Global private equity investment reaches $1.5tn as deal volumes weaken
Global private equity investment reached $1.5tn across 14,650 transactions in the first nine months of 2026, as capital became increasingly concentrated in fewer, larger deals, according to KPMG's latest Pulse of Private Equity report.
Global private equity investment hit $1.5tn across 14,650 transactions in the first nine months of 2026, KPMG reported. Capital became more concentrated among fewer, larger deals as investment activity remained selective due to geopolitical uncertainty, higher financing costs and inflation. US managers prioritized larger transactions and businesses with clear value-creation opportunities, accounting for $854.6bn across 6,845 deals.
Europe, the Middle East and Africa saw $521.4bn across 6,249 transactions, while Asia-Pacific recorded $137.8bn across 1,109 deals. The UK led Europe, Middle East and Africa with $165bn across 1,510 transactions, on track for a five-year investment high. Technology, media and telecommunications led in global sector investment, attracting $479.1bn, while energy and natural resources stood at $243.3bn.
Carve-out activity remained resilient at $182.2bn across 1,254 transactions, hinting at a record year for corporate carve-outs. Global private equity exits totaled $985.2bn across 2,204 transactions, marking the second-strongest year on record after 2021. Despite exit volumes falling to their lowest level in 22 quarters, KPMG expects selective dealmaking into 2027, with AI infrastructure, energy and resilient businesses attracting private equity capital.
The firm cautioned that sustained exit recovery is crucial for returning capital to investors and supporting future fundraising.
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