2026年第三季度私募股权动态报告针对全球私募股权市场动向的季度分析

Pulseof

privateequity

Q3’26

AIgeneratedimage

October2026

2

Welcome

WelcometotheQ3,26editionofKPMG,sPulseofPrivateEquity

OurPulseofPrivateEquityseriesprovidesyouwithquarterlyinsightsintotheprivateequitymarketgloballyandinmajorregionsaroundtheworld.OuruniquemethodologyaimstogobeyondbuyoutstocapturethebroadrangeofmajorPEdealsactivity;wealsoshareperspectivesintothe

marketfactorsinfluencingkeyinvestmenttrendsandlookathowkeytrendsmightevolveovertime.

SelectivitywasthedominantthemeinthePEmarketgloballyduring

Q3’26asPEinvestorscontinuedtofocusonhighqualityassetsand

strongvaluecreationopportunitiesinthefaceofongoinggeopolitical,macroeconomic,andtradeuncertainties.ThelevelofPEinvestment

globallyremainedverystrong,with$1.5trillionattheendofQ3’26—

onlyslightlyoffthepaceseenin2025.Dealvolume,however,remainedverysubduedasinvestmentconcentratedonasmallernumberoflargertransactions.

Ataregionallevel,theAmericashadattracted$854.6billioninPE

investmentacross6,845dealsasoftheendofQ3’26,ofwhichtheUS

accountedfor$793.4billionacross6,223deals;theUSalsoattractedthelargestdealgloballyduringQ3’26:the$9.6billionbuyoutoftheSeattleSeahawksNFLteam.TheEMAregionsaw$521.3billionacross

6,249dealsoverthesameperiod,withthe$7.7billiontakeprivateofIreland-basedoffgridenergycompanyDCCPoweraccountingforthe

largestdealinQ3’26.WhiletheASPACregionsawthesmallestlevelofPEinvestment—$137.8billionacross1,109deals—itwastheonly

regionontracktoseeupticksinbothdealvalueandvolumebytheendof2026,helpedbyanumberoflargemegadeals,includingthetakeprivateofAustralia-basedQubeHoldingsfor$8.2billioninQ3’26.

AIcontinuedtobebothadisruptorandanopportunity,withinvestors

continuingtoassesstheimpactofAIontheirportfoliocompanies,whilealsolookingforwaystouseAItocreatevalue.PEinvestorsalsoshowedincreasinginterestinthebroaderAIinfrastructureecosystem.Energywasaclearwinnerinthisregard;attheendofQ3’26,itwasonpacefora

recordhighwith$243.3billioninPEinvestment.

WhileexitvaluewasquitesolidattheendofQ3’26($985.2billion),itwasconcentratedonasmallpoolofexits(2,200).Therollingtwelve-month

exitvalueshighlightedthedichotomy,withQ3’26exitvalueatitshighestlevelsinceQ1’22($1.4trillion)andexitvolumeatitslowestlevelsinceQ1’21.

HeadingintoQ4’26,PEinvestmentisexpectedtoremainhighlyselective,particularlygivenongoinggeopoliticaltensionsandconflictsandconcernsaboutinflation,risinginterestrates,andthepredictabilityofthecostof

capital.AIinfrastructure,energy,andindustrialmanufacturingare

expectedtoremainkeysectorsforinvestment,inadditiontoresilientsectorslikehealthcare.

GavinGeminder

GlobalPrivateCapitalLeader

KPMGInternational

3

Welcome

Inthisquarter’seditionofthePulseofPrivateEquity,weexaminetheseandanumberofotherglobalandregionaltrends,including:

01

02

03

Thecontinuedselectivityinthe

PEmarket—acrossdeals,exits,andfundraising

ThegrowingfocusonopportunitiesacrosstheAIecosystem

Therobustnessofinvestmentintheenergysector

WehopeyoufindthiseditionofthePulseofPrivateEquityinsightful.Ifyouwouldliketodiscussanyoftheresultsinmoredetail,pleasecontactaKPMGprofessionalinyourarea.

