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      Despite ongoing geopolitical uncertainty, tensions in the Middle East, inflationary pressures, and investor caution, the global private equity market remains resilient. According to KPMG’s “Pulse of Private Equity Q2 2026” report, the value of PE investments exceeded $1 trillion by mid-year, although the number of deals remains significantly lower than in previous years.

      Funds are increasingly focusing on large, strategic assets and sectors with strong long-term growth fundamentals, such as energy, AI-related infrastructure, advanced manufacturing, and healthcare.

      Against this backdrop, Poland remains one of the most active markets in Central and Eastern Europe. We are observing both a growing importance of technology and infrastructure transactions, as well as continued consolidation of the financial sector, record venture capital activity, and an influx of new funds from investors interested in the region.

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      Read the report and find out:

      • Why are private equity funds completing fewer deals today?
      • How is artificial intelligence changing investor preferences?
      • Why has the energy sector become one of the fastest-growing areas of PE investment?
      • What challenges related to exits are private equity funds facing today?
      • Which sectors and transaction types could drive private equity activity in the second half of 2026?

      Key insights for the private equity market in Poland and globally

      Q2 and H1 2026

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      Quality, not quantity

      Global investment value remains high, but the number of transactions is declining. Funds are making fewer investments while focusing on larger and more strategic targets. The largest European transaction in Q2 was EQT’s acquisition of the UK-based Intertek Group for $14.6 billion. In the United States, significant attention was drawn to KKR’s creation of the Helix Digital Infrastructure platform, which launched with more than $10 billion in committed capital.

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      TMT attracts the largest share of investments

      In the first half of 2026, the Technology, Media and Telecommunications (TMT) sector accounted for the largest share of global private equity investment, attracting $354.7 billion in capital. Despite growing investor caution toward software businesses, technology remains the primary destination for PE capital deployment.

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      Energy and natural resources among the biggest beneficiaries

      The energy and natural resources sector attracted $149.2 billion in private equity investment worldwide during H1 2026 and, according to the KPMG report, could end the year at a historic high. Key drivers include energy security, the energy transition, and rapidly growing energy demand from data centers and AI infrastructure.

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      AI is reshaping investor strategies

      The growing popularity of artificial intelligence is changing how funds approach the technology sector. More investors are reducing exposure to traditional software while increasing investments in data centers, semiconductors, industrial automation, robotics, and computing infrastructure required for AI development. Capital is therefore clearly shifting from software toward infrastructure and industrial technologies that support the AI economy.

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      Exits remain a challenge

      Although exit values remained stable in the first half of 2026, the number of transactions declined. This confirms investors' focus on the most attractive assets capable of attracting buyers. With a growing backlog of assets awaiting sale, funds are increasingly using secondary market transactions and continuation funds as mechanisms to provide liquidity for investors.

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      Poland benefits from global trends

      Investor activity in Poland is currently concentrated around technology, cybersecurity, healthcare, energy, and digital infrastructure. Among the most significant recent developments are:

      • Deutsche Telekom to acquire Fiberhost and Inea from Macquarie Asset Management for c.1 bilion EUR, strengthening T-Mobile Polska’s position in fiber broadband and digital infrastructure,
      • Spire Capital Partners’ acquisition of a 70% stake in Clicktrans,
      • Value4Capital’s investment in Elocity,
      • MCI’s activity in both new investments and planned exits.
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      The innovation market creates new targets for PE funds

      Poland remains one of the most active technology ecosystems in Central and Eastern Europe. The involvement of institutions such as PFR Ventures, BGK, and EIF in developing funds that invest in technology, cybersecurity, AI, and the space sector supports the emergence of increasingly mature companies with international ambitions. For private equity funds, this represents a growing pool of potential investment targets in the coming years.

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      Consolidation of the financial sector remains an important element of the polish transaction market

      Major developments include Erste Group’s acquisition of Santander Bank Polska, VeloBank’s purchase of Citi Handlowy’s retail operations, and ongoing speculation regarding the future of mBank, Bank Millennium, and the assets of the PZU Group. This increased ownership activity demonstrates that Poland remains one of the most active financial sector consolidation markets in the region. This is also significant for PE funds, as a maturing and consolidating market creates both new investment opportunities and potential financing partners for future transactions.

