Highlights:
- US attracts $545.1 billion in PE investment, but EMA sees largest deal (Intertek - $ 14 billion)
- Mid-year global PE exit volume incredibly soft at 1,315—lowest exit pace in over a decade
27 July 2026
The global PE market showed resilience in Q2’26, bringing the mid-year total of PE investment to $1 trillion across 9,294 deals. On a rolling twelve-month basis, both global PE investment and deal volumes dropped by small amounts, from $2.4 trillion to $2.3 trillion and from 21,060 to 20,105. The robust deal value, despite the rolling twelve-month deal count falling to a twenty-one quarter low, highlights how global PE investors are focusing on high value, high conviction deals in the face of continued geopolitical and macroeconomic uncertainties, according to KPMG’s Q2’26 Pulse of Private Equity report.
Global PE exit flow remained subdued, with 1,315 exits in the first half of the year – a pace not seen in over a decade. Global exit value showed more strength, with $570 billion at mid-year compared to $1.2 trillion during all of 2025. The Q2’26 twelve-month rolling exit value total ($1.23 trillion) echoed this; it was the second best result in four years after Q4’25. Acquisitions-based exit activity dominated, accounting for $262.5 billion across 659 exits at mid year.
The Americas attracted the largest share of global PE investment in the first half of 2026 ($579.2 billion across 4,319 deals), with the US accounting for $545 billion across 3,926 deals of this total. The EMA region ranked a distant second with $343.2 billion across 4,067 deals, followed by the ASPAC region with $67.9 billion across 639 deals.
While the Americas saw more PE investment, the EMA region attracted three of the four largest PE deals globally in Q2’26, including EQT’s take private of UK-based Intertek Group for $14.6 billion, Bain’s buyout of Germany-based Everllence for $8.6 billion, and CVC Capital Partners and Groupe Bruxelles Lambert’s take private of Italy-based Recordati for $6.6 billion. In comparison, the $10 billion launch of US-based Helix Digital Infrastructure by KKR was the largest deal in the Americas, while the secondary buyout of Australia-based I-MED Radiology Network by Jardines[i] was the largest deal in ASPAC.
At a sector level, the technology, media, and telecommunications (TMT) sector continued to see the largest share of PE investment globally, with $354.7 billion at mid-year, followed by industrial manufacturing at $154 billion. Notably, the energy and natural resources sector was on track for a record high with $149.2 billion invested at mid-year.
Q2'26 - Key highlights
- In the first half of 2026, global PE deal value sat at $1 trillion across 9,294 deals, a solid total compared to historical norms; on a rolling twelve-month basis, PE investment fell slightly from $2.4 trillion across 21,060 deals to $2.3 trillion across 20,105 deals.
- The Americas attracted $579.2 billion across 4,319 deals in the first six months of 2026, with the US accounting for $545 billion across 3,926 deals; on a rolling twelve-month basis, the Americas saw PE investment fall from $1.4 trillion across 10,027 deals to $1.3 trillion across 9,460 deals between Q1’26 and Q2’26, while the US saw it fall from $1.3 trillion across 9,095 deals to $1.2 trillion across 8,568 deals.
- The EMA region saw $343.2 billion in PE investment across 4,067 deals in the first half of the year; on a rolling twelve month basis, however, it saw PE investment rise slightly from $775.7 billion to $782.4 billion between Q1’26 and Q2’26, despite deal count falling from 9,084 to 8,732.
- The ASPAC region accounted for $67.9 billion in PE investment across 639 deals in the first half of the year. On a rolling twelve month basis, it saw PE investment tick up slightly from $153.8 billion to $154.2 billion, while deal volume fell slightly from 1,361 to 1,343.
- As of the end of Q2’26, the TMT sector had attracted the largest share of PE funding globally ($354.7 billion), followed by industrial manufacturing ($154 billion) – both quite steady results compared to 2025 totals; energy and natural resources, however, is on a record investment pace, with $149.2 billion at mid-year.
- As of the end of Q2’26, global exit flow was $570.0 billion across 1,315 exits, including $262.5 billion through 659 acquisitions, $194.8 billion across 580 buyouts, and $112.7 billion across 76 public listings (both IPO exits and reverse mergers).
