We’re starting to see the true effects of the pandemic show up in the data. In an upcoming PitchBook collaboration with RSM, exit volume fell 73%, to just 27 transactions, between January and April. May will see similar volume or lower. Though the pause was expected, it’s a sobering number. If that pace were to continue, we’d see the lowest quarterly exit total in history; there were 85 sales in Q3 2009.
What had been a brisk sellers’ market has quickly pivoted to a choppy buyers’ market. PE’s buying opportunities will not involve PE sellers, though, since entry and exit multiples would be so far apart. Secondary buyouts have accounted for at least half of all exit volume since 2018, according to PitchBook, including 57% last year, so a major artery for liquidity will be shut off for a large part of the year.
Contact: Alex Lykken
alex.lykken@pitchbook.com
Latest news
Rate hike expectations ease as term SOFR curve flattens
The CME six-month Term SOFR rate reached a recent high of 3.979% on July 28 before retreating to 3.837% as…
3Q26: New loan assets rise to 44% of total lending, a 3-year high
New loan assets as a proportion of total US loan volume make up 44% of the 3Q26 pipeline to date,…
North American GPs dominant as fundraising accelerates
Our PEI Private Credit 200 ranking also shows capital raising increasing overall – and accelerating especially fast for the largest…