118 PE Deals, $130 Billion: The Private Equity Mega-Machine Runs Hot Into Q2

One hundred and eighteen private equity transactions in five days. Over $130 billion in disclosed deal value. Twenty-two of those deals above the billion-dollar mark.

Those are the numbers from the opening of Q2 2026, and they tell a clear story: the PE mega-machine is firing on all cylinders. While venture capital grabs headlines with AI rounds and public markets fixate on IPO windows, the buyout world is quietly moving more capital than any other asset class tracked by InforCapital this week.

What makes this stretch remarkable is not just the volume. It is the concentration. Twenty-two mega-deals accounted for $128 billion — roughly 98% of all disclosed PE capital. The remaining 96 transactions with known values split just $2 billion among them. This is not a broad-based market rally. It is a top-heavy surge driven by the largest GPs on earth.

The Deals That Defined the Week

Start with KKR's $23 billion North America Fund XIII, the firm's largest regional vehicle ever. That single fund close — a vote of LP confidence if there ever was one — represents nearly 18% of all PE capital tracked this week.

Apollo made headlines on multiple fronts. The firm exited its $14.2 billion Intel fab stake as the strategic partnership between the two firms evolved, marking one of the largest PE exits in semiconductor history. Simultaneously, Apollo is nearing a $10 billion acquisition of KKR's Atlantic Aviation — a GP-to-GP transaction that underscores how the biggest players are increasingly trading assets among themselves. And in a quieter but telling move, Apollo acquired a minority stake in Syntegon at a $1.75 billion valuation to accelerate the packaging machinery firm's global expansion.

Carlyle was equally busy. The firm took a majority stake in MAI Capital at a $2.8 billion valuation, deepening its bet on wealth management. It also signaled interest in launching a defence-focused fund, riding the wave of government spending across NATO countries.

Blackstone, meanwhile, is recycling capital at both ends. The firm sold a Spanish housing portfolio to Brookfield for $1.4 billion while exploring a $500 million IPO for AGS Health in India. Exits on one side, new platforms on the other — the classic Blackstone playbook.

Where the Capital Is Going

The sector spread this week was unusually broad. Healthcare drew some of the biggest commitments, with Partners Group building a $13.2 billion healthcare strategy and Biogen acquiring Apellis for $5.6 billion to expand its immunology and rare disease portfolio.

Consumer brands attracted serious attention. The $7.5 billion merger of Playlist (ClassPass and Mindbody's parent) with EGYM created a fitness technology giant backed by PE capital. Panini is weighing a $5.8 billion sale as multiple PE firms circle the Italian collectibles brand — though that process remains exploratory.

Industrial and natural resource deals also stood out. Gresham House acquired a majority stake in Molpus Woodlands Group, forming an $8 billion timberland platform — a reminder that PE is not just about tech and healthcare. QXO completed its $2.25 billion acquisition of Kodiak Building Partners, and GulfTex Energy secured a $1 billion recapitalization to expand its Eagle Ford oil and gas platform.

Financial services was another busy corner. Beyond Carlyle's MAI Capital deal, the KKR-led consortium saw Mubadala sell a minority stake in CoolIT to Ecolab in a $4.75 billion transaction. Wealth management, insurance distribution, and fintech infrastructure all drew PE bids this week.

The Fundraising Signal

Fund closes tell you where LPs think the next three to five years are headed. This week's fundraising data paints a picture of confidence.

Beyond KKR's record vehicle, OceanSound Partners raised $3.4 billion for Fund III, focused on national security and mission-critical technology — a theme that resonates strongly in the current geopolitical climate. BC Partners secured a $2.5 billion first close for its new flagship fund, with a clear tilt toward European opportunities. L Squared Capital raised $2 billion for its fifth fund.

In Europe, Fremman Capital closed its second European buyout fund above €850 million, and Blue Owl raised $2.9 billion for its Asset Special Opportunities Fund IX. Total fund raises this week: roughly $39 billion in committed capital waiting to be deployed.

A Word on Deal Status

Not all of this capital is done moving. Of the 118 signals tracked, eight deals remain exploratory or in early stages — including Apollo's $10 billion Atlantic Aviation bid and the Panini auction. These figures include transactions at various stages, from signed agreements to processes that may not close for months. The $130 billion headline number should be read as a snapshot of deal activity, not a closed-deal tally.

That said, the ratio of completed to exploratory deals is telling. The vast majority of this week's PE transactions were signed, closed, or at final stages. Firms are not just looking — they are writing checks.

What Q2 Looks Like From Here

Five days into Q2 and private equity has already deployed or committed more capital than venture capital, M&A, and real estate combined during the same period. The appetite for mega-deals — particularly among the five or six largest GPs — shows no sign of slowing.

Three trends are worth watching. First, GP-to-GP secondaries are becoming a liquidity engine of their own: Apollo buying from KKR, Brookfield buying from Blackstone. The PE ecosystem is increasingly self-referencing. Second, fund raises above $2 billion are closing faster than at any point since 2021, suggesting LP appetite for the asset class remains deep despite higher base rates. Third, the sector mix is shifting — healthcare, defence, and natural resources are pulling capital away from the tech and software buyouts that dominated 2024-2025.

If the rest of April follows this pace, Q2 2026 could set records for PE deal value. Whether the deals themselves generate the returns LPs expect is a question for 2030. For now, the machine is running hot.