Private equity fundraising rebounds as industrial deals pick up

Private equity fundraising is recovering in 2026 even as exits stay slow and deals take longer to close, according to a new With Intelligence report released Sept. 9. The biggest lift is showing up in industrials and infrastructure-linked sectors, where new deal activity is accelerating.

Why it matters: - Private equity is still working through a slow-exit, long-hold environment. - A rebound in fundraising could give managers more room to deploy capital after a difficult stretch. - New deal momentum in industrials and infrastructure-linked sectors points to where capital is moving next.

What happened: - With Intelligence and S&P Global released the Private Equity Trends Report 2026 in London on Sept. 9, 2026. - Private equity fundraising is on track for a year-over-year increase in 2026. - Samuel Dale, research lead for private equity markets at With Intelligence, said the industry is seeing early signs of improving fundraising and notable new deal activity in industrials and infrastructure-linked sectors.

The details: - Managers closed $312 billion in capital commitments in the first half of 2026. - That total is more than halfway to last year’s full-year figure of $490 billion. - With Intelligence said the first half of 2026 was its strongest first half on record for private equity fundraising. - First-half 2026 deal activity tied to North American targets already exceeded second-half 2025 levels across 30 subindustries. - Twelve of those subindustries recorded at least a doubling in deal volume. - Five of the subindustries with doubled deal volume were in industrials. - Median holding periods now typically exceed five years. - That compares with roughly 4.0 to 4.5 years in 2018 and 2019. - Consumer portfolio companies saw pre-exit holding periods fall to 5.2 years from 6.1 years in 2023. - Business services and technology now have the longest median holding periods at 5.3 years. - Median time to close North American private equity acquisitions has increased to about 245 to 275 days, or roughly 8.5 months. - From 2018 to 2021, the median time to close was typically about 200 to 220 days. - The report said With Intelligence data and insights are now available on the S&P Capital IQ Pro platform. - The report can be accessed through the company’s announcement: More information.

Between the lines: - Longer holding periods and slower execution show the market is still constrained by cautious buyers and difficult exit conditions. - The early recovery in fundraising suggests limited but real confidence is returning to the asset class. - Industrials and infrastructure-linked businesses appear to be drawing attention because they may offer more durable demand or clearer investment themes than some other sectors.

What's next: - The industry will be watching whether the first-half fundraising rebound continues through year-end. - Deal momentum in industrials and infrastructure-linked sectors will show whether the current pickup is broadening or staying concentrated. - Closing times and holding periods will remain key signals for whether private equity is moving past the recent slowdown.

The bottom line: - Private equity is not fully back, but fundraising and deal activity are improving in the places that matter most.