Private Equity Exit Value Surged to Almost $730 Billion in 2025

But fundraising struggled, according to PitchBook data

Feb. 5, 2026 at 5:47am

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PitchBook data shows private equity exit value surged to nearly $730 billion in 2025, the second-best year on record, even as fundraising struggled and reached its lowest level since 2020. While exits rebounded, many PE-backed companies are still rapidly maturing and need to find an exit for their backers to raise their next round.

Why it matters

The private equity industry is a key driver of the broader economy, and the trends in exits and fundraising provide insights into the health and outlook of the sector. The surge in exits indicates that PE firms were able to successfully cash out of investments, but the fundraising challenges suggest ongoing uncertainty and caution among investors.

The details

According to PitchBook data, there were over 1,600 private equity exits in 2025, amounting to almost $730 billion in exit value. This represents a strong rebound from the previous years, though PitchBook analysts noted that the momentum needs to be sustained to make up for the slowdown from 2022 to 2024. On the other hand, 2025 marked the worst year for PE fundraising since 2020, with too many PE-backed companies rapidly maturing and needing to find an exit. Sectors to watch include software, where 'ARR is not materializing' as expected, and energy, where 'people have made big bets' and the outcomes could be 'binary'.

  • In 2025, private equity exit value surged to nearly $730 billion, the second-best year on record.
  • 2025 marked the worst year for private equity fundraising since 2020.

The players

PitchBook

A data provider that tracks private equity, venture capital, and M&A activity.

Kyle Walters

PitchBook private equity research analyst.

Ron Kahn

Managing director at Lincoln International.

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What they’re saying

“While it's a really nice rebound, you really need to see that momentum sustained in the year ahead to make up for that lost time from 2022 through 2024.”

— Kyle Walters, PitchBook private equity research analyst

“We kind of call it the success of the few and the challenges of the many.”

— Kyle Walters, PitchBook private equity research analyst

“People have made big bets on power and energy. I don't know where that's going to go, but it's one way or another. It's probably binary.”

— Ron Kahn, Managing director at Lincoln International

The takeaway

The private equity industry is experiencing a mixed outlook, with a strong rebound in exits but ongoing challenges in fundraising. This highlights the need for PE firms to carefully manage their portfolios and find sustainable paths to exit investments, while also navigating uncertain market conditions and sector-specific risks.