We have reached the middle of 2026, so it is a good time to look back at the calls and assumptions we made when the year started. In that spirit, PitchBook has put out its US Private Equity Outlook: Midyear Update. The report revisits the predictions made for US private equity at the start of the year and asks a simple question. Did they hold up?

When we walked into 2026, there was real optimism, and for good reason. We were coming off a strong 2025. PitchBook calls last year the second-best year on record for deal and exit activity. But as has become the new normal, trouble at home and abroad has cooled expectations for a full and fast recovery. READ MORE