Private Equity Statistics 2026

The global private equity industry manages roughly 4 trillion dollars in assets in 2026, part of about 15 trillion dollars in total private markets. It is sitting on a near-record pile of uncommitted capital, or dry powder, and buyout funds have delivered roughly 14 to 18 percent net over long horizons.

Key takeaways

Industry size: global PE assets are around 4 trillion dollars, within total private markets of about 15 trillion (2026).

Dry powder: global uncommitted capital hit a record near 2.6 trillion dollars; US PE dry powder peaked near 1.3 trillion in late 2024 before falling as deals picked up.

Returns: buyout funds have delivered roughly 14 to 18 percent net over long horizons (Cambridge Associates).

Liquidity strain: distributions as a share of assets hit their lowest recorded level in 2025, fuelling a record secondaries market up 48 percent.

Private equity is one of the largest pools of capital in the world, and in 2026 it is defined by a paradox: more money than ever waiting to be invested, and unusual difficulty getting money back out. Here are the numbers, each tied to its source.

Global private equity AUM

Sources: McKinsey and industry estimates.

The size of the industry

Global private equity manages roughly 4 trillion dollars in assets, having doubled from about 2 trillion in 2015. It is the largest slice of total private markets, estimated at about 15 trillion dollars in 2026, which also include private credit, venture capital, real estate and infrastructure. See What Is Private Equity? for how the model works.

Dry powder: capital waiting to be deployed

The industry is sitting on a near-record pile of dry powder, the committed capital it has raised but not yet invested. Globally this reached a record of roughly 2.6 trillion dollars; US private equity dry powder peaked near 1.3 trillion dollars in late 2024 before falling toward 880 billion to 1.1 trillion through 2025 as firms accelerated deals. A striking detail from McKinsey: about 40 percent of dry powder is now two years or older, pressuring managers to deploy it.

The liquidity squeeze

The defining strain of the moment is on the way out, not in. Distributions as a share of industry assets hit their lowest recorded level in 2025, meaning investors are getting cash back more slowly than at any point tracked. That single fact explains the explosion in secondaries, whose traded value rose 48 percent in 2025 to a record, and the rise of continuation funds.

Returns

Over long horizons, buyout funds have delivered roughly 14 to 18 percent net annually, ahead of public markets, though much of that edge is the illiquidity premium paid for locking capital away for a decade. The recent distribution drought is a reminder that those returns are only realised when funds actually sell.

Frequently asked questions

How big is the private equity industry in 2026?

Global private equity manages roughly 4 trillion dollars, having doubled from about 2 trillion in 2015. It sits within total private markets of about 15 trillion dollars, which also include private credit, venture capital and real assets.

How much dry powder does private equity have?

Global uncommitted capital reached a record of roughly 2.6 trillion dollars. US private equity dry powder peaked near 1.3 trillion dollars in late 2024, then declined toward 880 billion to 1.1 trillion through 2025 as deal activity picked up.

What returns does private equity generate?

Over long horizons, buyout funds have delivered roughly 14 to 18 percent net annually, above public markets, though much of that edge is an illiquidity premium for locking capital up for about a decade. Recent years have seen weak distributions, straining the model.

This guide is educational and general in nature. It does not constitute investment, legal, tax or financial advice.