- During Q1’26, global PE deal value was $436.4 billion across 4,168 deals; on a rolling twelve-month basis
- Deal volume falls from 21,026 deals to five year low of 19,682 deals
- During Q1’26, exit flow was $294.1 billion globally across 635 PE exits; this included $140.4 billion through 298 acquisitions, $119.7 billion through 306 buyouts, and $37 billion through 31 public listings (both IPOs and reverse mergers)
In Q1’26, Global PE-announced four-quarter sums amounted to $2.1 across 19,682 transactions
Global highlights of Q1’26
Global PE investors remain selective in Q1’26 as deal volume falls further
During Q1’26, the global PE market saw $436 billion in announced deal value; this caused the rolling 12-month total for PE investment to fall slightly, from $2.2 trillion in Q4’25 to $2.1 trillion in Q1’26, although the total remained high compared to levels seen over the last three years. More notable was PE deal volume, which remained weak. During Q1’26, there were just 4,168 PE deals globally, which dropped the rolling 12-month total for deal volume from 21,026 to 19,682 quarter-over-quarter, the lowest level since Q1’21.
The dichotomy between global deal value and volume highlights the continued focus of PE investors on large, high-quality deals involving top assets. During the quarter, the three largest deals globally included the completed take private of US-based clean energy infrastructure firm AES by Global Infrastructure Partners and EQT for $41 billion,1 the announced secondary buyout of Poland-based parcel pickup company InPost by a consortium led by Advent International and FedEx for $9.2 billion,2 and the completed buyout of Germany-based smart fitness company EGYM by Playlist for $7.5 billion in a deal led by Affinity Partners.3
Americas attract largest share of PE funding globally, followed by the EMA region
The Americas accounted for $247 billion in PE deal value across 1,980 deals in Q1’26. As is typical, the US accounted for the largest share of the Americas total during the quarter: $228 billion in investment across 1,811 deals, led by the $41 billion take private of AES. Outside of the US, the largest deal in the Americas was the $3.4 billion buyout of Peru-based renewable energy generation and distribution company Inkia Energy by the Canada Pension Plan and I Squared Capital.4
By comparison, the EMA region saw $154 billion in PE deal value across 1,816 deals, led by the $9.2 billion buyout of InPost, while the ASPAC region saw $26 billion in PE investment across 255 deals, led by the $5.1 billion secondary buyout of Singapore-based data center infrastructure company ST Telemedia Global Data Centres by a consortium led by KKR.5
The 12-month rolling totals for both PE deal value and deal volume fell for all three major regions in Q1’26. In the Americas, the rolling totals fell from $1.3 trillion across 10,090 deals to $1.2 trillion across 9,400 quarter-over-quarter, while in the EMA region they fell from $734 billion across 9,043 deals to $718 billion across 8,522 deals and in the ASPAC region they fell from $145 billion across 1,300 deals to $128 billion across 1,208 deals.
Rolling 12-month fundraising falls for the eighth consecutive quarter to lowest level since Q1’17
During Q1’26, the 12-month rolling total of global PE fundraising fell to the lowest level since Q1’17, with just $373 billion raised across 549 funds. This reflects a major drop from $421 billion across 656 funds in Q4’25 and a level of fundraising not seen since Q1’17. The soft fundraising activity reflects a number of factors, including the high level of dry powder already in the hands of PE funds and the strong pressure on PE to return capital to their LPs prior to raising new funds.
Trends to watch for in Q2’26
Heading into Q2’26, PE investment is expected to remain focused on high-quality, high-conviction deals, particularly in AI-adjacent companies like data centers, digital infrastructure and energy. The defense sector could also see an uptick in investment, driven in part by the large commitments being made by governments in the space.
While efforts are being made to secure a lasting peace, the outcome and broader implications for global energy markets remain fluid and uncertain. There is still concern around oil and gas prices, energy availability, and the potential for inflationary pressure, although these risks will likely begin to moderate over the course of Q2’26 and into Q3’26 if conditions continue to stabilise. Over the longer term, heightened awareness of global energy dynamics could also create positive ripple effects, including increased interest in alternative energy sources and related infrastructure.
Pulse of Private Equity Q1’26
A KPMG quarterly analysis of global private equity activity.
Explore the regional reports
1 cnbc.com, “Hologic to go private in up to $18.3 billion deal backed by Blackstone, TPG,” 21 October 2025.
2 cdr.com, “Sealed Air to be Acquired by CD&R for $10.3 Billion,” 17 November 2025.
3money.usnews.com, “BASF Sells Majority of Coatings Business to Carlyle, Qatar Investment Authority,” 10 October 2025.
4 lse.co.uk, “Utmost Group announces the sale of its BPA business, Utmost Life and Pensions, to JAB Insurance,” 22 December 2025.
5 bp.com, “bp agrees to sell a 65% shareholding in Castrol to Stonepeak at an enterprise value of $10 billion,” 24 December 2025.
6 bnnbloomberg.ca, “Onex and AIG buying insurance company Convex Group in US$7B deal,” 30 October 2025.
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Andrew Thompson
Partner, Head of Asset Management and Private Equity, Asia Pacific
KPMG in Singapore