Private Equity Deals 2026: Kuwait's $16B Pipeline Mega-Deal, Apollo's $7.7B EasyJet Bid & the Week's Key Moves

August 3, 2026 • Weekly PE Deal Review • 8 min read

The private equity deals 2026 landscape delivered a blockbuster week, headlined by the largest foreign direct investment in Kuwait's history — a $16 billion pipeline leaseback with Blackstone, Brookfield and KKR. Meanwhile, the battle for easyJet intensified as Apollo trumped Castlelake with a £5.7 billion counter-bid, Vista Equity launched a $3.7 billion take-private approach for French ad-tech firm Criteo, and Ares Management explored a transformational acquisition of Leonard Green & Partners. Across Europe, CVC emerged as frontrunner for APM Monaco and Goldman Sachs sealed a €700 million medtech deal in Italy. Here is everything allocators and family offices need to know.

🌐 Deal of the Week: Kuwait's $16B Pipeline Leaseback with Blackstone, Brookfield & KKR

In the largest foreign direct investment in Kuwait's history, Blackstone, Brookfield and KKR signed a $16 billion agreement with Kuwait Petroleum Corporation to acquire a 49% stake in a joint venture controlling the country's oil-export pipeline network. The deal, known as Project Peregrine, covers 13 domestic and export pipelines spanning approximately 320 kilometers. The consortium will generate $7.85 billion in upfront proceeds for Kuwait under a 20.5-year lease-and-leaseback structure, with KOC retaining exclusive operating rights in exchange for a volume-based tariff. The transaction supports Kuwait's ambition to reach four million barrels per day of crude production by 2035.

Why it matters for allocators: This deal crystallizes two powerful trends — sovereign infrastructure monetization and the convergence of private equity with real-asset leaseback structures. For LPs, it signals that the largest GPs are deploying at unprecedented scale in stable, contracted cash-flow assets, offering inflation-linked returns with sovereign counterparty credit. The equal-split structure among three mega-managers also reflects a new era of co-investment at the top of the market.

⚡ Major Private Equity Deals 2026: Transactions This Week

Apollo Trumps Castlelake with £5.7B ($7.7B) EasyJet Takeover Bid

Apollo Global Management hijacked the easyJet takeover saga on July 10 with a £7.15-per-share cash bid valuing the UK budget carrier at £5.7 billion ($7.7 billion), topping Castlelake's earlier £6.90 offer by roughly $1 billion. EasyJet's board has withdrawn support for Castlelake and now backs Apollo's proposal, which promises to preserve the airline's fleet modernization strategy, expand ancillary revenue and scale easyJet Holidays. Apollo faces an August 7 deadline to file a firm offer or walk away. For allocators, the deal underscores PE's growing appetite for European aviation assets at post-pandemic recovery valuations — and highlights the competitive dynamics that can push take-private premiums higher.

Vista Equity & Quinti Capital Launch $3.7B Take-Private Bid for Criteo

Vista Equity Partners, in partnership with Quinti Capital, submitted a takeover bid for French ad-tech firm Criteo at a 50%+ premium to its recent trading price, valuing the company at approximately $3.7 billion on an equity basis. Shares surged 21% on the announcement. Criteo's board has not yet responded formally. Vista has deep sector expertise, having previously acquired TripleLift for $1.4 billion, and this bid signals continued PE conviction in programmatic advertising infrastructure despite broader tech uncertainty.

CVC Emerges as Frontrunner for TPG's Stake in APM Monaco ($2B+)

CVC Capital Partners has moved ahead of rival bidders to acquire TPG's minority stake in international jewellery retailer APM Monaco in a transaction that could value the business at more than $2 billion. TPG originally invested in 2019 as part of a consortium, and has been exploring strategic options including a partial sale or IPO. APM Monaco operates approximately 500 stores worldwide with particular strength in Asia. The deal highlights the active secondary market for consumer and luxury assets, where proven brand equity commands premium valuations.

Goldman Sachs Alternatives Acquires Italian Medtech Numantec for €700M

Goldman Sachs Alternatives' private equity arm agreed to acquire a controlling stake in Italian medical devices manufacturer Numantec from White Bridge Investments in a deal valued at approximately €700 million. Based near Mantua, Numantec supplies infusion and drug-delivery devices across seven manufacturing facilities in Europe and the US, employing roughly 600 people. Closing is expected in Q4 2026, subject to regulatory approvals. The transaction reinforces healthcare as the most resilient sector for PE deployment in 2026.

EQT Raises Perpetual Bid to A$2.6B ($1.8B) in Third Approach

Swedish PE giant EQT sweetened its takeover offer for Australian asset manager Perpetual to A$22.50 per share, valuing the company at approximately A$2.6 billion ($1.8 billion). This is EQT's third approach since July 1, progressively increasing from A$21.64. The offer remains conditional on due diligence and the completion of Bain Capital's A$550 million acquisition of Perpetual's wealth management unit. The deal reflects cross-border PE appetite for asset management platforms as the industry consolidates globally.

Ridgeview Bids £545M for UK Automotive Software Provider Pinewood Technologies

US technology-focused PE firm Ridgeview proposed to acquire Pinewood Technologies, a UK-listed provider of cloud-based automotive dealership software, at 448p per share — a 42% premium to the undisturbed price. Pinewood's board indicated it would recommend the offer if a firm bid materializes; Ridgeview has until August 21 to commit or withdraw. This follows Apax Partners' abandoned £575 million approach earlier this year, confirming strong PE demand for vertical SaaS platforms with embedded customer bases.

