Private equity firms are reaping the benefits of bullishness among cash rich corporate buyers, competing fiercely to acquire portfolio companies.

According to data provider Preqin, the value of private equity-backed trade sales globally hit a record high in the third quarter. The total value of exits by private equity firms to corporates reached $96.7 billion across 230 transactions in the third quarter - the highest quarter on record. This compares with $69.6 billion across 177 deals in the second quarter of 2015.