Private Equity Q4 2025: Preqin Quarterly Update

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The fourth quarter saw private equity fundraising decline with the fewest closes in 10 years amid LP liquidity pressure and longer fund close timelines

Deal-making held up on aggregate: Q4 deal value stayed near the five‑year average, with APAC up slightly despite volatility
Exit volume remained weak, although larger exits kept quarterly value steady
Secondaries remained strong, raising $85.2bn (13% of private equity fundraising), though its share appears to have peaked for now