💰 Fundraising & Strategic Moves

Ares Management Explores Acquisition of Leonard Green & Partners

Ares Management ($644B AUM) held discussions over a potential acquisition of fellow Los Angeles-based buyout firm Leonard Green & Partners ($85B AUM), according to reports from late July. While negotiations remain preliminary, the deal would represent one of the largest alt-manager consolidation moves in history, filling a gap in Ares' platform where it has lagged rivals Blackstone, Apollo and KKR in corporate private equity. Leonard Green brings deep expertise in consumer, healthcare and services.

Allocator takeaway: The potential Ares-Leonard Green combination underscores the accelerating consolidation of alternative asset managers. For LPs, this trend means fewer, larger platforms — raising questions about alignment, fee negotiation leverage and portfolio concentration. Watch for similar transactions as mid-market buyout firms increasingly become acquisition targets for listed alt-managers seeking AUM growth.

Secondary Market Hits Record $121B in H1 2026

The private markets secondary market surged to a record $121 billion in H1 2026, according to Evercore data. GP-led transactions accounted for 54% of volume, marking the first time in four years that manager-initiated deals surpassed LP-driven sales. Single-asset continuation vehicles generated $34 billion — up 88% — as sponsors retained high-conviction "trophy" assets in new vehicles. Europe drove a particular spike in secondary activity.

Allocator takeaway: The secondaries boom creates both opportunity and complexity. LPs benefit from expanded liquidity options and access to proven assets, but must develop robust capabilities for evaluating GP-led transactions where conflicts of interest are inherent. The 88% surge in single-asset continuation vehicles demands particular scrutiny on pricing fairness and GP motivation.

GCM Grosvenor Closes $1.2B Inaugural Credit Secondaries Fund

GCM Grosvenor announced the final close of its inaugural Credit Secondaries Fund at $1.2 billion in commitments, marking the firm's formal entry into the credit secondaries market. The strategy leverages GCM's $17+ billion credit platform to source opportunities across corporate and asset-backed credit, targeting the growing intersection of private credit and secondary liquidity. The successful first close reflects rapidly growing LP appetite for credit secondaries as a diversifier within alternatives allocations.

📊 Week in Numbers

$16B — Kuwait pipeline leaseback with Blackstone, Brookfield & KKR, the largest FDI in the country's history

$7.7B — Apollo's counter-bid for easyJet, topping Castlelake by ~$1B with an August 7 deadline

$3.7B — Vista Equity's take-private approach for Criteo at a 50%+ premium

$121B — Record H1 2026 secondary market volume, with GP-led deals dominating for the first time in four years

$1.2B — GCM Grosvenor's inaugural credit secondaries fund close, signaling LP demand for credit liquidity solutions

42% — Premium in Ridgeview's bid for Pinewood Technologies, the second PE approach for the UK auto-tech firm this year

🔍 Our Take: What to Watch

1. Infrastructure as the new PE frontier. The $16 billion Kuwait pipeline deal is not an isolated event — it reflects a structural shift as sovereigns monetize hard assets and PE managers build infrastructure-scale platforms. Expect more Middle Eastern and APAC infrastructure leaseback structures as governments seek off-balance-sheet funding. For allocators, these long-duration, contracted cash-flow assets offer a compelling alternative to traditional buyout return profiles.

2. Alt-manager consolidation accelerates. Ares' reported interest in Leonard Green follows a string of platform acquisitions — KKR's $1.4B Arctos deal, Blue Owl's buildout, and Brookfield's reinsurance expansion. The listed alt-managers are in an AUM arms race, and mid-market buyout firms with strong track records but limited distribution have become prime targets. This trend will reshape LP-GP relationships and concentrate allocation decisions among fewer counterparties.

3. European take-privates gain momentum. From Apollo's easyJet bid to Vista's Criteo approach and Ridgeview's Pinewood proposal, US private equity is actively hunting listed European targets where valuations remain depressed relative to US comparables. The competitive bidding dynamics in the easyJet saga — with Apollo outbidding Castlelake — suggest sponsors see deep value in European public markets. Family offices and CGPs should watch for more cross-Atlantic take-private activity in Q3-Q4 2026.

📚 Sources

Bloomberg: Kuwait Signs $16 Billion Pipeline Deal With Blackstone, Brookfield, KKR — July 25, 2026

CNBC: Blackstone, Brookfield and KKR sign $16 billion oil deal with Kuwait — July 25, 2026

Euronews: Apollo hijacks easyJet takeover with £5.7bn bid, trumping Castlelake — July 10, 2026

CNBC: EasyJet shares soar 10% as budget airline agrees to $7.3 billion Castlelake takeover — July 6, 2026

Bloomberg: Advertising Technology Firm Criteo Attracts Vista Equity-Backed Takeover Offer — July 6, 2026

Bloomberg: CVC Is Said to Mull Buying Stake in Jeweler APM Monaco From TPG — July 27, 2026

Reuters / US News: Goldman Sachs Alternatives Buys Control of Italian Medtech Firm Numantec — July 27, 2026

Bloomberg: EQT Raises Takeover Offer for Australia Wealth Manager Perpetual — July 26, 2026

Private Equity Wire: Ridgeview makes £545m offer for Pinewood Technologies — July 26, 2026

Axios: Ares reportedly in takeover talks with Leonard Green — July 28, 2026

Bloomberg / Evercore: Secondary Deals for Private Assets Hit Record $121 Billion — July 21, 2026

GlobeNewsWire: GCM Grosvenor Raises $1.2 Billion Across Inaugural Credit Secondaries Fund — July 23, 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.