Last updated: March 20, 2026, 7:30 PM ET
Fundraising & Capital Deployment
Blackstone raised over $12 billion for its newest Asia-Pacific buyout fund, signaling continued appetite for large-scale private equity deployment even as overall venture funding slows, documented during the week's Fund Friday review. This aggressive capital gathering contrasts with a trend in early-stage funding, where the size of top U.S. deals has recently contracted, though cybersecurity and Artificial Intelligence startups continue to draw significant, if smaller, investments. On the growth equity side, Coefficient Capital secured $500 million across two vehicles to expand its consumer focus, while Partners Group plans a $1 billion India buyout fund as global firms look to solidify regional presences.
Secondaries & Exits
The secondary market saw substantial activity as the Abu Dhabi Investment Council offered over $2 billion in fund stakes, reflecting the fact that private markets constitute approximately 61% of its total investment portfolio. Meanwhile, TPG is actively rebuilding its footprint in Japan, notably adding its first secondaries professional for TPG New Quest to manage regional opportunities. In a successful exit, Permira’s sale of Altamar CAM reportedly delivered attractive returns, even as other managers look toward liquidity events; for instance, KKR plans to divest its data center liquid cooling company CoolIT for an expected $4.75 billion, with the acquisition slated to close in the third quarter of 2026.
Sector Focus: Healthcare & Industrials
Dealmaking remains active in fragmented sectors, particularly healthcare benefits management, where firms like InTandem, NMS Capital, and WestView Capital are deploying capital. Further consolidation in healthcare involves Palladium Equity Partners agreeing to buy DME Express, a hospice equipment provider from Way Point Capital Partners, and LLR Partners-backed Viventium acquiring Perks4Care, a rewards platform serving the post-acute market. In industrial verticals, 3M and Bain are combining Madison Fire & Rescue with 3M’s Scott Safety division to create a new safety platform valued at $1.95 billion, while Gryphon-backed ACA purchased HVAC manufacturer Northern Air.
Geographic Expansion & Credit Activity
European managers are showing expansionist tendencies, with IK Partners acquiring a majority stake in Domek Group, a Dutch intermediary that recently expanded into Belgium and Germany, as reported alongside news of Permira’s successful AltamarCAM exit. In Germany, Star Capital-backed Vincorion achieved a strong €980 million IPO debut, proving robust investor demand for listed assets backed by private equity. Furthermore, private credit vehicles are actively supporting large transactions; CVC Credit provided senior debt financing to support Waterland Private Equity’s acquisition of Palletways, while Blackstone’s $83 billion BCRED vehicle is proceeding with a new CLO issuance.
AI Investment Trends and Infrastructure Demands
The powerful gravitational pull of Artificial Intelligence on venture capital is evident, with AI startups capturing 41% of the $128 billion in venture dollars raised on Carta last year, marking a record high share. While many firms are chasing AI software deals, emerging analysis suggests that the most pressing investment opportunity might lie in energy technology, given that power supply is rapidly becoming a major bottleneck for deploying new AI data centers. This infrastructure focus is underscored by KKR’s planned $4.75 billion sale of CoolIT, a liquid cooling specialist, as the industry seeks solutions for massive computational power demands. Separately, large generalist firms are also pivoting, such as Philippe Laffont’s Coatue Management launching a dedicated AI crossover fund for its $70 billion asset base.