Tracked deals
25
25 tracked deals across 2026.
Infrastructure Growth Capital Investments in 2026
Buyer mix
Mixed buyer set
17 pe · 13 strategic
Top trend
Volume peaked in 2026
25 tracked deals announced in 2026.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| KKR | 2 | Global alternative asset manager with a core infrastructu... | PE |
| Abrams Capital Management, L.P. | 1 | Investment manager holding equity positions and influenci... | PE |
| Aero 1 Global & International S.à r.l. | 1 | Luxembourg holding vehicle used by Mundys to acquire Getl... | Mixed |
| Apollo | 1 | Alternative investment manager with substantial infrastru... | PE |
| Arenova Capital | 1 | Growth equity principal investment firm focused on founde... | PE |
| Ares Secondaries funds | 1 | Ares-affiliated investment funds focused on secondary-mar... | PE |
| Argyle Capital Partners | 1 | Toronto-based private equity firm focused on partnering w... | PE |
| BMI Group Inc. | 1 | Canadian industrial infrastructure and development platfo... | Strategic |
| Barrick Mining Corporation | 1 | Global gold and copper mining, exploration, and developme... | Strategic |
| Blackstone (funds affiliated) | 1 | Global alternative asset manager investing across real es... | PE |
Acquisition Volume in Infrastructure Growth Capital Investments in 2026 by Year
Last 7 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
October 11, 2026
- Buyer
- Wafra
- Target
- Liberty Development Partners
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Growth capital
Wafra acquired an interest in Liberty Development Partners and invested in its principal assets, Gulf Inland Logistics Park and CMC Railroad. The investment is intended to provide capital and institutional resources to expand the rail-served industrial infrastructure platform and pursue additional opportunities.
-
October 8, 2026
- Buyer
- Ares Secondaries funds
- Target
- Sabey Data Center Properties
- Industry
- Infrastructure
- Location
- Washington, United States
- Type
- Growth capital
Ares Secondaries funds expanded their investment in Sabey Data Center Properties, bringing Ares’ total commitment to the platform to more than $500 million. The additional capital will support the platform’s expansion of U.S. data center infrastructure to meet growing demand tied to cloud computing, AI, and other data-intensive applications.
-
September 30, 2026
- Buyer
- Kenon Holdings Ltd., Harrison Street Asset Management (funds managed by HSAM)
- Target
- Vicinity District Energy
- Seller
- Antin Infrastructure Partners (entity related to the current owner)
- Industry
- Infrastructure
- Location
- United States
- Type
- Growth capital
Kenon Holdings has entered into an agreement to acquire a 25% equity interest in Vicinity District Energy for cash consideration of approximately $450 million as part of a broader transaction involving Vicinity’s sale. The deal is backed by committed non-recourse debt financing and is expected to close in Q2 2027, subject to customary conditions and approvals.
-
September 22, 2026
- Buyer
- Odyssey Investment Partners, Falcon Gases
- Target
- Falcon Gases
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Growth capital
Falcon Gases announced it secured a strategic majority investment from Odyssey Investment Partners. The investment is intended to accelerate Falcon’s strategy to build a high-growth, large-scale independent packaged gas distribution platform through growth and M&A.
-
- Buyer
- Brookfield Asset Management Ltd.
- Target
- American Real Estate Partners (AREP)
- Industry
- Infrastructure
- Location
- Virginia, United States
- Type
- Growth capital
American Real Estate Partners (AREP) and Brookfield Asset Management announced that affiliates of Brookfield have agreed to acquire a minority interest in AREP for an undisclosed amount. The investment pairs AREP’s vertically integrated data center development platform with Brookfield’s global real estate and infrastructure scale and capabilities.
-
- Buyer
- Enbridge Inc., KKR, Apollo
- Target
- Aspen Point expansion programme (Westcoast natural gas pipeline system), Sunrise expansion programme (Westcoast natural gas pipeline system), Westcoast natural gas pipeline system (Aspen Point and Sunrise projects)
- Industry
- Infrastructure
- Location
- British Columbia, Canada
- Type
- Growth capital
Enbridge agreed to form a C$2.7 billion joint venture with capital managed by KKR and Apollo to fund its Aspen Point and Sunrise expansion programs on the Westcoast natural gas pipeline system in British Columbia. Enbridge retains majority ownership and operational control, receiving C$700 million in cash at closing, while KKR and Apollo obtain an indirect cumulative 29% interest in the aggregate system once Sunrise enters service.
