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How liquidity constraints, extended holding periods, and elevated dry powder are shaping capital deployment, exit dynamics, and performance dispersion across private equity.
The State of Private Equity, Part 1: Concentration Driving a Narrow Recovery
Private Equity
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The State of Private Equity, Part 1

Exit Activity: Total Exits Increased, but Distribution Still Limited

Exits mirrored the rebound in deal volume, with global exit value reaching $717 billion, up 47%, and U.S. exits totaling $358 billion. Trade sales remained the primary exit channel at $481 billion, followed by secondaries at $217 billion, a notable increase from prior years.

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Yet liquidity remains constrained. Distributions have remained below 15% of NAV for the fourth consecutive year, over 50% of global buyout inventory has been held for four or more years, and continuation vehicles and NAV lending have helped support DPI but do not fully offset the slowdown in exits.

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