KPMG Pulse of Private Equity Q2'25

KPMG Pulse of Private Equity Q2'25 highlights recent trends and significant changes in the private equity (PE) landscape.

KPMG Pulse of Private Equity series provides you with quarterly insights into the PE market globally and in major regions around the world. This detailed analysis of PE trends and investments is captured through our methodology which is designed to cover all significant aspects of major PE deals. In this report, we dive deep into the factors affecting the market, movements in capital, and sector-specific insights that shape PE activity in the current economic climate. In this quarter’s edition we examine:

• the continued caution of investors given current trade uncertainties
• the strong focus on high quality assets
• the resilience of energy, infrastructure, and healthtech
• the increase in exit value globally, including IPO exits 

• Global PE investment fell from $505.3 billion across 4,527 deals in Q1’25 to $363.7 billion across 3,769 deals in Q2’25.
• The Americas saw PE investment fall from $319.8 billion across 2,260 deals in Q1’25 to $213.9 billion across 1,771 deals in Q2’25; the majority of this decrease occurred in the US, with PE investment in the country falling from $264.5 billion across 2039 deals in Q1’25 to $202 billion across 1,608 deals in Q2’25.
• The EMA region saw PE investment drop from $136.6 billion across 1,850 deals in Q1’25 to $117.4 billion across 1,669 deals in Q2’25, while the ASPAC region saw PE investment rise from $36.2 billion across 282 deals in Q1’25 to $20.8 billion across 220 deals in Q2’25.
• Global median deal sizes were up across deal stages at the end of Q2’25, compared to what was seen during 2024; The median size of buyouts rose from $82.3 billion to $102 billion, while for M&A deals it rose from $19.7 billion to $34.7 billion, and for PE growth deals, it rose from $18 billion to $25 billion.
• The sectors that attracted the most investment in the first half of 2025 included TMT ($247.1 billion), Industrial Manufacturing ($160.5 billion), and Energy & Natural Resources ($107 billion).
• Global PE fundraising was $225 billion across 248 funds at the end of Q2’25—a slower pace relative to 2024’s annual total of $554.2 billion across 752 funds. 

While Q3’25 could be somewhat soft until tariff deals are confirmed and there is more certainty, the long-term outlook for PE investment in the EMA region is quite positive, with more PE firms directing funds towards Europe, in addition to the numerous government initiatives and funding programs aimed at spurring development and innovation. While IPO exit activity is expected to remain very dry in the EMA region over the remainder of the year, given a number of companies that had considered listings later this year have either postponed or paused their plans, high-quality assets will continue to find buyers. Download the full report to gain a deeper understanding of these topics and how they apply to your own strategy.

Please read more about the KPMG Pulse of Private Equity regional insights on this page.

Danny Bosker
Partner, Mergers & Acquisitions
KPMG in the Netherlands