Deals · Research note · 22 Sep 2026
Private equity is now its own best buyer
US private equity exits fell roughly 46% in Q2 2026 while global secondary volume set a first-half record, most of it managers selling assets into their own new funds. What that means for anyone underwriting a distribution or a GP-led deal.
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Every number, and where it comes from
The first five figures in the note.
The full table has 8 rows. Each figure is as published on the date shown, with its denominator.
| Figure | What it measures | Source |
|---|---|---|
| 33,000 | Unsold portfolio companies held in private equity funds worldwide as of mid-2026. Implied holding periods around seven years. Global, all buyout strategies. | Bain & Company, Private Equity Midyear Report 2026, 8 Jun 2026 |
| $102.6B | US private equity exit value, Q2 2026, down roughly 46% from Q1 2026. US only, single quarter, all exit routes combined. | PitchBook, Q2 2026 US PE Breakdown, 7 Jul 2026 |
| $38.5B and $24.5B | Within that total, sales to corporate acquirers ($38.5B, down 63%) and sponsor-to-sponsor sales ($24.5B, down 57%) in Q2 2026. The two routes to a third-party buyer. | PitchBook, Q2 2026 US PE Breakdown, 7 Jul 2026 |
| $118B | Global secondary market volume, H1 2026. A first-half record, up 15% on H1 2025. GP-led $62B (53%), LP-led $56B. Jefferies' methodology. | Jefferies Private Capital Advisory, Global Secondary Market Review, Jul 2026 |
| $34B | Single-asset continuation vehicle volume, H1 2026, up 88% year on year and 53% of the GP-led market. Evercore's count, which sizes the whole H1 market at $121B with GP-led $65B. | Evercore Private Capital Advisory, H1 2026 Secondary Market Review, Jul 2026 |
3 more figures in the PDF, each with its source.
Sources
6 primary releases.
- Bain & Company, Private Equity Midyear Report 2026 (8 Jun 2026)Around 33,000 unsold portfolio companies; implied holding periods of approximately seven years; four years of record-low distributions as a share of NAV; roughly 75% of buyout assets still exit above their next-to-last quarterly mark.bain.com
- PitchBook, Q2 2026 US PE Breakdown (7 Jul 2026)US PE exit value $102.6B in Q2 2026, down roughly 46% quarter on quarter; corporate acquisitions $38.5B, down 63%; sponsor-to-sponsor $24.5B, down 57%.pitchbook.com
- Jefferies Private Capital Advisory, Global Secondary Market Review (Jul 2026)H1 2026 global secondary volume $118B, a first-half record, up 15% on H1 2025; GP-led $62B or 53% of the market; LP-led $56B.jefferies.com
- Evercore Private Capital Advisory, H1 2026 Secondary Market Review (Jul 2026)H1 2026 volume $121B; GP-led $65B, LP-led $56B; single-asset continuation vehicles about $34B, 53% of GP-led, up 88% year on year; super carry in more than one third of GP-led deals; secondary dry powder about $194B; full-year 2026 forecast $250B to $260B.evercore.com
- PitchBook News, Super carry spreads through continuation funds (3 Aug 2026)Reports Evercore's H1 2026 finding that more than one in three continuation fund deals by volume carried super carry, against 15% in full-year 2025.pitchbook.com
- Preqin, Continuation funds in 2026: Beyond liquidity (6 Jul 2026)123 continuation funds closed in 2025 raising $75.0B, against 13 funds raising $9.0B in 2018; 12.4% of direct private equity fundraising in 2025 against 1.2% in 2018.preqin.com