Global dealmaking reaches new record

• That's up a whopping 47% over the same period in 2025, and 88% higher than the first half of 2024.
• Over half the 2026 volume has come from deals valued at $5 billion or more, which has never happened before.
• It's worth noting that the "record" is not adjusted for inflation. If it were, the first half of 2026 would lag several prior years (e.g., 2017, 2018, and 2021).

Yes, but: The actual number of deals is down 10% year-over-year, for the lowest first-half total since pandemic-plagued 2020.

• The number of U.S. deals is down 20%.

Zoom in: Global private equity is one area that saw increased numbers across the board, with $583 billion (+54% year-over-year) for 5,729 deals (+10%).

• This is despite U.S. interest rates not being cut, as many PE pros had been expecting.

The bottom line: If history is any guide, the hockey stick will break.

• This is the fifth time that first-half deal volume has topped $2 trillion. In the prior four, the following year's first-half number came in significantly lower.