A review of major U.S. private equity transactions in early 2026 shows a sharp concentration of capital flowing into energy and infrastructure-linked businesses. The trend comes as dealmakers grow more selective amid volatile financing conditions, geopolitical instability, and mounting pressure to generate returns after years of sluggish exits.
According to a recent report from Ropes & Gray, these were some of the top 10 largest private equity deals in Q1:
The $38.4 billion take-private of utility giant AES by a consortium including Global Infrastructure Partners, EQT, California Public Employees’ Retirement System, and Qatar Investment Authority.
Other notable transactions included Mitsubishi Corporation’s $7.5 billion acquisition of natural gas producer Aethon Energy, Vistra Corp.’s $4.7 billion purchase of Cogentrix Energy from Quantum Energy Partners, and a $5 billion divestiture involving PJM Interconnection assets.
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