News (2/19/26)

McKinsey Declares “The Fog Has Lifted” on Private Equity

McKinsey’s 2026 Global Private Markets Report says the fog has finally lifted, with buyouts up, exits rebounding, and IPOs creeping back after three flat years. That may be true, but the backlog of PE-owned companies is at record highs and the average hold period is now north of six and a half years, which sounds less like clarity and more like congestion.

Continuation Vehicles Become Permanent and Controversial

GP-led continuation vehicles have tripled in five years, jumping from $35 billion in 2020 to $115 billion in 2025, and are now described as a permanent feature of the landscape. Whether they are a liquidity solution or just a polite way of delaying exits depends entirely on whether you are the GP or the LP.

Private Equity Pushes Hard Into Wealth and Retail Capital

Nearly every PE firm now distributes to wealth investors, with 98 percent reporting activity in the channel as firms like Blackstone double down on RIAs, Vanguard partnerships, and defined contribution access. Translation: institutional LPs are no longer enough, and retail capital is being engineered into the next growth engine whether regulators like it or not.

KKR Hits $744 Billion AUM with Record Embedded Gains

KKR closed the year at roughly $744 billion in AUM and reported about $19 billion in embedded gains despite missing earnings expectations due to lighter asset sales. The message is simple: the value is there on paper, but until exits clear, those gains are just promises waiting for a window.

Private Equity Circles IPL Cricket Franchises

KKR, Blackstone, Carlyle, and Partners Group are circling stakes in Indian Premier League franchises with valuations nearing $2 billion after CVC’s 350 percent return on the Gujarat Titans. Sports franchises are no longer vanity assets, they are becoming institutional alternatives with media rights, scarcity, and global audience economics driving the thesis.