The US private equity industry enters the second half of 2026 amid a landscape defined by structural evolution, regulatory recalibration, and the continued maturation of alternative investment strategies. While fundraising remains constrained relative to the 2021 peak, secondary transactions have surged to record levels, continuation vehicles have become a primary liquidity mechanism, and private credit has expanded well beyond direct lending into a multi-strategy asset class. Meanwhile, the regulatory environment has shifted meaningfully under new Securities and Exchange Commission (SEC) leadership, and the push to democratise retail investor access to private markets is reshaping fund structures and compliance considerations. READ MORE