H1 2026 U.S. Private Equity M&A Activity Review

Deal count held steady in H1 2026, but the headline numbers mask a bigger story: sponsors increasingly shifted capital toward “HALO” assets — heavy assets with low obsolescence, including the infrastructure supporting the AI buildout. From significant take-privates and continued add-on activity to evolving sector dynamics and a record-breaking IPO market, this report examines the key trends that defined private equity activity in the first half of 2026.