Another False Start: PitchBook's H1 2026 Private Equity Data (w/ Steven Buibish)

The private equity market in 2026 was supposed to rip. So why has it fallen flat? Devin sits down with Steven Buibish, CFA, Director of US Private Equity Research at PitchBook, to break down the first half 2026 data. Deal value in Q2 dropped 38% from Q1. Software dealmaking froze. Mega deals are doing all the heavy lifting, distorting every headline number, and yet prices haven't budged. We're sitting at 2021 valuation peaks while volume collapses and leverage dries up. They dig into what's actually happening beneath the surface: the HALO rotation into hard assets and data centers, the add-on economy holding up the middle market, why 60% of software deals in market aren't closing, the zombie fund overhang, DPI falling off a cliff post-2018, and why first-time fund counts have cratered. Plus: why 2026 could still be a great vintage if you're doing the right kind of deals — and Stephen's prediction on where the next wave of growth in PE is coming from. "Another False Start" report: https://pitchbook.com/news/reports/q2-2026-us-pe-breakdown Check out all of PitchBook's research at pitchbook.com.