JPMorgan Expects Slower Dealmaking in 2027

JPMorgan's M&A chief says private equity firms may pursue exits or liquidity options in the second half of 2027.

Updated on Nov. 8, 2026 in Business Strategy

A weathered concrete parking ramp leads toward an aging office tower under flat overcast daylight in a quiet downtown. — JPMorgan's M&A chief expects slower dealmaking in 2027 as private equity firms face pressure to pursue exits in the second half. AI Illustration. Upload story photo >

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Charlie Bouckaert, who leads JPMorgan's global Advisory and M&A business, said in a November 6 interview that he expects 2027 dealmaking to slow. He said some sponsors may move toward exits or liquidity options in the second half of 2027.

Why it matters

Private equity's unsold portfolio is estimated at about 32,000 companies valued at $3.8 trillion, and holding periods have lengthened. Aging portfolio companies, investor return demands, and refinancing decisions in 2028 or 2029 create pressure to sell.

The global average buyout holding period reached seven years in 2024, up from 6.3 years in 2021 and five years in 2010. Continuation vehicles accounted for less than 10% of private equity exit value.

The players

JPMorgan

JPMorgan is one of the largest U.S. investment banks, with a global advisory and mergers and acquisitions business.

The details

Bouckaert said in July 2026 that announced M&A volume in the first half of 2026 was a record and that he expects activity to stay elevated through year-end 2026. Sponsors may use continuation funds or secondary transactions to return capital, transferring investments into new funds managed by the same sponsor.

July 2026: Bouckaert called first-half 2026 M&A volume a record.
November 6, 2026: Bouckaert forecast slower dealmaking for 2027.
Second half of 2027: Some sponsors expected to pursue exits or liquidity.
2028 or 2029: Portfolio company refinancing decisions approach.

Market Landscape

Average buyout holding periods have stretched from five years in 2010 to seven years in 2024, leaving a large backlog of unsold portfolio companies. Sponsors facing this backlog are increasingly turning to continuation vehicles, which still account for less than 10% of exit value.

Investors in private equity funds may see exit timing extend as sponsors hold portfolio companies longer. Companies in private equity portfolios may face sales, refinancing, or new ownership arrangements in the coming years.

The takeaway

Longer holding periods and a large unsold backlog suggest that private equity exits could remain uneven, with liquidity options such as continuation vehicles becoming more common.

What happens next

Some sponsors are expected to pursue exits or liquidity options in the second half of 2027, and portfolio refinancing decisions approach in 2028 or 2029.