error
Subscriptions are not available for this site while you are logged into your current account.
close
Skip to main content

      In brief:

      • Global PE investment totals $537 billion across 4,062 deals during Q3’25
      • $28.2 billion acquisition of Air Lease Corporation, by Sumitomo Corporation, its Irish based aircraft leasing arm SMBC Aviation Capital, and its partners Apollo and Brookfield Asset Management, is second largest private equity deal globally this quarter
      • US sees $300 billion in PE investment in Q3’25 — more than half of global total

      PE investment globally reached $537 billion in Q3'25 

      PE investment globally reached $537 billion in Q3’25 — somewhat higher than Q3’24’s $512 billion, despite a significant slowdown in deal activity; Q3’25 saw just 4,062 deals compared to 5,070 during Q3’24. The buoyant deal value reflects the growing focus of PE investors on large, high-quality deals. After three quarters, global PE investment sat at $1.5 trillion for 2025 — well positioned to exceed the investment levels seen over the last three years, according to KPMG’s Pulse of Private Equity report, which analyses the latest global and Irish trends in investment data.
       

      The US accounted for the vast majority of this total ($300.1 billion across 1,791 deals). Notably, the largest three deals in the US, all public to private buyouts, contributed $95.3 billion to this total, including Electronic Arts ($56.4 billion), Air Lease Corporation ($28.2 billion), and Dayforce ($12.4 billion). This highlights the major impact of sizable megadeals — or the lack thereof — on both regional and global PE investment flows. In comparison, the EMA region saw $178.3 billion in PE investment across 1,736 deals during Q3’25.

      Looking beyond large megadeals, globally PE investors continue to be relatively cautious — only going after the highest-quality assets where they have the conviction that they will be able to achieve their desired returns.

      Irish private equity activity has exhibited a similar trend with Q3’25 deal volumes trending slightly lower than the prior year after a strong start to 2025, as the geopolitical environment, and particularly tariff uncertainty, has impacted the number of completed deals. Notwithstanding, Irish and international private equity have completed in excess of 100 investments during 2025, including direct investments and portfolio company acquisitions. 

      Q3 saw investment across a broad range of Irish sectors 

      Q3’25 saw investment across a broad range of Irish sectors and included:

      • Waterland’s acquisition from MML Ireland of Cruinn Diagnostics, a provider of laboratory and diagnostic solutions;
      • Aurelius Private Equity’s acquisition of technology distribution business Exertis UK and Ireland from DCC plc;
      • BGF’s investment in specialist care provider, CWC Group; and,
      • Towerbrook Capital Partners’ investment in GMC Group, a civil and mechanical engineering firm.

      Private equity backed companies have also been busy driving growth through M&A during Q3’25 including for example the Waterland backed, independent electrical wholesaler, Bellew Group acquiring EEW and Cardinal backed, accountancy firm, HLB Ireland acquiring NMH Chartered Accountants.

      Commenting on Private Equity investment, Gavin Sheehan, Partner, Deal Advisory at KPMG in Ireland, said: “In Ireland, similar to other markets, after a strong start to 2025 deal volumes have been slower through the summer. However as we head towards the end of the year and into 2026, improving macroeconomic conditions, including declining interest rates and a level of clarity around tariffs, are driving a positive investment sentiment. Reflecting the strength of the Irish economy, private equity interest continues to be particularly strong across a broad range of sectors including datacentre infrastructure and related services, software businesses, aviation leasing and financial services.”

      In Ireland, similar to other markets, after a strong start to 2025 deal volumes have been slower through the summer. However as we head towards the end of the year and into 2026, improving macroeconomic conditions, including declining interest rates and a level of clarity around tariffs, are driving a positive investment sentiment. Reflecting the strength of the Irish economy, private equity interest continues to be particularly strong across a broad range of sectors including datacentre infrastructure and related services, software businesses, aviation leasing and financial services.”
      Gavin Sheehan

      Partner

      KPMG in Ireland

      Q3’25 Key highlights 

      • Global PE investment in Q3’25 was $537.1 billion—up from $512 billion during Q3’24, despite a much lower volume of deals—4,062 in Q3’25 compared to 5,070 in Q3’24.
      • PE investment in the Americas was robust in Q3’25, with $322.9 billion in deal value—up from $306.1 billion in Q3’24. The US accounted for $300.2 billion of this total—up from $283.8 billion in Q3’24.
      • PE investment in the EMA region was $178.3 billion in Q3’25—up from $145.4 billion during the same quarter of 2024, while PE investment in Asia was just $30.6 billion—a substantial decline from the $42.9 billion seen in Q3’24.
      • The value of PE deals with cross border participation was $750 billion at the end of Q3’25—a significant increase over 2024’s results and just shy of the pace required to match the $1.1 trillion high seen in 2021.
      • Global PE exit value was $832 billion at the end of Q3’25—well-positioned to be the second largest annual total in a decade after 2021.
      • At the end of Q3’25, exit value for public listings was already at its highest level since 2020—$198.7 billion. The uptick was driven primarily by the US and Asia, with the two regions accounting for $111.7 billion and $45.9 billion respectively.
      • As of the end of Q3’25, the sectors that attracted the most PE investment globally included TMT ($469 billion), Industrial Manufacturing ($217.7 billion), and Consumer and Retail ($208.8 billion). PE investment in Infrastructure and ($126.3 billion) was already well above 2023 and 2024’s levels.
      • Global PE fundraising was $314.1 billion across 393 funds at the end of Q3’25—well below the pace needed to match 2024’s annual total of $585 billion across 910 funds.
      Download the report

      Trends to watch for in Q4’25

      Looking ahead to Q4’25 and beyond, PE market activity is expected to improve, driven both by improving macroeconomic conditions, such as declining interest rates. The reopening of IPO markets in the US and Asia is also expected to help, providing parallel exit tracks for some long-held assets. Although the exit environment is not expected to turn around over night given the vast amount of capital currently locked up in the market.

      At a sector level, AI is expected to drive a significant amount of PE investment over the next few quarters as PE investors look to make inroads into the space, primarily on the AI infrastructure side. The upswell of investment by governments into areas like defense, infrastructure, and technology autonomy is also expected to encourage PE investment into these spaces — although it might take some time for this trend to materialize. 

      Pulse of Private Equity Q3’25

      A KPMG quarterly analysis of global private equity activity.

      Download the latest report

      Get in touch

      For further information on Pulse of Private Equity please contact Gavin Sheehan

      Gavin Sheehan
      Gavin Sheehan

      Partner, Head of Private Equity

      KPMG in Ireland