Bain describes the "dry spell" of private equity as more severe than during the 2008 crisis.

The profits returned to investors by private equity have decreased for the fourth consecutive year, as the industry is burdened with $3.8 trillion in unsold assets and struggles to raise funds for new funds. Bain & Company's new report shows that last year, the distribution ratio based on net asset value remained at 14% - the second lowest level since the most serious period of the 2008 financial crisis. The duration of the current downturn is even more severe than the challenges faced by private equity firms at that time. The total value of transactions in 2025 increased by 44% from the previous year to $904 billion, mainly due to several large transactions, including the $56.6 billion privatization of Electronic Arts. However, this only had a slight impact on the so-called "dry powder" in the industry. The total number of transactions decreased by 6% to 3018.