The effects of COVID-19 led to PE deals, exits, and fundraising falling in tandem for the first time since the GFC. Going into 2021, the PE ecosystem looks to rebound and blaze several new trails in the process. Our 2021 US PE outlooks forecast the trends that will shape the narrative around PE in the coming year. This note prognosticates fundraising figures, including overall figures and first-time funds, in addition to forecasting carveout activity and sky-high deal multiples. Some of the newer trends within PE, including GP stakes and PE firms embracing SPACs, are also covered.