Pulse of Private Equity Q4 2025 (KPMG Private Enterprise)

Summary

• Global PE investment rose to the second highest level ever seen ($2.1 trillion), despite deal volume falling to a five-year low of 19,093.p.2
• The EMA region saw $729.8 billion across 8,278 deals, and ASPAC accounted for $144.8 billion across 1,162 deals.p.2
• Infrastructure investment rose from $99.7 billion to $154.2 billion, and energy and natural resources from $213.3 billion to $276.4 billion.p.2
• Exit value rose to $1.2 trillion while exit volume remained subdued at 3,162 exits.p.2
• A record $1.7 trillion in dry powder was sitting in the global private equity market at the end of the year.p.7
• US PE investment reached $1.1 trillion across 8,232 deals within an Americas total of $1.2 trillion.p.30

Key insights

1. PE investment globally rose from $1.8 trillion to $2.1 trillion despite a decline in deal volume from 20,836 deals to 19,093.p.12
2. The technology, media and telecom sector attracted the largest share, rising from $617.2 billion to $654 billion despite a dip in deal volume from 6,373 to 6,061.p.13
3. Industrial manufacturing came second with $327.5 billion of PE investment, up from $305 billion.p.13
4. The median deal size for buyouts rose from $250 million to $454.5 million.p.13
5. The median deal size for public listings rose to a record high of $723 million.p.13
6. Blackstone and TPG took Hologic private in an $18.3 billion deal, the largest announced in the quarter.p.12
7. Americas deal volume fell from 10,082 to a five-year low of 9,118 even as investment strengthened to $1.2 trillion.p.30