Market Review - PE Environment, Q2 2026

Private Equity in 2026: A Market Undergoing Major Restructuring

In the first half of 2026, the private equity market showed mixed performance. The slowdown was concentrated primarily in the United States, in the software sector, and in large-cap transactions. While fundamentals remain solid in some parts of the market, artificial intelligence is prompting investors to reassess the sustainability of growth and valuation multiples.

At the same time, business is picking up in Europe and Asia, while capital is shifting toward energy, financial services, and AI-related infrastructure.

The first signs of improved liquidity are also emerging: an increase in divestitures, the reopening of the initial public offering (IPO) market, and record-high secondary market trading volumes. However, this trend remains gradual, as distributions remain limited given the accumulated stock of assets.

In this more fragmented environment, selectivity, investment discipline, and the creation of operational value remain critical.