Private Equity 3 Days

Last updated: March 29, 2026, 5:30 AM ET

Private Equity Strategy & Market Shift

The private equity sector is navigating a more selective investment environment, moving away from structures based on cheap debt toward a focus on underlying business substance, reflecting a shift described by one source as "12 is the new 5". This environment also sees investment banks actively building out specialized teams; for instance, Evercore built out its Europe-based credit secondaries team by hiring four new professionals, two of whom are joining from PJT. Simultaneously, a growing number of buyout firms, such as the Chicago-headquartered Linden, are now mulling a dedicated secondaries strategy, indicating a broader industry trend toward exploiting liquidity windows and managing existing portfolios more actively.

Sector-Specific Dealmaking and Exits

Deal activity showed breadth across specialized sectors, with Advent committing to invest in defense technology firm Shield AI, with proceeds earmarked partly to fund Shield AI's planned purchase of Sagewind Capital's portfolio company, Aechelon Technology Inc. In healthcare, the women's health space is drawing significant attention due to an estimated "$1 trillion gap" in investment, making it a target for firms like Astorg, Cinven, and Nordic Capital, who are also reportedly targeting pathology assets. Further exits in healthcare saw LDC, the private equity arm of Lloyds Banking Group, finalize its divestiture of PAM Healthcare to Optima Healthcare, while Olympus Partners-backed EyeSouth acquired Aslett-Kurica Eye Center to bolster its management services organization platform.

Software, Infrastructure, and Real Estate Transactions

Platform building continues in the software space, exemplified by FPE-backed Point74 acquiring compliance platform Quor to establish the UK’s first unified food software offering. In infrastructure, Clearlake Capital purchased Qualus from New Mountain Capital, a transaction driven by soaring regional power demand, which also provided KKR’s employees with a significant payout from its CoolIT Technologies exit. Meanwhile, on the financing side, Bonaccord made a minority investment in credit platform Prime Finance to help it strengthen its balance sheet and expand its credit offerings, while in Australia, Bain Capital secured a A$430 million loan, roughly $300 million, to finance its acquisition of a wealth management entity.

Exits and Portfolio Management

Firms are actively realizing gains, with Advent planning to sell its hair care brand Olaplex to Henkel for $1.4 billion, marking a full exit from the Nasdaq-listed asset upon closing. In Latin America, HIG Capital is selling a Brazilian internet service provider to Claro in a transaction valued around $750 million. Elsewhere, Audax and Greenbriar co-investors sold airport services firm AGI to Lone Star, concluding their joint ownership that began in June 2021. In the technology sector, SAP is set to acquire NewView Capital-backed Reltio, with the deal expected to finalize in the second or third quarter of 2026.

Geographic Focus and Fundraising

Investment interest remains strong in the Middle East, where managers who commit resources and serve investor needs in the region stand a better chance of success, despite geopolitical headwinds impacting sectors like beauty deals. Blackstone is committing $250 million toward a $1 billion investment in a UAE payments platform, signaling confidence amid regional tensions. In Europe, despite some firms like Speedinvest cutting 10% of its team following a period of internal churn, the focus on specialized growth remains, as seen by Alterra backing General Atlantic's investment in Wireless Logic, continuing Middle East-related activity.

Venture Capital & Emerging Tech Trends

The broader venture ecosystem shows strong regional pockets, with Austin's startup funding hitting an all-time high, even as seed funding overall becomes more competitive, with only rounds of $10 million and above showing growth in 2025. At demo days, investors are actively seeking the next wave of innovation, with nearly a dozen VCs chasing startups focused on diverse areas, from Moon hotels to cattle herding, at Y Combinator's W26 Demo Day. Artificial intelligence remains a major focus, with major financings continuing, such as OpenAI's disclosure of raising an additional $10 billion, while other investors are actively hunting for deep tech potential, searching for "the next Deep Mind" in areas like Oxford. Furthermore, internal firm processes are evolving, as evidenced by an anecdote showing how AI is already playing a larger role in private equity investor relations.