Key Takeaways
- • Global private equity investment reached $1.5 trillion across 14,650 deals in the first nine months of 2026, according to KPMG International's Q3'26 Pulse of Private Equity, with rolling 12-month investment easing from $2.4 trillion in Q2'26 to $2.2 trillion in Q3'26.
- • The Americas led with $854.6 billion across 6,845 deals, including $793.4 billion in the US, while EMA reached $521.4 billion and ASPAC $137.8 billion.
- • Energy and natural resources attracted $243.3 billion and is on track for a record year, driven by investment in power and infrastructure tied to AI demand.
- • Global PE exit value reached $985.2 billion across 2,204 exits, while exit volume fell to a 22-quarter low and rolling 12-month exit value rose to an 18-quarter high of $1.4 trillion.
- • Carve-out deal value reached $182.2 billion across 1,254 deals, putting 2026 on track to be the second-strongest carve-out year after 2021.
Summary
Global private equity investment reached $1.5 trillion during the first nine months of 2026, according to KPMG International's Q3'26 Pulse of Private Equity. KPMG characterized the market as increasingly selective, with capital concentrating in large, high-conviction deals and businesses viewed as having value-creation potential. Investors continue to weigh geopolitical uncertainty, elevated energy costs, inflation, interest rates and the cost of capital.
The Americas remained the largest region, attracting $854.6 billion across 6,845 deals, below the $1.3 trillion recorded in 2025 but still strong by historical standards. The US accounted for $793.4 billion across 6,223 deals, including the $9.6 billion buyout of the Seattle Seahawks and the $7.7 billion take-private of The Baldwin Insurance Group. Canada totaled $45.7 billion across 424 deals.
Energy and natural resources was the standout sector at $243.3 billion, putting 2026 on course for a record as investors targeted power and infrastructure linked to rising AI demand. Industrial manufacturing ($122.6 billion) and automotive ($28 billion) were also tracking ahead of 2025 levels, potentially reflecting interest in redirecting manufacturing capacity toward defense demand. Technology, media and telecommunications remained the largest sector overall at $479.1 billion.
In EMA, investment reached $521.4 billion across 6,249 deals, below the pace needed to match 2025's $784.3 billion, and rolling 12-month investment fell for the first time in over a year. The UK drew $165 billion and was on pace for a five-year high, while India was on track for a record with $25.8 billion across 247 deals. In ASPAC, Australia led with $42.9 billion, including the $8.2 billion take-private of Qube Holdings by a consortium including Macquarie Asset Management, UniSuper and Pontegadea. China led in deal count with 297 deals and $30.9 billion in value.
Exit value totaled $985.2 billion across 2,204 exits, though activity was concentrated in a small number of transactions. KPMG expects PE investment to remain selective through 2026 and into 2027, with fundraising subdued and concentrated among larger managers with proven distribution records.
The Americas remained the largest region, attracting $854.6 billion across 6,845 deals, below the $1.3 trillion recorded in 2025 but still strong by historical standards. The US accounted for $793.4 billion across 6,223 deals, including the $9.6 billion buyout of the Seattle Seahawks and the $7.7 billion take-private of The Baldwin Insurance Group. Canada totaled $45.7 billion across 424 deals.
Energy and natural resources was the standout sector at $243.3 billion, putting 2026 on course for a record as investors targeted power and infrastructure linked to rising AI demand. Industrial manufacturing ($122.6 billion) and automotive ($28 billion) were also tracking ahead of 2025 levels, potentially reflecting interest in redirecting manufacturing capacity toward defense demand. Technology, media and telecommunications remained the largest sector overall at $479.1 billion.
In EMA, investment reached $521.4 billion across 6,249 deals, below the pace needed to match 2025's $784.3 billion, and rolling 12-month investment fell for the first time in over a year. The UK drew $165 billion and was on pace for a five-year high, while India was on track for a record with $25.8 billion across 247 deals. In ASPAC, Australia led with $42.9 billion, including the $8.2 billion take-private of Qube Holdings by a consortium including Macquarie Asset Management, UniSuper and Pontegadea. China led in deal count with 297 deals and $30.9 billion in value.
Exit value totaled $985.2 billion across 2,204 exits, though activity was concentrated in a small number of transactions. KPMG expects PE investment to remain selective through 2026 and into 2027, with fundraising subdued and concentrated among larger managers with proven distribution records.
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