Private Equity 24-Hour Briefing
×Last updated: March 19, 2026, 11:30 AM ET
Private Equity Dealmaking & Sector Moves
LS Power reached an agreement to acquire approximately 4.4 gigawatts of predominantly natural gas–fired generation capacity in Delaware and Pennsylvania from Constellation Energy for $5 billion, marking a substantial energy infrastructure transaction. Elsewhere in sector consolidation, PE-backed Tech24 expanded its footprint in commercial foodservice equipment repair by snapping up Pacific Standard Service, while Southfield’s franchise development organization, Franchise Fast Lane, acquired consulting firm Franchise Creator. In healthcare, B-Flexion Life Sciences-backed firms Paratek and Radius Health finalized their merger, supported by a $1.3 billion financing led by Blackstone Credit & Insurance, which also provided advice on a similar $1.3 billion financing for the combination.
Audax and Keystone are reportedly exploring exits from their managed IT services portfolios, as the market continues to digest longer holding periods for portfolio companies, according to a recent wire update. This trend towards asset realization is visible in the move by Permira to exit its investment in global private markets firm Altamar CAM, selling its stake to Mercer. Furthermore, in the secondaries space, High Vista Strategies appointed Raudel Yanez as managing director to spearhead a new GP-led secondaries investing strategy focused specifically on the lower middle market.
Secondaries, Exits, and Fund Strategy
The secondaries market is witnessing a shift in sector preference, with technology assets moving down the list of favored investment areas, as reported by Houlihan Lokey Managing Director Michael Pilson, who noted increased interest in other areas reacting to tech disruption. This dynamic contrasts with the large continuation vehicle activity, where Harbour Vest led a $1.1 billion continuation vehicle for QHP Capital-backed Azurity Pharmaceuticals to extend its holding period, mirroring the structure used by JC Flowers to back premium frozen baked goods company Europastry via a single-asset continuation vehicle. Meanwhile, Van Lanschot Kempen has initiated a strategic review for its liquid funds unit, which currently manages $11.5 billion in assets, signaling potential restructuring or sale within its asset management arm.
Geographically, the European Bank for Reconstruction and Development committed $40 million toward the Templeton Türkiye Fund, which is targeting a total raise of $300 million, while in Italy, ICG provided backing to railway maintenance provider Comcreta to facilitate expansion amid accelerating infrastructure investment. On the impact front, Partners Group is demonstrating that impact-focused investments can deliver outperformance, according to insights shared in the latest side letter analysis.
Thematic Investing: Climate Tech & AI
Climate-focused investment activity saw BNP Paribas Asset Management Alts backing Farm Carbon to scale methane reduction technologies within the agricultural sector, and Fort Point investing in environmental services firm Boston Green via a recapitalization. In specialized tech, Verdane and Bpifrance backed telehealth company Medadom, which holds accreditation from the French Ministry of Health for being the first teleconsultation provider to achieve that status. Separately, the cultural assets market saw Pophouse Entertainment secure majority ownership, alongside BMG, in the music interests of Tina Turner, while Pophouse was also mentioned in reports concerning other companies currently seeking exits.
The artificial intelligence sector continues to draw specialized venture backing, with Index Ventures supporting YC alum Parallel with a $20 million Series A to deploy AI agents specifically within hospitals. Furthermore, founders from Palantir emerged from stealth mode having secured $30 million in funding, which notably included a stamp of approval from Sequoia. In a related development concerning business application, authors from Strattam Capital and Isazi argue that measuring specific business outputs, rather than just discussing AI pilots, is the key to realizing measurable improvements, while Sequen raised $16 million to bring its proprietary AI ranking and personalization technology to broader consumer businesses.
Talent & Regulatory Environment
Sterling secured a strategic acquisition, snapping up managed IT services firm Cyber Advisors which serves small, mid- and enterprise-level clients across various end markets. Talent mobility continues across the mid-market segment, evidenced by former CVC Managing Director Jonathan Au joining Revelation Partners after departing CVC last June, and internal promotions such as Rahul Mohan being elevated to managing director at American Pacific. Meanwhile, policy discussions persist regarding support for nascent tech sectors; the UK faces scrutiny over whether measures can prevent deeptech startups from migrating abroad, according to analysis from Sifted, even as agencies like Innovate UK strive to simplify collaboration with industry. Defense technology IPOs are gaining traction following the soaring 520% first-day debut of AI drone company Swarmer on Nasdaq, potentially clearing the path for a dozen other similar companies.