Illiquid Insights
At first glance, private equity ended 2025 on strong footing.
PE deal value surged amid an M&A rebound, delivering the second highest annual total on record.
But beneath the surface, the recovery was uneven.
A Tale of Two Markets
In recent years, private equity’s biggest challenge has been selling companies.
Muted deal activity left a growing backlog of portfolio companies trapped beyond the typical five-year holding period.
The average PE holding period has increased since 2022.