2026年一季度美国公共PE和GP交易综述（英）2026

Contents Key takeaways3PE performance5Deployment7Realizations10Fundraising12Strategy expansion17Share of AUM by manager and strategy19GP deal activity21GP stake transactions23Operating results24Stock performance and comparables25References28 Institutional Research Group Steven Buibish, CFADirector, US Private Equitysteven.buibish@pitchbook.com Jinny ChoiSenior Research Analyst,Private Equityjinny.choi@pitchbook.com Garrett Hinds Senior Research Analyst,Private Equitygarrett.hinds@pitchbook.com Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com Harrison Waldock pbinstitutionalresearch@pitchbook.com Published on May 27, 2026 Clickherefor PitchBook’s report methodologies. Note: “PE” has a specific meaning for the seven major public alternative managersreferenced in this report. 1.BlackstoneandCarlyle: “Corporate PE” as defined in company reports.2.KKR: “Traditional PE” as defined in company reports.3.Apollo: “Flagship PE” and “European principal finance” as defined incompany reports.4.Ares: “Corporate PE” and “special opportunities” as defined in company reports.5.TPG: “Capital,” “growth,” and “impact” as defined in company reports.6.Blue Owl:“PE” represents PitchBook estimates of ownership stakes held by “GPStrategic Capital” funds in managers primarily engaged in PE buyout and growthequity strategies. Note: “Private credit” has a specific meaning for the seven major public alternativemanagers referenced in this report. 1.KKR: “Alternative Credit” as defined in company reports.2.Ares: “US Senior Direct Lending” as defined in company reports.3.Blue Owl: “Direct Lending Gross Returns” as defined in company reports.4.Apollo: “Direct Origination” as defined in company reports.5.Blackstone: “Private Credit” as defined in company reports.6.Carlyle: “Global Credit” as defined in company reports.7.TPG: “TPG AG Credit” as defined in company reports. Key takeaways Software marks hit PE, but the sky did not fall:Private equityreturns among the Big Seven turned negative in Q1 2026 forthe first time since Q2 2022, with a median quarterly grossreturn of −0.7%, a 390-basis-point reversal from Q4 2025. Fourmanagers posted negative marks, driven primarily by multiplecompression in software holdings rather than deterioratingfundamentals. Yet in context, the damage was modest: TheS&P 500 returned −4.3% over the same period, and portfoliocompanies across the group continued to report strongunderlying performance. The more interesting signal was thedispersion in private credit, where TTM returns compressed toa median of 8.9% from 11.2%, but managers with less softwareconcentration and broader sub-strategy mix held firm. credit managers into risk-off mode, triaging existing softwarepositions, managing redemption-driven liquidity demands, andreassessing underwriting assumptions. Redemption requests are concentrated and may staycontained:Across multiple firms, 90% to 95% of businessdevelopment company (BDC) investors elected not to tender,and management teams consistently noted that redemptionrequests were concentrated among a small number of largerfamily offices and non-US institutional accounts. In contrast,well-advised high-net-worth investors who form the coredistribution base remain relatively calm, for now. Flows intononcredit wealth products, particularly infrastructure, realestate, and secondaries, actually accelerated at severalmanagers, underscoring that the stress was product-specificrather than channel-wide. We have, however, seen a slightdeceleration early in Q2, and the upcoming redemption cyclewill shed more light on the state of the market. Deployment rotates toward heavy assets:Q1 2026 corporatePE deployment declined 17.8% QoQ, from a record in Q4 2025,but was up 34.1% YoY. The sequential pullback reflected aslower M&A environment as GPs digested the Iran conflict,higher energy prices, and shifting rate expectations, but thetone on earnings calls was opportunistic rather than cautious.The clearest consensus was a rotation away from white-collarand software-exposed sectors toward infrastructure, energy,and heavy assets. Private credit deployment pulled back moresharply, declining 32.1% QoQ, as the SaaS-Pocalypse forced How the Big Seven are framing the software volatility Q1 2026 earnings calls had the feel of a coordinated rebuttalon the software valuation reset. Management teams arrivedwith AI risk frameworks, third-party portfolio reviews, and covenants throughout, and non-accruals just above 1%.Carlyle Group pointed to an inception-to-date loss rate of eightbasis points per annum over 13 years. The exception was FSKKR Capital Corp, the KKR-managed BDC, where net assetvalue (NAV) fell 9.9% on concentrated 2021 to 2022 vintageexposure, prompting a four-part mitigation package thatincluded a tender offer, convertible preferred investment, sharerepurchase authorization, and incentive fee waiver. supplementary disclosure slides, all designed to draw a hardline between headli