Investors drive record PE deal values in 2025, targeting infrastructure and tech amid exit challenges
Private equity (PE) deal value is surging towards a four-year high, even as the number of transactions declines—a dynamic that is reshaping the global investment landscape and opening new opportunities for institutional investors.
At the end of Q3 2025, global PE deal volume reached US$1.5tn, setting the stage for a potential multi-year record if momentum continues. This robust value comes despite a notable drop in deal count, with 13,574 deals in the first three quarters of 2025 compared to 15,083 over the same period in 2024.
The Americas led the charge, accounting for 60 percent of global PE value in Q3 2025 (US$322.9bn), with the United States contributing US$300.2bn across 1,971 deals—a fourteen-quarter high.
Major transactions, such as the US$54.6bn take-private of Electronic Arts, the US$28.2bn acquisition of Air Lease, and the US$12.4bn buyout of Dayforce, played a significant role in this surge.
Sector trends are particularly relevant for long-term asset allocators.
Technology, media, and telecommunications (TMT) attracted the largest share of PE investment globally in the first three quarters of 2025, totalling US$469bn.
Infrastructure and transportation investment also stood out, reaching US$126.3bn by the end of Q3—already surpassing full-year totals for both 2023 and 2024.
This signals a growing appetite for assets with stable, long-term cash flows.
The exit environment is also evolving.
Global PE exit value reached US$832bn by Q3 2025, positioning the year to be the second largest annual total in a decade, after 2021. Exit value for public listings hit US$198.7bn, the highest since 2020, with the US and Asia driving most of this activity.
However, the number of exits remains subdued, with just 2,155 at the close of Q3 2025—a level not seen in over a decade.
“It’s good to see exit sizes growing again,” said Gavin Geminder, global head of Private Equity at KPMG International. However, he noted that the low volume of exits remains a critical market challenge, with significant amounts of capital currently tied up.
Geminder emphasized that for the private equity market to recover, “the number of exits has to improve dramatically over the next few quarters.”
Cross-border deal activity is gaining momentum, with US$750bn in value across 4,849 deals as of Q3 2025. This trend reflects a strategic shift as investors seek high-quality assets globally and diversify supply chains amid geopolitical tensions and regionalization efforts.
Looking ahead, cautious optimism prevails.
As interest rates decline and tariff uncertainties ease, PE market activity is expected to improve. Sectors such as AI infrastructure are likely to remain in focus, with investors showing strong interest in data centres and energy generation to support future growth.
“It’s a really exciting area — and one that’s only likely to grow over the foreseeable future,” said Geminder.
