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      The global private equity market continues to see a clear concentration of capital. According to KPMG’s Pulse of Private Equity Q3’26 report, funds invested USD 1.5 trillion globally through the end of Q3 2026, only slightly less than in the corresponding period of the previous year. At the same time, the number of deals remained significantly lower, indicating that investors are focusing on a smaller number of large assets with strong value-creation potential. Investment decisions continue to be shaped by geopolitical uncertainty, energy costs, inflation and interest rates. Nevertheless, AI-related infrastructure, energy, technology, industrials and sectors resilient to economic fluctuations, such as healthcare, remain at the forefront of investor interest.

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      Read the report to learn:

      • Why are private equity funds making fewer but larger investments?
      • Why does the value of exits remain high despite a decline in the number of exits?
      • How is artificial intelligence driving investment in the energy sector?
      • What are carve-outs, and why do they increasingly involve well-performing business units?
      • Which sectors are currently attracting the most investor attention?
      • How does Poland’s private equity and M&A market compare with global trends?
      „The concentration of capital in a smaller number of large transactions observed in the global private equity market demonstrates how high the bar has been set for assets coming to market. As investor expectations increase, particular importance is being placed on the quality and predictability of financial performance, a company’s ability to generate cash flows, and the credibility of the assumptions underlying growth forecasts and valuations. Pressure to execute exits further increases the importance of adequately preparing companies for sale.
      In the Polish market, the quality of assets entering sale processes varies, while the number of companies that meet the high expectations of private equity funds remains limited. At the same time, third-quarter data indicates that the increase in M&A activity was driven primarily by strategic buyers, while private equity activity declined slightly. Under these conditions, Polish companies seeking an investor or preparing for a sale must be ready for an in-depth assessment of their financial performance, growth prospects and the assumptions underlying their valuation. Reliable financial data, consistent management information and the ability to demonstrate the sustainability of financial performance may significantly influence both the course of the transaction process and the valuation achieved.”
      Rafał Wiza

      Partner, Corporate audit

      KPMG in Poland

      „The more selective approach taken by private equity funds towards new investments is also increasing the importance of tax considerations in transaction preparation. In an environment of high valuations and more challenging financing conditions, investors are scrutinising risks that could affect an asset’s value following acquisition and its subsequent exit from the portfolio. This is particularly important in carve-outs and buy-and-build strategies, which require the appropriate structuring of the transaction, financing arrangements and intercompany settlements. Tax considerations should therefore be addressed at the transaction design stage rather than only during its finalisation. Identifying tax risks and implications at an early stage can reduce uncertainty during the due diligence process, while also making the subsequent integration of additional assets and the implementation of the intended value-creation strategy easier. Tax risk insurance is also becoming increasingly important in transaction processes, particularly in private equity exits.”
      Małgorzata Gleń

      Partner, Tax, M&A Tax Group

      KPMG in Poland

      Key private equity market insights for Poland and globally

      Q3’26
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      Funds focus on large deals and proven assets

      After the first three quarters of 2026, the global value of private equity investment reached USD 1.5 trillion. At the same time, the number of deals stood at 14,650 and is on track to record its lowest annual level since 2020. Funds are therefore investing less frequently, concentrating more capital on high-quality assets with predictable performance and clear growth potential. This concentration of capital reflects persistent geopolitical and macroeconomic uncertainty, the high cost of capital and investors’ more cautious approach to risk. Over the past 12 months, deal value totaled USD 2.2 trillion across 20,362 transactions.

      The Americas remained the largest market, accounting for more than half of global private equity investment. By the end of the third quarter of 2026, funds had invested USD 854.6 billion across 6,845 transactions in the region, of which USD 793.4 billion was invested in the United States.

      The largest private equity transaction in the third quarter was the USD 9.6 billion acquisition of the Seattle Seahawks. This was followed by the USD 8.2 billion acquisition of Australian logistics operator Qube Holdings and the USD 7.7 billion transaction involving The Baldwin Insurance Group.

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      Exits generate significant value but involve a limited number of companies

      In the first three quarters of 2026, the global value of private equity exits reached USD 985.2 billion across 2,200 transactions. By comparison, 4,184 exits were completed in the whole of 2025. The divergence between exit value and volume is even more evident in the trailing 12-month data. At the end of the third quarter of 2026, exit value reached USD 1.4 trillion, its highest level since the first quarter of 2022, while exit volume fell to 3,295, its lowest level since the first quarter of 2021. This indicates that the market’s high overall value is being driven by a relatively small number of large exits.

      At the same time, pressure on funds to return capital to investors remains high. With traditional exit opportunities limited, alternative liquidity solutions, including continuation vehicles and secondary transactions, are playing an increasingly important role.

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      Artificial intelligence drives investment in the energy sector

      Data centres require vast amounts of energy, which is why investors are looking for opportunities across the entire AI ecosystem, from energy infrastructure to electrical equipment. The energy and natural resources sector has already attracted USD 243.3 billion in investment and is approaching a record level. Major transactions in this area include the USD 7.7 billion acquisition of Irish company DCC Power and the USD 7 billion sale of US-based Aypa Power.

