Key Takeaways
- • Global private equity investment reached $1.5 trillion after three quarters of 2026, on pace to be the third-best year on record after 2021 and 2025, according to KPMG's Q3'26 Pulse of Private Equity analysis.
- • Deal volume is on pace for the slowest year since 2020 at 14,650 deals, and the rolling twelve-month total fell to $2.1 trillion across 20,362 transactions, the lowest since Q1'21.
- • The Americas led with $854.6 billion across 6,845 deals, followed by EMA at $521.3 billion and ASPAC at $137.8 billion; ASPAC was the only region trending upward versus 2025.
- • Energy and natural resources, at $243.3 billion, was on track for a record year, driven by AI-linked infrastructure demand, including a $7.7 billion take-private of DCC Power.
- • KPMG expects PE investment to stay highly selective into Q4'26 and 2027, with take-privates and carve-outs likely to gain focus while exits and fundraising remain soft.
Summary
KPMG's Q3'26 Pulse of Private Equity analysis shows global PE investment at $1.5 trillion through the first three quarters of 2026, with the rolling twelve-month total at $2.1 trillion, down from $2.3 trillion in Q2'26. Deal volume is on pace for the slowest year since 2020 at 14,650 deals. KPMG characterizes the market as selective but strong, attributing capital concentration on high-conviction assets to exit challenges, geopolitical tensions and conflicts, energy costs and availability in some jurisdictions, rising inflation, and interest rate increases.
By region, the Americas had $854.6 billion across 6,845 deals, with the US accounting for $793.4 billion across 6,223 deals. EMA recorded $521.3 billion across 6,249 deals and ASPAC $137.8 billion across 1,109 deals. ASPAC was the only region with an upward trajectory relative to 2025, with its deal value on pace for its strongest year since 2021. Large ASPAC transactions included the $8.2 billion take-private of logistics provider Qube Holdings and the $5.4 billion take-private of insurance broker network Steadfast Group. The largest PE deal globally in Q3'26 was the $9.6 billion buyout of the Seattle Seahawks football team. Regional rolling twelve-month totals declined in the Americas, to $1.2 trillion across 9,414 deals, and in EMA, to $764.3 billion across 8,805 deals.
KPMG highlights AI as a driver of PE interest, with investors increasingly targeting the broader AI ecosystem, including data centers, electrical equipment, and power generation. The energy and natural resources sector, at $243.3 billion, is within reach of a record. Notable Q3'26 energy deals included the $7.7 billion take-private of Ireland-based DCC Power, the $7 billion secondary buyout of US-based Aypa Power, the $3 billion buyout of VTX Energy Partners, and the $2.1 billion buyout of Plus ES. Technology, media, and telecom led sectors with $479.1 billion across 4,508 deals, followed by consumer and retail at $177.2 billion. Carve-out deal value was $182.2 billion across 1,254 deals.
Looking ahead, KPMG expects PE investment to remain highly selective into Q4'26 and 2027, concentrated in resilient businesses, AI-adjacent sectors such as infrastructure and energy, industrial tech, and healthcare. Take-privates and carve-outs are likely to remain priorities. KPMG notes exit volume may not rise substantively without sell-side valuation refinement needed to reopen the sponsor-to-sponsor market, and non-US, Hong Kong, and Indian IPO markets will likely need to reopen. US IPO activity could be soft given macroeconomic uncertainty, pulled IPOs late in Q3'26, and the Q4'26 midterm elections. Fundraising is expected to remain soft and concentrated among large funds and managers with proven capital-return records.
By region, the Americas had $854.6 billion across 6,845 deals, with the US accounting for $793.4 billion across 6,223 deals. EMA recorded $521.3 billion across 6,249 deals and ASPAC $137.8 billion across 1,109 deals. ASPAC was the only region with an upward trajectory relative to 2025, with its deal value on pace for its strongest year since 2021. Large ASPAC transactions included the $8.2 billion take-private of logistics provider Qube Holdings and the $5.4 billion take-private of insurance broker network Steadfast Group. The largest PE deal globally in Q3'26 was the $9.6 billion buyout of the Seattle Seahawks football team. Regional rolling twelve-month totals declined in the Americas, to $1.2 trillion across 9,414 deals, and in EMA, to $764.3 billion across 8,805 deals.
KPMG highlights AI as a driver of PE interest, with investors increasingly targeting the broader AI ecosystem, including data centers, electrical equipment, and power generation. The energy and natural resources sector, at $243.3 billion, is within reach of a record. Notable Q3'26 energy deals included the $7.7 billion take-private of Ireland-based DCC Power, the $7 billion secondary buyout of US-based Aypa Power, the $3 billion buyout of VTX Energy Partners, and the $2.1 billion buyout of Plus ES. Technology, media, and telecom led sectors with $479.1 billion across 4,508 deals, followed by consumer and retail at $177.2 billion. Carve-out deal value was $182.2 billion across 1,254 deals.
Looking ahead, KPMG expects PE investment to remain highly selective into Q4'26 and 2027, concentrated in resilient businesses, AI-adjacent sectors such as infrastructure and energy, industrial tech, and healthcare. Take-privates and carve-outs are likely to remain priorities. KPMG notes exit volume may not rise substantively without sell-side valuation refinement needed to reopen the sponsor-to-sponsor market, and non-US, Hong Kong, and Indian IPO markets will likely need to reopen. US IPO activity could be soft given macroeconomic uncertainty, pulled IPOs late in Q3'26, and the Q4'26 midterm elections. Fundraising is expected to remain soft and concentrated among large funds and managers with proven capital-return records.
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