Saastr · 13 October 2026 · Industry Analysis

Private Equity Fundraising Is Down for the Fourth Year in a Row. Selling Your B2B Company to PE Got Harder Again in 2026

Jason Lemkin, GP @ SaaStr

PE fundraising has declined for four consecutive years, with middle-market funds—the primary acquirers of B2B companies—down 43% in 2025. Founders seeking PE exits now face fewer bidders, tougher underwriting (especially around AI risk), and pressure to show profitability over growth.

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Topics: Venture Capital & Startups

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