Global PE exit activity softens in Q1 2026 as deal count falls

Global private equity exit activity declined in the first quarter of 2026, with total deal volume falling 6.25% year over year to 720 exits, down from 768 in the same period last year, according to analysis by S&P Global Market Intelligence.
Trade sales remained the primary exit route but fell to 566 transactions from 603, while secondary buyouts declined to 141 from 153. IPO exits edged higher to 13 from 12, according to S&P Global Market Intelligence.
Despite lower volumes, total exit value rose to $311.18bn, largely driven by a single transaction: the $250bn sale of X.AI LLC to Space Exploration Technologies Corp (SpaceX).
Market participants pointed to persistent macroeconomic uncertainty, shifting tariffs and ongoing supply chain pressures as key factors weighing on valuations and slowing exit activity.
Strategic sales totalled $270.81bn in Q1, heavily skewed by the SpaceX transaction. Secondary buyouts reached $39.06bn, while IPOs accounted for $1.32bn. Overall Q1 exit value was roughly half of the $629.59bn recorded in 2025.
Sector trends
Technology led exit activity with 198 deals, followed by industrials with 123 and healthcare with 87.
The largest exit of the quarter was the $250bn sale of X.AI to SpaceX, both controlled by Elon Musk. Sellers included Sequoia Capital, Lightspeed Venture Partners, Kingdom Holding, Valor Equity Partners, StepStone Group, Andreessen Horowitz, Vy Capital, Craft Ventures, CoreNest Capital and MGX Fund Management.
The second-largest was the $10.61bn sale of InPost SA, an e-commerce logistics platform specialising in parcel lockers. Sellers included PPF Group, Advent Global Opportunities Management and AI Prime & Cy SCA, with buyers including Advent International, FedEx Corp., PPF Group and A&R Investment Ltd.