Thestrengtheninginvestmentinindustrialmanufacturing

04

Note:Throughoutthisreportwereferto“announceddeals.”Thisencompassesannounced/in-progressdealswhicharecombinedwithcompleteddealsduetothenatureoftheM&AandPEdealmakingcycle,whereinatransactionmaytakeyearstocomplete,andthisiscapturedbyincludingsuchannounced/in-progresstransactions.Announceddatesareusedinfavorofcompleteddatesfordeal-timingpurposes.Unlessotherwisenoted,allfiguresquotedinthisreportarebasedondataprovidedbyPitchBookasof30September2026.Seepage92fordetailedmethodology.AllcurrencyamountsareinUS$unlessotherwisespecified

4

05

Aboutthe

authors

Contents

06

Spotlight

46

US

10

31

Global

Americas

76

ASPAC

59

EMA

91

KPMGfirms’

privateequity

practice

92

Aboutthe

report

5

SpotlightGlobal

Americas

USEMA

ASPAC

Abouttheauthors

GavinGeminder

GlobalPrivateCapitalLeader

KPMGInternational

GavinistheGlobalPrivateCapitalLeaderat

KPMGInternationalandtheGlobalLead

Partnerforoneofthelargestandpremier

globalprivateequityclientsinKPMGintheUS.Overhisnearly30-yearcareer,hehasworkedinLondon,HongKong(SAR),Chinaandthe

US,givinghimextensiveexperienceintheprivateequityspaceglobally.Gavinis

responsiblefordrivingtheprivateequity

strategy.GavinpreviouslyservedastheUSSectorLeaderforprivateequity.

DonaldZambarano

AmericasPrivateCapitalLeader

KPMGintheUS

TilmanOst

GlobalPrivateCapitalAdvisoryLeader

KPMGInternationaland

EMAPrivateCapitalLeaderKPMGinGermany

DonistheAmericasHeadofPrivateCapitalandtheGlobalLeadPartnerforone

ofKPMG’slargestandmostpremierglobalprivateequityclients.DonalsoservesastheManagingPartneroftheProvidence,RIofficeandservesonKPMG’sUSBoardof

Directors.Donspent6yearsintheaudit

practicefollowedby20yearsintheDeal

Advisory&Strategy(DAS)practice,holdingseveralnationalDASleadershiproles,

includingco-leadingtheFinancialDue

DiligencepracticeandleadingtheIndustrialMarketssector.

TilmanleadsKPMG’sPrivateCapitalpracticeinboththeEMAregionandGermanyandis

theGlobalPrivateCapitalAdvisoryLeaderforKPMGInternational.Hehasover25yearsofexperienceadvisingfinancialinvestorson

majortransactionsandtransformation

projectsbothnationallyandinternationally.Hespecializesinlargebuyoutsandhasworkedwithanumberofthelargestprivateequity

firmsinthefield.

AndrewThompson

AsiaPacificPrivateCapitalLeaderandAssetManagementKPMGinSingapore

AndrewisbasedinSingaporeandbrings

over25yearsofexperienceworkingaroundtheworld,includinginLondon,NewYork

andSydney.AndrewhasactedastheLeadPartnerforKPMGinSingaporeonmore

than350high-valuetransactions,totalingover$200billion,specializingincomplexM&AandIPOs,particularlyintheenergyandindustrialsectors.

Spotlight

Global

Americas

USEMA

ASPAC

Spotlight:The

evolutionofcarve-outopportunitiesinan

increasinglycomplexworld

6

7

Spotlight

Global

Americas

USEMA

ASPAC

Spotlight:Theevolutionofcarve-outopportunitiesinanincreasinglycomplexworld

Inour

2026GlobalM&AOutlook

,wesuggestedthat2026wasshapinguptobetheyearofthecarve-out.Sixmonthslater,thatpredictionisprovingtrue.FromaPEperspective,attheendofQ3’26,globalcarve-outdealvaluewas$182.2billionacross

1,254transactions,putting2026ontracktobesecondstrongestyearforcarve-outsafter2021.Therollingtwelve-month

carve-outvalueshowedsimilarstrengthrelativetohistorical

trends,despiteasmalldipfrom$249.6billionover1,805dealsinQ2’26to$247.7billionover1,751dealsinQ3’26.

