Private Equity Deals 2026: $35B AI Chip Financing, easyJet $7.3B Take-Private & the Week's Key Moves

July 20, 2026 • Weekly PE Deal Review • 8 min read

This week in private equity deals 2026, the industry demonstrated its capacity for transformative capital deployment at unprecedented scale. While first-half transaction volumes declined 34% year-over-year, the deals that crossed the tape were significantly larger and more strategic in nature. From Apollo and Blackstone’s record-breaking $35 billion AI infrastructure credit facility to Castlelake’s $7.3 billion pursuit of easyJet, the week underscored two defining themes: the insatiable demand for AI-related assets and the growing appetite for European take-privates. Meanwhile, completion of multiple billion-dollar transactions — including Ares’ $1.7 billion Whitestone REIT take-private and EQT’s $2.6 billion Copia Power acquisition from Carlyle — confirmed that conviction-driven dealmaking continues despite macro headwinds. For allocators and family offices, the signal is clear: private equity’s pivot toward AI infrastructure and real assets is accelerating.

🌐 Deal of the Week: Apollo & Blackstone’s $35 Billion AI Chip Financing Begins Trading

Apollo Global Management and Blackstone structured the largest private credit transaction in history — a $35 billion financing facility funding Anthropic’s computing power expansion through Broadcom’s custom Tensor Processing Units. The deal, structured through a Special Purpose Vehicle named AI XPV, represents a new frontier in private credit. The SPV purchases Google’s custom TPUs, which are then leased to Anthropic and other large language model builders. Broadcom provides residual value guarantees on $30 billion of the senior tranches, creating a credit structure that is simultaneously novel and investment-grade in quality.

The facility is structured across three tranches with a delayed draw format — approximately 16 separate releases over 14 months as chips are produced. Trading began in early July, with approximately $15 billion expected to be available for secondary market trading by early 2027. The platform, AI XPV, could produce more than 20 gigawatts of computing power through 2028 for builders of large language models, establishing private credit as the primary funding mechanism for AI’s physical layer.

Why it matters for allocators: This transaction establishes AI computing infrastructure as a new asset class within private credit. For LPs evaluating commitments to private credit funds, the Broadcom guarantee structure creates a risk-return profile between investment-grade corporates and traditional leveraged loans. The 20+ gigawatts of AI compute capacity financed through AI XPV could generate substantial, long-duration cash flows for debt holders.

⚡ Major Private Equity Deals 2026: Transactions This Week

Castlelake’s $7.3 Billion easyJet Take-Private Advances

Castlelake’s proposed acquisition of easyJet remains the most closely watched PE deal in European aviation. The U.S.-based alternative investment firm’s revised offer of £6.90 per share — a 73% premium to the undisturbed price — has received board backing, subject to a formal bid by August 3. If completed, the transaction would rank among the largest PE take-privates in European aviation history and highlights growing buyout interest in undervalued UK-listed companies. With easyJet valued at approximately $7.3 billion, this deal underscores the opportunity set in European public equities trading at deep discounts to intrinsic value.

Ares Completes $1.7 Billion Whitestone REIT Acquisition

Ares Management’s real estate funds completed the all-cash acquisition of Whitestone REIT on July 14 at $19.00 per share, taking the company private and delisting it from the NYSE. The deal adds 54 convenience-focused retail properties totaling 4.8 million square feet across high-growth Sun Belt markets including Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio. The 26.5% premium to the unaffected share price reflects continued PE appetite for defensive, cash-flowing real asset portfolios in demographic-tailwind geographies.

KKR Takes Majority Stake in Thomson Reuters’ Print Business

KKR and Thomson Reuters announced a joint venture in which KKR acquires a 51% controlling stake in Thomson Reuters’ Global Print operations for approximately $500 million. Thomson Reuters retains 49% and expects closing in Q4 2026. The transaction highlights KKR’s playbook of acquiring stable, margin-rich business services units from diversified corporates — extracting value through operational focus and capital structure optimization in assets that are non-core to their parent companies.

Apollo Creates Scaled B2B Events Platform via Emerald-Questex Merger

Apollo-managed funds completed the acquisitions of Emerald Holding ($5.03 per share) and Questex LLC, merging two complementary businesses into a leading B2B experiential events and media platform. The combination creates a scaled operator with enhanced capabilities across trade shows, conferences and media properties — capitalizing on the structural recovery in experiential B2B events, a sector that has seen durable post-pandemic demand growth.

EQT Acquires Copia Power from Carlyle for $2.6 Billion

EQT Infrastructure VII agreed to acquire Copia Power, an integrated power and AI infrastructure platform, from Carlyle in a deal generating a remarkable 5x return for the seller over a five-year hold. Copia develops large-scale campuses co-locating power generation with data center facilities, with a development pipeline of 9+ GW of grid-connected data center capacity and a 15+ GW load pipeline. The deal positions EQT at the nexus of the AI power buildout, alongside its existing portfolio of EdgeConneX, Zayo, Scale and Cypress Creek Energy.

CONMED Explores Sale Amid PE Interest

CONMED Corporation (NYSE: CNMD), the $1.2 billion market cap surgical device maker, is weighing a potential sale after receiving takeover interest from unnamed private equity firms. The stock surged 10% in after-hours trading on the news, reported July 12. No formal process has been confirmed, with all eyes on CONMED’s Q2 earnings report scheduled for July 29. The company’s focus on orthopedic and general surgery devices makes it an attractive platform acquisition for healthcare-focused PE sponsors.

