Private Equity Deals 2026: Apollo Pembina Gas, Jersey Mike’s $12B IPO & the Week’s Key Moves

April 27, 2026 • Weekly PE Deal Review • 7 min read

Private equity deals 2026 continued at a brisk pace this week, with Apollo Global Management making a bold infrastructure play, Blackstone positioning Jersey Mike’s for a blockbuster IPO, and EQT closing Asia Pacific’s largest-ever PE fund. From aerospace take-privates to college sports media acquisitions, the week of April 20–27 showcased the breadth and ambition of today’s PE landscape. For CGPs, wealth managers, and family offices, these moves signal where the smart money is flowing — and where the next allocation opportunities lie.

🌐 Deal of the Week: Apollo Acquires 40% of Pembina Gas Infrastructure from KKR

Apollo-managed funds announced on April 23 that they will acquire KKR’s 40% stake in Pembina Gas Infrastructure (PGI), one of Western Canada’s largest independent gas processing platforms. Pembina Pipeline Corporation retains its 60% interest and governance control. Since its formation as a Pembina-KKR joint venture in 2022, PGI has grown to operate 23 gas processing plants, approximately 3,900 km of gathering pipelines, and around 330,000 barrels per day of NGL extraction capacity across the Montney and Duvernay basins. The transaction is expected to close by end of Q2 2026.

Why it matters for allocators: Apollo’s entry into Canadian gas infrastructure underscores the growing conviction among top-tier PE firms that midstream energy assets offer durable, inflation-linked cash flows. With LNG Canada’s first phase nearing completion in Kitimat, BC, the Montney basin is poised for sustained production growth — making PGI a strategic bet on North American energy exports.

⚡ Major Private Equity Deals 2026: Transactions This Week

Blackstone-Backed Jersey Mike’s Files for $12B IPO

Jersey Mike’s Subs confidentially filed for an initial public offering on April 20, targeting a valuation of approximately $12 billion — a significant step-up from the roughly $8 billion Blackstone paid for a majority stake in 2024. With more than 3,000 locations nationwide and CEO Charlie Morrison at the helm, the sandwich chain’s IPO could be the largest in restaurant industry history. Analysts expect the formal debut by Q3 2026, with the company looking to raise over $1 billion.

Tinicum & Blackstone Agree £1.4B Senior plc Take-Private

UK-listed aerospace and defence supplier Senior plc accepted a recommended cash offer of 300 pence per share from a consortium led by Tinicum Incorporated and Blackstone, valuing the company at approximately £1.28 billion (£1.40 billion enterprise value). The consortium plans to merge Senior with AeroFlow Technologies to create a scaled supplier of engineered components for civil aerospace and defence markets.

TPG Acquires Learfield for ~$2B, Expanding College Sports Platform

TPG announced a definitive agreement to acquire Learfield, America’s leading college sports media and technology platform, for approximately $2 billion. Learfield connects over 12,000 brands with more than 1,200 collegiate institutions through sponsorship, media, ticketing, NIL strategy, and AI-powered fan data across 125 million fan records. TPG is investing through both TPG Capital and TPG Sports. The transaction is expected to close in Q3 2026.

Blackstone & TPG Complete $18.3B Hologic Take-Private

Blackstone and TPG completed their acquisition of Hologic, the women’s health diagnostics leader, on April 7 at $76 per share in cash plus a CVR of up to $3 per share tied to Breast Health revenue targets — total consideration up to $79 per share for an enterprise value of $18.3 billion. ADIA and GIC participated as significant minority investors. This ranks among the largest healthcare take-privates in PE history.

Thoma Bravo’s WWEX-Auctane Merger Creates $12B Logistics Giant

Thoma Bravo is acquiring WWEX Group from CVC Capital Partners, Providence Equity, Ridgemont, and PSG, and will combine it with Auctane to create a global logistics leader valued at approximately $12 billion. The deal is backed by a $5 billion unitranche financing from 33 lenders. CVC and existing WWEX investors are rolling over a significant minority equity position. Closing is expected in Q2 2026.