Thehighdealvalueamidsofteningdealvolumereflectsa

broadertrendseeninthePEmarketgloballywherebyPE

investorsarebeingselective,focusingonlarge,high-quality

dealsovermakingagreaternumberofdeals.Butitalso

showcasesatrendthathasbecomeincreasinglynoticeablein

thecarve-outspace:carve-outsandcorporatedivestitures

appeartobenolongerconcentratedondistressedor

underperformingbusinessunits.Increasingly,they’refocusedonhealthyassetsthatsimplydon’talignwithacompanyorPE

fund’sgo-forwardstrategy.

Shiftingmarketdynamicscausingcorporatesandprivateequitytorethinktheirportfolios

Theglobalbusinessenvironmentisbecomingincreasingly

complex.Companiesarenavigatingabroadrangeofchallenges,fromgeopoliticaltensions,shiftingtradeandtariffpolicies,andagrowingfocusonsovereigntyandregionalizationinmany

jurisdictionstorisinginflation,higherinterestrates,andthe

unpredictablecostofcapital.Andtheyaredoingthiswhilealso

tryingtounderstandhowAIisdisruptingbusinessmodels,industries,andinvestmentstrategiessotheycanseize

AIopportunities.

Inlightofthesechangingmarketdynamics,manycorporatesareworkingtoreshapetheirportfoliostobetteralignwiththeir

strategicobjectivesandtomaximizeresilienceoverefficiency.

Weobservethishasledtomorecarve-outactivityascompaniesselloffbusinessunitsthatdon’tfitwiththeirnewstrategy.

OnthePEside,thedifficultexitenvironment,combinedwiththepressureforsponsorstoreturnDPItoLPs,isalsocreating

carve-outactivityofadifferentkind.Inlieuoftraditionalexits,

somesponsorsarecarvingoutbusinessunitsorcomponentsofassetsthattheycanmonetizenow,whileholdingontothepartstheywanttokeepinvestingin.

Americasdriveslargestshareofglobalcarve-outvalue;EMAseeslargestvolumeofdeals

Onarollingtwelvemonthbasis,theAmericasaccountedforthelargestshareofcarve-outdealvalueasofQ3’26,with

$125.5billionacross675transactions.ThislevelofinvestmentwasslightlyofftheamountseeninQ2’26($133.9)butstillstrongandconsistentwiththeinvestmentlevelsseensincethestartof2025,despitesevenstraightquartersofdecliningdealvolume.WithintheAmericas,carve-outactivityintheUSwasquiteweak,witharollingtwelve-monthtotalofjust$18.2billionininvestmentacross155deals.ThislikelyreflectsthematurityoftheUS

market,whichisseeingcarve-outopportunitiesthinningoutcomparedtowhatexistedinthepast.

EMAaccountedforthesecondgreatestshareofcarve-outdealvalue,witharollingtwelve-monthtotalof$92.7billionin

Q3’26,afifthstraightquarterlyincrease.Atthesametime,EMAattractedthegreatestnumberofcarve-outsglobally,witha

rollingtwelve-monthdealvolumetotalof883,downslightlyfromtherecordhighof918dealsseeninQ2’26.

