KPMG: private equity exits reach $1.4 trillion on only 3,295 deals
Rolling twelve-month exit value is the highest since the first quarter of 2022, while the exit count is the lowest since early 2021, according to KPMG's third-quarter report.
- Global private equity exit value reached $1.4 trillion in the twelve months to Sept. 30, the highest since Q1 2022.
- The exit count fell to 3,295 over the same period, the lowest since Q1 2021, so fewer, larger sales carry the value.
- Funds raised $367.4 billion in the first nine months of 2026, against $477.9 billion in all of 2025.
Rolling twelve-month global private equity-backed exit value at the end of each quarter, $ billion. Source: KPMG Pulse of Private Equity Q3'26, PitchBook data as of Sept. 30, 2026.
Private equity-backed exits were worth $1.4 trillion in the twelve months to Sept. 30, 2026, while their number fell to 3,295, according to KPMG's Pulse of Private Equity Q3'26.
Exit value rises 19% in a year while the exit count drops
Rolling twelve-month exit value stood at $1,418.5 billion at the end of Q3 2026, up from $1,192.1 billion a year earlier. That is a 19% rise, our calculation.
KPMG said the exit count of 3,295 is the lowest since Q1 2021 and the value the highest since Q1 2022. The report puts the 2021 record at $1.7 trillion.
Through the first nine months of 2026, exits totaled $985.2 billion across 2,200 deals. The full year of 2025 had 4,184 exits, according to KPMG, so the 2026 count is running well behind.
Average value per exit therefore rises. Dividing $985.2 billion by 2,200 exits gives $448 million for 2026. Dividing $1,346.3 billion by 4,184 exits gives $322 million for 2025.
That is a 39% increase in the average, our calculation. A small group of large sales is producing the headline value.
A backlog of roughly 20 years of exits sits behind the data
KPMG said assets under management and the inventory of private equity-owned companies are both at record highs. Unsold holdings keep piling up while sales stay thin.
An outside estimate points the same way. W Capital Partners counted about 29,000 buyout-backed companies worldwide and about 1,500 exits a year since 2011, according to Financier Worldwide.
The magazine said that implies a backlog equal to roughly 20 years of exits. The two data sets use different definitions, so the comparison is indicative.
Fundraising slows to $367.4 billion as funds wait for exits
Funds raised $367.4 billion in the first nine months of 2026, according to KPMG. Full-year totals were $477.9 billion in 2025 and $670.7 billion in 2023.
The ten largest firms by assets raised $50.7 billion, against $76.5 billion in all of 2025. Their share of capital raised is 13.8% this year and 16.0% last year, our calculation.
KPMG said pressure from limited partners on funds has intensified because exit volumes remain soft. It expects fundraising to stay soft and concentrated on large managers with a record of returning capital.
Asia-Pacific exit value nearly doubles on public listings
Exit value in Asia-Pacific reached $203.4 billion through September, nearly double the $110 billion of all 2025, KPMG said. The region saw 226 exits against 401 in 2025.
Public listings brought in $132.9 billion, against $60.4 billion for the whole of 2025. Rolling twelve-month exit value rose to $234.5 billion from $129.2 billion at the end of Q2.
PitchBook's US figures for Q2 show a weaker picture
PitchBook's Q2 2026 US report put exit value at $102.6 billion, down 7.4% from a year earlier. It counted 353 exits, up 5.4% from a year earlier, PitchBook said.
That is one region and one quarter, so it does not confirm or contradict the global rolling figure. PitchBook also supplies KPMG's data, so this is an indicative check, not an audit.
Report in numbers
| Metric | Value | Period | Source |
|---|---|---|---|
| Global exit value, rolling | $1,418.5 billion | 12 months to Sept. 30, 2026 | KPMG |
| Global exit count, rolling | 3,295 | 12 months to Sept. 30, 2026 | KPMG |
| Exit value, year to date | $985.2 billion | Jan.-Sept. 2026 | KPMG |
| Exits, year to date | 2,200 | Jan.-Sept. 2026 | KPMG |
| Capital raised, year to date | $367.4 billion | Jan.-Sept. 2026 | KPMG |
| Asia-Pacific exit value | $203.4 billion | Jan.-Sept. 2026 | KPMG |
| US exit value | $102.6 billion | Q2 2026 | PitchBook |
Caption: Rolling figures cover the twelve months to Sept. 30, 2026; year-to-date figures cover Jan.-Sept. 2026. Source: KPMG, PitchBook data as of Sept. 30, 2026. Percentages and averages are our calculation.
Rate rises and a thin IPO calendar frame the fourth quarter
The Federal Reserve raised its federal funds target range to 3.75%-4% on Sept. 16, by a 12-0 vote, according to the Federal Reserve.
The Bank of Japan lifted its rate to 1.25% on Sept. 18, Al Jazeera reported.
KPMG said US IPO activity could stay soft given pulled listings late in Q3 and the midterm elections scheduled for Q4. It said a valuation adjustment on the sell side may be needed to reopen sponsor-to-sponsor sales.
- Q4 2026: KPMG expects private equity investment to stay highly selective and exit activity to be the key metric to watch.
- Q4 2026: US IPO activity, which KPMG says could stay soft around the midterm elections.
How we reported this: We read KPMG's 94-page Q3'26 report and opened the Fed, PitchBook, Financier Worldwide and Al Jazeera pages. Figures marked as ours are our calculation, formulas in the fact table; PitchBook supplies KPMG's data.
Source: assets.kpmg.com