Charlie Bouckaert, JPMorgan’s global head of M&A, expects private equity firms to begin selling investments or returning capital from the second half of 2027. This acceleration could result from aging holdings, the need to refinance certain assets in 2028 or 2029, and investors seeking to recover their money. According to PitchBook, there were 33,853 unsold investments as of September 30, 2026, a backlog that would take more than eight years to clear at the current pace of exits. Bouckaert does not, however, expect a broad surge in M&A, with the market remaining relatively healthy but seeing slightly fewer large deals. Private equity firms could generate more liquidity through direct sales, continuation funds or transactions in the secondary market.
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