Private equity and venture capital (PE-VC) deal flow has remained subdued, reflecting a global macroeconomic environment that makes investors more cautious. According to data from Venture Intelligence, PE-VC investments in May 2026 totaled $2.2 billion, up from $1.8 billion in May 2025. Despite this increase in investment value, the overall deal count declined from 92 in May 2025 to 82 in May 2026, with an increase in high-value transactions contributing to the overall figure.
Notably, the number of early-stage deals rose from 33 in May 2025 to 40 in May 2026. However, the growth-stage deal flow experienced a significant decline, dropping from 41 deals to just 20 during the same period.
May 2026 also featured several large transactions, including three mega deals valued at over $100 million, which together amounted to $1.5 billion. This is a marked increase compared to three such deals worth $0.6 billion in the same month a year earlier.
Year-to-date figures indicate a total of 540 deals valued at approximately $14.9 billion through June 2026, a significant decrease from 1,327 deals aggregating $37 billion in all of 2025.
Major transactions in May 2026 included Carlyle’s $300 million investment in healthcare revenue cycle management platform Equalize, North Star Energy’s $300 million raise from British International Investment, and Rapido’s $240 million raise from Accel and WestBridge.
The ongoing crisis in West Asia has adversely affected initial public offerings (IPOs), particularly for new-age technology companies, many of which have either been postponed or withdrawn. Arun Natarajan, founder and MD of Venture Intelligence, remarked that this situation is creating a cascading effect on private markets. He noted that while larger PE firms continue to acquire assets at attractive valuations, pre-IPO funding has diminished sharply.
Published on June 1, 2026
