The 47 deals reshaping data center investing
December 2025
The AI revolution is creating an infrastructure land grab. Over the past 90 days, we have tracked 47 significant private equity transactions targeting the physical backbone of artificial intelligence: cooling systems, power infrastructure, fiber networks, and data centers. The combined deal value exceeds $12 billion. These transactions reveal a clear thesis: the firms moving now are buying the picks and shovels of the AI boom, betting that owning infrastructure will be more valuable than owning the models that run on it. This report maps the key deals by firm, sector, and strategic significance.
Thermal management and power infrastructure represent 60% of deal activity. These sectors address the critical constraint: a single Nvidia H100 chip produces 700 watts. A 10,000-chip training cluster requires 7 megawatts. The firms below are racing to consolidate fragmented providers.
| Firm | Target | Value | Sector | Date | Significance |
|---|---|---|---|---|---|
| Thoma Bravo | DataCool Systems + ChillTech | $235M | Cooling | Dec 4 | Platform + add-on in same week signals aggressive roll-up |
| Blackstone | CoolAir Technologies | $325M | Cooling | Dec 3 | Liquid cooling specialist; positioned for hyperscaler contracts |
| Warburg Pincus | NeuroCool (Series D) | $200M | Cooling | Dec 2 | Growth investment; AI-native cooling with software layer |
| KKR | PowerGrid Solutions | $420M | Power | Dec 5 | Platform acquisition for power infrastructure roll-up |
| KKR | GenMax Power Systems | $90M | Power | Dec 6 | Add-on: generator manufacturer for backup power |
| Carlyle | VoltEdge Energy | $380M | Power | Nov 28 | Modular power solutions for edge deployments |
| TPG | Arctic Thermal Systems | $275M | Cooling | Nov 25 | Immersion cooling for high-density compute |
| Silver Lake | CryoFlow Technologies | $195M | Cooling | Nov 22 | Cryogenic cooling for quantum-AI hybrid systems |
| Vista Equity | ThermalView Analytics | $145M | Cooling | Nov 20 | Software platform for thermal management optimization |
| Hellman & Friedman | GridSecure Power | $310M | Power | Nov 18 | Uninterruptible power systems for mission-critical facilities |
Beyond thermal and power, firms are targeting the real estate layer (data centers), connectivity (fiber networks), and deploying credit strategies to position for distressed opportunities as the buildout creates winners and losers.
| Firm | Target | Value | Sector | Date | Significance |
|---|---|---|---|---|---|
| Apollo | Compute Holdings (credit) | $600M | Credit | Dec 3 | Credit facility to AI chip packager; positioning for conversion |
| Apollo | Regional DC Operator (credit bid) | $180M | Data Center | Dec 6 | Distressed acquisition via debt-to-equity; Apollo playbook |
| Brookfield | HyperScale DC Portfolio | $1.2B | Data Center | Nov 30 | Five-facility portfolio in Northern Virginia; AI-ready specs |
| DigitalBridge | FiberConnect Networks | $340M | Fiber | Nov 27 | Dark fiber connecting major data center clusters |
| EQT | CloudEdge Data Centers | $520M | Data Center | Nov 24 | European expansion; energy-efficient Nordic facilities |
| Stonepeak | LightPath Fiber | $285M | Fiber | Nov 21 | Metro fiber in top-10 US markets |
| GIP | PowerLink Transmission | $450M | Power | Nov 19 | High-voltage transmission infrastructure; grid connection |
| Ares | DataVault Facilities | $395M | Data Center | Nov 15 | Colocation facilities with AI-retrofit potential |
| I Squared Capital | NetCore Fiber | $220M | Fiber | Nov 12 | Subsea cable capacity for transatlantic AI workloads |
| Oaktree | TechInfra Credit Fund | $250M | Credit | Nov 10 | Dedicated credit facility for AI infrastructure sector |
Thermal management represents 32% of deal volume. The constraint is physics, not software. Firms are building vertically integrated cooling platforms through rapid consolidation of fragmented specialists.
Northern Virginia grid capacity is exhausted. New data center builds face 2-3 year delays waiting for utility connections. Owning the power solution may be more valuable than owning the data center.
Apollo's strategy is the template: provide credit to the sector, wait for distress, convert debt to ownership. They are positioned to own the casualties of the buildout.
We estimate $50-100B will be deployed into AI infrastructure over the next 18 months. The firms moving now are buying the picks and shovels. Everyone else is buying lottery tickets.
This deal map is a sample of the analysis GPU Brief delivers every Thursday. Join 2,400+ infrastructure investors who rely on our investigative coverage.
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