8

Spotlight

Global

Americas

USEMA

ASPAC

Spotlight:Theevolutionofcarve-outopportunitiesinanincreasinglycomplexworld

ASPACregionsetsrecordforcarve-outdealvalueasmarketcontinuestomature

Whileresponsibleforamuchsmallerpercentageofcarve-out

activitycomparedtotheAmericasandEMAregions,theASPAC

regionreachedanewrollingtwelve-monthhighofcarve-outdealvalueinQ3’26,with$23.4billionupfrom$20.5billioninQ2’26;theregion’stwelve-monthdealvolumealsoremainedhighat131,

despiteadipfromtherecord135seeninQ2’26.Thecultural

evolutionandgrowthofPEmarketsinanumberofjurisdictionswithintheASPACregion,particularlyJapanandSouthKorea,

havelikelycontributedtoboththegrowingsizeandvolumeof

carve-outdealsintheregion.Forexample,inJapan,large

corporateshaveonlyrecentlystartedtoseecarve-outsand

divestituresasacceptablebusinesspractice.Giventhis,itislikelymorecarve-outactivitywillbeonthehorizoninASPAC.

Energysectorseesrecordcarve-outdealvalueatendofQ3,26

Atasectorlevel,energycontinuedtobeastandoutforcarve-outPEdealsgloballyin2026.BytheendofQ3’26,theenergysectorhadalreadyattractedarecord$56.6billionincarve-outdealvalueacross144deals.Thedealsinthespacewerequitediverse,

rangingfromportfoliorelocations,drivenbythegrowing

recognitionthatsomeenergytypesarebetteralignedtodifferentregions,toUS-basedPEfirmsteaminguptotakepublicutilitiesprivateinordertocarveoututilitybusinessunits.

Interestincarve-outshascomefrombothcorporatesandPE

firms.Onthecorporateside,thereisgrowingrecognitionthat

privateequityhasasignificantamountofdrypowderanddiversecapitalsolutionsavailablethatcanprovidethecapitalinjections

neededtodrivelarge,multi-yearinnovation,transformation,andgrowthprogramswithintheenergysector.FromaPEperspective,energyisviewedasanidealsectorforinvestmentasitincludesdifferentassetsthatdrivedifferentvaluationandriskprofilesthatPEfundscangetcomfortablewith.

Theworldismuchmorecomplex,sothemoreexposedtodifferentsectorsand

geographiesyouare,thelikelieritisthat

you’regoingtobedrivenbythemarket

ratherthanbeingabletodrivethemarket.Andthat’swhywe’reseeingalotof

divestmentsthatarepreciselyfocusedonthat—corporatesdivestingperfectly

healthybusinessesbecausecapitalneedstoberelocatedsomewhereelseor

managementneedstobeabletofocusitsattentiononotherpriorities.

KPMGInternational

JavierRodriguezGonzalez

GlobalHeadofStrategy

9

Spotlight

Global

Americas

USEMA

ASPAC

Spotlight:Theevolutionofcarve-outopportunitiesinanincreasinglycomplexworld

Automotivesectorsetforfive-yearhighincarveoutdeals,driveninpartbydefenseinterest

AttheendofQ3’26,theautomotivesectorwasalreadyata

five-yearhighinglobalcarve-outdealvalue($8.3billion),whilethenumberofcarve-outs(40)wasnearlyonpaceforthesame.Thefocusoncarve-outsinthespacereflectstwoconfluent

factors.Ontheonehand,shiftingdemandforautomotive

products,particularlyinthemoredevelopedmarketsasnew

generationsshowlessinterestinautomobileownership.Ontheother,theintensefocusontheenergytransitionhasdrivenmajorinvestmentsfromOEMsaroundtheworldbutthedemandhasn’tyetmaterializedtothedegreeneeded.Together,theseforces

havedrivensomecorporatestodivestbusinessunitsinordertobetterconcentratetheireffortsandmanagementattention.

OnthePEside,severalfactorshavealsodriveninterestin

carve-outs.Withinthedirectautomotivesector,PEfirms

continuedtoseeopportunitiestoconsolidatethelastman

standingpartsmarketindifferentregions.Atthesametime,

somehavealsoincreasinglyfocusedontheautomotive

manufacturingsectorasanopportunitytopivotcapacityto

sectorswithgrowingdemand.Defensehasbeenaclearwinnerinthisregard;anumberofPEfirmshavealreadyembraced

opportunitiestobuymanufacturingassetsinordertorepurposethemforsaletodefenseplayers.

