Private Equity 8 Hours

Last updated: March 23, 2026, 7:30 PM ET

Private Equity Dealmaking & Exits

Large-scale exits are dominating headlines as Advent & Cinven explore a potential €25 billion divestiture of TK Elevator, with Kone reportedly entering advanced acquisition talks for the private equity-backed German lift manufacturer. Separately, Francisco Partners is selling music publishing house Kobalt to Brookfield-backed Primary Wave, ensuring that CEO Laurent Hubert and the management team will maintain operational control post-transaction. In defense contracting, Arlington Capital agreed to purchase Eptec Defence, a specialized provider of naval and defense preservation services, indicating continued strategic investment in niche industrial sectors.

Fundraising & Allocations

European private equity fundraising saw a major milestone as London-based Air Street Capital closed a substantial $232 million Fund III, targeting early-stage ventures in both European and North American artificial intelligence companies. The sector also witnessed the rise of specialized capital, with CEOs from rival prediction markets Kalshi and Polymarket backing the $35 million debut fund for 5(c) Capital, aimed at funding startups within that burgeoning category. Meanwhile, institutional allocation strategies are shifting, exemplified by the University of California seeking liquidity by marketing a $3 billion portfolio in the secondaries market.

Venture Capital Trends & Sector Focus

Overall U.S. startup funding experienced a sharp deceleration in March, primarily attributed to a noticeable drop-off in massive, late-stage AI megarounds that characterized earlier months according to Crunchbase News. Despite the cooling in aggregate funding, specific AI infrastructure plays continue to attract significant capital; for instance, Gimlet Labs secured an $80 million Series A round for its technology that optimizes AI inference across diverse chip architectures, including NVIDIA and AMD. This focus on efficiency complements the growing interest in secondary market access, as demonstrated by AltamarCAM acquiring Mercer’s secondaries capabilities to enhance liquidity options for its clients. Furthermore, major pension funds are restructuring internal oversight, with Aware Super appointing Alex Satchcroft to lead its $11 billion private equity portfolio.