Foreword
Welcome to the eighth edition of Dechert’s Global Private Equity Outlook , a comprehensive annual review of the key trends and themes shaping the global private equity (PE) market. Our research for this year’s edition, produced in association with Mergermarket , provides valuable insights into how PE managers around the world are navigating an increasingly complex and unpredictable deal and fundraising environment. GPs entered 2025 cautiously optimistic that inflation was cooling, interest rates had peaked and after nearly three years of becalmed deal activity and challenging fundraising, pent-up transaction flow could once again be released and the market re-energized. However, significant shifts in U.S. trade policy, political stasis in key European markets and rising geopolitical tensions have quelled some of the industry’s loftier ambitions. Given such a volatile backdrop, the 100 PE firms who generously gave their time to this research have provided invaluable context and insight into where the asset class may be heading in the next 12 months. The survey reveals that GPs believe the market is turning a corner. Buyout and exit values have improved year-on-year, and managers are optimistic about future returns. Though they are under no illusion about the ongoing headwinds, GPs are buoyed by their track record of adaptation and evolution. Indeed, a key strand that runs through this year’s report is that GPs are finding ways to unlock liquidity, whether through smart and pragmatic deal structuring or the use of other alternative liquidity options, fund finance and GP-led secondaries. This is an innovative and sophisticated asset class that continues to find novel ways to solve complex problems and create value for investors. We hope that you find the analysis in this report illuminating, valuable and practical. Despite the challenges, this is a time of innovation and real promise for a PE industry that has proven its ability to navigate market cycles and deliver results for investors. As Dechert celebrates 150 years of helping business leaders lead, we are excited for the future and look forward to helping our PE clients take advantage of the opportunities that the market has to offer in 2026 and beyond.
Markus Bolsinger Co-Head of Private Equity Partner, M&A/Private Equity New York/Munich markus.bolsinger@dechert.com
Sabina Comis Global Managing Partner Partner, Tax/Private Funds Paris sabina.comis@dechert.com
Maria Tan Pedersen Co-Head of Emerging Markets Partner, M&A/Private Equity Singapore maria.pedersen@dechert.com
Nick Tomlinson Partner, M&A/Private Equity London nick.tomlinson@dechert.com
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