KPMGlatest Pulse of Private Equity 1Q’26 The study found that private equity investors are becoming more selective in the face of geopolitical tensions, but capital is continually being channeled into critical infrastructure supporting artificial intelligence, the energy transition and transportation networks. The report, published in May 2026, shows global PE deal activity reached $436 billion across 4,168 transactions in the first quarter, despite broader market caution due to ongoing conflicts. economic volatility
KPMG He noted that overall activity had softened compared to the previous quarter and totals for the last 12 months had declined slightly, but some high-confidence sectors were performing above 2025 levels.
Energy and natural resources received $93 billion, clean and climate technology $50 billion, infrastructure and logistics $39 billion; This shows that the only industry tracked is further ahead than in the previous year.
Backwards, technologyMedia and telecom (TMT) investments reached 127 billion dollars in total, but fell behind the 2025 momentum.
This increase reflects the strategic orientation of private capital artificial intelligence ecosystem. Investors are prioritizing assets needed to power data centers and support explosive AI growth, including next-generation energy generation and digital infrastructure.
KPMG professionals describe infrastructure as the “new mega-acquisition category,” where assets tied to energy, data centers and logistics attract the largest pools of capital through consortium deals.
These “must-have” investments emphasize scarcity and strategic importance as well as financial returns.
A striking example is the $41 billion private procurement. WEIt is carried out by a consortium led by AES, Global Infrastructure Partners and EQT, the based clean energy infrastructure provider; One of the biggest deals of the quarter.
significant other transactions These included the $9.2 billion secondary acquisition of Poland’s InPost logistics firm and the $5.2 billion acquisition of Singapore-based ST Telemedia Global Data Centers, underscoring the global appetite for AI-adjacent infrastructure.
Regionally, America leads with 247 billion dollars due to the impact of US energy agreements, while Europe, Middle Eastand Africa (EMA) recorded $154 billion, $24 billion of which was infrastructure and logistics.
Asia-Pacific Contributed $26 billion data The center stands out despite regional energy supply challenges. Transportation assets such as aircraft leasing and logistics networks have also benefited from government-funded tailwinds, providing stability amid uncertainty.
fundraising While it remained under pressure globally at $373 billion (the lowest quarterly figure in years), outflows reached $294 billion.
However, dry powder levels remained high, allowing sponsors to pursue quality assets with strong growth stories and pricing power.
Tilman Ost, EMA Global Private Equity Advisory Leader from KPMG, stated that the sustainable momentum in infrastructure and transportation continues, with the help of public sector support.
Donald ZambaranoKPMG US Head of Private Equity highlighted how consortia are targeting durable, thematic plays where AI demand creates long-term value.
Business services have also emerged as an attractive secondary target, but the report’s key message is clear: private capital is doubling down on infrastructure that supports AI, decarbonisation and modern mobility.
As geopolitical winds continue, investors They are betting that these key sectors offer defensive growth and lasting returns in an uncertain environment. First quarter trends signal maturation PE market focused on strategic, high-impact deployments rather than volume-driven activity.