-
August 17, 2026
- Buyer
- NVIDIA, SoftBank Group, OpenAI
- Target
- SB Energy
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Growth capital
NVIDIA secured land, power, and shell capacity through a partnership with SB Energy at the PORTS-Pike Technology Campus in Pike County, Ohio, to exclusively host NVIDIA AI compute. SB Energy will build, own, and operate the data center under a 20-year lease to OpenAI, while NVIDIA also invests $1.5 billion in SB Energy to support its AI infrastructure growth.
-
- Buyer
- Rio2 Limited
- Target
- Royal Road Minerals Limited
- Industry
- Infrastructure
- Location
- Jersey
- Type
- Growth capital
Rio2 Limited participated in Royal Road Minerals Limited’s brokered “LIFE” equity offering, purchasing 10,000,000 ordinary shares at $0.20 per share for total proceeds of $2.0 million. The offering closed July 28, 2026, increasing Rio2’s beneficial ownership in Royal Road to 54,021,667 shares (approximately 16.33%).
-
- Buyer
- Barrick Mining Corporation
- Target
- Kingfisher Metals Corp.
- Industry
- Infrastructure
- Location
- British Columbia, Canada
- Type
- Growth capital
Barrick Mining Corporation agreed to subscribe for 15,470,934 units of Kingfisher Metals Corp. in a non-brokered private placement for total consideration of approximately C$20.9 million. The investment is expected to close on or before July 27, 2026 and will fund exploration and development of Kingfisher’s Highway 37 project in British Columbia.
-
- Buyer
- Canada Pension Plan Investment Board (CPP Investments), EQT Group
- Target
- EdgeConneX
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Growth capital
Canada Pension Plan Investment Board (CPP Investments) will invest US$1.75 billion (C$2.4 billion) alongside EQT to support the strategy to build AI-ready digital infrastructure. The investment is led by global data centre developer and operator EdgeConneX, which EQT acquired in 2020 and has since scaled rapidly.
-
July 2, 2026
- Buyer
- National Grid
- Target
- Joulent
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Growth capital
Joulent, a Houston-based developer of large-scale energy infrastructure for AI data centers, secured a $1.75 billion strategic minority investment from National Grid. The funding will support expansion of Joulent’s high-voltage and modular power infrastructure, including growth of its engineering team and faster delivery of power projects.
-
- Buyer
- Realty Income, Cloud Capital
- Target
- Hyperscale data center assets to be acquired and developed via the JV (initial Virginia portfolio)
- Industry
- Infrastructure
- Location
- Virginia, United States
- Type
- Growth capital
Realty Income has formed a $6 billion joint venture with Cloud Capital to acquire and develop hyperscale data centers. The venture’s initial move includes three triple-net leased data center assets in Virginia totaling 330 megawatts, with Realty Income expected to invest about $1.4 billion (initial funding around $700 million planned for Q2–Q3 2026).
-
- Buyer
- Argyle Capital Partners
- Target
- H&S Building Supplies Ltd.
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Growth capital
Argyle Capital Partners announced an investment in H&S Building Supplies Ltd., a Vaughan, Ontario-based distributor serving Canada’s purpose-built residential rental market. The partnership is intended to support H&S’s next phase of growth while preserving its customer-first culture and management continuity.
-
April 24, 2026
- Buyer
- Related Digital, Blackstone (funds affiliated), PIMCO (managed funds and accounts)
- Target
- Oracle data center campus in Saline Township ("The Barn" campus)
- Industry
- Infrastructure
- Location
- Michigan, United States
- Type
- Growth capital
Related Digital and funds affiliated with Blackstone, along with PIMCO-managed debt financing, announced financing has been secured for Related Digital’s $16 billion Oracle data center campus in Saline Township, Michigan. The campus is being developed for Oracle in support of its partnership with OpenAI to expand AI compute capacity.
-
- Buyer
- KKR, DigitalBridge, La Caisse
- Target
- Vertical Bridge REIT, LLC
- Industry
- Infrastructure
- Location
- Florida, United States
- Type
- Growth capital
Vertical Bridge REIT, LLC (a DigitalBridge portfolio company) announced it will receive a $1.5 billion equity investment from KKR. The investment is intended to establish a fully funded, long-term capital structure to support Vertical Bridge’s strategic plan, including organic development and selective mergers and acquisitions.
-
- Buyer
- Abrams Capital Management, L.P.
- Target
- SECURE Waste Infrastructure Corp.
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Growth capital
Abrams Capital Management, L.P. acquired an additional 160,000 common shares of SECURE Waste Infrastructure Corp. on the open market through the Toronto Stock Exchange. The purchases increased Abrams Capital’s ownership from about 9.93% to about 10% of SECURE’s outstanding shares and the firm announced it intends to vote against SECURE’s proposed arrangement with GFL Environmental Inc.
