Bain & Co Global Private Equity Report 2026: Global Buyout Deal Value $904 Billion, Average Buyout Deal Size $1.175 Billion, Buyout Deals > $10 Billion – 13 Deals With $274 Billion Value, Top 4 Buyout Deals in 2025 are Electronic Arts $56.6 Billion, Aligned Data Centers $40 Billion, Air Lease $27.5 Billion, Walgreens Boots Alliance $23.7 Billion, Top 3 Increase in Buyout Deal Value by Sector in 2025 (YoY) are Retail +197%, Healthcare +115%, Consumer Products +96%, United States Buyout Funds Returns 10 Years +15%, Western Europe Buyout Funds Returns 10 Years +15%, Top 3 Reasons for Investing in Private Equity – Diversification, High Risk-Adjusted Returns, High Absolute Returns

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Bain & Co Global Private Equity Report 2026: Global Buyout Deal Value $904 Billion, Average Buyout Deal Size $1.175 Billion, Buyout Deals > $10 Billion – 13 Deals With $274 Billion Value, Top 4 Buyout Deals in 2025 are Electronic Arts $56.6 Billion, Aligned Data Centers $40 Billion, Air Lease $27.5 Billion, Walgreens Boots Alliance $23.7 Billion, Top 3 Increase in Buyout Deal Value by Sector in 2025 (YoY) are Retail +197%, Healthcare +115%, Consumer Products +96%, United States Buyout Funds Returns 10 Years +15%, Western Europe Buyout Funds Returns 10 Years +15%, Top 3 Reasons for Investing in Private Equity – Diversification, High Risk-Adjusted Returns, High Absolute Returns

16th April 2026 | Hong Kong

Bain & Co has released the Global Private Equity Report 2026, providing key insights into private equity in 2026.  Global Buyout deal value in 2025 – $904 billion.  Global Buyout-backed exit deal value – $717 billion.  Average Buyout Deal Size – $1.175 billion.  Buyout Deals > $10 billion – 13 deals with $274 billion value.  Largest Buyout Deal in 2025 – Electronic Arts $56.6 billion.  Top 4 Buyout Deals in 2025 – Electronic Arts $56.6 billion, Aligned Data Centers $40 billion, Air Lease $27.5 billion, Walgreens Boots Alliance $23.7 billion.  Unrealized Assets – 32,000 companies with $3.8 trillion value.  Top 3 Increase in Buyout Deal Value by Sector in 2025 (YoY) – Retail +197%, Healthcare +115%, Consumer Products +96%.  General Partners (GPs) Flagship Funds Portfolio Exit Expectations in 2026 – Same or More exits 86.5%.  Expected Buyout Price / Earnings (P/E) Multiples in next 12 months – Increase 7% / Same 79% / Decrease 14%.  United States Buyout Funds Returns – 10 years +15%.  Western Europe Buyout Funds Returns – 10 years +15%.  United States S&P 500 Returns – 10 years +16%.  MSCI Europe Returns – 10 years +9%.  Total Value to Paid-in Capital (TVPI) at Year 10 – Top 5% 3x / Top 25% 2.1x / Median 1.7x.  Leveraged Buyout (LBO) Loan Yield – United States Large Corporate 8.1%, European Institutional 6.65%.  LPs (Limited Partners) Private Equity allocations in next 12 months – More 34%.  LPs (Limited Partners) Private Equity allocations over longer term – More 40%.  Constrained by undrawn private equity commitments from making new private equity commitments – Yes 53%.  Top 3 Reasons for Investing in Private Equity – Diversification, High Risk-Adjusted Returns, High Absolute Returns.  LPs (Limited Partners) preference on liquidity or long-term returns – Longer-term returns 65%.  Top 2 Increase in Total Fund Raise in 2025 (YoY): Infrastructure +58%, Distressed Private Equity +40%.  Average Buyout Fund Size Closed in 2025 – $733 million.  Total Private Capital Raised in 2025 – $1.2 trillion.  Dry Power (To be Deployed) in 2025 – $1.3 trillion.  Top Primary Strategic Driver for Continuation Vehicles – Liquidity to provide Paid-in Capital (DPI) to existing LPs (Limited Partners).  Global Active Buyout-Backed Companies Average Holding Period – 7 years.  Global Active Buyout-Backed Companies held for more than 5 years in 2025 – 39%.  Private Equity Firms Key Success Factors – Deal Sourcing, Structuring & Financing, Deal Thesis, Holistic Approach to Value-Creation Plan, Exit Management, Playbooks, Talent Management and Digital, Tech, AI.  See below for key findings & summary | View report here

