- After three quarters, 2026 global PE investment stood at $1.5 trillion
- The rolling-twelve month totals $2.1 trillion in Q3’26, despite a small dip from $2.3 trillion in Q2’26, and deal volume falling to 20,362
- Global carve-out deal value was $182.2 billion across 1,254 deals at the end of Q3’26
- At the sector level, the technology, media, and telecom sector had the greatest total investment ($479.1 billion across 4508 deals) at the end of Q3’26, followed by energy and natural resources ($243.3 billion) — which was on track for a new record, and consumer and retail ($177.2 billion).
Explore the Q3’26 regional insights
In Q3’26, Global PE-announced four-quarter sums amounted to $2.2 T across 20,362 transactions
Global highlights of Q3’26
Global PE market remains selective but strong, with $1.5 trillion invested at end of Q3’26
Selectivity has been the key theme in the global PE market in 2026, and the results as of the of Q3’26 reflect this; after three quarters, global PE investment stood at $1.5 trillion — on pace to be the third best year of PE investment on record after 2021 and 2025, while deal volume was on pace for the slowest year since 2020 at 14,650 deals. The rolling-twelve month totals echoed this trend, with the rolling twelve month total holding strong at $2.2 trillion in Q3’26, despite a small dip from $2.3 trillion in Q2’26, and deal volume falling to 20,362 — the lowest rolling twelve month total seen since Q1’21.
The continued concentration of capital on high conviction assets reflects a range of factors, from continued exit challenges to ongoing geopolitical tensions and conflicts. Concerns about energy costs, energy availability in some jurisdictions, rising inflation, and interest rate increases have also helped keep PE investors focused on top tier assets and value creation opportunities.
Twelve month rolling total for PE investment falls for first time in over a year across EMA
PE investment in the EMA region was $521.4 billion across 6,249 deals at the end of Q3’26, slightly softer than the pace needed to match the level seen in 2025. After rising for four straight quarters, the rolling twelve-month total for PE investment fell noticeably, from $818.2 billion to $764.4 billion quarter-over-quarter. Rolling twelve-month deal volume also declined, from 9,251 in Q2’26 to a nine-quarter-low of 8,805 deals in Q3’26 as PE investors prioritized high-quality deals over quantity.
Americas attracts largest share of global PE investment, but ASPAC on track for best year since 2021
As of the end of Q3’26, the Americas had $854.6 billion in PE investment across 6,845 deals, putting the region well ahead of EMA, which had $521.3 billion across 6,249 deals, and ASPAC, which had $137.8 billion across 1,109 deals. The US accounted for $793.4 billion across 6,223 deals of the Americas’ total at the end of Q3’26; it also attracted the largest PE deal globally during Q3’26: the $9.6 billion buyout of the Seattle Seahawks football team.
While PE investment was solid across all three regions, only ASPAC was on an upward trajectory compared to 2025, with its deal value on pace for its strongest year since 2021 and its deal volume on track to improve slightly. ASPAC’s results were propelled by several large transactions, including the $8.2 billion take private of logistics provider Qube Holdings and the $5.4 billion take private of insurance broker network Steadfast Group in Q3’26.
The regional rolling twelve-month totals showed a similar, with PE investment and deals volume in the Americas dropping from $1.3 trillion and 10,115 deals in Q2’26 to $1.2 trillion and 9.414 deals in Q3’26, EMA seeing a decline from $818.1 billion and 9,251 deals in Q1’26 to $764.3 billion and 8,805 deals, and ASPAC seeing an increase in PE investment from $171 billion in Q2’26 to $181.3 billion in Q3’26 while its deal volume dipped slightly from 1,517 deals to 1,504 deals.
UK attracts largest share of PE deal activity, including more than half of region’s largest deals in Q3’26
Across EMA, the UK showed the most strength in Q3’26, accounting for more than half of the largest deals announced in the region, including the secondary buyout of ATG Entertainment by MARI for $6 billion10 and the take private of Mitie Group by OCS Group for $4.1 billion — although the take private of Ireland-based DCC Energy by KKR and Energy Capital Partners for $7.7 billion accounted for the largest regional deal of the quarter. At the end of Q3’26, UK-based PE investment stood at $165 billion, putting it on track for a five year high. While the UK’s rolling twelve month total for investment dipped to $234.2 billion in Q3’26, it also remained high relative to historical trends. It’s notable that deal volume in the UK remained relatively steady as well, with 1,510 deals at the end of Q3’26, compared to 2,076 for all of 2025, and a rolling twelve-month deal volume total of 2,090.
