Global private equity investment reaches $1.5 trillion as capital concentrates in fewer, larger deals, according to KPMG’s Pulse of Private Equity

• Global PE investment reached $1.5 trillion across 14,650 deals in the first nine months of 2026. On a rolling 12-month basis, investment eased from $2.4 trillion in Q2’26 to $2.2 trillion in Q3’26, reflecting continued selectivity in the market.
• The Americas remained the largest PE market, attracting $854.6 billion across 6,845 deals, with the US accounting for $793.4 billion of investment.
• Energy and natural resources was a standout sector, attracting $243.3 billion and putting 2026 on track for a new investment record, while technology, media and telecommunications remained the largest sector overall at $479.1 billion.
• Global PE exit value reached $985.2 billion across 2,204 exits, with rolling 12-month exit value rising to an 18-quarter high of $1.4 trillion, despite exit volume falling to a 22-quarter low.
• PE-backed carve-out deal value reached $182.2 billion across 1,254 deals, putting 2026 on track to be the second-strongest year for carve-outs after 2021.

Global carve-out deal value was $182.2 billion across 1,254 deals at the end of Q3’26, putting 2026 on track to be the second-strongest year for carve-outs (after 2021). On a rolling 12-month basis, carve-out deal value remained strong, declining slightly from $249.6 billion across 1,805 deals in Q2’26 to $247.7 billion across 1,751 deals in Q3’26. The figures also point to a shift away from carve-outs involving distressed or underperforming assets toward healthy businesses that no longer align with a corporate or PE fund strategy.

The Americas recorded $854.6 billion in PE investment across 6,845 deals during the first nine months of 2026, below the pace of the $1.3 trillion recorded in 2025 but still strong by historical standards. The US accounted for the largest share of this total, with $793.4 billion invested across 6,223 deals. These included the $9.6 billion buyout of the Seattle Seahawks and the $7.7 billion take-private of The Baldwin Insurance Group. Canada came a distant second, accounting for $45.7 billion across 424 deals, while the rest of the region, primarily Latin America, accounted for $15.5 billion across 198 deals.

PE investment in the EMA region reached $521.4 billion across 6,249 deals during the first nine months of 2026, below the pace required to match the $784.3 billion recorded in 2025. Rolling 12-month investment declined for the first time in a year, falling from $818.1 billion to $764.4 billion, although seasonal factors may have contributed. The region’s largest transaction in Q3’26 was the $7.7 billion take-private of Ireland-based DCC Energy.

The UK saw the greatest share of PE investment in the EMA region in the first three quarters of 2026 ($165 billion), and was on pace for a five-year high, while deal volume remained steady at 1,510 deals. Meanwhile, India was on pace for a new record of PE investment, with $25.8 billion invested across 247 deals. PE investment in Germany was solid ($58.1 billion across 615 deals), if slightly off its 2025 pace.

The ASPAC region was at $137.8 billion in PE investment across 1,109 deals at the end of Q3’26, well within reach of a five-year high for investment and a minor increase over 2025 for deal volume. On a rolling 12-month basis, PE investment reached a six-quarter high of $181.4 billion in Q3’26, while deal volume held almost steady at 1,504.

The mature Australian market accounted for the largest share of PE investment in the region ($42.9 billion) as of the end of Q3’26, including one of the largest deals of the quarter: the $8.2 billion take-private of integrated import and export logistics provider Qube Holdings by a consortium including Macquarie Asset Management, UniSuper, and Pontegadea. China attracted the largest deal volume in the region (297) over the same time period, despite softer deal value ($30.9 billion), while Japan attracted $29.1 billion across 260 deals and South Korea attracted $11.5 billion across 128 deals.

Global PE exit value reached $985.2 billion across 2,204 exits during the first nine months of 2026, although value remained concentrated in a relatively small number of transactions. On a rolling 12-month basis, exit value rose to $1.4 trillion, its highest level since Q1’22, while exit volume fell to 3,295, its lowest level since Q1’21.

PE investment is expected to remain selective through the end of 2026 and into 2027 amid geopolitical uncertainty and concerns about the future cost of capital. Investors are likely to prioritize resilient businesses with clear value-creation opportunities, while AI infrastructure and energy are expected to continue attracting capital.

Exit activity will remain critical as pressure to return capital to investors grows. Meanwhile, fundraising is expected to remain subdued and concentrated among larger funds and managers with a proven record of distributions.

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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