OUR BEST IDEAS FOR THE C-SUITE

Welcome to the latest edition of The CEO Shortlist, a biweekly newsletter of our best ideas for the C-suite. This week’s issue features two new reports on dealmaking: our annual reports on M&A and private equity. We appreciate the opportunity to connect and hope you find our perspectives useful and thought provoking. You can reach us at Alex_Panas@McKinsey.com and Becca_Coggins@McKinsey.com. Thank you, as ever.

—Alex and Becca

Dealmaking is so back. Global M&A had a rocky start in 2025, amid abrupt shifts in trade policies. As tensions eased, dealmaking took off, with deal value finishing at $4.7 trillion—up 43 percent from the year before. Powerful new trends are in place that suggest momentum will continue through 2026. Our new M&A report, 2026 M&A trends: Navigating a rapidly rebounding market, looks at developments in every region, gleans seven key insights from the data, and offers deep dives into 12 industries, including consumer goods, financial services, energy, and technology.

The fog has lifted. Private equity also bounced back in 2025: Buyouts surged, exits rebounded, and initial public offerings reemerged. But the industry must now find its way in changed terrain. Shifts in deployment, returns, value creation, and traditional fundraising—previously considered to be episodic—are more likely structural features of a maturing industry. Meanwhile, AI is reshaping industry structures by introducing new competitors, changing investment calculations, and promising significant productivity for portfolio companies. Our new report Private equity: Clearer view, tougher terrain, the first chapter of our 2026 Global Private Markets Report, details the current state of the industry; subsequent chapters will dive into private credit, infrastructure, and real estate.

We hope you find these ideas helpful. See you in a couple of weeks with more McKinsey ideas for the CEO and others in the C-suite.

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