As we enter the final quarter of 2026, it鈥檚 time to look back at private equity (PE) activity last quarter and what that might tell us as we move into the final stretch of 2026. has released their Q3 2026 Global PE First Look, taking an early look at global and US PE data last quarter. In a nutshell, some large-scale transactions led to a rebound in global PE exit activity in Q3, but that comes alongside a drop in fundraising activity.
Below, we take a more in-depth look at their global and US specific data for Q3.
Deal Count and Deal Value
Globally, deal count was basically flat, up only 1.9% QoQ, coming in at 5,718. Global deal value reached $499.2 billion, up 7.8% QoQ. PitchBook notes that sponsors are still cautiously deploying capital, and smaller deals are the driver on a global scale.
In the US, the rebound here was much more significant. Deal count was up 5.8% QoQ at 2,466, and deal value totaled $230.4 billion, an increase of 20% QoQ. At home, PitchBook analysts say sponsors are on 鈥渂etter footing.鈥 While there are still smaller deals happening in the form of add-on and growth equity transactions, megadeals are also propping up the US numbers.
Exit Activity
There were 1,089 exits globally in Q3, a jump of 9.3% QoQ. Exit value also saw a large jump globally, with $481.6 billion in total value, up 65% QoQ. This is certainly a significant rebound for the quarter, and PitchBook notes that of the 1,089 exits, more than 1,000 of those were 鈥渨ell above historical norms.鈥
Exit activity in the US also regained some momentum. There were 405 exits for the quarter, up 11%, and total value came in at $165.1 billion, a jump of 51% QoQ. The discrepancy between the small jump in exit count and the large jump in exit value is due to the few large sales that boosted value. But PitchBook does note that both exit count and value are closer to what we were seeing at the start of 2026 when more companies were actively brought to market.
Fundraising Activity
When it comes to fundraising activity, the numbers tell a different story. Globally, fund count is 523, pacing down 30.5% YoY. Their data shows this is just half of what closed in 2025, and we have just one quarter to go. Additionally, capital raised is only pacing up 3.1% YoY, with $368.1 billion raised YTD (as of the end of Q3).
When we look at the US data, these numbers are pacing even lower, and PitchBook points to a concentration of fundraising in fewer, larger funds. Total fund count is 348, pacing down 31.5% YoY, and capital raised is pacing down 10.3% YoY, coming in at $222 billion YTD (as of the end of Q3). If the current pace holds, 2026 will be the first time since 2020 that the asset class will raise less than $300 billion, and the total fund count will hit its lowest mark since 2017.
The data points to a PE market that is gaining momentum, but we are still seeing an uneven recovery. With deal and exit values rising much faster than transaction counts, a relatively small number of megadeals drove much of the quarter鈥檚 rebound. For the balance of the year, we expect another quarter point increase in interest rates, with bond yields trending up and bond prices trending down, increasing the cost of capital. Continued activity in add-on acquisitions and smaller growth investments suggest sponsors are still favoring targeted opportunities over broad, aggressive capital deployment.
As we move through the rest of 2026, that divide is likely to remain. Stronger exit activity could return much-needed capital to investors and help bring more companies to market, but slower fundraising will keep pressure on sponsors to be selective. The result may be a more active final quarter without a full return to peak-market conditions, with established managers, high-quality assets and transactions offering a clear path to value creation best positioned to move forward.
