindle. Furthermore, firms are adapting to evolving investor needs, with healthcare specialist Linden mullings a secondaries strategy to join the growing number of buyout firms engaging in that market. A technology anecdote also reveals that AI is already playing a greater role in investor relations.

Technology, AI, and Early-Stage Benchmarks

The technology sector continues to generate high valuations, with AI startup Harvey securing a $200 million round led by GIC and Sequoia that pushed its valuation to $11 billion, while AI notetaking startup Granola achieved unicorn status following a $125 million Series C. In venture capital, seed funding is becoming more competitive and skewed toward larger rounds; Crunchbase data indicates that only seed rounds of $10 million and above saw growth in 2025 Seed Funding Hasn’t Stalled, But It’s Skewing Larger And Is More Competitive Than Ever, Crunchbase Data Shows. In the defense space, Advent is preparing to deploy up to $1 billion into defense technology, reflecting sector-specific investment waves. Meanwhile, specialized tech innovation is apparent, such as YC’s W26 Demo Day featuring startups focused on everything from humanoid robots to doomscrolling redirection.

Geographic and Strategic Moves

Private equity activity remains highly focused on regional specialization and strategic geographic plays. Blackstone committed $250 million to a UAE payments platform as part of a $1 billion bet amid regional tensions, while Alterra backed General Atlantic in the Wireless Logic deal as Middle East investment continues. In the UK, Balderton and AVP are involved in a dispute with the Cognism founder, illustrating founder friction in high-growth software firms. For firms looking at geographical expansion, Bain secured a A$430 million loan (approximately $300 to finance an acquisition in the Australian wealth management sector. Furthermore, the challenges of portfolio management in Asia are evident, as Bain & Co noted that the number of APAC portfolio companies held over five years increased by 18% in 2025.

Specialized Sector Investments and Firm Expansion

Firms are aggressively expanding into niche sectors, with Semcap launching a new beauty and wellness arm in partnership with Vasiliki Petrou’s Veralis Group. Defense remains a magnet for capital, as Blue Fire Equity’s Farrah Holder discussed specializing in defense and government tech following their March platform deal. In consumer goods, Main Post invested in pretzel brand Stellar Snacks, which boasts major distribution across Costco and Target. Elsewhere, Advent expanded its beauty portfolio by agreeing to acquire a majority stake in Salt & Stone for $165 million. In the financial services space, WPCG and HGGC are investing in RIA Verdence, resulting in Emigrant Partners selling its stake.

Market Infrastructure and Talent Moves

To facilitate exits and manage portfolio complexity, financial institutions are restructuring their advisory capabilities; Bank of America launched a dedicated Private Capital M&A Group specifically designed to unlock private equity exits. In talent acquisition within advisory, Jefferies onboarded senior GP-led talent from Lazard as firms jockey for competitive positioning in secondaries advisory. For portfolio company management, TPG and Allianz led a $350 million investment in CMT to scale its AI-driven mobility platform. In internal firm moves, O2 appointed Rob Hays as its new Head of Investor Relations, moving from his prior role as a managing director at Clean Bridge Securities.