Evergreen Funds to Double to $200B, Reshaping PE Capital Flow
PitchBook's Steven Buibish projects evergreen funds to hit $200B next year, driven by mega-managers and new retail capital, impacting market liquidity.
Another False Start: PitchBook's H1 2026 Private Equity Data (w/ Steven Buibish)
With Devin Mathews, Steven Buibish · Sunday, August 16, 2026
Devin Mathews (ParkerGale) and PitchBook's Steven Buibish discuss the H1 2026 US private equity market, highlighting a 'false start' to the year. They delve into sector shifts from software to 'HALO' assets, the conundrum of high valuations despite reduced deal volume and leverage, and challenges in fundraising and exits due to an 'aging inventory' of assets. The conversation also explores add-on strategies in the middle market and the predicted growth of evergreen funds.
Key takeaways
- PitchBook's Steven Buibish projects evergreen funds will double from $100 billion to $200 billion in the next year, emerging as a primary growth engine for private equity capital. Read more →
- Middle market add-ons still dominate by volume, making up 75% of all PE deals by count, though only 40% of the total value, as firms actively build out platforms. Read more →
- US private equity buyout multiples held firm at 12.5x EBITDA in H1 2026, matching 2021 peaks, despite a drop in deal volume and tighter debt markets. Read more →
- Software deal activity plunged dramatically in H1 2026, with Q2 alone seeing a 60% drop versus Q1, per Steven Buibish of PitchBook, marking a clear 'freeze' in the sector. Read more →
4 articles from this episode
Add-On Game Over: Why Poor Integration Kills PE Exits
Middle market PE's reliance on add-ons is shifting. PitchBook's Steven Buibish and ParkerGale's Devin Mathews on why poorly integrated platforms now fail to secure premium valuations.
H1 2026 PE: Why 12.5x EBITDA for 'A-Assets' Only
H1 2026 US PE buyout multiples persist at 12.5x EBITDA despite low deal volume. Only high-quality 'A-assets' trade at 2021 prices, signaling a market stalemate.
PE's Software Freeze: 60% Drop in Q2 Deals, HALO Assets Ascend
Private equity saw software deals plummet 60% in Q2 2026, as AI uncertainty makes underwriting impossible. Capital shifts to 'HALO' assets.
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