As of June 30, 2026, 33,575 unsold PE-backed companies were waiting for exits, up from 32,451 at the end of 2025. The distributions-to-NAV ratio has dropped to 14%, the lowest level since 2009. The industry collectively manages $3.8 trillion in unrealized value. Only 70 PE-backed IPOs have occurred on US exchanges since 2022. Faced with this situation, mid-career professionals are leaving traditional buyout firms for independent sponsorship or private credit.
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