Private Equity Deals 2026: Blackstone’s AI-Infrastructure Bet, InPost’s €7.8B Finale & the Week’s Key Moves

September 21, 2026 • Weekly PE Deal Review • 7 min read

This week in private equity saw a clear thematic thread: infrastructure conviction. Blackstone doubled down on the AI data center buildout with its acquisition of Flow Control Holdings, while the Advent-FedEx consortium crossed the 89.8% acceptance threshold for InPost, Europe’s dominant parcel locker operator. On the fundraising front, CVC closed a record $10 billion secondaries fund — a sign that the liquidity squeeze reshaping private markets is far from over. Here is our analysis of the week’s most significant private equity deals 2026 and what they mean for allocators.

🌐 Deal of the Week: Blackstone Bets on AI Cooling with Flow Control Holdings

Blackstone’s agreement to acquire Flow Control Holdings (FCH) from Audax Private Equity, with UBS-arranged financing confirmed on September 18, is the clearest signal yet that mega-cap PE sees data center infrastructure as a generational theme. FCH is a Cincinnati-based manufacturer of highly engineered flow control components used in liquid cooling systems for data centers, food, beverage, and pharmaceutical markets. The company completed 10 acquisitions under Audax’s ownership since 2022, building a platform of precision components used by OEMs and hyperscalers for coolant distribution units (CDUs), in-row manifolds, and secondary fluid networks (SFN).

While financial terms were not disclosed, the deal is notable for its strategic logic. As AI workloads drive power density far beyond what traditional air cooling can handle, liquid cooling has shifted from niche to necessity. Blackstone — which already manages one of the largest real estate portfolios in the world, including a massive data center footprint — is now vertically integrating into the supply chain that keeps those facilities running.

Why it matters for allocators: This deal sits at the intersection of two megatrends: AI infrastructure spending and the industrialization of data centers. For LPs evaluating GP sector conviction, Blackstone’s willingness to deploy both its Capital Partners and Energy Transition Partners funds on a single platform signals deep, cross-fund thematic alignment. The data center cooling market is projected to grow at double-digit rates through 2030, and early platform investments like FCH could generate significant multiple expansion as the sector consolidates.

⚡ Major Private Equity Deals 2026: Transactions This Week

InPost: Advent-FedEx Consortium Crosses 89.8% Acceptance

The consortium led by Advent International and FedEx secured 89.8% of InPost shares on September 18, clearing the key threshold for its €7.8 billion ($8.9 billion) all-cash acquisition of Europe’s leading parcel locker operator. The consortium — which also includes InPost founder Rafał Brzoska’s A&R Investments (16%) and Czech group PPF (10%) — will decide by September 23 whether to declare the offer unconditional. If its stake remains below 95%, a post-closing demerger and liquidation will be used to acquire the full business; reaching 95% would allow a squeeze-out of remaining shareholders. Advent separately sought to sell approximately one-third of the €4.2 billion buyout loan to banks, according to Bloomberg. This is one of the largest European take-privates of 2026 and a high-conviction logistics bet.

Neuberger & KKR Take Minority Stake in Datavant

On September 15, Neuberger Capital Solutions, Neuberger Private Markets, and KKR’s Strategic Investments Group agreed to acquire a significant minority stake in Datavant, the largest health data ecosystem in the United States, connecting more than 80,000 healthcare providers, 75 of the top 100 health systems, and over 350 partner organizations. New Mountain Capital, which has backed Datavant since 2014, retains majority control. The deal represents a creative liquidity solution — New Mountain recycling a decade-long bet while bringing in fresh institutional capital — and underscores the growing importance of healthcare data infrastructure as an investable theme.

Thoma Bravo’s $4B+ Accelerant Take-Private

Thoma Bravo’s all-cash acquisition of insurtech platform Accelerant at $20.25 per share — a 49% premium — continues to progress toward its expected first-half 2027 close. Announced in August, the deal valued at more than $4 billion takes the Atlanta-based insurance marketplace platform private just over a year after its New York listing. Accelerant operates a technology-enabled risk exchange connecting specialty insurance underwriters with risk capital, using data to support underwriting and pricing decisions — an attractive vertical SaaS model for PE.

