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ARTICLE · 01 JUNE 2026

Mayer Brown Discusses Private Equity’s Next Exit Cycle

Mayer Brown
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The private equity exit market shows signs of recovery with increased deal volume in early 2026, though conditions remain far from the pre-pandemic norm. Strategic buyers pursue selective opportunities while public markets reopen cautiously, forcing sophisticated sponsors to fundamentally rethink their approach to liquidity planning throughout the investment lifecycle rather than concentrating exit strategies near the end of hold periods.

United StatesCorporate/Commercial Law
Jonathan A. Dhanawade
Jonathan A. Dhanawade
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The private equity exit market has improved, but it has not reverted to the conditions many sponsors once viewed as normal.

Several sponsor-backed issuers accessed the public markets during the first quarter of 2026, while large sponsor-to-sponsor transactions also returned for scaled, high-quality assets. While market sources and data points vary, they generally report a decline in U.S. private equity exit deal value, but an increase in U.S. private equity deal volume in the first quarter of2026 as compared to the first quarter of 2025. There isn’t enough data yet on Q2.

Strategic acquirers continue to pursue transactions that fit defined priorities. Capital is available, but disciplined. Public market demand has returned, but selectively.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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