-
April 8, 2026
- Buyer
- Z2 Capital Partners
- Target
- DCS Asset Maintenance
- Industry
- Infrastructure
- Location
- Pennsylvania, United States
- Type
- Growth capital
Z2 Capital Partners announced the closing of its investment in DCS Asset Maintenance (DCS AM), a provider of operations, maintenance, and management services for highways, bridges, and rest areas for DOTs and municipalities. The deal was structured as a first lien term loan intended to support growth and fund a distribution to DCS AM’s owners.
-
April 8, 2026
- Buyer
- BMI Group Inc.
- Target
- Rock Tech Lithium Inc.
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Growth capital
Rock Tech Lithium and the BMI Group announced a strategic partnership, expected to be structured as a general partner/limited partner arrangement, to develop Rock Tech’s lithium converter facility in Red Rock, Ontario. The BMI Group is intended to invest CAD $200 million as an anchor investment, alongside an initial non-dilutionary funding program of up to CAD $30 million to advance engineering and permitting toward a final investment decision by end of 2026.
-
- Buyer
- First Reserve
- Target
- Lindsey Systems
- Seller
- Lindsey family (including Dr. Keith Lindsey)
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Growth capital
First Reserve completed a majority equity investment in Lindsey Systems, a family-owned provider of proprietary products and engineered solutions for electric grid transmission and distribution. The capital is intended to support Lindsey’s next phase of growth and accelerate its strategic plan to expand capabilities, innovation, and scale amid grid modernization demand.
-
- Buyer
- Royal Fund Management LLC
- Target
- Xylem Inc.
- Industry
- Infrastructure
- Location
- New York, United States
- Type
- Growth capital
Royal Fund Management LLC purchased a new position in Xylem Inc. common shares during the fourth quarter, buying 22,002 shares valued at approximately $2.996 million. The article frames this as a portfolio investment by the fund rather than a control acquisition of Xylem.
-
- Buyer
- Mundys S.p.A., Aero 1 Global & International S.à r.l.
- Target
- Getlink
- Industry
- Infrastructure
- Location
- France
- Type
- Growth capital
Mundys announced it received UK regulatory clearance to increase its stake in Getlink under the UK National Security and Investment Act 2021. The transaction strengthens Mundys’s strategic position in Getlink, with Mundys confirming it will not seek control or additional board nominations.
-
- Buyer
- Centerra Gold Inc.
- Target
- Nevada King Gold Corp.
- Industry
- Infrastructure
- Location
- British Columbia, Canada
- Type
- Growth capital
Nevada King Gold Corp. completed a non-brokered private placement of common shares totaling approximately C$16.3 million, which included a strategic investment by Centerra Gold Inc. for approximately C$10.4 million. Centerra acquired 49,681,622 common shares, representing 9.9% of Nevada King’s issued and outstanding shares after closing.
-
- Buyer
- EQT
- Target
- Kelda Holdings Limited, Yorkshire Water
- Industry
- Infrastructure
- Location
- United Kingdom
- Type
- Growth capital
EQT has agreed to acquire a 42% shareholding in Kelda Holdings Limited, the parent company of Yorkshire Water. The deal is being made through EQT’s Active Core Infrastructure strategy and is subject to regulatory approvals, including antitrust review. The investment supports Yorkshire Water’s multi-year capital spending plan, including an £8.3 billion environmental program for 2025–2030 and expected hiring of more than 1,000 employees.
-
- Buyer
- Arenova Capital
- Target
- Aspire Fiber (Aspire Broadband Holdings, Inc. dba Aspire Fiber)
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Growth capital
Aspire Fiber (Aspire Broadband Holdings, Inc. dba Aspire Fiber) announced a majority investment from Arenova Capital to support its 10 Gbps fiber-to-the-home expansion in California. Arenova committed $50 million of equity capital, while Aspire’s CEO Stephen Weatherford and management remain meaningful shareholders.
-
January 22, 2026
- Buyer
- Cerberus Capital Management (affiliates)
- Target
- Datawave Networks
- Industry
- Infrastructure
- Location
- Cyprus
- Type
- Growth capital
Datawave Networks, an independent subsea infrastructure provider, signed a binding investment and financing agreement with affiliates of Cerberus Capital Management to fund and accelerate the Singapore-India-Gulf (SING) subsea fiber optic cable system. Cerberus is expected to make a significant equity investment for majority ownership of Datawave and also provide project financing intended to support construction and deployment, targeting a Ready for Service date in 2030.
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