2026年全球私募股权市场报告

About Bain & Company’s Private Equity business Bain & Company is the leading consulting partner to the private equity (PE) industry and its stakeholders. PEconsulting at Bain has grown eightfold over the past 15 years and now represents about one-third of the firm’sglobal business. We maintain a global network of more than 2,000 experienced professionals serving PE clients. Bain’s work with PE firms spans fund types, including buyout, infrastructure, real estate, and debt. We also work withhedge funds, as well as many of the most prominent institutional investors, including sovereign wealth funds, pension Deal generation.We work alongside investors to develop the right investment thesis and enhance deal flow byprofiling industries, screening targets, and devising a plan to approach targets. Due diligence.We help support better deal decisions by performing integrated due diligence, assessing revenuegrowth and cost-reduction opportunities to determine a target’s full potential, and providing a post-acquisition agenda. Immediate post-acquisition.After an acquisition, we support the pursuit of rapid returns by developing strategicblueprints for acquired companies, leading workshops that align management with strategic priorities, and Ongoing value addition.During the ownership phase, we help increase the value of portfolio companies bysupporting revenue enhancement and cost-reduction initiatives and refreshing their value-creation plans. Exit.We help ensure that investors maximize returns by preparing for exit, identifying the optimal exit strategy, Firm strategy and operations.We help PE firms develop distinctive ways to achieve continued excellence by devisingdifferentiated strategies, maximizing investment capabilities, developing sector specialization and intelligence, Institutional investor strategy.We help institutional investors develop best-in-class investment programs acrossasset classes, including private equity, infrastructure, and real estate. Topics we address cover asset class allocation,portfolio construction and manager selection, governance and risk management, and organizational design and Bain & Company, Inc. 350 Boylston StreetBoston, Massachusetts 02116 USATel: +1 617 572 2000www.bain.com Global Private Equity Report 2026 Contents Powering Forward in a New Era2Private Equity Outlook 2026: Gaining Traction3Overview3Investments8Exits14Fund-raising22Returns27Welcome to a New Era in Private Equity3012 is the new 531The cost of alpha is rising33Revenue is under pressure33Winning in a bold new era35 Global Private Equity Report 2026 Powering Forward in a New Era Dear Colleague: Private equity finally found some footing in 2025. Deal and exit values surged, a few megadeals stole theheadlines, and the champagne almost popped. Almost. The rebound was narrow, and distributions stayed What we’re experiencing, in other words, is a K-shaped recovery in a world where low prices, cheap debt,and easy multiple expansion are gone for the foreseeable future. This year’s report asserts that “12 is the new 5,” meaning today’s deals demand faster EBITDA growth.Actually achieving this growth requires sharper value creation and a clearer, data-backed edge. The winning firms will build systems, not slogans. They will invest in talent and AI, and move from fullpotential diligence to execution on Day 1. I hope these thoughts help you compete (and enjoy the ride). Thank you for reading—and for pushing the Best wishes, Hugh MacArthurChairman, Global Private Equity Private Equity Outlook 2026: Deal and exit value surged reassuringly in 2025 in a narrow recovery By Hugh MacArthur, Rebecca Burack, Graham Rose, Alexander Schmitz,Kiki Yang, and Sebastien Lamy At a Glance Private equity posted impressive gains in deal and exit value, as truly large transactions Yet below the megadeal level, the recovery was uneven, and fund-raising dragged in the face The industry has found some momentum heading into 2026, but winning amid high asset pricesand elevated interest rates will be harder than it has ever been Overview After three years in the relative doldrums, private equity finally started to build some momentum in 2025.The gains were mixed and propelled by a narrow swath of headline deals. But the industry’s recoveryappears to be gaining traction as more general partners (GPs) shake off economic uncertainty and Global Private Equity Report 2026 Interest rate cuts, aging dry powder, and ripe conditions for large public-to-private deals lifted buyoutvalue 44% to $904 billion. Exit value jumped 47% to $717 billion, propelled by a corporate M&A boom and Those totals were the second best in the industry’s history and not far behind private equity’s all-timezenith year in 2021. Dealmakers managed to find a way around tariff shocks in the spring, persistentgeopolitical turmoil throughout the year, and lingering uncertainty about everything from interest rates If you’re wondering why champagne corks