- At mid-year, global fundraising was at $261.8 billion across 315 funds; while on track to surpass 2025’s fundraising value of $446.7 billion, it was still quite off results seen in 2021 to 2024. Of this total, buyout funds accounted for a very large share: $224.7 billion across 243 funds.
Acquisitions account for $262.6 billion in global exit value at mid-year – on pace for decade high
At mid-year, global PE exit value was at $570.0 billion across 1,315 exits. Acquisitions accounted for a large portion of this total – $262.5 billion across 659 exits – on track for a decade high despite exit volume being on track for a decade low. Buyouts contributed $194.8 billion across 580 exits, while public listings accounted for $112.7 billion across 76. Although public listing activity was very soft globally, the US did see a number of sizeable IPO exits.
Americas attracts $579.2 billion in PE investment in first half of 2026; US accounts for $545.1 billion
The Americas attracted $579.2 billion in PE investment in the first half of Q2’26; the US accounted for $545.1 billion across 3,926 deals of this total, including the $10 billion launch of Helix Digital Infrastructure by KKR, the $6 billion secondary buyout of Cleco Corporate Holdings by Stonepeak and Bernhard Capital Partners, and the $4.5 billion acquisition of EDF’s US and Canadian renewable energy operations and assets by KKR in Q2’26.
Meanwhile, Canada saw $23.4 billion invested across 267 deals in the first half of 2026, including the $1.2 billion take private of registry and data management company, Information Services Corporation by Plenary Americas[i], and the $850 million take private of Blackline Safety by Francisco Partners in Q2’26. The remaining US$10.6 billion was attributable to transactions in other jurisdictions across the region, including IG4 Capital’s proposed acquisition of Raízen’s debt load. The deal could confer de facto majority control of the Brazilian energy and agribusiness group and is ultimately expected to be valued in the billions of dollars.
EMA region sees rolling twelve-month total rise slightly quarter-over-quarter to $782.4 billion in Q2’26
In the first half of 2026, the EMA region saw $343.2 billion in PE investment, somewhat off the pace needed to match its 2025 total of $767.6 billion. It’s twelve-month PE investment total, however, inched up from $775.7 billion in Q1’26 to $782.4 billion in Q2’26, despite declining deal volume.
The UK attracted the largest share of PE investment in the first half of 2026 ($105.3 billion), including $14.6 billion from the take private of Intertek by EQT in Q2’26. Germany came in second with $34.9 billion, including the $8.6 billion buyout of Everllence by Bain Capital in Q2’26, followed by France ($31.1 billion), Italy ($24.9 billion), Spain ($21.6 billion), and India ($15.8 billion). Of the major jurisdictions in the EMA region, only the UK and India were on pace to match their 2025 results.
PE investment in ASPAC region soft in first half of 2026, with $67.9 billion at mid-year
PE investment in the ASPAC region was soft in the first half of 2026, with $67.9 billion invested across 639 deals, compared to $156.8 billion across 1,364 deals in all of 2025. On a twelve-month rolling basis, the region showed more resilience, with $154.2 billion in PE investment across 1,343 deals – up slightly quarter-over quarter despite deal volume being at a more than five-year low.
Japan attracted the largest share of PE investment in the first half of the year, with $23.3 billion across 177 deals; comparatively, Australia saw $14.8 billion across 178 deals, while China saw just $5.8 billion across 126 deals. During Q2’26, however, Australia attracted the two largest deals – both in the healthcare space: Jardines’i secondary buyout of medical imaging company I-MED Radiology Network for $2.4 billion and Stonepeak’s secondary buyout of aged care facilities provider Estia Health for $2 billion.
Focus on high quality, high conviction PE deals expected to continue into Q3’26
PE investment globally is expected to remain steady in Q3’26, driven by the continued focus of PE investors on making large, high quality and high conviction deals. Energy and AI infrastructure are expected to remain very hot areas of PE investment globally, while PE investors will likely continue to steer clear from software as they continue to reevaluate their existing portfolios given AI disruption. Hardware, including areas like sensors and robotics, is also expected to see significant interest. Strategic exits are expected to be the most prominent exit route in Q3’26, although the opening of the US IPO market might help spark interest in IPO and dual-track exits, particularly heading into 2027.
For media queries, please contact:
Dannielle McAllister
Global Media Relations Manage Senior Manager, External Communications
KPMG International
T: +44 7704 675 753
E: dannielle.mcallister@kpmg.co.uk
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