EQT, CD&R Bet on Health Care as Private Equity Deal Value Plunges 65%

Private equity dealmaking showed little sign of a meaningful recovery in October, with global transaction value falling sharply from year-ago levels even as major investors continued to pursue billion-dollar health care acquisitions.

Global private equity deal value totaled $27.82 billion in October 2026, essentially stabilizing after two consecutive months of declines but down 65% from the $108.61 billion recorded in October 2025, according to S&P Global Market Intelligence.

Deal activity also slowed, with 168 transactions announced during the month, down from 231 in September and 263 a year earlier.

Health care emerged as the biggest sector for private equity capital, accounting for $17.76 billion, or roughly 65% of October’s total deal value.

The largest announced transaction involved EQT AB’s EQT XI fund, alongside co-investors Abu Dhabi Investment Authority and Canada Pension Plan Investment Board, offering to acquire biotechnology company Qiagen NV for $11.75 billion in cash. Qiagen’s board supported the proposed transaction. The deal highlighted continued investor interest in healthcare businesses, even as broader private equity activity remained under pressure.

Clayton Dubilier & Rice and McKesson Corp (CD&R). also announced a $5.99 billion acquisition of home and alternate infusion services provider Option Care Health. Under the proposed ownership structure, CD&R will hold approximately 51% of the company, while McKesson will retain the remaining stake.

Together, the two transactions accounted for nearly all of October’s healthcare deal value, revealing how a handful of large acquisitions can shape monthly private equity figures even as overall deal volume weakens.

Private Equity Dealmaking Remains Under Pressure

Despite October’s stabilization, the broader picture for private equity remains challenging.

During the first 10 months of 2026, global private equity deal value reached $434.94 billion across 2,223 transactions, down from $552.79 billion and 2,483 deals during the same period last year. That represents a 21% decline in aggregate deal value and a roughly 10% decrease in transaction volume.

The slowdown extended across sectors, although health care stood out in October for the size of its transactions.

Industrials recorded the highest deal activity by volume, with 36 announced transactions. Machinery, supplies and components led industrial subsectors with six deals, compared with 11 in October 2025.

Diversified support services and construction and engineering each recorded four transactions, "reflecting continued but moderating interest in industrial investments," S&P noted.

The contrast between health care’s dominance in deal value and industrials’ lead in transaction volume illustrates the uneven nature of private equity activity. While large investors such as EQT and CD&R continue to pursue sizable acquisitions, the overall market has yet to regain last year’s momentum.

With October’s deal value still far below year-ago levels, the latest figures suggest that a few major transactions are providing much of the support for an otherwise slower private equity market.

Image via Shutterstock/ DnDavis