PitchBook data shows a widening gap between new deals and exits, with exit value surging to €98.8 billion in Q2 2026 but count remaining flat.
European private equity firms struck 1,556 deals in the first half of 2026 but exited only 537 assets, pushing the deals-to-exit ratio to 2.9x, the highest in a decade. The backlog persists despite a 29.7% quarterly rise in exit value to €98.8 billion, the strongest quarter in three years.
Exit activity remains concentrated, with 22 mega-exits accounting for 65.8% of total exit value, well above the decade average of 43.6%. Exit count held steady, signaling limited liquidity for most sponsors outside high-value transactions.
Notable exits include Advent International and Cinven’s €29.4 billion sale of TK Elevator and a €17.3 billion Nasdaq IPO for Innio Group. Market conditions and monetary policy will dictate whether the trend continues.