Abrightfutureaheadforcarve-outsasPEfirmslooktoAItodrivevaluecreation

Lookingforward,thesameheadwindsthataffectedthePE

marketin2026areexpectedtocontinuewellinto2027,includingongoinggeopoliticaltensions,tradeandtariffconcerns,high

energycosts,andrisinginflationandinterestrates.Butcarve-

outsareexpectedtoremainagrowingpartofthePEmarketascorporatescontinuetodivesthealthyassets,eitherbecausetheynolongeralignwithcorporatestrategyorbecausethecapitalisneededtofuelstrategicactivitieslike,forexample,theAIeffortsofsomelargetechnologycompanies.

GiventheamountofdrypowderinthePEmarket,andthe

continuedselectivityofPEinvestorsgiventhemarket

uncertaintiesandthesoftexitenvironment,large-ticketcarve-outsofhealthyassetswilllikelycontinuetobeviewedassolidbets.Overthenextyear,AIisalsoexpectedtobecomeamajorleverinthetoolkitsofPEfirmsundertakingcarve-outs,astheylooktoreimaginecorporatefunctionsusingAItoimprovecoststructures,driveefficiencies,andcreaterealvalue.

Onthesponsorsideofthings,we’re

seeingalotof—callthemmini-carve-outsofgoodassets.Andthisalignswiththe

factPesareunderpressuretoreturnDPItotheirLPs.Sothey’relookingatoptions.Andratherthandoingafullexitafterfiveorsixyears,they’reaskingthemselves

whethertheycansellofpartsofthe

businessinordertoprovidereturnsnow,evenastheycontinueinvestinginthe

otherpieces.

PaulPan

USDealAdvisory&Strategy,PrivateEquityLeader

KPMGintheUS

Spotlight

Global

Americas

USEMA

ASPAC

01

InQ3’26,global

PE-announced

four-quartersumsamountedto

$2.2Tacross

20,362transactions

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.10

11

Spotlight

Global

Americas

USEMA

ASPAC

Globaloverview

GlobalPEmarketremainsselectivebutstrong,with$1.5trillioninvestedatendofQ3’26

SelectivityhasbeenthekeythemeintheglobalPEmarketin

2026,andtheresultsasoftheofQ3’26reflectthis;after

threequarters,globalPEinvestmentstoodat$1.5trillion—onpacetobethethirdbestyearofPEinvestmentonrecordafter2021and2025,whiledealvolumewasonpacefortheslowestyearsince2020at14,650deals.Therollingtwelve-monthtotalsechoedthistrend,withtherollingtwelve-monthtotalholding

strongat$2.2trillioninQ3’26,despiteasmalldipfrom

$2.4trillioninQ2’26,anddealvolumefallingto20,362,thelowestrollingtwelve-monthtotalseensinceQ1’21.

Thecontinuedconcentrationofcapitalonhighconvictionassetsreflectsarangeoffactors,fromcontinuedexitchallengesto

ongoinggeopoliticaltensionsandconflicts.Concernsaboutenergycosts,energyavailabilityinsomejurisdictions,risinginflation,andinterestrateincreaseshavealsohelpedkeep

PEinvestorsfocusedontoptierassetsandvaluecreation

opportunities.DuringQ3’26,anumberofcentralbanksraised

interestrates,includingtheBankofJapan,1theEuropeanCentralBank,2andtheUSFederalReserve.3

AmericasattractslargestshareofglobalPEinvestment,butASPAContrackforbestyearsince2021

AsoftheendofQ3’26,theAmericashad$854.6billioninPE

investmentacross6,845deals,puttingtheregionwellaheadofEMA,whichhad$521.3billionacross6,249deals,andASPAC,whichhad$137.8billionacross1,109deals.TheUSaccountedfor$793.4billionacross6,223dealsoftheAmericas’totalattheendofQ3’26;italsoattractedthelargestPEdealgloballyduringQ3’26:the$9.6billionbuyoutoftheSeattleSeahawks

footballteam.

