Private Equity 3 Days

Last updated: March 28, 2026, 2:30 AM ET

Private Equity Strategy & Market Shifts

The private equity sector is entering a more selective investment phase, moving away from the easy debt structures of the past decade where multiples were inflated, as firms now prioritize "substance over structure," suggesting a return to more rigorous due diligence and operational improvement “12 is the new 5”. This strategic recalibration is occurring alongside personnel adjustments, as evidenced by Speedinvest cutting 10% of its team following internal churn, reflecting the broader need for leaner operations in a higher-rate environment. Concurrently, specialized advisory services are expanding in response to market complexity; Evercore has built out its Europe-based credit secondaries team with four new hires, two recruited from PJT, while Linden, a healthcare-focused PE firm, is also exploring a secondaries strategy, indicating a growing focus on portfolio management and liquidity solutions among buyout shops Secondaries Investor.

Sector-Specific Dealmaking & Investment Themes

Deal activity remains vibrant across targeted sectors, particularly in technology and healthcare, though the overall pace of mega-deals is uneven. OpenAI disclosed raising another $10 billion this week, leading a tranche of large financings, while the firm itself has been aggressively pursuing M&A, completing 17 acquisitions over the past three years Crunchbase News. In healthcare, private equity interest in women's health is substantial, driven by an estimated “$1 trillion gap” in investment needs, with firms like Astorg, Cinven, and Nordic targeting pathology assets. Furthermore, the sector is seeing major transactions, such as the expected closing in late 2026 of SAP's acquisition of NewView Capital-backed Reltio, and consumer health dealmaking is being shaped by the GLP-1 drug boom Houlihan Lokey.

Exits, Acquisitions, and Portfolio Management

Firms are actively managing exits and executing add-on acquisitions across diverse industries. Advent is set to fully exit its investment in the hair care brand Olaplex, selling it to Henkel for $1.4 billion, which will remove the company from the Nasdaq listing. In contrast, Advent is simultaneously deploying capital into defense technology, planning to invest up to $1 billion, with a portion earmarked to finance Shield AI’s planned purchase of Sagewind Capital portfolio company Aechelon Technology PE Hub. Elsewhere in exits, an investor group led by Astorg, Nordic Capital, Novo Holdings, and Cinven finalized the $8.9 billion sale of clinical trial data firm Clario to Thermo Fisher. In infrastructure, Clearlake Capital is acquiring Qualus from New Mountain Capital, a deal that reportedly provides a substantial payout for employees of KKR-backed Cool IT Technologies, highlighting returns across the power services sector PE Hub.

Geographic Focus and Infrastructure Plays

Investment activity continues to flow into specialized infrastructure and specific geographic markets, often involving concurrent minority stakes and growth financing. Blackstone committed $250 million as part of a $1 billion bet on a UAE payments platform, signaling continued high-stakes deployment in the Middle East despite regional tensions, a region where Gulf sovereign wealth funds are reportedly turning inward PE International. In Europe, Brookfield and La Caisse agreed to take Boralex private for $9.7 billion to accelerate renewable energy growth, while in the UK, Sun European invested in aerospace logistics firm B&H Worldwide and separately acquired another logistics business based at Heathrow PE Hub. Furthermore, firms are continuing to build out specialized platforms, such as FPE backing Point74’s purchase of compliance platform Quor to unify UK food software.

Secondaries, Credit, and New Fund Formation

The secondaries market is seeing increased institutional participation, with established buyout firms entering the space and advisory talent shifting between major banks. TowerBrook completed a continuation fund for business consulting firm EisnerAmper, with Carlyle Alp Invest leading the transaction alongside Hamilton Lane, underscoring the demand for GP-led liquidity solutions PE Hub. This movement has prompted firms like Jefferies to hire senior GP-led talent from Lazard to compete for market share. In credit, Bonaccord made a minority investment in Prime Finance to bolster its balance sheet and expand its credit platform, while the European Investment Fund launched a substantial €15 billion fund of funds intended to back approximately 100 growth-stage venture capital firms.

Venture Capital Momentum and AI Exposure

Despite pockets of selectivity in growth equity, venture funding remains powerful, especially in technology hubs and AI-focused ventures. Austin’s startup funding hit an all-time high, even as seed funding becomes increasingly competitive, with only rounds of $10 million and above showing growth in 2025 Crunchbase News. Artificial intelligence startups continue to command major valuations, with Harvey achieving a $11 billion valuation following a $200 million round led by GIC and Sequoia, and other AI-adjacent firms like Brahma forecasting $100 million in revenue. Meanwhile, the broader tech ecosystem is seeing strategic moves: TPG and Allianz led a $350 million investment in CMT to scale its AI-driven mobility platform, and OpenAI’s aggressive M&A strategy demonstrates how large tech firms are using acquisitions to rapidly absorb capabilities.