💰 Fundraising & Strategic Moves

CVC Secondary Opportunities Fund VI: Record $10B Close

CVC Secondary Partners announced the final close of Secondary Opportunities Fund VI (SOF VI) at $10 billion on September 3, nearly doubling the $5.8 billion raised for its predecessor in 2023 and almost quadrupling the $2.7 billion raised in 2019. The fund attracted over 200 limited partners, with approximately 50% new investors to the SOF platform. This is one of the largest secondaries fundraises in history.

Allocator takeaway: The secondaries market hit $240 billion in global transaction volume in 2025, with Jefferies projecting first-half 2026 volume to clear $100 billion on backlog alone. Roughly half of that volume ran through GP-led continuation vehicles. For allocators, the structural growth of secondaries — driven by the liquidity squeeze, the zombie fund overhang, and the need for portfolio management flexibility — makes dedicated secondaries exposure increasingly essential.

The $860B Zombie Fund Problem Intensifies

PitchBook’s Q3 2026 report revealed that approximately 4,600 PE-backed companies in the United States have been held for five or more years, with over $860 billion in buyout net asset value sitting in funds older than seven years — roughly 40% of total US PE NAV. These portfolio companies, many acquired at peak multiples during the low-rate era, are trapped between valuations sponsors cannot accept and exit markets unwilling to meet them. The data is a key driver behind PE firms moving further downmarket in search of value and operational complexity to unlock.

Middle-Market Deal Boom Shifts Downmarket

The median US middle-market deal size fell to $151.9 million in the first half of 2026, down from $179 million in 2025. The $25–100 million segment was the only size category to post sequential growth in both deal value and count, generating $16 billion in Q2 value — up 70.6% quarter-over-quarter. The shift reflects a strategic pivot as PE firms target fragmented industries such as industrial services, insurance brokerage, and residential services, where operational complexity can be consolidated and value created through platform-and-add-on strategies.

📊 Week in Numbers

89.8% — Share of InPost tendered to the Advent-FedEx consortium, clearing the acceptance threshold for the €7.8B deal

$10B — CVC Secondary Opportunities Fund VI final close, nearly doubling its predecessor fund

$860B — Buyout NAV trapped in US PE funds older than seven years, per PitchBook Q3 2026

$151.9M — Median US middle-market deal size in H1 2026, down from $179M in 2025

70.6% — Quarter-over-quarter growth in deal value for the $25–100M segment in Q2 2026

🔍 Our Take: What to Watch

1. AI infrastructure is becoming a PE consensus trade. Blackstone’s Flow Control Holdings deal joins a growing list of infrastructure-adjacent investments targeting the physical layer of AI. With hyperscalers spending hundreds of billions on data center buildouts, PE firms are racing to own the picks and shovels — cooling, power, connectivity. Expect more platform deals in this space through year-end.

2. The secondaries supercycle has legs. CVC’s $10B close, the $860B zombie fund overhang, and the continued dominance of GP-led continuation vehicles all point to the same conclusion: secondaries are no longer a niche strategy but a structural feature of private markets. Allocators who have not built dedicated secondaries exposure may find themselves underweight a sector that is rapidly absorbing both the liquidity premium and the exit backlog.

3. European take-privates are back in force. InPost’s €7.8B deal, following Hologic ($18.3B, completed April) and OneStream ($6.4B, completed April) earlier this year, confirms that 2026 is shaping up as a strong vintage for public-to-private transactions. With European public markets still offering valuation discounts relative to US peers, and private credit markets providing flexible financing, the conditions for large European take-privates remain favorable heading into Q4.

📚 Sources

Blackstone — Press Release, September 10, 2026

Bloomberg — "Blackstone Secures UBS Loan for Flow Control Holdings Data Center Acquisition," September 18, 2026

Reuters / Investing.com — "FedEx, Advent-led consortium secures over 89% of InPost shares in takeover offer," September 18, 2026

HIT Consultant — "Datavant Secures Minority Investment from Neuberger and KKR," September 17, 2026

Insurance Journal — "Thoma Bravo to Take Accelerant Private in $4 Billion Deal," August 13, 2026

CVC — Press Release, "SOF VI Final Close at $10 Billion," September 3, 2026

PitchBook / Benzinga — "PE's Middle-Market Deal Boom Is Moving Downmarket as $860 Billion Zombie Problem Grows," September 2026

PitchBook — "Q3 2026 Private Equity's Zombie Problem," September 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.