Key Takeaways
- • Global private equity investment reached $1.5tn across 14,650 transactions in the first nine months of 2026, with capital concentrating in fewer, larger deals, according to KPMG's latest Pulse of Private Equity report.
- • The Americas led with $854.6bn across 6,845 deals, including $793.4bn in the US, while EMEA attracted $521.4bn across 6,249 transactions and Asia-Pacific recorded $137.8bn across 1,109 deals.
- • Global PE exit value totalled $985.2bn across 2,204 transactions year-to-date, but exit volumes fell to their lowest level in 22 quarters, even as rolling 12-month exit value hit an 18-quarter high of $1.4tn.
- • Technology, media and telecommunications remained the largest sector at $479.1bn, while energy and natural resources reached $243.3bn, on track for a record year on AI-linked power and infrastructure demand.
- • KPMG expects selective dealmaking into 2027 and warns that a sustained exit recovery is needed to return capital to investors and support fundraising, which is concentrated among larger managers.
Summary
Global private equity investment reached $1.5tn across 14,650 transactions in the first nine months of 2026, according to KPMG's latest Pulse of Private Equity report. The figures point to a market in which capital is concentrating in fewer, larger transactions. Investment activity remained selective amid geopolitical uncertainty, elevated financing costs and inflationary pressures, with managers prioritising larger deals and businesses offering identifiable value-creation opportunities.
Regionally, the Americas accounted for $854.6bn across 6,845 deals, including $793.4bn in the US. Europe, the Middle East and Africa attracted $521.4bn across 6,249 transactions, and Asia-Pacific recorded $137.8bn across 1,109 deals. The UK was the largest private equity market in EMEA, attracting $165bn across 1,510 transactions in the first three quarters, putting it on course for a five-year investment high.
By sector, technology, media and telecommunications remained the largest, attracting $479.1bn. Energy and natural resources accounted for $243.3bn and is positioned for a record year as investors target power generation and infrastructure linked to AI demand. Carve-out activity was also resilient, reaching $182.2bn across 1,254 transactions, putting 2026 on track to be the second-strongest year on record for corporate carve-outs after 2021.
Exit activity presented a more mixed picture. Global PE exit value totalled $985.2bn across 2,204 transactions during the first nine months. On a rolling 12-month basis, exit value reached $1.4tn, an 18-quarter high, even as exit volumes fell to their lowest level in 22 quarters. KPMG attributes the divergence to an increasingly concentrated exit market, in which larger disposals account for a greater share of realised value while smaller transactions remain difficult to execute.
KPMG expects dealmaking to remain selective into 2027, with AI infrastructure, energy and resilient businesses with clear operational improvement opportunities continuing to attract capital. The firm warned that a sustained recovery in exits will be important for returning capital to investors and supporting future fundraising, which remains concentrated among larger managers with established distribution records.
Regionally, the Americas accounted for $854.6bn across 6,845 deals, including $793.4bn in the US. Europe, the Middle East and Africa attracted $521.4bn across 6,249 transactions, and Asia-Pacific recorded $137.8bn across 1,109 deals. The UK was the largest private equity market in EMEA, attracting $165bn across 1,510 transactions in the first three quarters, putting it on course for a five-year investment high.
By sector, technology, media and telecommunications remained the largest, attracting $479.1bn. Energy and natural resources accounted for $243.3bn and is positioned for a record year as investors target power generation and infrastructure linked to AI demand. Carve-out activity was also resilient, reaching $182.2bn across 1,254 transactions, putting 2026 on track to be the second-strongest year on record for corporate carve-outs after 2021.
Exit activity presented a more mixed picture. Global PE exit value totalled $985.2bn across 2,204 transactions during the first nine months. On a rolling 12-month basis, exit value reached $1.4tn, an 18-quarter high, even as exit volumes fell to their lowest level in 22 quarters. KPMG attributes the divergence to an increasingly concentrated exit market, in which larger disposals account for a greater share of realised value while smaller transactions remain difficult to execute.
KPMG expects dealmaking to remain selective into 2027, with AI infrastructure, energy and resilient businesses with clear operational improvement opportunities continuing to attract capital. The firm warned that a sustained recovery in exits will be important for returning capital to investors and supporting future fundraising, which remains concentrated among larger managers with established distribution records.
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