Private Equity Deals 2026: Blackstone's $5B Google AI Venture, KKR's DCC Bid & the Week's Key Moves

June 1, 2026 • Weekly PE Deal Review • 8 min read

Private equity deals 2026 continued to reflect a market in full stride this week. Blackstone’s landmark $5 billion joint venture with Google Cloud to build AI infrastructure stole the headlines, while KKR and Energy Capital Partners prepared a sweetened bid for Irish energy group DCC — valued at over €5.7 billion. In London, Providence Equity Partners is lining up one of the year’s largest PE exits, preparing ATG Entertainment for a £4 billion-plus sale. Across the fundraising landscape, Eurazeo exceeded €1 billion at the first close of PME V, and EQT cemented its Asia-Pacific dominance with a record $15.6 billion fund. For CGPs, wealth managers, and family offices, the week’s activity underscores that the private equity recovery is not only intact — it’s accelerating.

🌐 Deal of the Week: Blackstone × Google — $5B AI Infrastructure Joint Venture

Blackstone committed an initial $5 billion in equity to form a new U.S.-based company with Google Cloud, delivering compute-as-a-service powered by Google’s custom Tensor Processing Units (TPUs). Announced on May 18, the venture will bring its first 500 MW of capacity online in 2027 and will be led by Benjamin Treynor Sloss, a veteran Google engineering executive. Google will supply the hardware — including its purpose-built TPU chips — as well as software and managed services. The deal positions Google’s TPUs as a direct competitive alternative to Nvidia’s GPUs in the burgeoning AI infrastructure market.

Why it matters for allocators: This is the clearest signal yet that hyperscaler-PE partnerships are becoming the dominant capital structure for AI buildout. With over $100 billion of projected data center investment flowing in 2026, allocators with exposure to both infrastructure and technology stand to benefit from the capex boom and recurring compute revenues. The venture also validates the ‘compute-as-a-service’ model as a durable revenue stream — a compelling alternative to traditional data center REITs.

⚡ Major Private Equity Deals 2026: Transactions This Week

KKR & Energy Capital Partners Raise the Stakes on DCC (€5.7B+)

The KKR-Energy Capital Partners consortium is preparing an improved takeover offer for Irish energy distributor DCC plc, after the company rejected an initial £58-per-share bid — valuing the business at approximately €5.74 billion — as ‘fundamentally undervaluing’ the group. With the Irish Takeover Panel deadline set for June 10, markets are pricing in a revised offer north of €6 billion. DCC operates across energy distribution, healthcare, and technology, with significant operations in the UK, Ireland, and continental Europe.

Providence Equity Preps ATG Entertainment for £4B+ Exit

Providence Equity Partners has begun early-stage discussions with advisers about selling its controlling stake in ATG Entertainment, the British theatre operator behind more than 70 venues across the UK, US, Germany, and Spain. A transaction could value the company at more than £4 billion ($5.38 billion). Providence originally acquired ATG in 2013 for a reported £350 million, implying a potential return exceeding 10× over a 13-year hold period. An auction process could begin in H2 2026.

Graphite Capital Exits Beacon to Corten Capital at 4× Return

Graphite Capital agreed to sell Beacon, a global data and workflow platform serving the life sciences R&D community, to Corten Capital — a specialist software investor. The exit delivers approximately 4× cash return on Graphite’s original investment in parent company Hanson Wade. Beacon’s annualised recurring revenues grew thirteenfold under Graphite’s ownership, and the platform now serves over 300 customers including many of the world’s largest pharmaceutical groups. Completion is expected by end of June 2026.

Hg Carves Out €500M Visma Portfolio into Norvato Vehicle

Hg transferred approximately €500 million of assets from its €19 billion software platform Visma into a newly created Luxembourg-based vehicle named Norvato, involving roughly 30 Visma subsidiaries. The restructuring, which also includes Intermediate Capital Group as a co-investor, was originally conceived as part of IPO preparations for Visma. However, a planned London listing has been delayed amid weaker software equity sentiment and AI disruption concerns.

NextEra Energy & Quantum Capital: Caliber Resource Partners ($1.3B)

US utility NextEra Energy agreed to acquire oil and gas investment firm Caliber Resource Partners for approximately $1.3 billion, while forming a separate joint venture with Caliber’s PE owner Quantum Capital Group. The transaction illustrates the growing convergence between energy transition players and traditional PE-backed energy assets.

