Private Equity's $285 Billion Shock Year Still Has Real Openings

War in the Gulf, an oil spike, rate risk and an AI shock that erased $285 billion of software value in a day have battered sponsors in 2026. Capital is still flowing to firms that return cash — and the law has moved mostly in their favor. Private equity has taken a beating in 2026. A war in the Persian Gulf, an oil-price spike, a Federal Reserve that may raise rates this month and an artificial-intelligence shock that wiped $285 billion off software stocks in a single session have hit sponsors almost simultaneously.