      „The global picture of the private equity market in the first half of 2026 is also broadly reflected in the Polish market. Investors are now more selective and increasingly interested in high-quality assets, scalable business models, and companies operating in sectors supported by long-term trends.
      In Poland, this direction is particularly evident in technology, healthcare, digital infrastructure, and energy transition projects. At the same time, the ability to actively create operational value within portfolio companies is becoming increasingly important, not only through scale growth but also through efficiency improvements, digitalization, and the use of AI.
      For the Polish market, it is also important that the maturing technology ecosystem is creating a broader base of companies that may become attractive targets for private equity funds in the coming years. Poland therefore remains an attractive growth market in Central and Eastern Europe, although, as in developed markets, investors are making more selective decisions and placing greater emphasis on asset quality and value creation potential.”
      Mark Jung
      Mark Jung

      Partner, Deal Advisory, Head of Private Equity

      KPMG in Poland

      „One of the most important conclusions from comparing the global and Polish markets is the growing importance of infrastructure and strategic assets. The KPMG report shows that increased interest in energy, digital infrastructure, and AI-related solutions is not merely the result of short-term market conditions but rather a response to long-term economic changes.
      We are seeing a similar trend in Poland, with growing significance of projects related to electric mobility, energy storage, digital infrastructure, and data centers. At the same time, the financial sector remains an important area of transaction activity, as evidenced by ongoing consolidation processes.
      From the perspective of foreign investors, Poland’s advantage continues to be its combination of a relatively large market, a broad base of mid-sized companies, and an increasingly mature technology ecosystem. As a result, Poland can still offer attractive growth opportunities for private equity funds, but competition for the best assets will drive greater investor selectivity and increased pressure to demonstrate clear growth potential.”
      Rafał Wiza KPMG in Poland
      Rafał Wiza

      Partner, Corporate audit

      KPMG in Poland

      About the report

      “Pulse of Private Equity” is KPMG’s quarterly publication analyzing private equity activity worldwide.

      The report covers investment trends, transaction activity, exits, fundraising, and the most important macroeconomic, geopolitical, and sector-specific factors affecting the private equity market.

      The publication is based on data provided by PitchBook and uses a broad definition of the private equity market. The analysis includes completed, announced, and ongoing transactions.

      The latest edition focuses primarily on:

      • the impact of geopolitical and macroeconomic uncertainty on investor decisions,
      • the growing importance of AI infrastructure and the energy sector,
      • changes occurring in the technology sector,
      • prospects for improving exit activity and the IPO market in upcoming quarters.

      Download the report

      Download the report

      Pulse of private equity Q2’26

      A KPMG quarterly analysis of global private equity activity
      Download the report

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      Our experts

      Mark Jung
      Mark Jung

      Partner, Deal Advisory, Head of Private Equity

      KPMG in Poland

      Rafał Wiza KPMG in Poland
      Rafał Wiza

      Partner, Corporate audit

      KPMG in Poland

      FAQ

      Key trends include increased investment in energy, AI infrastructure, data centers, advanced manufacturing, and healthcare. At the same time, funds are reducing the number of new investments and concentrating on larger, high-potential assets.

      The growing importance of energy security, the energy transition, and rising energy demand driven by artificial intelligence are making the energy sector one of the most attractive areas for PE investors.

      AI is changing how technology companies are evaluated. Funds are increasingly investing in AI-enabling infrastructure such as data centers, semiconductors, and energy infrastructure, while taking a more cautious approach toward traditional software businesses.

      Yes. Poland remains one of the most important markets in Central and Eastern Europe thanks to its relatively strong economic growth, broad base of mid-sized companies, active technology sector, expanding healthcare industry, and growing number of projects related to energy and digital infrastructure.

      Yes. Poland remains one of the most important markets in Central and Eastern Europe thanks to its relatively strong economic growth, broad base of mid-sized companies, active technology sector, expanding healthcare industry, and growing number of projects related to energy and digital infrastructure.