💰 Fundraising & Strategic Moves

EQT Closes BPEA IX at $15.6B — Asia Pacific’s Largest PE Fund Ever

EQT announced the final close of BPEA Private Equity Fund IX on April 20 at its hard cap of $15.6 billion in total commitments ($14.9 billion in fee-generating AUM), making it the largest Asia Pacific-dedicated PE fund in history. The fund was oversubscribed, attracting over 75 new investors despite regional fundraising hitting a 12-year low in 2025.

Allocator takeaway: EQT’s ability to raise a record fund against a backdrop of historic regional fundraising headwinds signals strong LP conviction in top-quartile Asia managers.

Energy Capital Partners Re-Acquires EnergySolutions (Nuclear Services)

Energy Capital Partners (ECP), a $36 billion energy transition-focused platform, signed a definitive agreement to re-acquire EnergySolutions from TriArtisan Capital Advisors. EnergySolutions is a leading nuclear services company covering the full fuel lifecycle. RBC is leading a $1.1 billion loan to finance the deal. The re-acquisition comes amid surging global interest in nuclear energy as a baseload power source for AI data centers.

Sixth Street Enters UK Football with Sunderland AFC Women Majority Stake

Sixth Street’s multi-club ownership platform Bay Collective agreed to acquire a majority stake in Sunderland AFC Women. Sunderland becomes the second club in Bay Collective’s portfolio alongside Bay FC in the NWSL. The deal includes infrastructure investment at the Academy of Light and represents the $130 billion investment firm’s first foray into UK football.

Thoma Bravo Winds Down Growth Equity Strategy

Thoma Bravo confirmed it will not raise another growth equity fund, winding down the strategy as both co-heads depart. The world’s largest technology-focused PE firm will refocus exclusively on its core buyout and structured capital strategies.

📊 Week in Numbers

$15.6B — EQT BPEA IX final close, the largest Asia Pacific PE fund ever raised

$18.3B — Enterprise value of the completed Hologic take-private by Blackstone and TPG

$12B — Target valuation for Jersey Mike’s IPO, up 50% from Blackstone’s 2024 entry

~$2B — TPG’s acquisition price for Learfield, America’s leading college sports media platform

$5B+ — Unitranche financing backing the Thoma Bravo WWEX-Auctane logistics merger

75+ — New investors in EQT’s BPEA IX, despite Asia fundraising hitting a 12-year low

🔍 Our Take: What to Watch

1. Infrastructure as the new core allocation. Apollo’s Pembina Gas deal and ECP’s EnergySolutions re-acquisition highlight a structural shift: top PE firms are increasingly competing for energy infrastructure assets that offer long-duration, inflation-protected returns.

2. Sports IP — the emerging PE asset class. TPG’s $2B Learfield acquisition and Sixth Street’s Sunderland AFC Women stake illustrate PE’s growing appetite for sports-related assets. Allocators should monitor this convergence of media, technology, and sports entertainment.

3. The PE-to-IPO pipeline is accelerating. Jersey Mike’s confidential filing at a $12B target valuation — barely two years after Blackstone’s $8B entry — signals that the IPO window is reopening for PE-backed consumer brands.

📚 Sources

Apollo Global Management — Press Release, April 23, 2026

Bloomberg — Jersey Mike’s Confidential IPO Filing, April 20, 2026

Private Equity Wire — Tinicum and Blackstone Senior plc Acquisition, April 2026

BusinessWire — TPG to Acquire Learfield, April 13, 2026

Hologic Investor Relations — Blackstone & TPG Acquisition, April 7, 2026

PR Newswire / Thoma Bravo — WWEX Group Acquisition, March 2026

EQT Group — BPEA IX Final Close at $15.6 Billion, April 20, 2026

BusinessWire — EnergySolutions Acquired by ECP, April 6, 2026

Sixth Street — Bay Collective Sunderland AFC Women, April 2026

Private Equity International — Thoma Bravo Growth Equity Wind-Down, April 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.