“ Bain & Co Global Private Equity Report 2026: Global Buyout Deal Value $904 Billion, Average Buyout Deal Size $1.175 Billion, Buyout Deals > $10 Billion – 13 Deals With $274 Billion Value, Top 4 Buyout Deals in 2025 are Electronic Arts $56.6 Billion, Aligned Data Centers $40 Billion, Air Lease $27.5 Billion, Walgreens Boots Alliance $23.7 Billion, Top 3 Increase in Buyout Deal Value by Sector in 2025 (YoY) are Retail +197%, Healthcare +115%, Consumer Products +96%, United States Buyout Funds Returns 10 Years +15%, Western Europe Buyout Funds Returns 10 Years +15%, Top 3 Reasons for Investing in Private Equity – Diversification, High Risk-Adjusted Returns, High Absolute Returns “

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Bain & Co Global Private Equity Report 2026: Global Buyout Deal Value $904 Billion, Average Buyout Deal Size $1.175 Billion, Buyout Deals > $10 Billion – 13 Deals With $274 Billion Value, Top 4 Buyout Deals in 2025 are Electronic Arts $56.6 Billion, Aligned Data Centers $40 Billion, Air Lease $27.5 Billion, Walgreens Boots Alliance $23.7 Billion, Top 3 Increase in Buyout Deal Value by Sector in 2025 (YoY) are Retail +197%, Healthcare +115%, Consumer Products +96%, United States Buyout Funds Returns 10 Years +15%, Western Europe Buyout Funds Returns 10 Years +15%, Top 3 Reasons for Investing in Private Equity – Diversification, High Risk-Adjusted Returns, High Absolute Returns

Bain & Co has released the Global Private Equity Report 2026, providing key insights into private equity in 2026.  See below for key findings & summary | View report here

Bain & Co Global Private Equity Report 2026

Summary

1. Global Buyout deal value in 2025 – $904 billion
2. Global Buyout-backed exit deal value – $717 billion
3. Average Buyout Deal Size – $1.175 billion
4. Buyout Deals > $10 billion – 13 deals with $274 billion value
5. Largest Buyout Deal in 2025 – Electronic Arts $56.6 billion
6. Top 4 Buyout Deals in 2025 – Electronic Arts $56.6 billion, Aligned Data Centers $40 billion, Air Lease $27.5 billion, Walgreens Boots Alliance $23.7 billion
7. Unrealized Assets – 32,000 companies with $3.8 trillion value
8. Top 3 Increase in Buyout Deal Value by Sector in 2025 (YoY) – Retail +197%, Healthcare +115%, Consumer Products +96%
9. General Partners (GPs) Flagship Funds Portfolio Exit Expectations in 2026 – Same or More exits 86.5%
10. Expected Buyout Price / Earnings (P/E) Multiples in next 12 months – Increase 7% / Same 79% / Decrease 14%
11. United States Buyout Funds Returns – 10 years +15%
12. Western Europe Buyout Funds Returns – 10 years +15%
13. United States S&P 500 Returns – 10 years +16%
14. MSCI Europe Returns – 10 years +9%
15. Total Value to Paid-in Capital (TVPI) at Year 10 – Top 5% 3x / Top 25% 2.1x / Median 1.7x
16. Leveraged Buyout (LBO) Loan Yield – United States Large Corporate 8.1%, European Institutional 6.65%
17. LPs (Limited Partners) Private Equity allocations in next 12 months – More 34%
18. LPs (Limited Partners) Private Equity allocations over longer term – More 40%
19. Constrained by undrawn private equity commitments from making new private equity commitments – Yes 53%
20. Top 3 Reasons for Investing in Private Equity – Diversification, High Risk-Adjusted Returns, High Absolute Returns
21. LPs (Limited Partners) preference on liquidity or long-term returns – Longer-term returns 65%
22. Top 2 Increase in Total Fund Raise in 2025 (YoY): Infrastructure +58%, Distressed Private Equity +40%
23. Average Buyout Fund Size Closed in 2025 – $733 million
24. Total Private Capital Raised in 2025 – $1.2 trillion
25. Dry Power (To be Deployed) in 2025 – $1.3 trillion
26. Top Primary Strategic Driver for Continuation Vehicles – Liquidity to provide Paid-in Capital (DPI) to existing LPs (Limited Partners)
27. Global Active Buyout-Backed Companies Average Holding Period – 7 years
28. Global Active Buyout-Backed Companies held for more than 5 years in 2025 – 39%
29. Private Equity Firms Key Success Factors – Deal Sourcing, Structuring & Financing, Deal Thesis, Holistic Approach to Value-Creation Plan, Exit Management, Playbooks, Talent Management and Digital, Tech, AI

