2026 US Private Equity Outlook

PitchBook

Research

18 Pages

PitchBook analyzes how United States private equity enters 2026 with aging portfolios, more selective exits and growing manager concentration. The outlook expects deal activity to favor platform buyouts and sector specialists while continuation vehicles and secondary solutions help manage older assets. It also notes that AI, credit conditions and fundraising dynamics will shape which managers gain share.

Date published: December 3, 2025

 

Key Takeaways

Inventory overhang: Defines a large stock of mature portfolio companies that will take time to work through.
Manager consolidation: Describes capital gravitating toward larger platforms even as niche specialists retain strong appeal.
Deal mix evolution: Highlights platform buyouts and creative exit structures as central features of the next phase.
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