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Private equity distributions remain at stubbornly depressed levels. 

In Q2 2025, global private equity distribution rates were just 9.6%. This comes after a sharp decline post-2020 and marks a 13.9 percentage point dip from the 2015-2019 historical average.  

While quality companies are still finding their price – top quartile exits reached decade highs in Q2 – low volume overall is meaningfully limiting liquidity for investors. LPs will be watching closely to see if exit activity can pick up amid macro uncertainty.