Rising private infrastructure fundraising; data center investment boom

S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

In a world increasingly shaped by AI, there is renewed interest in owning real, physical assets.

Private infrastructure funds collected a record US$250.70 billion in investor capital commitments in 2025, up more than 150% from US$98.80 billion in 2024, according to With Intelligence data. Limited partners are building out their private infrastructure portfolios, with the average infrastructure mandate increasing to US$128 million in 2025 from US$108 million in 2024 and US$99 million in 2023.

The fast-paced expansion of global digital infrastructure — including the data centers required to power AI — is one of the prominent themes driving private infrastructure fundraising and deployment, alongside the energy transition and post-pandemic rewiring of global logistics. Investing in the physical infrastructure underlying AI may look like a safer bet than investing in businesses racing to adapt or risk being left behind in the AI age.

"There is a view, with everything moving so quickly in technology and AI, that asset ownership is a safer way to play," Brent Burnett, global head of infrastructure and real assets at Hamilton Lane Inc., told S&P Global Market Intelligence.

Read more about the rise in private infrastructure fundraising.

⮞ Private equity investment in US data centers surged to US$45.70 billion in 2025, more than three times the prior-year total of US$13.79 billion, according to Market Intelligence data.

⮞ Private equity accounted for 72% of the US$63.35 billion invested in US data centers in 2025.

⮞ One megadeal drove the increase: the planned US$40 billion acquisition of Texas-based data center developer Aligned Data Centers LLC by a group of investors, expected to close in the first half of the year.

TOP DEALS

– Funds managed by Apollo Global Management Inc. agreed to buy trade show and event organizer Emerald Holding Inc. from Onex Corp. for about US$1.5 billion in cash. The Apollo funds also agreed to buy event organizer Questex LLC from MidOcean US Advisor LP and merge it with Emerald. RBC Capital Markets and RAN Advisory were lead financial advisers and PJT Partners was financial adviser to the Apollo funds, while Sidley Austin was legal adviser. Goldman Sachs & Co. LLC was financial adviser and Fried Frank Harris Shriver & Jacobson LLP was legal adviser to Emerald, while Gibson Dunn & Crutcher LLP was legal adviser to Questex.

– BPEA Private Equity Fund IX, managed by EQT Private Capital Asia, proposed to acquire a 61.9% stake in Japanese online comparison and consumer services operator Kakaku.com Inc. from Digital Garage Inc. and other shareholders for approximately ¥370 billion, with an assumed tender offer price revised to ¥3,232 per share based on a go-private structure. The transaction, which received unanimous approval and a recommendation to accept from Kakaku's board and special committee, remains subject to regulatory approval.

– Blackstone Inc.'s private equity funds agreed to purchase a majority stake in Greece-based e-commerce platform Skroutz AE from CVC Capital Partners PLC's CVC Capital Partners VII LP.

TOP FUNDRAISING

– S2G Investments LLC raised US$1 billion for S2G Solutions Fund I LP. The fund will invest in growth-stage companies in energy infrastructure, maritime transport, agriculture and industrial electrification.

– Verdane secured €635 million for a continuation fund to extend its hold on Arrive Group, the largest asset in the fund, alongside Talentech AS and Pet Media Group AB. Coller Capital Ltd. is the lead investor in the fund. StepStone was a co-underwriter.

– Capital A Investment Partners closed Capital A Fund V at €515 million, a 40% increase from its predecessor fund. Capital A was advised on the fundraise by Rede Partners LLP and Jones Day.

MIDDLE-MARKET HIGHLIGHTS

– UK-based midmarket firm Toscafund Asset Management LLP proposed to acquire the remaining 81.93% stake in London-based private hospital operator Spire Healthcare Group PLC for approximately £820 million, offering £2.50 per share in cash, with an option to swap shares for private company shares instead of cash. The proposal is subject to customary preconditions and the announcement of a firm takeover offer. N M Rothschild & Sons, J.P. Morgan Securities and Gleacher Shacklock were financial advisers to Spire Healthcare.

– Graycliff Partners LP added Tramont Manufacturing LLC, a manufacturer of generator enclosures and fuel tanks for data center, commercial and industrial uses, to its portfolio. Tramont Executive Chairman Nand Kumar will retain meaningful ownership and involvement.

– O2 Investment Partners LP bought Atlas Asphalt Inc., a provider of paving and maintenance services. Protegrity Advisors was the M&A adviser to Atlas Asphalt on the deal.

FOCUS ON: BROOKFIELD ON M&A

Brookfield Asset Management Ltd. forecasts a pickup in M&A activity as managers seek to return capital to their investors, the firm said during its first-quarter earnings call.

"Despite pockets of uncertainty, both corporates and sponsors are increasingly willing to transact," CFO Hadley Peer Marshall said, adding that larger strategic transactions have increased, with buyers moving with greater conviction.

In the first quarter, the firm invested US$34 billion and generated about US$8 billion of equity proceeds from monetization. Deal activity is expected to further build as the year progresses, Peer Marshall said.

The firm announced a few acquisitions during the first quarter, according to Market Intelligence data. The firm and La Caisse de dépôt et placement du Québec agreed to buy Canadian power producer Boralex Inc. for C$37.25 per share in cash, implying a total enterprise value of C$9 billion.

Brookfield and Telia Co. AB (publ) agreed to buy a 60% stake in Finland-based internet provider Valokuitunen Oy. Brookfield also acquired UK-based AI cloud company Ori Industries 1 Ltd. and merged it into a new company called Radiant.

With Intelligence is a part of S&P Global Market Intelligence.

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