2026年麦肯锡全球私人市场报告

McKinsey Global Private Markets Report 2026 Welcome to McKinsey’s Global Private Markets Report 2026 In 2025,stakeholders across the private capital ecosystem confronted profound uncertainty.How might economic trends and geopolitical events affect global dealmaking, capital flows, andinvestment returns? Which models for value creation would prove most effective in a high-rateenvironment? Which approaches for dealmakers, operators, fundraisers, and limited partnerswould prove most effective? And when—at long last—would the fog begin to clear? Now, in 2026, the fog has burned off. A harder terrain has revealed itself: What had beena smooth surface for years has become a far more challenging road. To separate from peers,distinctive players are taking the measure of these more technical, demanding conditionsand actively driving performance. The opportunities are substantial, but they won’t be realizedby gliding down a highway. It’s tougher going. This year’s report explores this new terrain across four chapters. InPrivate Equity, we analyzethe pivot toward “operational alpha” as the primary engine of returns in a maturing market.InReal Estate, we explore the transition from broad stabilization to selective acceleration,particularly in specialty sectors such as data centers and logistics. OurInfrastructurechapterexamines the $106 trillion global investment gap and the surge of private capital meetingthe urgent requirements of the energy transition. Finally, ourPrivate Creditchapter details amaturing asset class that is navigating a multiyear transition toward a more complex ecosystem,and refocusing from deploying capital at pace to allocating it with precision. The perspectives shared here are based on our long-running research, proprietary data, andexperience serving stakeholders across the private capital sector. As we move further into2026, the key question is no longer when the terrain will change, but how quickly leaders canadapt to the ground already beneath them—and to the road that’s rapidly emerging ahead. We hope you enjoy the report. Alexander EdlichSenior partner,New York Warren TeichnerSenior partner,New York Christopher CrokePartner,London Chris LlewellynSenior partner,London Contents 79AuthorsFurther insights Private equity: Clearer view, tougher terrain Private equity weather has improved, revealing more demanding, moretechnical ground. Here’s what our analyses indicate for dealmakers,operators, fundraisers, and LPs as they look to the road ahead. 80Acknowledgments 35 Real estate: Building on new terrain Real estate moved from stabilization to selective acceleration in2025—but the most profound changes have only just begun. Infrastructure: Investing to support global growth Private capital’s role in meeting the world’s growing needfor infrastructure continues to grow, with record fundraisingand deployment in 2025. 67 Private credit: A maturing industry navigateschange in 2025 Complexity is increasing and competitive pressures are on the rise.The asset class is becoming less about deploying capital at pace—andmore about deploying it with precision. Privateequity Clearer view,tougher terrain Private equity weather has improved, revealingmore demanding, more technical ground. Here’swhat our analyses indicate for dealmakers,operators, fundraisers, and LPs as they look tothe road ahead. by Alexander Edlich, Chris Llewellyn, Christopher Croke,Rahel Schneider, and Warren Teichner After three years of dampened dealmaking,we observed early in 2025 that the globalprivate equity (PE) industry was “emerging from the fog.” Now, the fog has finally burned off.Dealmaking returned in 2025 in force: Buyouts surged, exits rebounded, and initial publicofferings (IPOs) reemerged. Indeed, buyout and growth deals larger than $500 million in deal size1—a typical barometer forindustry health—increased 44 percent to over $1 trillion in value, eclipsing 2021’s total to becomethe highest year on record for deals of this size. Deal value, when measured across all buyout andgrowth deal sizes, increased 17 percent. The value of PE-backed exits globally surged as well—upmore than 40 percent—aided by a nearly 100 percent increase in PE exit deal volume via IPO.“Megadeals” (that is, transactions larger than $2.5 billion) also returned, reflecting the changedenvironment of 2025 compared with the recent past. Not only did 2025 see the largest PE deal inhistory (the announced $55 billion take-private of Electronic Arts by a syndicate of firms), but it alsomarked the third-highest year ever for take-private activity by either total deal count or value. Now, with improved visibility, we can more clearly observe how much the private equity terrainhas changed. Shifts in deployment, returns, value creation, and traditional fundraising—previously considered to be episodic—are more likely structural features of a maturing industry.Moreover, the rapid innovation and implementation of AI is reshaping industry s