Importantly, this divergence is unfolding in a pricing As deal activity rebuilds in 2026, private equity firms are diligence and greater conviction before capital is deployed. quality than their corporate counterparts. Survey results show expect an increase in M&A pipeline activity relative to 2025. corporates reflects fundamental differences in mandate, By contrast, corporates are approaching the year with a more capital deployment models and execution infrastructure, measured outlook. While many expect to remain active, fewer including the ability to model, absorb and manage dynamic Private equity firms enter 2026 with significant dry powder, execution teams, enabling a more aggressive deal cadence. interpreted as optimism alone. For many funds, it reflects Corporates, meanwhile, must balance M&A activity against structural imperatives, including capital deployment timelines, internal investment needs, integration capacity and the demands of running and transforming existing businesses. to market through portfolio separations. As asset availability improves, private equity firms are both positioned and compelled to move, while corporates balance M&A against operational and organizational constraints.