Key Takeaways
- • Sidley Austin's H1 2026 review finds U.S. private equity deal count held steady, while sponsors shifted capital toward "HALO" assets, defined as heavy assets with low obsolescence risk.
- • Infrastructure supporting the AI buildout is cited as a core beneficiary of this capital rotation.
- • The report highlights significant take-privates, continued add-on acquisition activity, and evolving sector dynamics in the period.
- • Sidley characterizes the first half of 2026 as featuring a record-breaking IPO market.
Summary
Sidley Austin has published its H1 2026 U.S. Private Equity M&A Activity Review, which states that private equity deal count held steady during the first half of 2026. According to the firm, the headline figures obscure a more significant shift in sponsor behavior: capital increasingly flowed toward "HALO" assets, a term the report uses for heavy assets with low obsolescence risk. The report points to infrastructure supporting the AI buildout as a prominent example of this theme.
The review examines several additional trends that shaped private equity activity in the period. These include significant take-private transactions, continued add-on acquisition activity by sponsors, and evolving sector dynamics. Sidley also describes the first half of 2026 as featuring a record-breaking IPO market, positioning public listings as a notable component of the exit environment alongside M&A.
The publication is a law firm insight piece and is framed as educational rather than legal advice. The primary source summary available for this review does not provide specific deal values, deal counts, or named transactions, so readers seeking quantitative detail should consult the full report.
The review examines several additional trends that shaped private equity activity in the period. These include significant take-private transactions, continued add-on acquisition activity by sponsors, and evolving sector dynamics. Sidley also describes the first half of 2026 as featuring a record-breaking IPO market, positioning public listings as a notable component of the exit environment alongside M&A.
The publication is a law firm insight piece and is framed as educational rather than legal advice. The primary source summary available for this review does not provide specific deal values, deal counts, or named transactions, so readers seeking quantitative detail should consult the full report.
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