Private Equity Remains Robust: Wave of Successions at Family-Owned Businesses Opens Up New Potential

• Global private equity investment volume reached approximately $1.0 trillion in the first half of 2026
• The EMA region increased its rolling 12-month investment volume to $782.4 billion; Germany, with $88.6 billion, remains one of Europe’s largest private equity markets
• A wave of succession planning at family-owned businesses is creating new transaction opportunities; in Germany, approximately 260 to 295 larger companies (with EBITDA of 10 million euros or more) could explore external succession solutions over the next ten years
• The exit market remains selective, with high exit valuations offset by the lowest number of exits in more than five years 

Berlin, August 20, 2026
 

The global private equity market proved resilient in the first half of 2026 despite geopolitical conflicts, rising inflation, and divergent interest rate policies. Worldwide, $1.0 trillion was invested across 9,294 transactions. As a result, investment volume remains at a high level. The number of transactions, however, showed a significantly weaker trend. Over the rolling 12-month period, investment volume fell slightly from $2.4 trillion to $2.3 trillion, while the number of deals declined from 21,060 to 20,105, reaching its lowest level in more than five years. This is shown in KPMG’s latest Pulse of Private Equity Q2’26 report.

While investment volume in the Americas declined slightly on a 12-month basis, the EMA region maintained its momentum. Rolling investment volume rose from $775.7 billion to $782.4 billion. Germany recorded an investment volume of $88.6 billion during this period, remaining one of Europe’s most important private equity markets. Among the region’s largest transactions in the first half of the year was Bain Capital’s $8.6 billion buyout of German engine and turbomachinery manufacturer Everllence, which further underscores the market trend toward carve-outs.

German family-owned businesses are currently facing a convergence of several structural developments. Digitalization, AI, geopolitical uncertainties, and the impending succession of many entrepreneurial families are increasing the need for capital, expertise, and transformation capabilities. Private equity can play an important role here as a strategic partner.

According to a recent KPMG analysis, in Germany alone, approximately 260 to 295 companies with an EBITDA of more than 10 million euros could consider a sale to an external party as part of a succession plan over the next ten years. At the same time, the analysis shows that family-owned businesses with private equity investment grow significantly faster than comparable companies without a PE investor. In the sample analyzed, average revenue growth from 2019 to 2024 was 12.2 percent compared to 6.0 percent, while EBITDA growth was 16.2 percent compared to 7.8 percent.

At the same time, the exit market remains challenging. Although the global exit value reached a solid level of $570 billion in the first half of 2026, the number of exits—at 1,315 transactions—fell to the lowest level in more than five years.

This trend was also evident in the EMA region: Despite comparatively low sales activity, the exit value stood at $200.3 billion at mid-year. Buyers are focusing on high-quality companies that continue to command attractive valuations. As a result, many investors are holding onto their investments for longer and are increasingly turning to secondary transactions or continuation vehicles to generate liquidity for their investors.

For the second half of 2026, KPMG expects the market environment to remain robust but selective. The energy sector, as well as AI and data infrastructure, are likely to continue attracting investors. At the same time, attention is increasingly turning to the U.S. IPO market, whose development could provide additional momentum for global exit activity. In Germany, the upcoming wave of succession planning and the growing need for transformation are likely to lead to strategic partnerships between family-owned businesses and private equity firms gaining further importance.