Bain & Co Global Private Equity Report 2026

1) Private Equity Buyout Overview in 2025

• Global Buyout deal value – $904 billion
• Global Buyout-backed exit deal value – $717 billion
• Buyout Deals > $10 billion – 13 deals with $274 billion value
• Largest Buyout Deal in 2025 – Electronic Arts $56.6 billion
• Total Private Capital Raised in 2025 – $1.2 trillion
• Unrealized Assets – 32,000 companies with $3.8 trillion value

Global Buyout Deal Value:

• 2021 – $975 billion
• 2022 – $719 billion
• 2023 – $442 billion
• 2024 – $628 billion
• 2025 – $904 billion

Global Buyout-Backed Exit Deal Value:

• 2021 – $850 billion
• 2022 – $598 billion
• 2023 – $352 billion
• 2024 – $486 billion
• 2025 – $717 billion

Average Buyout Deal Size

• 2021 – $879 million
• 2022 – $776 million
• 2023 – $709 million
• 2024 – $818 million
• 2025 – $1.175 billion

Top 4 Buyout Deals in 2025

1. Electronic Arts – $56.6 billion
2. Aligned Data Centers – $40 billion
3. Air Lease – $27.5 billion
4. Walgreens Boots Alliance – $23.7 billion

Mega (>$10 billion) deals by region

• United States – 11
• Rest of the world – 2
• Total – 13 deals

Change in Buyout Deal Value by Sector in 2025 (YoY):

1. Retail: +197%
2. Healthcare: +115%
3. Consumer Products: +96%
4. Services: +91%
5. Utilities & Energy: +75%
6. Financial Services: +57%
7. Telecommunications: +31
8. Technology: +30%
9. Industrials: +16%
10. Other: -63%
11. Media & Entertainment: -38%

General Partners (GPs) Flagship Funds Portfolio Exit Expectations in 2026

• Same or More exits – 86.5%
• Less exits – 13.5%

Expected Buyout Price / Earnings (P/E) Multiples in next 12 months:

• Increase – 7%
• Same – 79%
• Decrease – 14%

2) Private Equity Buyout Returns

United States Buyout Funds Returns:

• 5 years: +14%
• 10 years: +15%
• 20 years: +13%

United States S&P 500 Returns:

• 5 years: +17%
• 10 years: +16%
• 20 years: +10%

Western Europe Buyout Funds Returns:

• 5 years: +14%
• 10 years: +15%
• 20 years: +14%

MSCI Europe Returns:

• 5 years: +12%
• 10 years: +9%
• 20 years: +6%

Total Value to Paid-in Capital (TVPI) at Year 10

• Top 5% – 3x
• Top 25% – 2.1x
• Median – 1.7x
• Bottom 25% – 1.4x
• Bottom 5% – 0.8x

TVPI ~ [Total distributions (To-date) + Estimated value of remaining investments] / Capital. 

