Private Equity in 2026

Private equity appears to be on a cautious path to recovery in 2026, with signs of an improving environment for large-ticket deal-making

• Aggregate private equity deal value is on track to exceed 2024 levels, boosted by a strong uptick in high-value transactions in the third quarter of 2025

• Fundraising is tracking slightly below 2024’s total, with a greater share of capital raised by secondaries funds

• The returns gap has widened between upper- and lower-quartile funds, especially in recent vintages, adding to fundraising pressure for managers unable to point to a strong track record

• Most investors either intend to increase or maintain long-term private equity allocations, reflecting ongoing commitment to the asset class