Global private equity deal value held at $436.4 billion across 4,168 deals in the first quarter, according to KPMG’s Q1’26 Pulse of Private Equity report, even as rolling 12-month deal volume fell to a five-year low of 19,682, down from 21,026 a quarter earlier. Investors are concentrating capital in large, high-conviction deals rather than broadening activity, KPMG found.
The quarter’s three biggest deals included the completed $41 billion take-private of AES by Global Infrastructure Partners and EQT, the in-progress $9.2 billion secondary buyout of InPost by a consortium led by Advent International and FedEx, and the completed $7.5 billion buyout of EGYM by Playlist, led by Affinity Partners. The Americas led regional activity at $247 billion, followed by EMA at $154 billion and ASPAC at $26 billion.
Global fundraising fell for an eighth straight quarter to $373 billion across 549 funds, lowest since 2017, as high dry powder and pressure to return capital to limited partners weighed on new fund formation. KPMG expects investment focused on AI-adjacent infrastructure and defense into the second quarter.
