Introducing The US Private M&A Report

OUR Q1 VIEW OF THE US PRIVATE M&A MARKET

Q1 2026 felt like a modest step forward for the U.S. M&A market but it was not without its challenges. While there has been some pickup in activity compared with the back half of 2025, the overall environment remains uneven. We’ve seen a number of processes start with momentum but ultimately stall or fall away, often driven by persistent valuation gaps between buyers and sellers — even for otherwise strong assets.

A big part of that dynamic continues to be broader market uncertainty. Ongoing geopolitical tensions, questions around the pace and impact of AI, and a still-evolving interest rate environment are all contributing to a more cautious tone. As a result, both strategics and sponsors are being selective and underwriting remains disciplined.