KPMG Pulse of Private Equity | Q3'25

Interested in learning more about the private equity activity that occurred in the third quarter? Read the KPMG Pulse of Private Equity Q3’2025 report.

The KPMG Pulse of private equity offers a detailed analysis of global private equity trends and investments, 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 private equity activity in the current economic climate.

• The PE market globally saw $1.5 trillion in investment in the first three quarters of 2025, including $537 billion in Q3’25.
• The Americas attracted the largest share of PE investment during the quarter ($322.9 billion), with the US alone accounting for $300.1 billion of this total.
• The EMA region came a distant second, attracting $178.3 billion in PE investment.
• Asia attracted $30.6 billion — led by the $2.1 billion buyout of Australia-based Insignia Financial.
• Infrastructure has been a particularly strong performer this year, attracting $126.3 billion in investment.
• PE investors have rapidly increased their focus on infrastructure in the AI space, in addition to in the energy sector to power future AI developments.

There is growing optimism in the PE market in the EMA region heading into Q4’25 and 2026. Macroeconomic conditions are improving, creating better financing conditions — and thus supporting higher deal values.

Large cap is beginning to come back. Over the medium to long term, Germany, France, and the UK are expected to see increasing PE interest in spaces like infrastructure and defense, particularly driven by governments supporting a shift towards critical ecosystems that are less reliant on other jurisdictions.

Continuation vehicles and secondary transactions are expected to remain important over the next few quarters in the EMA region. A lot of eyes will also be on the IPO market to see when any breakthrough IPOs occur; the opening of the IPO exit route in the region will likely be critical for unlocking more exits.

Want to understand what these trends mean for your strategy? Download the full report via the button below.

Danny Bosker
Partner, Head of Mergers & Acquisitions
KPMG in the Netherlands