Private equity capital is increasingly flowing into infrastructure for AI, energy, and transportation

• Private equity is strongly focused on infrastructure projects for AI, the energy transition, and transportation; business services are also attractive investment targets 
• At the same time, sentiment remains subdued: The number of global PE deals fell to its lowest level since Q1 2021 in the past quarter. On a rolling 12-month basis, 19,682 deals were recorded (21,026 in Q4’25)
• In the EMA region, PE investments declined slightly to $718 billion (from $743 billion in Q4’25)
• Global PE fundraising reached $373 billion, the lowest level since 2017 (from $421 billion in Q4’25)

Berlin, May 13, 2026
 

Private equity investors are becoming increasingly selective worldwide. Geopolitical uncertainties are slowing the market, while capital continues to flow primarily into large transactions in sectors such as AI infrastructure, the energy transition, and transportation. This is shown by the latest study, “Pulse of Private Equity Q1’26,” from KPMG. In the first quarter of 2026, the global PE market reached a transaction volume of $436 billion. At the same time, the number of deals fell from 21,026 to 19,682 on a rolling 12-month basis, reaching its lowest level since Q1 2021.

Investments in infrastructure related to AI, digitalization, and the energy transition are developing particularly dynamically. Drivers include the rising energy demand of AI applications and data centers. Business services such as IT services, as well as audit, tax, and legal consulting, also continue to attract investment. 

The EMA region got off to a strong start in 2026. Toward the end of the quarter, however, geopolitical tensions led to greater caution among investors. On a rolling 12-month basis, PE investments declined to $718 billion across 8,522 deals, down from $743 billion across 9,043 deals in Q4 2025. Among the largest transactions were the $9.2 billion acquisition of the Polish logistics company InPost and the $7 billion acquisition of Macquarie Air Finance. 

Germany recorded the second-highest investment volume in the region at $15 billion, behind the United Kingdom at $39 billion. 

Global PE fundraising fell to $373 billion across 549 funds on a rolling 12-month basis, marking the lowest level since Q1 2017 ($421 billion across 656 funds in Q4’25). At the same time, pressure remains high on many funds to return capital to investors. The IPO market has been slow to recover so far. Many PE firms are therefore exploring alternative exit models, such as partial sales or minority stakes, to avoid selling at a loss.