- After three quarters, global PE investment stood at $1.5 trillion
- The rolling-twelve month totals $2.1 trillion in Q3’26, despite a small dip from $2.3 trillion in Q2’26, and deal volume falling to 20,362
- Global carve-out deal value was $182.2 billion across 1,254 deals at the end of Q3’26
- At the sector level, the technology, media, and telecom sector had the greatest total investment ($479.1 billion across 4508 deals) at the end of Q3’26, followed by energy and natural resources ($243.3 billion) — which was on track for a new record, and consumer and retail ($177.2 billion).
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In Q3’26, Global PE-announced four-quarter sums amounted to $2.2 T across 20,362 transactions
Global highlights of Q3’26
Global PE market remains selective but strong, with $1.5 trillion invested at end of Q3’26
Selectivity has been the key theme in the global PE market in 2026, and the results as of the of Q3’26 reflect this; after three quarters, global PE investment stood at $1.5 trillion — on pace to be the third best year of PE investment on record after 2021 and 2025, while deal volume was on pace for the slowest year since 2020 at 14,650 deals. The rolling-twelve month totals echoed this trend, with the rolling twelve month total holding strong at $2.2 trillion in Q3’26, despite a small dip from $2.3 trillion in Q2’26, and deal volume falling to 20,362 — the lowest rolling twelve month total seen since Q1’21.
The continued concentration of capital on high conviction assets reflects a range of factors, from continued exit challenges to ongoing geopolitical tensions and conflicts. Concerns about energy costs, energy availability in some jurisdictions, rising inflation, and interest rate increases have also helped keep PE investors focused on top tier assets and value creation opportunities.
Americas attracts largest share of global PE investment, but ASPAC on track for best year since 2021
As of the end of Q3’26, the Americas had $854.6 billion in PE investment across 6,845 deals, putting the region well ahead of EMA, which had $521.3 billion across 6,249 deals, and ASPAC, which had $137.8 billion across 1,109 deals. The US accounted for $793.4 billion across 6,223 deals of the Americas’ total at the end of Q3’26; it also attracted the largest PE deal globally during Q3’26: the $9.6 billion buyout of the Seattle Seahawks football team.
While PE investment was solid across all three regions, only ASPAC was on an upward trajectory compared to 2025, with its deal value on pace for its strongest year since 2021 and its deal volume on track to improve slightly. ASPAC’s results were propelled by several large transactions, including the $8.2 billion take private of logistics provider Qube Holdings and the $5.4 billion take private of insurance broker network Steadfast Group in Q3’26.
The regional rolling twelve-month totals showed a similar, with PE investment and deals volume in the Americas dropping from $1.3 trillion and 10,115 deals in Q2’26 to $1.2 trillion and 9.414 deals in Q3’26, EMA seeing a decline from $818.1 billion and 9,251 deals in Q1’26 to $764.3 billion and 8,805 deals, and ASPAC seeing an increase in PE investment from $171 billion in Q2’26 to $181.3 billion in Q3’26 while its deal volume dipped slightly from 1,517 deals to 1,504 deals.
AI ecosystem plays see strong PE interest, energy sector on track for new record high of PE investment
Globally, AI has been a major recipient of PE attention and investment for some time now. But over the past few quarters, there has been a notable evolution in the interest of PE investors. While some are still primarily focused on the tech equation, on assessing how companies and industries will be affected by the rapid evolution of AI and on using AI to drive value creation within their portfolio companies, many are now looking at the expansive AI ecosystem for deal opportunities — from data centers and electrical equipment to power generation.
The energy sector has been a major beneficiary of the growing focus in AI given its essential role in fueling AI capacity. As of the end of Q3’26, the energy and natural resources sector was at $243.3 billion in investment, within reach of a new record high. During Q3’26, the sector attracted a number of large deals globally, including the $7.7 billion take private of Ireland-based off grid energy company DCC power, the $7 billion secondary buyout of US-based energy storage and renewables company Aypa Power, the $3 billion buyout of US-based oil and gas exploration company VTX Energy Partners, the $2.1 billion buyout of Australia-based energy infrastructure firm Plus ES.
Trends to watch for in Q4’26
Heading into Q4’26 and into 2027, PE investment globally is expected to remain highly selective, with PE investors continuing to concentrate on resilient businesses, sectors relevant to the AI ecosystem — like infrastructure and energy, industrial tech, and healthcare. Take privates will likely remain a major focus for PE investors given the perceived value opportunity there, in addition to carve outs as corporates look to support their AI initiatives. Exit activity will be critical to watch, although exit volume might not rise substantively without a valuation refinement on the sell-side in order to fully reopen the sponsor-to-sponsor market. IPO markets outside of the US, Hong Kong, and India will likely also need to see a reopening. Although IPO activity in the US could be quite soft given the degree of macroeconomic uncertainty, the number of pulled IPOs late in Q3’26, and the midterm elections scheduled for Q4’26. Fundraising will likely remain soft and highly concentrated on large funds and fund managers with proven ability to return capital.
Pulse of Private Equity Q3’26
A KPMG quarterly analysis of global private equity activity.
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Tilman Ost
Global Private Capital Advisory Leader, KPMG International and EMA Private Capital Leader
KPMG in Germany
