2026年一季度后勤报告：私募股权和风险投资趋势及投资策略（英）2026

Logistics Report PE and VC trends and investment strategies Contents PE and VC activity3 Institutional Research Group Jonathan GeurkinkSenior Research Analyst, Mobility Techand Supply Chain Techjonathan.geurkink@pitchbook.com Logistics PE ecosystem market map14 Logistics PE investor map Harrison Waldock Logistics VC ecosystem market map Q1 2026 PE timeline pbinstitutionalresearch@pitchbook.com Published on May 15, 2026 Logistics PE deal summary Logistics VC deal summary19 PE segment data20 PE and VC activity PE activity Logistics PE deal activity held firm in Q1 2026 after a sharp rebound in the prior quarter. Q1 saw$9.4 billion in value across 41 deals and an estimated deal value of $10.7 billion across 58 deals.The relative stability in the quarter is somewhat surprising, as dealmakers were whipsawed with theUS Supreme Court ruling on President Trump’s tariff regime and subsequent threats of new tariffs,followed by heightened uncertainty and snarled supply chains as a result of the Iran war. Under suchcircumstances we would expect to see greater activity around freight forwarding as clients seekguidance in navigating supply chain and tariff uncertainty, as well as segments and solutions thatbolster supply chain resiliency and redundancy. Across PE segments, trucking saw a surge in deal value to $5.6 billion across nine deals compared to$1 billion over 18 deals in Q4 2025. The $5.6 billion represents a high-water mark going back to 2016,as deal activity continues to absorb excess capacity, and is detailed further in our recent PitchBookanalyst noteConsolidation in Trucking. Freight forwarding also saw an uptick in activity with 10 dealstotaling $774.5 million. Deal count for the segment was the highest going back to Q2 2023. Similar to overall deal activity, PE exits in Q1 remained stable at $8.1 billion across 26 deals comparedto $7.8 billion over 30 deals in Q4 2025. The trucking segment saw the greatest number of exits at 11totaling $5.7 billion in exit value. Marine Air Global air freight entered Q1 2026 with solid demand up 7% YoY in February, with Asia leading at 14%growth. The Iran war’s outbreak in late February abruptly transformed the market. Global air cargocapacity plunged 22% on March 1 due to Gulf airspace closures, with Asia and Middle East capacityalone down 50%. The market shifted to a seller’s market by the end of Q1, with seven- to 10-daybacklogs forming at major transit hubs and intercontinental rates rising sharply on the back of higherjet fuel costs and longer rerouted flight paths. Asia-Europe flows surged 29% YoY by late March ascarriers scrambled to replace lost Middle East-linked capacity with alternative routings. The global marine freight segment experienced its most severe disruption since the COVID-19pandemic in Q1 2026, driven by the effective closure of the Strait of Hormuz from the end of Februaryonward. Before the war, roughly 3,000 vessels transited the strait monthly; by March that number hadcollapsed to just 154, with overall Hormuz traffic running at approximately 5% of its pre-war average,cutting off roughly 20% of global seaborne oil trade and disrupting container, bulk, and LNG flowssimultaneously. The impact on the broader container market was significant but more containedthan the energy headlines suggested: The strait handles only 2% to 3% of global container volumes;nevertheless, Gulf-bound container rates quadrupled, and carriers faced seven- to 10-day portcongestion at UAE hubs. Rail Trucking Rail freight entered Q1 2026 as one of the more insulated transport modes from the Iran war’s directdisruption and benefited indirectly as shippers sought alternatives to snarled ocean and air routes. TheHormuz closure forced global logistics operators to activate overland corridors as alternative routingoptions, adding incremental demand for rail on transcontinental lanes, particularly the China-Europe“Silk Road” rail corridor, which saw elevated volumes as Middle East-linked ocean capacity collapsed.Structural tailwinds remained intact, nearshoring trends added density to north-south corridors inNorth America and east-west lanes in Europe, and the EU Emissions Trading System’s full applicationto maritime shipping from January 2026 began encouraging modal substitution toward rail forEurope-bound freight. The North American trucking market entered Q1 2026 in a supply driven tightening cycle, with thekey dynamic being capacity exiting the market faster than freight volumes were growing. Truckloadspot rates surged as of mid-February driven not by a demand surge but by the most prolonged carrierattrition cycle in the modern trucking era. See our recent PitchBook analyst noteConsolidation inTruckingfor a deeper dive. The Iran war added a second supply-side shock midway through thequarter, with the resulting diesel price spike representing the largest weekly increase on record,further squeezing carrier margins and accelerating exits among small oper