The exit market is open — for premium assets only.
Strong assets are clearing. Weak ones are sitting.
Ropes & Gray's U.S. PE Market Recap for May 2026 found the largest announced deals were primarily exits and take-privates, with energy-related assets accounting for four of the top ten transactions, totaling over $55 billion. Software underwriting has reset — sponsors are cautious as they reassess the AI premium SaaS used to carry.
Capital is rotating toward professional services, financials, construction, and "HALO" assets — businesses tied to AI deployment rather than AI itself. Strong assets are clearing. Weak ones are sitting.
If your story doesn't track the market the buyers are pricing, your multiple is going to compress on the way out.
Most CxOs confuse "hitting your numbers" with "exit-ready." Exit-ready means the buyer-side diligence questions are already answered and you appear future-proofed. If your business is in one of the rotating-in sectors with visible cash flows and lower disruption risk, the exit window may be open earlier than you think.