Private Equity Q1 2026: Preqin Quarterly Update

Private equity deal-making slowed, exits weakened, and fundraising remained constrained in Q1 2026, although secondaries continued to benefit

• Deal activity ticked up in North America in Q1 but softened in all other regions

• Exit value is at its weakest level in two years, decreasing by more than 30% quarter on quarter, reinforcing liquidity pressures for LPs and slowing a broader fundraising recovery

• Strong investor demand for liquidity coupled with a weakened fundraising environment pushed secondaries’ share of fundraising to 19%, with most funds closing at or above target despite broader market softness