AI ecosystem plays see strong PE interest, energy sector on track for new record high of PE investment
Globally, AI has been a major recipient of PE attention and investment for some time now. But over the past few quarters, there has been a notable evolution in the interest of PE investors. While some are still primarily focused on the tech equation, on assessing how companies and industries will be affected by the rapid evolution of AI and on using AI to drive value creation within their portfolio companies, many are now looking at the expansive AI ecosystem for deal opportunities — from data centers and electrical equipment to power generation.
The energy sector has been a major beneficiary of the growing focus in AI given its essential role in fueling AI capacity. As of the end of Q3’26, the energy and natural resources sector was at $243.3 billion in investment, within reach of a new record high. During Q3’26, the sector attracted a number of large deals globally, including the $7.7 billion take private of Ireland-based off grid energy company DCC power, the $7 billion secondary buyout of US-based energy storage and renewables company Aypa Power, the $3 billion buyout of US-based oil and gas exploration company VTX Energy Partners, the $2.1 billion buyout of Australia-based energy infrastructure firm Plus ES.
Global trends to watch for in Q4’26
Heading into Q4’26 and into 2027, PE investment globally is expected to remain highly selective, with PE investors continuing to concentrate on resilient businesses, sectors relevant to the AI ecosystem — like infrastructure and energy, industrial tech, and healthcare. Take privates will likely remain a major focus for PE investors given the perceived value opportunity there, in addition to carve outs as corporates look to support their AI initiatives. Exit activity will be critical to watch, although exit volume might not rise substantively without a valuation refinement on the sell-side in order to fully reopen the sponsor-to-sponsor market. IPO markets outside of the US, Hong Kong, and India will likely also need to see a reopening. Although IPO activity in the US could be quite soft given the degree of macroeconomic uncertainty, the number of pulled IPOs late in Q3’26, and the midterm elections scheduled for Q4’26. Fundraising will likely remain soft and highly concentrated on large funds and fund managers with proven ability to return capital.
Spotlight on EMA
Twelve-month exit value continues to climb as deal volume sinks to twenty-two quarter low
Exit value in the EMA region was $320.9 billion as of the end of Q3’26, on track for a five year high despite seeing only 945 exits over the same time period. The Q3’26 rolling twelve-month totals highlight the counter trends well, with a seventeen-quarter high in exit value of $460.5 billion and a twenty-two-quarter low in exit volume of 1,434. Acquisitions remained the most prominent exit strategy in the EMA region as dealmakers continued to prioritize strategic, add-on investments and high-quality deals viewed as having significant value creation potential. As of the end of Q3’26, acquisitions in the EMA region accounted for $113.1 billion, well within reach of 2021’s record high of $143.5 billion.
Although it has not yet been reflected in the exit numbers, pressure on PE firms to exit older assets has continued to mount, prompting them to put more companies up for sale or to ready them for sale.
EMA Trends to watch for in Q4’2026
- Heading into Q4’26, a number of uncertainties are expected to continue to affect the EMA region, from ongoing geopolitical tensions and domestic political challenges to the September decision by the European Central Bank to raise interest rates for a second time this year given energy-driven inflation stemming from the ongoing conflict in the Middle East.13 This continued uncertainty is expected to keep PE investors focused on strategic opportunities, with a laser focus on value creation. PE investments will likely remain highly concentrated, particularly in areas like Physical AI, industrial manufacturing, defence, and AI infrastructure. Buy-and-build strategies are also expected to drive significant deal activity in the coming months, as PE investors look to strengthen and scale existing portfolio companies.
- Exit activity will likely remain one of the most critical areas to watch over the next few quarters given the significant backlog of exits, increasing pressure on PE funds, and growing recognition that continuation funds are not the solution in all circumstances. Carve-outs are also expected to remain a major opportunity over the coming quarters, as are successions at family-owned businesses.
Pulse of Private Equity Q3’26
A KPMG quarterly analysis of global private equity activity.
