Private Equity Deals 2026: Apollo & KKR's $10B Aviation Play, $138B Debt Wave & the Week's Key Moves

September 14, 2026 • Weekly PE Deal Review • 7 min read

Private equity deals 2026 continue to accelerate as we enter the fall season. This week's headline: a staggering $138 billion in leveraged buyout debt is poised to flood US and European credit markets — the highest pipeline since before the 2008 financial crisis, according to JPMorgan. Meanwhile, Apollo and KKR formalized a strategic partnership valuing Atlantic Aviation at nearly $10 billion, signaling continued appetite for infrastructure-adjacent assets. Across the broader landscape, the GIP/EQT-led $33.4 billion take-private of AES Corporation moves toward its late-2026 close, Advent and Cinven's landmark €29.4 billion TK Elevator exit to KONE awaits regulatory clearance, and Brookfield shattered fundraising records with $77 billion raised in a single quarter. For allocators and family offices, the message is clear: the PE deployment cycle is entering a decisive phase.

🌐 Deal of the Week: Apollo & KKR's Atlantic Aviation Partnership — Nearly $10 Billion Valuation

Apollo Global Management and KKR announced on August 27 a new strategic partnership for Atlantic Aviation, the leading fixed-base operator (FBO) network in North America, valuing the business at nearly $10 billion. Apollo-managed funds acquired a significant interest in the company, while KKR-managed funds retained a substantial stake. Since KKR's original acquisition from Macquarie Infrastructure in 2021 for $4.475 billion, Atlantic Aviation has expanded its network from 69 to more than 105 FBO locations — a 52% increase. The partnership reflects both firms' conviction in the long-duration growth of private aviation infrastructure, underpinned by rising demand for business travel and the structural constraints on airport capacity.

Why it matters for allocators: The Atlantic Aviation deal exemplifies the GP-to-GP continuation trend reshaping private equity. Rather than a full exit, KKR brought in Apollo as a co-investor to fund the next phase of growth. This structure gives existing LPs partial liquidity while allowing new capital to participate in upside. For allocators evaluating infrastructure exposure, FBO networks offer toll-road economics with embedded growth — a compelling profile in a higher-rate environment.

⚡ Major Private Equity Deals 2026: Transactions This Week

AES Corporation — $33.4B Take-Private Nears Close

The consortium led by Global Infrastructure Partners (a BlackRock subsidiary) and EQT, joined by CalPERS and the Qatar Investment Authority, continues to advance toward closing its $33.4 billion acquisition of AES Corporation. Stockholders approved the deal on June 26, 2026, at $15.00 per share in cash ($10.7 billion equity value). This is one of the largest PE-led take-privates in global power and energy markets. The transaction is expected to close in late 2026 or early 2027, pending remaining regulatory approvals. AES's portfolio of 32 GW of generation capacity across 15 countries positions the combined platform as a critical player in the global energy transition.

TK Elevator / KONE — €29.4B Landmark PE Exit Advances

Advent International and Cinven's sale of TK Elevator to Finland's KONE in a €29.4 billion ($34.4 billion) cash-and-stock transaction remains one of the most watched PE exits of the year. Announced in April 2026, the deal creates the world's largest lift maker by revenue. Advent and Cinven originally carved TK Elevator out of Thyssenkrupp in 2020 for €17.2 billion, making this a roughly 1.7x gross return on enterprise value before accounting for dividends and operational improvements. KONE expects €700 million in annual synergies. The close is expected no earlier than Q2 2027, subject to regulatory approvals and a KONE shareholder vote.

Clearwater Analytics — $8.4B Take-Private Completed

Permira and Warburg Pincus, supported by Francisco Partners with participation from Temasek, completed the $8.4 billion take-private of Clearwater Analytics on June 25. Stockholders received $24.55 per share, a 47% premium to the undisturbed price. Clearwater's platform manages over $10 trillion in assets for institutional investors globally. Goldman Sachs Alternatives led a $3.525 billion debt package, later syndicated to Apollo, Ares, Blue Owl, and Antares Capital. The privatization aims to accelerate Clearwater's AI and agentic capabilities roadmap — a thesis that private ownership can unlock faster innovation cycles in enterprise fintech.

CVC Wins IRCA Bid — ~€3B European Food Ingredients Deal

CVC Capital Partners emerged as the winning bidder in the competitive auction for IRCA, the Italian specialty dessert ingredients producer, in a deal valued at approximately €2.5–3 billion. CVC beat out Cinven and PAI Partners in the process. Current owner Advent International acquired IRCA from Carlyle in 2022 for roughly €1 billion, making this a strong exit multiple. IRCA operates 19 production sites across Europe, the US, and Vietnam, employing over 2,200 people. The deal underscores continued PE appetite for resilient European food and ingredients platforms.

Atkore / Prysmian — $3.8B Industrial Take-Private

Italian cable and connectivity giant Prysmian agreed to acquire Atkore Inc., a leading manufacturer of electrical and safety infrastructure products, for $95.00 per share in an all-cash transaction representing approximately $3.8 billion in enterprise value. Announced in August 2026, the deal consolidates Prysmian's position in North American electrical infrastructure — a market benefiting from data center buildouts, grid modernization, and reshoring trends. The transaction is targeted to close by year-end 2026.

