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Bar chart

Carve-out challenges dealmakers rate as material

Bar chart of carve-out challenges dealmakers rate as material, led by operational disentanglement at 52%, with no customer item on the list
Customers are missing from the list. That is the gap this playbook fills. Source: KPMG, 2026 Global M&A Outlook, March 2026

A bar chart of the challenges dealmakers rated as material in carve-outs, from KPMG's 2026 Global M&A Outlook, a survey of 700 dealmakers of whom 181 work in private equity. Operational disentanglement leads at 52%, and customer retention does not appear. Operating partners can use it to make the case for a customer workstream in the separation plan, which Koji runs as AI-moderated interviews.

Where this appears

What's in this bar chart

Share of dealmakers
Operational disentanglement52%
Valuation complexity43%
IT and data separation40%
Talent retention32%
Regulatory hurdles25%

Survey of 700 dealmakers, 181 of them in private equity.

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<a href="https://www.koji.so/visuals/pe-carve-out-challenges-dealmakers-name"><img src="https://www.koji.so/visuals/pe-carve-out-challenges-dealmakers-name/pe-carve-out-challenges-dealmakers-name.png" alt="Bar chart of carve-out challenges dealmakers rate as material, led by operational disentanglement at 52%, with no customer item on the list" width="1200" height="655" /></a>
<p>Source: <a href="https://www.koji.so/visuals/pe-carve-out-challenges-dealmakers-name">Carve-out challenges dealmakers rate as material</a>, Koji</p>