The value of private equity exits will rise to nearly $730 billion in 2025, according to PitchBook.

Since returning to New York, I’ve resolved to cover private equity more (after all, New York is the private equity capital of…everywhere). So, that’s how I arrived at PitchBook’s 2026 Private Equity Forecast event earlier this week.

Two things are really clear: First, that the last couple of years in private equity have been complicated, and that as we approach this year, there is a lot of “there’s good news, there’s bad news.”

The good news: Exits are up, with 2025 coming in as the second-best year for exits on record, surpassed only by 2021, according to PitchBook data. This equates to just over 1,600 exits, and approximately $730 billion in exit value.

“Even though it’s a really good rebound, you really need to see that momentum sustained into next year to make up for that lost time from 2022 through 2024,” said Kyle Walters, private equity research analyst at PitchBook. “Many sponsors remained on the sidelines, waiting for what they saw as a better exit environment, and now it finally appears that that exit environment has arrived.”

On the other hand, fundraising has declined. In fact, 2025 was the worst year for capital formation since 2020, Walters told the audience. “We kind of call it the success of the few and the challenges of the many,” he said.

In short, despite rising exit rates, there are still too many private equity-backed companies that are maturing quickly – and need to find an exit so their backers can raise their next round. (Remember: Unlike venture capital, private equity is not a system designed to assume failure — for a small company, default could mean you can’t raise money again, full stop.)

Some sectors to watch out for, noted Ron Kahn, managing director of Lincoln International, include software where ARR is not achieving as expected, and energy. He told the audience that strength and energy can see great victories or losses.

“People have made big bets on power and energy,” Kahn said. “I don’t know where this is going, but one way or another. Maybe it’s a couple.”

see you tomorrow,

Allie Garfinkel
tenth: @agarfinks
Email: alexandra.garfinkle@fortune.com
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Venture capital

– Eleven laboratoriesan AI lab based in London, UK, has raised $500 million in Series D funding. Sequoia capital He led the tour and joined him a16z, ICONIC, Speed ​​of light Take risks Partnerset al.

– Foundation stone Robotsa San Francisco-based developer of autonomous technology designed for the construction industry, has raised $270 million in Series B funding. Capital G and Atreides AI Fund Value He led the tour and joined him ulcer, 8VC, eclipse, appearance capital, Perry Creek capitalet al.

– third Bio archThe Philadelphia, Pennsylvania-based antibody therapeutics company has raised $52 million in its expansion Series A. a16z and Omega funds He led the tour and others joined him.

– Adaptation Laboratoriesa San Francisco-based developer of artificial intelligence models designed to continuously learn and adapt, has raised $50 million in seed funding. appearance capital Partners He led the tour and joined him Mozilla Projects, fifty Years, threshold Projectset al.

– Nomagica warehouse robotics company based in Warsaw, Poland, raised $10 million in a Series B attachment. I think capital Partners He led the tour.

– Aperon LaboratoriesThe Cambridge, Massachusetts-based developer of independent observing networks designed to collect ocean data has raised $9.5 million in Series A funding. S2G Investments, See capital administrationand Dane Projects He led the tour.

– Fiber Amnesty Internationala San Francisco-based developer of an artificial intelligence platform designed to autonomously adapt websites for users, has raised $7.5 million in seed funding. I’m accelerating He led the tour and joined him Willow tree Projects, Best player Projectset al.

– expert intelligenceThe Santa Clara, California-based developer of artificial intelligence systems designed to automate decision-making in laboratory environments has raised $4.7 million in seed funding. Sierra Projects He led the tour and joined him TSVC and Acorn Pacific Ocean Projects.

– Linda Amnesty Internationala developer of artificial intelligence technology for dental practices based in London, UK, has raised £2.3 million ($3 million) in seed funding. 6 degrees of capital He led the tour.

Private equity

– Raw material laboratorieswhich is a portfolio company Only one letter capital Partnersacquired Mana productsa beauty products manufacturer based in New York City. Financial terms were not disclosed.

– Superior health holdingwhich is a portfolio company Renofus Capital Partnersacquired Pulse Home Health and Hospicea home healthcare and hospice care company in Covington, LA. Financial terms were not disclosed.

intellectual property

– Clare Street CollectionThe New York City-based capital markets firm plans to raise up to $1.047 billion by offering 23.8 million shares priced between $40 and $44 on the Nasdaq. Prism capital Supports the company.

– Veradermix treatmentsThe New Haven, Connecticut-based hair loss treatment company plans to raise up to $256.7 million by offering 15.1 million shares at $17 on the New York Stock Exchange. Longitude Capital, One riyal for capital management, JW Childs Associates, Suvretta Capital, Global Vikingsand fort The company returns.

Money + money money

– Bayhawk capitala private equity firm based in Boston, Massachusetts, has raised $616 million for its first fund focused on technology and core services companies.

– Shore Capital Partnersa private equity firm based in Chicago, Illinois, has raised $400 million for its second fund focused on companies in the industrial sector.

– conversation Take risks Partnersa venture capital fund based in Chicago, Illinois, has raised $50 million for its first fund focused on marketplace companies.

the people

– San Francisco justice Partnersa San Francisco-based private equity firm, was promoted Andrew Polly To the main and Mark Berbert For the Vice President.