💰 Fundraising & Strategic Moves

$138 Billion Buyout Debt Wave Incoming

Bloomberg reported on September 8 that approximately $138 billion in leveraged buyout debt is set to hit credit markets in the coming weeks — the largest pipeline since before the 2008 financial crisis. According to JPMorgan, the US pipeline stands at $92 billion (highest since 2007), while European volumes reach nearly €40 billion ($46 billion), the strongest since 2021. The supply, expected to concentrate between late September and early October, will fund take-privates, carve-outs, and secondary buyouts. Market participants expect sufficient liquidity to absorb the issuance, supported by strong inflows into credit funds and a surge in CLO issuance.

Allocator takeaway: This debt wave signals a new phase of PE deployment. For LPs with private credit allocations, the incoming supply creates compelling entry points. For equity-side allocators, it means a busy Q4 deal pipeline — but also potential spread widening that could affect returns on highly leveraged transactions.

Brookfield Shatters Records: $77 Billion Raised in Q2

Brookfield Asset Management raised a record $77 billion in Q2 2026, bringing year-to-date fundraising to $98 billion and pushing total assets under management above the $1 trillion mark. The capital was deployed across private equity ($7 billion for the seventh flagship vintage), infrastructure ($9 billion for the sixth vintage), AI infrastructure ($5 billion for a debut fund), and a massive $51 billion in private credit — including a $40 billion mandate from UK retirement specialist Just Group. LTM fundraising now stands at $163 billion.

MetLife Closes $1.2 Billion PE Fund III

MetLife Investment Management closed approximately $1.2 billion in commitments for its Private Equity Partners Fund III (MIPEP III) in August 2026. The fund acquired a portfolio of roughly $754 million in PE, venture capital, and equity co-investment interests through a managed secondary transaction anchored by Lexington Partners as lead investor. The portfolio comprises nearly 80 diversified global investments.

Secondaries Market on Pace for Record $270 Billion Year

The PE secondaries market reached $121 billion in transaction volume in H1 2026, with industry participants projecting a record $250–270 billion by year-end. Over half of H1 fundraising was captured by two mega-funds: Coller International Partners IX ($17 billion) and Partners Group Secondary VIII ($9 billion). Roughly half of transaction volume ran through GP-led continuation vehicles, reflecting the structural shift in how PE firms manage exits in a prolonged low-distribution environment.

📊 Week in Numbers

$138 billion — Leveraged buyout debt pipeline heading to US and European credit markets, the highest since 2007 (Bloomberg / JPMorgan)

$77 billion — Brookfield's record single-quarter fundraising in Q2 2026, bringing AUM above $1 trillion

~$10 billion — Valuation of Atlantic Aviation under the new Apollo/KKR partnership, up from $4.5B at KKR's 2021 entry

$121 billion — PE secondaries volume in H1 2026, on pace for a record $250–270B full year

€29.4 billion — TK Elevator/KONE merger value, the largest PE exit ever in the European industrials sector

🔍 Our Take: What to Watch

1. The $138B debt wall is a double-edged sword. The record buyout debt pipeline will test credit market appetite through Q4. If CLO issuance and fund inflows remain strong, spreads should hold — but any macro shock could cause a repricing event. Private credit allocators should be watching primary market dynamics closely for dislocations and opportunities.

2. GP-to-GP deals are becoming the new exit playbook. Atlantic Aviation (KKR to Apollo), the secondaries boom ($121B in H1 alone), and continuation vehicles accounting for half of secondary volume all point in the same direction: traditional IPO exits remain depressed, and GPs are innovating liquidity solutions. LPs should be evaluating their exposure to continuation vehicles versus clean exits.

3. Infrastructure is the new mega-buyout arena. AES ($33.4B), Atlantic Aviation (~$10B), and Brookfield's $5B AI infrastructure fund debut all underscore a secular shift. Energy transition, data center buildouts, and transportation networks are attracting the kind of capital that once flowed primarily to tech and healthcare. For allocators with a 10+ year horizon, infrastructure-weighted PE allocations deserve a serious re-evaluation.

📚 Sources

Apollo/KKR Atlantic Aviation Partnership — Apollo Global Management Press Release, August 27, 2026

$138B Buyout Debt Pipeline — Bloomberg, September 8, 2026

AES Corporation Take-Private — AES Corporation / GIP Press Release, March 2026; Stockholder Approval PRNewswire, June 26, 2026

TK Elevator / KONE — Bloomberg, April 29, 2026; PE Hub; Private Equity Wire

Clearwater Analytics Take-Private — BusinessWire, June 25, 2026; Permira Press Release

Brookfield Record Fundraising — GlobeNewsWire / Brookfield Asset Management Q2 2026 Earnings Release, August 5, 2026

MetLife PE Fund III — BusinessWire / MetLife Investment Management, August 3, 2026

Secondaries Market — William Blair 2026 Secondary Market Report; Angel Investors Network; Partners Capital

⚠️ 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.