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Private Equity Is Betting on Infrastructure. The Question Is Which Kind.

The latest KPMG Pulse of Private Equity report, covering Q1 2026, confirmed what many in the market have been watching build for some time. Global PE deal activity reached $436 billion in the first quarter alone, with capital flowing heavily into the assets that underpin artificial intelligence rather than the AI applications themselves.

Newsroom May 2026

The latest KPMG Pulse of Private Equity report, covering Q1 2026, confirmed what many in the market have been watching build for some time. Global PE deal activity reached $436 billion in the first quarter alone, with capital flowing heavily into the assets that underpin artificial intelligence rather than the AI applications themselves. Energy, infrastructure, and logistics were among the only tracked sectors running ahead of 2025 levels.

The shift is meaningful. A year ago, the conversation in PE was about which AI tools to deploy across portfolio companies. The conversation now is about what those tools sit on top of, and whether that foundation is fit for purpose.

Data centres, power infrastructure, and compute capacity are absorbing enormous sums. These are necessary bets. But they are bets on the physical layer. The intelligence layer, the infrastructure that governs how AI systems reason, record their reasoning, and demonstrate that reasoning to regulators and counterparties — is a different conversation, and one that is only beginning.

That is the conversation Panamorphix is built for.