Another False Start: PitchBook's H1 2026 Private Equity Data (w/ Steven Buibish)
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.
- 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 →
- 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 →
- 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 →
- 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 →