Data center boom fuels renewables deals; AI drives corporate venture investment

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

Private equity investment in US renewables rose sharply in 2025 as the energy sector raced to keep up with soaring power demand from data centers.

Private equity and venture capital investment in US renewable energy deals totaled US$7.11 billion in 2025, up nearly 28% from US$5.57 billion in 2024, according to S&P Global Market Intelligence data. The momentum continued into 2026, with US$4.48 billion already invested in US renewables deals as of May 20.

Data centers consumed 64.4 gigawatts from the US power grid in 2025, an annual total that has nearly tripled since 2020, according to data from 451 Research, part of S&P Global Energy Horizons. An earlier forecast projected that power demand from US data centers will triple again between 2025 and 2030.

In Europe, where data center development has been less robust, private equity investment in renewables declined about 71% to US$4.92 billion in 2025 from US$16.84 billion in 2024, according to Market Intelligence data.

Read more about the US and EU's diverging renewables investment trends.

CHART OF THE WEEK: Corporate venture capital deployment on track for 3rd annual increase

⮞ Global corporate-backed private equity and venture capital firms invested US$369.28 billion in M&A deals and funding rounds through May 31 this year, nearly equaling the full-year 2025 total of US$371.92 billion.

⮞ AI is fueling a surge in corporate venture capital activity, with the three largest investments so far in 2026 targeting generative AI companies.

⮞ Given the current pace of deployment, corporate private equity and venture capital investments are on track for a third consecutive annual increase in 2026.

TOP DEALS

– KKR & Co. Inc., the Kuwait Investment Authority, NVIDIA Corp. and Vistra Corp. launched Helix Digital Infrastructure, a new platform company with more than US$10 billion of committed long-duration capital to finance and develop hyperscale AI-focused digital infrastructure, including data centers, power and connectivity assets.

– Dragoneer Investment Group LLC and AmWINS Group Inc. submitted a nonbinding and indicative offer to acquire Australian insurance broker Steadfast Group Ltd. for an enterprise value of about A$7.7 billion. The A$6-per-share offer represents a 51.9% premium to Steadfast's June 9 closing stock price.

– Figure Technology Solutions Inc. agreed to buy Kiavi Funding Inc., a lending platform for residential real estate investors, for US$717 million. A joint venture between Figure and Sixth Street Partners LLC will acquire Kiavi's balance sheet assets.

– The Carlyle Group Inc. agreed to purchase South Korea-based home and healthcare appliance rental company Chung Ho Group. Terms of the deal were not disclosed, though industry sources told The Korea Herald that the transaction is valued at just over 1 trillion won.

TOP FUNDRAISING

– Future Standard raised approximately US$3 billion in committed capital at the final close of Portfolio Advisors Secondary Fund V LP. The fund will acquire interests in private equity funds through the secondary market, focusing on North American middle-market transactions.

– Pictet Alternative Advisors SA secured $1.53 billion for Monte Rosa Co-Investments VI at final close, exceeding the fund's US$1 billion target. The fund seeks to make between 25 and 30 coinvestments across North America and Europe. About 40% of committed capital has already been deployed across 14 transactions.

– Estancia Capital Management LLC raised US$367 million at the final close of its third buyout fund. Estancia Capital Partners Fund III LP had a US$350 million target.

– TJC LP seeks to raise US$8.5 billion for its seventh flagship buyout fund, With Intelligence reported. Resolute Fund VII looks to invest in North American middle-market and upper-middle-market companies across the diversified industrial, consumer, logistics and business services, industrial technology, healthcare, and digital and power infrastructure sectors.

MIDDLE-MARKET HIGHLIGHTS

– Arlington Capital Partners agreed to sell medical device manufacturer Riverpoint Medical LLC to Novanta Inc. for US$1.2 billion in up-front cash, plus a US$250 million milestone payment in the first quarter of 2027. Baird and J.P. Morgan Securities LLC were Novanta's financial advisers on the deal, and Ropes & Gray LLP and King & Spalding LLP were its legal advisers. Jefferies LLC was Riverpoint's financial adviser, and Goodwin Procter LLP was its legal adviser.

– Arcline Investment Management LP agreed to acquire Continental Aerospace Technologies, a piston aircraft engine manufacturer, for roughly US$535 million. J.P. Morgan Securities is the financial adviser, and Freshfields is legal adviser to Arcline.

– Bain Capital Private Equity LP agreed to take a majority stake in Fastener Distribution Holdings LLC (FDH Aero), a provider of aerospace and defense supply chain solutions. Existing backer Audax Management Co. LLC will retain a significant stake in FDH Aero. Jefferies, RBC Capital Markets and BMO Capital Markets were financial advisers to Bain. William Blair & Co. LLC was financial adviser to FDH Aero and Audax.

– Insignia Capital Group LP and family shareholders reached a deal to sell on-the-go meat snack manufacturer Tillamook Country Smoker LLC to Second Nature Brands Inc. Solomon Partners was financial adviser to Second Nature Brands on the deal.

FOCUS ON: PROPOSED REGULATION ON DEFENSE CONTRACTORS

US Sens. Elizabeth Warren (D-Mass.) and Chuck Grassley (R-Iowa) introduced a bill that would improve transparency into foreign ownership of Defense Department contractors, The Deal reported. The bill would require potential defense contractors to fully disclose their ownership structures.

In a letter to Defense Secretary Pete Hegseth, Sens. Warren and Richard Blumenthal (D-Conn.) and Rep. Ro Khanna (D-Calif.) raised concerns regarding the disclosure of ownership of these defense contractors, as "private equity funds are not required to disclose investors or the source of their capital and may be influenced by foreign investors."

Private equity and venture capital investment in aerospace and defense in the US surged to US$14.17 billion in the first five months of 2026, driven by the US$5 billion series H funding round for defense technology company Anduril Industries Inc. The round was jointly led by Andreessen Horowitz LLC and Thrive Capital Partners Inc. By comparison, aerospace and defense investment in the US totaled US$6.63 billion over the same period in 2025, according to Market Intelligence data.

In 2025, US and Canadian companies accounted for 89% of the global private equity investment value in the aerospace and defense sector.

The Deal is a With Intelligence company, which is part of S&P Global Market Intelligence.

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