Private Equity 3 Days

Last updated: March 29, 2026, 8:30 AM ET

Dealmaking Activity & Exits

Private equity firms demonstrated varied exit and acquisition strategies this period, with Advent divesting Olaplex to Henkel for $1.4 billion, marking a full exit from the Nasdaq-listed hair care brand, while simultaneously committing capital to the defense sector through an investment in Shield AI. In transactions involving portfolio company sales, HIG Capital agreed to sell its Brazilian internet service provider to Claro for approximately $750 million. Conversely, deal flow in the technology sector saw SAP moving to acquire New View Capital-backed Reltio, with the transaction expected to finalize in the second or third quarter of 2026, contrasting with the general trend of larger growth-stage funding rounds like OpenAI raising another $10 billion.

Sector Focus: Healthcare & Infrastructure

Targeting specialized niches, dealmakers are showing keen interest in healthcare segments, particularly women’s health, where Kearney notes a potential "$1 trillion gap" attracting significant private equity focus, evidenced by the pending $18.3 billion take-private of Hologic by Blackstone and TPG. Furthermore, several firms, including Astorg, Cinven, and Nordic Capital, are actively pursuing pathology assets, aligning with broader consumer health dealmaking trends favoring GLP-1 and preventative products, as seen in LDC’s recent exit from PAM Healthcare. Infrastructure investment also remained active, exemplified by Clearlake Capital acquiring Qualus amid surging power demand, a deal which provided a handsome payout for employees of KKR’s former portfolio company, Cool IT Technologies.

Strategy Shifts & Secondaries Market Growth

The industry is undergoing a strategic recalibration, moving away from an era defined by cheap debt toward a more selective approach where substance is prioritized over complex financial structures, summarized by the sentiment that “12 is the new 5” in private equity deal-making. This shift is prompting established buyout firms to explore adjacent markets, with healthcare specialist Linden mulling a secondaries strategy to manage liquidity. Supporting this evolving market structure, Evercore expanded its European credit secondaries team by hiring four individuals, including two from PJT, while Bonaccord deployed capital for a minority investment into the commercial real estate credit platform Prime Finance to bolster its balance sheet.

Venture Capital & Startup Ecosystems

The early-stage environment remains dynamic, though venture capital firms are facing internal pressures; for example, Speedinvest recently cut 10% of its staff following a period of internal churn. Despite localized headwinds, certain hubs continue to attract substantial capital, with Austin's startup scene reaching an all-time high in funding for companies headquartered in the Texas capital. At the accelerator level, investors at YC Demo Day expressed interest in startups ranging from Moon hotels to cattle herding applications, showcasing a diverse appetite beyond the well-publicized AI deals, though reports also tracked interesting startups in areas like humanoids and generative AI from the overflowing YC W26 cohort.

Geographic & Sectoral Opportunities

Geographically, managers willing to commit to the Middle East are positioning themselves for success in that region's fundraising oasis, while European dealmaking shows specific interest in deep technology and AI infrastructure, with investors actively hunting for the "next Deep Mind" in Oxford amid a deeptech boom. Within the broader technology space, firms are focused on scaling promising companies, with attention drawn to Synthesia rivals like Brahma forecasting $100 million in revenue. Additionally, consolidation is occurring in specialized software, as FPE-backed Point74 acquired Quor to establish a unified food software platform in the UK, focusing on compliance.

AI Integration & Investment Themes

Artificial intelligence continues to permeate investment decision-making and portfolio company strategy, with discussions centering on how companies are transitioning "from hype to impact" using AI for scaling operations while tracking Spanish AI startups. Compounding the broader technology financing trend, the week saw significant capital deployments in AI and defense, even as the sheer volume of large deals was led by major funding disclosures like OpenAI’s. Furthermore, AI is beginning to influence investor relations, with one anecdote noting how "Placement AI-gents" are already playing a larger role in managing the traditionally human-heavy placement process for private equity funds.