💰 Fundraising & Strategic Moves

Eurazeo PME V Hits €1B+ at First Close

Eurazeo’s Elevate team announced the first close of PME V at over €1 billion — already matching the total size of its predecessor fund PME IV. International investors now represent 60% of commitments, more than doubling from the prior vintage. The fund has already deployed over 10% of capital, acquiring European data analytics firm OMMAX and cybersecurity provider Nextron Systems.

Allocator takeaway: The pace and scale of this first close signals strong institutional appetite for European lower mid-market buyout strategies, particularly those with demonstrated buy-and-build capabilities.

EQT Closes Asia Pacific’s Largest PE Fund at $15.6B

EQT closed BPEA Private Equity Fund IX at $15.6 billion in total commitments, making it the largest Asia Pacific-dedicated PE fund ever raised. The milestone reflects growing allocator conviction in APAC private equity, driven by robust take-private activity and a deepening pool of quality targets across the region.

KKR Injects $300M to Shore Up FS KKR Credit Fund

KKR committed $300 million to stabilise its FS KKR Capital Corp. private credit vehicle — $150 million in preferred equity and a $150 million share tender at $11 per unit. The fund reported approximately $560 million in Q1 losses as nonaccrual loans climbed to 8.1% of the portfolio. JPMorgan-led lenders subsequently cut the fund’s credit facility by $648 million.

Allocator takeaway: This is a notable development for private credit allocators. While direct lending remains attractive, the FS KKR situation underscores the importance of underwriting discipline and portfolio concentration risk — especially in sectors facing AI-driven disruption.

Thoma Bravo / WWEX + Auctane Merger Nears Completion

Thoma Bravo’s acquisition of third-party logistics provider WWEX Group — with plans to merge it with portfolio company Auctane — is expected to close in Q2 2026. The combined entity will connect checkout to doorstep across parcel, LTL, truckload, and global shipping, creating one of the largest AI-driven logistics platforms globally.

📊 Week in Numbers

$5B — Blackstone’s initial equity commitment in its Google Cloud AI infrastructure joint venture

€5.7B+ — Minimum expected revised bid from KKR & ECP for DCC, with the June 10 deadline approaching

£4B+ — Potential valuation of ATG Entertainment as Providence Equity explores exit options

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

€1B+ — Eurazeo PME V first close, matching predecessor fund’s total in one round

4× — Graphite Capital’s cash return on its Beacon / Hanson Wade exit to Corten Capital

$300M — KKR’s emergency injection into FS KKR Capital amid mounting credit losses

🔍 Our Take: What to Watch

1. AI infrastructure becomes PE’s biggest single bet. Blackstone’s Google venture isn’t an isolated deal — it’s the latest in a wave of hyperscaler-PE partnerships reshaping capital allocation. With $5 billion in equity from Blackstone alone, the compute-as-a-service model is emerging as a new infrastructure asset class that blends technology risk with utility-style recurring revenues. Expect more firms to follow.

2. Private credit stress tests are here. KKR’s $300 million rescue of FS KKR Capital is a warning shot. With software lending concentrated in portfolios just as AI disrupts SaaS economics, the private credit expansion of 2021–2023 is meeting reality. Allocators should scrutinise NAV marks, nonaccrual trends, and sector concentration across their credit allocations.

3. European mid-market continues to outperform in fundraising. Eurazeo’s €1 billion first close and Graphite’s 4× exit demonstrate that the European lower mid-market remains one of the most attractive risk-return segments in PE. Buy-and-build strategies with tech-enabled targets continue to generate outsized returns, and institutional capital is flowing accordingly.

📚 Sources

Blackstone / Google JV — CNBC, May 19, 2026; Blackstone Press Release, May 18, 2026

KKR / DCC — Bloomberg, May 19, 2026; The Irish Times, April 30, 2026

Providence / ATG Entertainment — Reuters via Investing.com, May 28, 2026; Deadline, May 2026

Graphite / Beacon — Private Equity Wire, May 2026; Graphite Capital, May 2026

Hg / Visma Norvato — Private Equity Wire, May 2026

Eurazeo PME V — Eurazeo Newsroom, May 20, 2026; Private Equity Wire, May 2026

EQT BPEA IX — EQT Group, April 20, 2026

KKR / FS KKR — Bloomberg, May 11, 2026; CNBC, May 11, 2026

Thoma Bravo / WWEX — Bloomberg, March 3, 2026; Thoma Bravo Press Release, March 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.