PE’s $3.8 T Backlog Threatens Exit Paths for 1,000+ Software Unicorns
Bain’s 2026 Global Private Equity Report flags a $3.8 trillion backlog of roughly 33,000 unsold portfolio companies, meaning PE will need about nine years to clear it. Over a thousand software unicorns sit in that pile, throttling exits and pressuring LPs as deal flow freezes.