Private Equity 3 Days

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

Private Equity Strategy & Market Shift

The private equity sector is navigating a more selective phase following a decade characterized by easy leverage and expanding valuation multiples, forcing a shift from structural maneuvers to genuine operational substance, as suggested by industry commentary. This changing focus coincides with continued high-profile exits, such as Advent’s pending sale of the hair care specialist Olaplex to Henkel for $1.4 billion, which represents a full divestiture from the Nasdaq-listed asset. Concurrently, dealmaking remains active in specialized sectors, with HIG Capital seeking to offload its Brazilian internet service provider to Claro in a transaction valued around $750 million, illustrating the ongoing monetization of late-stage growth assets across geographies.

Sectoral Investment Themes: Health & Infrastructure

Investment interest shows particular strength in the healthcare vertical, where a perceived ‘$1 trillion gap’ is attracting significant private equity capital, according to analysis from Kearney’s Paula Bellostas Muguerza. Specifically within diagnostics, firms including Astorg, Cinven, and Nordic Capital are actively pursuing pathology assets, reflecting a broader trend toward specialized medical services. In consumer health, dealmaking is being shaped by the rise of GLP-1 drugs and preventative care products, while LDC finalized its exit from PAM Healthcare to Optima Healthcare, demonstrating successful portfolio management in occupational health. Meanwhile, firms are also bolstering credit platforms, evidenced by Bonaccord making a minority investment in the commercial real estate credit specialist Prime Finance to expand its balance sheet capabilities.

Dealmaking & Firm Activity

Large buyout groups continue to deploy capital into consulting and specialized services, with Advent agreeing to acquire engineering and consulting firm Atwell, a transaction slated to finalize in the second quarter of 2026. In the technology space, the industry saw a major acquisition as SAP confirmed its plan to purchase New View Capital-backed Reltio, expecting the deal to close in the second or third quarter of 2026. Supporting the secondary market infrastructure, Evercore has expanded its Europe-based credit secondaries team by bringing on four new hires, two of whom are migrating from PJT, signaling investment in specialized debt advisory capabilities.

Venture Capital Trends & Geographic Hotspots

While large buyouts proceed, the venture ecosystem is exhibiting mixed signals, though major funding rounds remain substantial, exemplified by OpenAI’s disclosure of raising an additional $10 billion, dominating the week’s activity alongside defense startups. Geographic hubs are demonstrating resilience, as Austin’s startup scene achieved an all-time high for venture funding, confirming the city’s sustained appeal to early-stage investors. Furthermore, appetite for emerging technology is clear, with investors actively chasing promising startups, such as those presented at YC Demo Day, ranging from moon hotels to cattle herding. European innovation is also drawing attention, with investors specifically tracking Spanish AI startups and hunting for deeptech potential in areas like artificial intelligence, reflecting global interest in foundational technology.

Operational Adjustments in the Asset Management Space

The broader fund management industry is responding to market recalibrations through internal restructuring. Venture capital firm Speedinvest has initiated job cuts, reducing its team by 10% following a period of internal churn, signaling pressure on smaller European funds amid slower fundraising environments. This contrasts with the focus on AI commercialization, where companies are moving from initial hype to tangible impact in scaling operations. In a parallel pursuit of innovation, investors are keenly searching for the next major deeptech breakthrough, with institutions scouring the Oxford ecosystem for potential "next Deep Mind" candidates, while privately, firms like Brahma are forecasting $100 million in revenue as a Synthesia rival.