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Private equity entered 2026 with renewed deal momentum, but liquidity pressures are mounting as firms hold assets longer and struggle to return capital to investors, according to Bain’s Global Private Equity Report 2026. Global buyout deal value rose 44% to $904bn in 2025, while exit value climbed 47% to $717bn, driven by large public-to-private deals and stronger corporate M&A. However, distributions to limited partners have remained below 15% of net asset value for four straight years, leaving roughly $3.8tn in unsold portfolio assets tied up across 32,000 companies worldwide. Average holding periods have stretched to about seven years, up from five to six years in the prior decade. Bain notes that longer ownership cycles are flattening internal rates of return and increasing reliance on operational improvements to drive performance. EBITDA growth has become central to value creation - summarized in the report as “12 is the new 5” - reflecting heightened focus on earnings expansion in a higher-rate environment. Deal activity is increasingly concentrated, with 13 megadeals above $10bn accounting for 69% of growth in deal value, even as overall deal count fell 6%. Sovereign wealth funds and corporate investors played a major role in these large transactions. The report concludes that while lower interest rates and active pipelines could support continued deal flow, liquidity constraints and extended capital cycles will remain defining features of private equity’s next phase.

 

CFO	Private Equity International

Fund manager Vanguard Group is to pay $29.5m to settle a lawsuit by 13 Republican state attorneys general who claimed the firm and rivals violated antitrust law through climate activism. Reuters notes that the suit in the U.S. District Court in the Eastern District of Texas has been closely watched as a test of how far Republicans from energy-producing states would push Wall Street firms they accused of overemphasizing environmental matters. Kansas Attorney General Kris Kobach, one of the plaintiffs, said Vanguard "agreed to strict passivity commitments" which prohibit the firm from dictating the strategy of companies in which it invests or to push shareholder proposals related to environmental or social concerns. Vanguard decided to settle the litigation to avoid the potential for tens of millions of dollars in legal fees and to get rid of the “distraction”, said sources.

 

Financial Times

Reuters

Fintech company Block has announced it will lay off over 4,000 workers, or nearly half of its workforce, as artificial intelligence transforms operational dynamics. Jack Dorsey, co-founder and head of Block, emphasized that the layoffs are not due to financial issues but rather a shift in how companies operate. “We're already seeing that the intelligence tools we're creating and using . . . are enabling a new way of working,” he said. Dorsey said he opted for immediate cuts to avoid prolonged uncertainty, explaining: “Repeated rounds of cuts are destructive to morale.” Block aims to complete the workforce reduction by the end of the second quarter of fiscal year 2026. Dorsey plans to address employees directly in a live session, keeping communication channels open for farewells.

 

Los Angeles Times

eBay is laying off about 800 employees, or 6% of its workforce, as the e-commerce group restructures to align with its “strategic priorities.” The cuts, which affect roles across the company, follow a review of operating needs, duplication and future focus areas. eBay had around 12,300 employees at the end of 2025. The move comes as the company continues to invest heavily in artificial intelligence, integrating artificial intelligence tools internally and across its buyer and seller platforms, and partnering with OpenAI. It also recently agreed to acquire Etsy’s resale app Depop for $1.2bn in cash, aiming to strengthen its position among younger shoppers and expand further into fashion, one of its fastest-growing categories.

 

Bloomberg

CNBC

San Francisco Chronicle

Wall Street Journal

A federal appeals court has declined to enforce a temporary decision blocking the Trump administration from stripping two-thirds of the federal workforce of their collective bargaining rights, reversing a lower court's ‌ruling. A three-judge panel of the 9th U.S. Circuit Court of Appeals in San ⁠Francisco said ⁠Trump's 2025 order eliminating collective bargaining rights for swaths of ​government workers was legitimately grounded in national security concerns. The ​order "expresses that the President's primary - if not only - concern with union activity was its ​interference with national security," ⁠Circuit Judge Daniel Bress, a Trump appointee, wrote for the court.

 

U.S. News

An adviser to Europe’s highest court has sided with European Union antitrust authorities in their dispute with Meta Platforms, dealing a setback to the U.S. technology company’s challenge over regulatory information demands. The Luxembourg-based Court of Justice of the European Union's Advocate General Athanasios Rantos said judges should dismiss Meta's appeal and uphold a lower tribunal's ruling that backed the European Commission, the EU's competition enforcer. Reuters says the case underscores the increasing tendency by companies to challenge the EU antitrust enforcer over what they say are disproportionate regulatory demands.

