Private Equity 3 Days

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

Private Equity Strategy & Market Shift

The private equity industry is entering a more selective phase characterized by a pivot from structural maneuvers to focusing on fundamental performance, reflecting the end of the era dominated by cheap debt and expanding multiples. This strategic shift is reflected in areas like geography and sector focus, even as deal pace saw some acceleration this week, prominently featuring OpenAI’s disclosure of a $10 billion capital raise alongside other major financings in AI and defense sectors. Meanwhile, European venture capital firm Speedinvest cut 10% of its staff following a period of internal churn, signaling continued pressure on VC firms to streamline operations amid tighter funding conditions.

Dealmaking and Sector Focus

Deal activity demonstrated a broad but targeted interest across specialized sectors, with significant attention directed toward healthcare and technology assets. Advent is preparing to invest in Atwell, an engineering and consulting firm, with the transaction anticipated to close in the second quarter of 2026, while the firm simultaneously finalized plans to exit Olaplex to Henkel for $1.4 billion, marking a full divestiture from the Nasdaq-listed hair care brand. Furthermore, the women’s health sector is attracting substantial private equity interest, reportedly due to a "$1 trillion gap," with firms like Astorg, Cinven, and Nordic Capital targeting pathology assets, where at least five specific deals are currently being pursued by various suitors including Consonance and Pike Street in the pathology space.

Exits and Portfolio Management

Portfolio management activity highlighted several key exits and divestitures across different geographies and industries over the past few days. HIG Capital agreed to divest its Brazilian internet service provider to Claro in a transaction valued at approximately $750 million, signaling a significant realization in the Latin American telecommunications infrastructure space. In the consumer health segment, LDC, the private equity arm of Lloyds Banking Group, completed its exit of PAM Healthcare to Optima Healthcare, aligning with broader dealmaking trends favoring GLP-1 related and preventative health products, according to analysis from Houlihan Lokey. Separately, SAP is moving to acquire Reltio, a company backed by New View Capital, with the acquisition expected to finalize in the second or third quarter of 2026.

Credit Markets & Infrastructure Buildout

The private credit secondary market is seeing expansion, evidenced by Evercore bolstering its Europe-based credit secondaries team with four new hires, including two professionals migrating from PJT. This buildout supports increased activity in complex credit instruments and asset management. Concurrently, capital continues to flow into specialized financial infrastructure; Bonaccord made a minority investment in Prime Finance, a commercial real estate credit platform, intended to strengthen its balance sheet and expand its credit offerings. This investment underscores the ongoing need for institutional backing in niche credit markets.

Venture Capital & Geographic Hotspots

While large-cap PE navigates portfolio sales, the venture ecosystem continues to generate new deal flow, though consolidation and selectivity are apparent in some regions. Austin’s startup scene reached an all-time high for venture funding, confirming its status as a leading hub for new technology formation in the U.S. In Europe, investor excitement remains high around emerging technologies, with venture firms actively chasing eight startups at Y Combinator’s W26 Demo Day, spanning diverse areas from space tourism to agricultural technology. Furthermore, specific European tech hubs are drawing intense focus, with investors scouting for the "next DeepMind" in Oxford amid a deeptech boom, and Spanish investors keenly watching eleven local AI startups for potential growth.