      Despite the growing importance of energy, technology, media and telecommunications (TMT) remains the largest private equity sector, having attracted USD 479.1 billion in investment. Investors are also paying increasing attention to the impact of artificial intelligence on technology companies’ business models and their potential to create value.

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      Fundraising remains under pressure

      Global fundraising activity remains limited, even though funds continue to have substantial capital available for investment. Institutional investors are directing capital primarily towards the largest funds and managers with a proven track record of generating returns and returning capital to investors. As a result, raising new capital remains particularly challenging for smaller funds and new investment platforms.

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      Carve-outs also involve healthy businesses

      The global value of carve-outs reached USD 182.2 billion across 1,254 transactions, putting 2026 on track to become the second-strongest year for carve-out deal value after 2021. Increasingly, they involve business units that are performing well but no longer fit the company’s new strategy. Funds are also separating assets that can be sold now to return capital to investors, while continuing to develop the remaining businesses. The energy sector reached a record high, with the value of carve-outs amounting to USD 56.6 billion.

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      Industrials and defence gain importance

      Investment in manufacturing reached USD 122.6 billion and is on track to match the record of USD 163.3 billion set in 2021. Automotive is the second sector that may exceed its 2025 result. This trend is being driven by increased government spending on defence, particularly in Europe, as well as growing interest in robotics and so-called physical artificial intelligence.

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      The Polish private equity market attracts investment across multiple sectors

      Private equity activity in Poland includes consumer brands, healthcare, logistics and digital infrastructure. Notable transactions include:

      • Avallon MBO’s acquisition of a majority stake in Inglot. Announced in June 2026 and not covered in the previous edition of the quarterly report, the transaction is intended to support the brand’s international expansion;
      • Spire Capital Partners’ acquisition of a 70% stake in the Clicktrans logistics platform. Completed in the third quarter of 2026, the transaction had already been announced in the previous edition of the quarterly report, “Fewer deals, higher stakes, the growing role of AI”;
      • MCI’s preliminary agreement to acquire a 67.5% stake in Klinika Miracki;
      • the planned acquisition of Fiberhost and INEA by Deutsche Telekom from Macquarie Asset Management for approximately EUR 1 billion, as mentioned in the previous edition of the quarterly report.

      As in the global market, investors in Poland are focusing on selected sectors with strong growth potential, including technology, healthcare and digital infrastructure.

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      Stable activity in the Polish M&A market

      According to Mergermarket data, 99 M&A transactions were completed in Poland in the third quarter of 2026, up 5% from 94 in the same period a year earlier. Private equity activity declined slightly. The number of Sponsor M&A* transactions fell from 29 to 27, while their share of the overall market decreased from approximately 31% to 27%. Strategic buyers were the main drivers of the recovery, while private equity funds participated at a more moderate pace.

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      Technology and healthcare drive M&A activity

      According to Mergermarket data, the industrial sector recorded the highest number of completed transactions in the third quarter of 2026. A total of 23 deals were announced, accounting for more than 23% of all M&A transactions. Healthcare ranked second, with a share of approximately 20%, followed by software, which accounted for 14% of transactions. The consolidation of healthcare services remains a particularly strong trend, while interest in the TMT sector extends to telecommunications infrastructure, software and online platforms. Globally, healthcare also remains one of the most resilient sectors of the economy and has been identified by KPMG as an area that is expected to continue attracting private equity interest despite ongoing economic uncertainty.

      * Sponsor M&A is a category used by Mergermarket for transactions in which the buyer is a financial sponsor, most commonly a private equity fund

      About the report

      “Pulse of Private Equity” is KPMG’s quarterly publication analysing private equity activity worldwide. The report covers investment trends, deal activity, exits and fundraising, as well as the key macroeconomic, geopolitical and sector-specific factors affecting the private equity market.

      The publication is based on data provided by PitchBook and applies a broad definition of the private equity market. The analysis includes completed transactions, as well as deals that have been announced or are currently in progress.

      The third-quarter 2026 edition focuses on the growing concentration of capital in the largest transactions, the impact of AI on investor strategies and increasing interest in energy, manufacturing and the automotive sector. The report also examines the exit market, carve-out transactions and new opportunities associated with robotics, physical AI and rising defence spending.

      Download the report

      Download the report

      Pulse of private equity Q3’26

      A KPMG quarterly analysis of global private equity activity.

      Download the report

      FAQ

      Investment value reached USD 1.5 trillion across 14,650 transactions. Funds invested larger amounts in a smaller number of assets.

      Exit value reached USD 985.2 billion across only 2,200 transactions. As a result, funds are increasingly turning to continuation vehicles and secondary transactions.

      Carve-outs involve the sale of part of a company, such as a business unit. Increasingly, they involve well-performing units that no longer fit the company’s new strategy.

      Data centres and AI require vast amounts of energy. Investment in the sector is approaching a record level.

      In the third quarter of 2026, 99 M&A transactions were completed in Poland, compared with 94 in the same period a year earlier. Of these, 27 were classified as Sponsor M&A transactions.

      The industrial sector recorded the highest number of transactions, accounting for more than 23% of the market. It was followed by healthcare at 20% and software at 14%.

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      Our experts

      Rafał Wiza

      Partner, Corporate audit

      KPMG in Poland

      Małgorzata Gleń

      Partner, Tax, M&A Tax Group

      KPMG in Poland