 

PYMNTS.com

Reuters

Intuit expects third-quarter profit to fall short of Wall Street estimates as it ramps up marketing and customer support spending during the peak U.S. tax season, sending its shares down about 4% in after-hours trading. The company forecast adjusted earnings of $12.45-$12.51 per share for the quarter ending April 30th, below analysts’ expectations of $12.95. Intuit said the increased spending is aimed at attracting more customers to its TurboTax and QuickBooks products and boosting growth in assisted tax services. Revenue is expected to rise about 10% in the third quarter, roughly in line with market estimates. The tax season, which runs through April 15th, is typically Intuit’s strongest period. For the second quarter, revenue climbed 17% to $4.65bn, beating expectations of $4.53bn.

 

Reuters

Paramount Skydance has won the bidding war for Warner Bros. Discovery after Netflix declined to match its increased $31-per-share offer, clearing the way for an $81bn takeover of the media giant. Netflix said it would not raise its bid, calling the deal a “nice to have” rather than a necessity at a higher price. Paramount’s revised offer topped Netflix’s earlier agreement to buy Warner’s studios and HBO Max for $27.75 per share, and included concessions such as a $7bn termination fee if regulatory approval fails and coverage of Warner’s $2.8bn breakup fee owed to Netflix. If approved, the deal would unite Warner Bros., HBO, CNN and other cable networks with Paramount’s assets, marking a major reshaping of the entertainment industry as companies adapt to streaming competition and shifting viewer habits. Paramount aims to generate $6bn in synergies from the merger. The transaction will face regulatory scrutiny, particularly over media concentration and the combination of major studios and news outlets.

 

USA Today

Bloomberg

New York Times

Wall Street Journal

AT&T is to settle a lawsuit by four New York City public pension funds by letting shareholders vote on whether it should disclose the breakdown of its 133,000-person workforce by race, ethnicity and gender. The funds last week sued to block the Dallas-based firm from soliciting shareholder proxies that would have excluded their diversity proposal from consideration at its 2026 annual meeting.

 

Reuters

New applications for U.S. unemployment benefits rose modestly last week, signaling a stabilizing labor market despite ongoing economic uncertainty. Initial jobless claims in the seven days to February 21st increased by 4,000 to a seasonally adjusted 212,000, slightly below the 215,000 expected among economists surveyed by the Wall Street Journal. The four-week moving average was little changed at 220,250, while continuing claims, reported with a one-week lag, fell by 31,000 to 1.83m, suggesting steady hiring conditions. "Initial jobless claims are consistent with our view that labor market conditions have stabilized and will improve as 2026 unfolds," commented Nancy Vanden Houten, lead U.S. economist at Oxford Economics. "The low hiring rate remains the most concerning aspect of the labor market, but continued claims signal that employers aren't pulling back further."

 

The Detroit News

Bloomberg

Nasdaq

Wall Street Journal

Banks and insurance companies achieved a significant milestone on Wednesday, when the FASB agreed to modify risk management reporting guidelines. The board unanimously decided to include a short-term project on hedge accounting in their technical agenda, addressing concerns raised during last year's outreach. This elective accounting practice is crucial for companies aiming to reduce earnings volatility. Companies and trade groups have been advocating for simpler rules, citing the current regulations as "costly and time-consuming to apply."

 

Bloomberg Tax

The National Association of Tax Professionals emphasizes the crucial role tax practitioners play in the tax system, saying: "Tax practitioners shouldn't be treated as an afterthought in IRS reform." They advocate for the inclusion of tax professionals in discussions about improving IRS administration and taxpayer service. While acknowledging progress made by the IRS, they highlight the need for clearer communication and more reliable systems to enhance taxpayer experiences. Practitioners often help clients navigate complex IRS correspondence, which can lead to confusion and delays. The article calls for modernization efforts to be paired with clear guidance and accessible tools, ensuring that tax professionals can effectively assist taxpayers. Ultimately, the NATP urges ongoing engagement between tax professionals and policymakers to create a tax system that truly serves the needs of taxpayers.

 

Bloomberg Tax

Google has disrupted the operations of a Chinese-linked hacking group known as UNC2814 which had breached at least 53 organizations across 42 countries. The group used Google Sheets to execute their surveillance and data theft, successfully blending their activities into normal network traffic, according to Google Threat Intelligence analysts. John Hultquist from Google's team said: “This was a vast surveillance apparatus used to spy on people and organizations throughout the world.”

 

Reuters