Conclusion
Dechert’s 2026 Global Private Equity Outlook shows an industry that is finding ways to navigate a volatile macroeconomic backdrop and get deals done. Buyout and exit values are improving and are higher than a year ago. There has not been the deal deluge many GPs had hoped for, but there has been a gradual thaw. GPs are realizing value, unlocking liquidity and making distributions again. While work remains to be done to clear deal and distribution backlogs, there are now signs of progress. The willingness of GPs to structure deals flexibly and make use of the secondaries market has also helped to thaw the liquidity freeze. Our research points to increasing uptakes of fund finance and rising GP-led secondaries volume. There are more liquidity tools available to the PE industry than ever before, and GPs are taking advantage.
The research highlights that GPs, despite their cautious optimism, are being realistic and pragmatic in their outlook. Geopolitical conflict, intensifying antitrust scrutiny and tariff uncertainty are acknowledged as significant obstacles that GPs now must factor into deal selection and due diligence. This industry, however, is a nimble one. GPs continue to evolve their expertise and skillsets and have proven their ability to adapt to changing market dynamics and find innovative ways to deploy and realize capital, whether through specializing in handpicked sectors or broadening out platforms to include new strategies. The PE industry still faces myriad challenges, but after three very difficult years, it is gradually moving back onto an upward trajectory.
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