Private Equity Index

The largest private equity-backed buyout in history is complete, with Saudi Arabia's PIF, Silver Lake and Affinity Partners taking Electronic Arts private at $210 per share. The deal carries roughly $20 billion in debt financing, fueling concerns about cost-cutting even as the new owners pledge heavy investment in growth and AI-driven game development.

KKR closed its largest-ever infrastructure fund at $19.2 billion, targeting critical assets across North America and Western Europe in energy, digital infrastructure and industrials. The close lifts the firm's infrastructure platform to roughly $120 billion in equity under management, up from $13 billion in 2019, with over $9 billion of the new fund already committed.

Tech-focused buyout firm Francisco Partners wrapped up its biggest fundraise in 27 years, closing Fund VIII at $16.4 billion and middle-market vehicle Agility IV at $4.6 billion — both above target. Strong backing from public pensions and other institutions underscores continued LP appetite for established technology managers despite a tough fundraising climate.