Example TVPI: 3x

• $30 million / $10 million capital
• $300 million / $100 million capital
• $3 billion / $1 billion capital

Annual EBITDA growth required to generate a target 20% IRR (2.5x MOIC) over 5-year holding period:

• 2016 – 5% annual EBITDA growth
• 2026 – 12% annual EBITDA growth

Leveraged Buyout (LBO) Loan Yield:

• United States Large Corporate* – 8.1%
• European Institutional – 6.65%

United States Large Corporate* ~ EBITDA > $50 million

3) Investors / LP Private Equity Allocations

LPs (Limited Partners) Private Equity allocations in next 12 months

• More – 34%
• Same – 49%
• Less – 17%

LPs (Limited Partners) Private Equity allocations over longer term

• More – 40%
• Same – 50%
• Less – 10%

Constrained by undrawn private equity commitments from making new private equity commitments:

• Yes – 53%
• Somewhat – 25%
• No – 22%

Main Reasons for Investing in Private Equity:

1. Diversification – 64%
2. High Risk-Adjusted Returns – 61%
3. High Absolute Returns – 51%
4. Low Correlation – 21%
5. Reduce Portfolio Volatility- 21%
6. Inflation Hedge – 7%
7. Reliable Income Stream – 4%

LPs (Limited Partners) preference on liquidity or long-term returns:

1. Longer-term returns – 65%
2. Forgo some near-term liquidity for long-term value – 17%
3. Liquidity – 18%

4) Private Equity Fund Raise / Dry Powder in 2025

Change in Total Fund Raise in 2025 (YoY):

• Infrastructure: +58%
• Distressed Private Equity: +40%
• Real Estate: +19%
• Other: +19%
• Secondaries: +11%
• Growth: 0%
• Direct Lending: -28%
• Venture: -21%
• Buyout: -16%

Average Buyout Fund Size Closed:

• 2016 – $654 million
• 2017 – $672 million
• 2018 – $711 million
• 2019 – $744 million
• 2020 – $595 million
• 2021 – $469 million
• 2022 – $601 million
• 2023 – $883 million
• 2024 – $704 million
• 2025 – $733 million

Total Private Capital Raised:

• 2021 – $1.6 trillion
• 2022 – $1.6 trillion
• 2023 – $1.4 trillion
• 2024 – $1.2 trillion
• 2025 – $1.2 trillion

Dry Power (To be Deployed):

• 2021 – $1 trillion
• 2022 – $1 trillion
• 2023 – $1.3 trillion
• 2024 – $1.3 trillion
• 2025 – $1.3 trillion

5) Private Equity Continuation / Holding Period

Primary Strategic Drivers for Continuation Vehicles:

1. For liquidity to provide Paid-in Capital (DPI) to existing LPs (Limited Partners) – 53%
2. Securing new unfunded capital for accretive M&A – 42%
3. Reset investment duration for assets requiring longer hold – 33%
4. Re-incentivize deal team covering assets – 8%
5. Avoid exit during temporary valuation dislocation – 6%

Global Active Buyout-Backed Companies Average Holding Period:

• 2016 – 6.4 years
• 2017 – 6.2 years
• 2018 – 6.2 years
• 2019 – 6.2 years
• 2020 – 6.1 years
• 2021 – 6.3 years
• 2022 – 6.7 years
• 2023 – 7.1 years
• 2024 – 7 years

Global Active Buyout-Backed Companies held for more than 5 years:

• 2016 – 33%
• 2017 – 32%
• 2018 – 30%
• 2019 – 29%
• 2020 – 31%
• 2021 – 30%
• 2022 – 31%
• 2023 – 33%
• 2024 – 34%
• 2025 – 39%

6) Private Equity Firms Evolution

Private Equity Firms Key Success Factors Over Time

1980 to 1990s

• Deal Sourcing

2000s

• Deal Sourcing
• Structuring & Financing

Pre-Global Financial Crisis 2008

• Deal Sourcing
• Structuring & Financing
• Deal Thesis

Post-Global Financial Crisis 2008

• Deal Sourcing
• Structuring & Financing
• Deal Thesis
• Holistic Approach to Value-Creation Plan

Today / 2026

• Deal Sourcing
• Structuring & Financing
• Deal Thesis
• Holistic Approach to Value-Creation Plan
• Exit Management
• Playbooks
• Talent Management
• Digital, Tech, AI

Bain & Company

Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future.  Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.

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