Private Equity 3d Briefing – Mar 28, 2026

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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” pe-insights.com. This strategic recalibration is occurring alongside personnel adjustments, as evidenced by Speedinvest cutting 10% of its team sifted.eu 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 secondariesinvestor.com with four new hires, two recruited from PJT, while Linden, a healthcare-focused PE firm, is also exploring a secondaries strategy secondariesinvestor.com, indicating a growing focus on portfolio management and liquidity solutions among buyout shops Secondaries Investor secondariesinvestor.com.

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 news.crunchbase.com 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 news.crunchbase.com. 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 pehub.com. Furthermore, the sector is seeing major transactions, such as the expected closing in late 2026 of SAP's acquisition of NewView Capital-backed Reltio pehub.com, and consumer health dealmaking is being shaped by the GLP-1 drug boom Houlihan Lokey pehub.com.

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 pehub.com, 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 pe-insights.com, 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 pehub.com. 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 pehub.com. In infrastructure, Clearlake Capital is acquiring Qualus from New Mountain Capital pehub.com, 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 pehub.com.

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 pe-insights.com, 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 privateequityinternational.com. In Europe, Brookfield and La Caisse agreed to take Boralex private for $9.7 billion pe-insights.com to accelerate renewable energy growth, while in the UK, Sun European invested in aerospace logistics firm B&H Worldwide pehub.com and separately acquired another logistics business based at Heathrow PE Hub pehub.com. Furthermore, firms are continuing to build out specialized platforms, such as FPE backing Point74’s purchase of compliance platform Quor pehub.com to unify UK food software.

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 pehub.com, with Carlyle Alp Invest leading the transaction alongside Hamilton Lane, underscoring the demand for GP-led liquidity solutions PE Hub pehub.com. This movement has prompted firms like Jefferies to hire senior GP-led talent from Lazard secondariesinvestor.com to compete for market share. In credit, Bonaccord made a minority investment in Prime Finance pehub.com to bolster its balance sheet and expand its credit platform, while the European Investment Fund launched a substantial €15 billion fund of funds sifted.eu intended to back approximately 100 growth-stage venture capital firms.

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 news.crunchbase.com, even as seed funding becomes increasingly competitive, with only rounds of $10 million and above showing growth in 2025 Crunchbase News news.crunchbase.com. 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 pe-insights.com, and other AI-adjacent firms like Brahma forecasting $100 million in revenue sifted.eu. Meanwhile, the broader tech ecosystem is seeing strategic moves: TPG and Allianz led a $350 million investment in CMT pe-insights.com to scale its AI-driven mobility platform, and OpenAI’s aggressive M&A strategy news.crunchbase.com demonstrates how large tech firms are using acquisitions to rapidly absorb capabilities.