IN FOCUS6-8 min read
Schroders Capital Private Equity Lens Q3 2026
Selective momentum continued in private equity in the second quarter, as fundraising picked up and secondaries surged, but underlying deal and exit activity remain constrained.
Lees volledig rapportSchroders Capital Private Equity Lens Q3 2026
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Schroders Capital’s Private Equity Lens provides a data-driven guide to the global private equity market each quarter, covering fundraising, deal and exit activity, and valuation and performance trends across buyouts, growth and venture capital, and global secondaries.
Key takeaways from the Q3 2026 Private Equity Lens are:
- Fundraising increased in Q2 2026, led by buyout strategies, while venture and growth capital eased. Overall final closes remained broadly flat as LP selectivity persists amid still-subdued distribution activity.
- Deal value remained elevated, supported by strong venture and growth activity across the first half of 2026, while buyout activity was broadly stable. Deal count fell to its lowest level since Q3 2021, pointing to a market where headline values remain strong but activity is increasingly concentrated.
- Exit values normalised following Q1’s surge in mega-deals, with public listings improving but sponsor-to-sponsor (secondary buyout) activity weakening. Liquidity therefore remains constrained despite signs of improvement in parts of the exit market.
- Small/mid buyouts retained a 3.0x entry multiple discount to large deals, supporting disciplined deployment and maintaining a potentially attractive entry point relative to larger transactions.
- Small and mid-sized buyout funds also continued to lead cumulative buyout performance, while Q1 2026 trends highlight continued performance dispersion and the importance of manager selection.
- Venture capital valuations reached new highs across stages, driven in particular by late-stage AI premiums. Elevated valuations reinforce the need for high selectivity.
- Secondaries reached record volumes in H1 2026, with continuation investments (GP-led secondaries) expected to lead activity in 2026 as they become a more structural route for both exits and value creation.
- Software exposure remains concentrated in 2021–22 US large-buyout deployment, while small/mid-sized buyouts and European strategies have maintained lower exposure.
Lees volledig rapportSchroders Capital Private Equity Lens Q3 2026
16 Pagina's
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