WhilePEinvestmentwassolidacrossallthreeregions,only

ASPACwasonanupwardtrajectorycomparedto2025,with

itsdealvalueonpaceforitsstrongestyearsince2021anditsdealvolumeontracktoimproveslightly.ASPAC’sresultswerepropelledbyseverallargetransactions,includingthe$8.2billiontakeprivateoflogisticsproviderQubeHoldingsandthe

$5.4billiontakeprivateofinsurancebrokernetworkSteadfastGroupinQ3’26.

Theregionalrollingtwelve-monthtotalsshowedasimilartrend,withPEinvestmentanddealsvolumeintheAmericasdroppingfrom$1.4trillionand10,115dealsinQ2’26to$1.2trillionand

9,414dealsinQ3’26,EMAseeingadeclinefrom$818.2billionand9,251dealsinQ2’26to$764.4billionand8,805deals,andASPACseeinganincreaseinPEinvestmentfrom$171billioninQ2’26to$181.4billioninQ3’26whileitsdealvolumedipped

slightlyfrom1,517dealsto1,504deals.

AIecosystemplaysseestrongPEinterest;

energysectorontrackfornewrecordhighofPEinvestment

Globally,AIhasbeenamajorrecipientofPEattentionand

investmentforsometimenow.Butoverthepastfewquarters,

therehasbeenanotableevolutionintheinterestofPEinvestors.Whilesomearestillprimarilyfocusedonthetechequation,on

assessinghowcompaniesandindustrieswillbeaffectedbytherapidevolutionofAIandonusingAItodrivevaluecreationwithintheirportfoliocompanies,manyarenowlookingattheexpansiveAIecosystemfordealopportunities,fromdatacentersand

electricalequipmenttopowergeneration.

1TheGuardian,“Japanraisesinterestratesto31-yearhightocurbimpactofrisingprices.”18September2026.

2EuropeanCentralBank,“Monetarypolicydecisions.”10September2026.

3BoardofGovernorsoftheFederalReserveSystem,“FederalReserveissuesFOMCstatement.”16September2026.

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Spotlight

Global

Americas

USEMA

ASPAC

Globaloverview

TheenergysectorhasbeenabeneficiaryofthegrowingfocusinAIgivenitsessentialroleinfuelingAIdatacenters.AsoftheendofQ3’26,theenergyandnaturalresourcessectorwasat

$243.3billionininvestment,withinreachofanewrecordhigh.

DuringQ3’26,thesectorattractedanumberoflargedealsglobally,includingthe$7.7billiontakeprivateofIreland-based

offgridenergycompanyDCCPower,the$7billionsecondary

buyoutofUS-basedenergystorageandrenewablescompanyAypaPower,the$3billionbuyoutofUS-basedoilandgasexploration

companyVTXEnergyPartners,the$2.1billionbuyoutofAustralia-basedenergyinfrastructurefirmPlusES.

Industrialmanufacturingandautomotivesectors

likelybenefitingfromjurisdictionaldefensepriorities

Outsideofenergy,onlytwosectorsgloballywereontrackto

exceedtheir2025PEinvestmentlevelsasoftheendofQ3’26:

industrialmanufacturingandautomotive.PEinvestmentinthe

industrialmanufacturingsectorwasparticularlynotable,with

$122.6billionattheendofQ3’26,puttingthesectoronpaceto

matchits2021recordof$163.3billion.Bothsectorshavelikelybenefitedfromdefensebecomingamajorpriority—andfocusforincreasedspending—forgovernments,particularlythosein

EuropegiventheextendedconflictinUkraineandtheongoingconflictintheMiddleEast.Inrecentquarters,morePEinvestors

havetargetedthedefensespace,includingopportunitiestocreatevaluebypivotingmanufacturingassetstowardsdefense.GrowingopportunitiesrelatedtophysicalAIandroboticshavelikelyalso

attractedtheattentionofPEinvestors.

