Patrick Donoghue

CHICAGO – Sept. 22, 2026 – BDO’s 2026 Private Equity survey reveals a market where an overabundance of dry powder is chasing too few quality assets, with 82% of respondents expecting deal prices to increase as a result of tighter competition. In response, firms are rethinking how they differentiate themselves to close deals.

The ups and downs of private equity deal activity in the last few years have resembled a rollercoaster ride. While market volatility has tested the resilience of fund investors, it has also sharpened their focus on what truly drives value. Times like these present some of the best buying opportunities. As private equity continues to grapple with challenging market conditions and increased competition from strategic buyers and sovereign wealth funds, the industry is operating with increased clarity.