Private Equity 8 Hours

Last updated: March 25, 2026, 11:30 AM ET

Private Equity Dealmaking and Sector Focus

Private equity firms continued an active deployment cycle across defense, infrastructure, and consumer sectors, exemplified by Chimney Rock’s acquisition of United Electronics Company (UEC), driven by what sources describe as "insatiable" demand for maintaining critical radar systems on aircraft and ground-based vehicles. In the infrastructure space, Brookfield and La Caisse agreed to take utility Boralex private in a substantial $9.7 billion transaction aimed at accelerating renewable energy growth initiatives. Simultaneously, deal activity in the consumer space saw Advent’s Salt & Stone unit reflecting strong private equity appetite for beauty assets, while TowerBrook purchased French sports platform ID Unlimited, capitalizing on the craze for jersey personalization.

Mid-market activity saw several key transactions, including Industrial Opportunity Partners divesting its retail fixtures provider Royston to LSI for $325 million, a holding acquired back in 2018. In related middle-market moves, Heartwood Partners-backed Amlon acquired Lion Industrial Resources, a provider of industrial waste solutions, expanding its service footprint. Meanwhile, specialized technology carve-outs remain active, as Etna Capital snapped up digital engineering firm Code Road, whose CEO Dennis Odishoo remains in place.

Fundraising and Secondaries Activity

Fundraising efforts continue, though focus areas are shifting; Pictet Alternative Advisors successfully closed its inaugural direct private equity strategy at €403 million (approximately $440 , specifically targeting founder-led businesses. In the secondary advisory space, personnel movements are intensifying as firms seek competitive advantages, with Jefferies recruiting senior GP-led talent directly from Lazard. Furthermore, evidence of high performance in niche sectors continues to surface, as one report indicated a mid-market healthcare specialist, QHP, is running a continuation vehicle for the second time to extend its hold on a top-performing asset, delivering a reported 10x return to selling limited partners.

Venture Capital and Strategic Investments

Venture capital saw substantial late-stage rounds backing artificial intelligence and deep technology firms. AI legal infrastructure platform Harvey achieved an $11 billion valuation following a $200 million Series B co-led by GIC and Sequoia Capital. In mobility, TPG and Allianz jointly invested $350 million into Cambridge Mobile Telematics to scale its AI-driven platform. Separately, startup Glimpse, following a business pivot, secured $35 million in a Series A led by Andreessen Horowitz, while construction tech startup Trayd successfully raised a $10 million Series A. Space technology also attracted capital, with Swiss firm Pave Space raising a $40 million seed round, and Arinna collecting $4 million for its specialized, ultrathin spacecraft solar cell technology.

Sector Expansion and Firm Restructuring

Firms are building out dedicated vertical expertise; Semcap launched a new beauty and wellness arm in partnership with industry veteran Vasiliki Petrou and her Veralis Group. In a notable consolidation move, Bow River intends to acquire VC firm Spur Capital, with the transaction slated for completion in the second quarter of 2026. On the exit side, a consortium of investors including Astorg, Nordic Capital, Novo Holdings, and Cinven successfully sold clinical trial data firm Clario to Thermo Fisher for $8.9 billion. Meanwhile, Ares Management has imposed temporary withdrawal caps on its $10.7 billion Strategic Income Fund, signaling stress within the private credit market amid rising redemptions.