The stalled exit environment

PB icon
Content hub / Article / PitchBook / The stalled exit environment




Download PitchBook’s Report here.

PitchBook’s latest US PE Breakdown, the annual version, showed a seismic decline in PE exits last year. Estimated exit volume fell by 28% while exit value fell a much sharper 63%. In all, PitchBook estimates $322.9 billion in exit value, which is the lowest total since 2013. Of course, PE’s company inventory is substantially bigger today than it was nine years ago, so that comparison is noteworthy. On the other hand, so much was sold last year–$877 billion—that a historically slow year like 2022 can’t be too surprising. In fact, last year’s exit bonanza helped spur fundraising to its second-highest haul on record. It will be interesting to see if next year’s fundraising numbers are impacted by this year’s anemic exit numbers.

(Past performance is no guarantee of future results.)

Contact Alex Lykken
Making sense of private credit defaults

Webinar

Making sense of private credit defaults

What does private credit default data really tell us? Join our exclusive webinar featuring experts from KBRA, Moody's, Fitch Ratings, and S&P Global to find out.
Register
US Private Credit League Tables H1'26

Report

US Private Credit League Tables H1'26

The definitive rankings covering private credit activity in H1'26.
Download
Business development companies and the rise of balance sheet financing vehicles

Podcast

Business development companies and the rise of balance sheet financing vehicles

Fitch's Deb Murnin and Chelsea Richardson discuss the growing use of off-balance-sheet JVs and finance companies among BDCs, exploring the drivers, leverage impacts, portfolio risk profiles, and potential rating implications for Fitch-rated BDCs.
Listen
PitchBook's Q2 2026 US PE Breakdown

Report

PitchBook's Q2 2026 US PE Breakdown

Software freezes and energy powers on as US PE deal value falls 38% in Q2 2026.
Download
Private Debt Investor New York Forum

September 15-16, Hudson Yards, New York

Private Debt Investor New York Forum

Bringing together the investors, managers and advisers shaping the next phase of the market — 200+ allocators and $10.6 trillion of LP capital expected. Benchmark strategies, hear from leading LPs, and cut through market noise over two unmissable days.
Learn more

Latest news

    Unconquered Territory

    With most of the map still unexplored, there’s room for a sequel.

    Read More

    Business of Private Credit: Coming Home

    Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.

    Read More

    KBRA DLD Default Indices

    Read More