💰 Fundraising & Strategic Moves

TJC Targets $8.5 Billion for Resolute Fund VII

New York-based TJC LP (formerly The Jordan Company) has launched fundraising for its seventh flagship fund, targeting $8.5 billion — a significant step-up from Resolute Fund VI, which closed at $6.85 billion. The fund will continue TJC’s focus on mid- and upper-mid-market North American buyouts, reflecting strong LP demand for proven operators in the current environment.

Allocator takeaway: TJC’s ability to raise a larger successor fund in a constrained fundraising environment — where aggregate dollars raised are concentrating among fewer managers — speaks to the premium LPs are placing on established mid-market operators with proven track records.

Volkswagen Everllence Auction Intensifies — Blackstone, EQT, CVC in Final Round

Volkswagen’s auction for its Everllence unit (formerly MAN Energy Solutions) has advanced to the final round, with preliminary bids pushing the valuation to €8 billion — well above the initial €5-6 billion range. Blackstone, EQT, CVC, Bain, Brookfield and Advent are among the remaining bidders, alongside Japan’s Yanmar. VW has introduced sealed bid requirements to manage conflicts of interest, as the €10 billion process draws some of the industry’s largest buyout funds into direct competition.

Medallia Restructuring: Thoma Bravo’s $5 Billion Write-Off

In one of the largest private equity write-offs in recent memory, Thoma Bravo lost its entire ~$5 billion investment in customer experience platform Medallia. A consortium led by Blackstone, Apollo and KKR — as lenders — took control of the company after injecting $150 million in new capital and significantly reducing outstanding debt. The restructuring highlights ongoing challenges in PE-backed software assets acquired at peak 2021 valuations, and the growing power of private credit lenders in workout situations.

Apollo, Blackstone, Carlyle & KKR Celebrate 401(k) Access Expansion

The Big Four PE firms marked expanded access to defined contribution retirement plans, a regulatory development that could unlock trillions in retirement assets for alternative investments. The shift creates a potential step-change in retail distribution for private equity and private credit products.

Allocator takeaway: The 401(k) opening, combined with the growth of semi-liquid fund structures, represents the single largest addressable market expansion for PE in a decade. Wealth managers and CGPs should prepare for increased client demand for PE allocations within retirement accounts.

📊 Week in Numbers

$35B — Size of Apollo/Blackstone’s AI chip financing, the largest private credit deal in history

$7.3B — Castlelake’s proposed take-private of easyJet, the biggest PE aviation deal in Europe

$2.6B — EQT’s acquisition of Copia Power, generating a 5x return for Carlyle

$1.7B — Ares’ completed acquisition of Whitestone REIT at a 26.5% premium

67% — Decline in PE transaction count in H1 2026 vs. H1 2025, even as aggregate deal value rose

$8.5B — TJC’s fundraising target for Resolute Fund VII, up from $6.85B on the prior vintage

🔍 Our Take: What to Watch

1. AI Infrastructure Is Becoming PE’s Defining Theme. From the $35 billion Apollo/Blackstone chip financing to EQT’s $2.6 billion Copia Power acquisition, private equity is positioning itself as the primary funding mechanism for AI’s physical infrastructure. Expect more deals targeting data center power, cooling systems and chip supply chains in H2 2026. For allocators, infrastructure-focused PE funds are emerging as a purer play on AI than equity positions in technology companies.

2. European Take-Privates Accelerate. Castlelake’s easyJet bid continues a 2026 trend of U.S.-based PE firms targeting undervalued UK and European listed companies. With European public equity valuations at historical discounts to U.S. peers, the arbitrage opportunity is compelling. Watch for additional European take-private activity, particularly in travel, industrials and business services.

3. The Private Credit Pivot Is Real and Structural. The Apollo/Blackstone AI XPV deal represents private credit’s evolution from direct lending into complex structured finance. Combined with expanded 401(k) access, the $35 billion deal signals that private credit is not just competing with banks — it is creating entirely new markets. For wealth advisors, private credit exposure may require rethinking traditional fixed income allocations.

📚 Sources

Apollo Global Management — Press Release, July 9, 2026

Thomson Reuters — Press Release, July 14, 2026

Ares Management — Press Release, July 14, 2026

Alternatives Watch — KKR to acquire Thomson Reuters' print biz, July 14, 2026

Bloomberg — Apollo's $35B AI Chip Credit Deal, July 9, 2026

Private Equity Wire — EQT, Blackstone, CVC compete for VW Everllence, 2026

CBS News — EasyJet takeover bid, July 2026

PE Hub — KKR takes majority stake in TR print unit, July 2026

ESG Today — EQT Acquires Copia Power from Carlyle, July 2026

Private Equity International — TJC targets $8.5bn for seventh flagship, June 2026

⚠️ Disclaimer

This article is published by AirFund for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any financial instrument. AirFund is registered as a Conseil en Investissement Financier (CIF) in France with ORIAS. Past performance is not indicative of future results. The information contained in this article is based on sources considered reliable, but no representation or warranty is made as to its accuracy or completeness. Investors should conduct their own due diligence and consult their professional advisors before making any investment decision. Private equity investments carry significant risks, including illiquidity, long holding periods, and potential loss of capital.