Exitvolumeandbacklogofexitsremainachallenge

Globally,exitvalueappearedrelativelystrongat$985.2billionasoftheendofQ3’26—onpaceforasimilarresultto2025,thoughwellbelowtherecord$1.7trillionseenin2021.Thechallengeisthis

robustexitvaluehasbeengeneratedbyasmallnumberofexits:

2,200asofQ3’26,farbelowthepaceneededtomatch2025’stotalof4,184.Rollingtwelve-monthfiguresunderscorethisissue.

DuringQ3’26,rollingtwelve-monthexitvaluewas$1.4trillion,thehighestlevelsinceQ1’22,whileexitvolumewas3,295,thelowestlevelsinceQ1’21.This,despitebothAUMandthetotalglobal

inventoryofPE-ownedassetsbeingatrecordhighs.

Withexitvolumesstillverysoft,LPpressureonPEfundsgloballyhasintensified,althoughperhapsnottothelevelexpectedgiventheincreasinguseofalternativeliquidityavenues,suchas

continuationvehiclesandsecondaries.Butuntilastrongerstreamofexitsmaterializes,itislikelythatPEmarketactivitywillremainhighlyconcentrated.

Globally,theenergysectorisseeing

incredibleinterestfromprivateequity,

drivenbyacombinationofrisingpower

consumption,themajordemandforenergyinfrastructuretofuelAI,andthegrowing

focusonenergysecurityindifferent

jurisdictions.Andthat’sontopoftheenergytransitionandtheneedtoupgradeaging

infrastructure.Assectorsgo,it’sclearlyastandout.

KPMGInternational

GavinGeminder

GlobalPrivateCapitalLeader

13

Spotlight

Global

Americas

USEMA

ASPAC

Globaloverview

TrendstowatchforinQ4,26

HeadingintoQ4’26andinto2027,PEinvestmentgloballyisexpectedtoremainhighlyselective,withPEinvestorscontinuingtoconcentrateonresilientbusinessesand,sectorsrelevanttotheAIecosystem—likeinfrastructureandenergy,industrialtech,andhealthcare.TakeprivateswilllikelyremainamajorfocusforPEinvestorsgiventheperceivedvalueopportunitythere,in

additiontocarveoutsascorporateslooktosupporttheirAIinitiatives.

Exitactivitywillbecriticaltowatch,althoughexitvolumemightnotrisesubstantivelywithoutavaluationrefinementonthesell-sideinordertofullyreopenthesponsor-to-sponsormarket.IPOmarketsoutsideoftheUS,HongKong,andIndiawilllikelyalsoneedtoseeareopening.AlthoughIPOactivityintheUScouldbequitesoftgiventhedegreeofmacroeconomicuncertainty,thenumberofpulledIPOslateinQ3’26,andthemidtermelectionsscheduledforQ4’26.

Fundraisingwilllikelyremainsoftandhighlyconcentratedonlargefundsandfundmanagerswithestablishedabilitytoreturncapital.

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Spotlight

Global

Americas

USEMA

ASPAC

Biggerdealspropupvalueasmomentumcools

GlobalPEdealactivity

$3,000.030,000

$2,500.0

$2,000.0

$1,500.0

$1,000.0

$500.0

$0.0

$1,352.0

$2,536.6

$2,058.5

$1,559.5

$1,847.9

$2,311.5

$1,551.0$662.2

25,000

20,000

15,000

10,000

5,000

0

2026*

LTMdealcount

202020212022202320242025

Dealvalue($B)LTMdealvalue($B)Dealcount

*Source:PulseofprivateequityQ3'26KPMGanalysisofglobalprivateequityactivityasof30September2026.DataprovidedbyPitchBook.

GlobalPEadd-on/bolt-onactivity

$900.0

$800.0

$700.0

$600.0

$500.0

$400.0

$300.0

$200.0

$100.0

$0.0

$187.0

$410.9

$787.2

$653.4

$541.8

$604.7

$704.2

$461.4

20202021